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Nov 2020
10:47am, 4 Nov 2020
3,615 posts
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um
LD - I think you're right.
I think the first wave of well funded 'pensioners', eg from about 1960 to 1990 set the standard and most companies had some sort of final salary scheme. Good if you stayed with a company, not so good if you switched around.
Then in (about) 1990 - 2000 they started to realise it was pretty much a ponzi scheme and the current employees (and government legislation) stopped them promising everything hoping the next generations would pay.
So not many, other than private sector, final salary schemes open to new employees from that point.
But it does force the question as to how to fund retirement - or not - up front and openly.
Except since about 1990 successive governments have seen it as a ready made tax source (the funds themselves, without any comment on the tax saving to pay into it).
But equally it's not all roses - in 2005, I saw £110k disappear overnight when the ex-company folded, along with an underfunded pension fund. Then I was fortunate (or worked bloody hard) through 3 large acquisitions where the pension continued despite cuts in benefit & increase in cost, I 'survived' swathes of WFR (work force reduction), to build up 29 years of benefit, and chose to leap before a 4th sell off, because I feared the pension would be hit again, or at least at risk from the new owners.
But I also think we'll all be paying for covid - assuming we survive it.
Although maybe the annuity rates will improve? Not that I want an annuity.
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Nov 2020
7:56am, 12 Nov 2020
18,514 posts
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GimmeMedals
Being retired means I’ve got time to plan and get ready for Christmas at a more leisurely pace so this year I’ve made Christmas puddings (I’ve not done so for at least 12 years, maybe 15) and will be making Stollen and other delights, including mincemeat strudel and cinnamon ice cream, for the first time. I’m really looking forward to December!
Much as I enjoyed them, for the first time in 12 years, I won’t have the first 2 weeks of December packed to the rafters with evening Christmas concerts, carol services and governor meetings 😃
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Nov 2020
8:01am, 12 Nov 2020
4,126 posts
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ThorntonRunner
You enjoyed governor meetings? 
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Nov 2020
8:12am, 12 Nov 2020
18,515 posts
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GimmeMedals
Ha ha, let’s say I don’t miss them 😆 The December meeting was a committee meeting so more interesting than the main meetings but there was much more to prepare for them (data).
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Nov 2020
7:09pm, 16 Nov 2020
10,451 posts
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Mandymoo
I agree with the generation statement although son and his partner are both civil servants so should be fine, where as daughter and her husband are a total different kettle of fish.
I dislike my job so much, am training my replacement when covid allows, but I dont think they are right for the role. I was going to go down to 2 days a week at my job, but now just need to leave. Roll on 21st May. I am thinking of becoming a bike ability instructor so I have something to do if I want but OH wants to move to France so we are looking into that at the moment
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Nov 2020
8:15pm, 16 Nov 2020
7,037 posts
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Northern Exile
Interesting thread this and I find myself nodding with a lot of this .... particularly that early retirement may well be a thing of the past for our children's generation, also that personal savings will be the key to that early retirement and that will definitely be a thing for the priviliged and disciplined few.
I did try and instill some financial sense into my two miscreants and they seem to have taken it on board, both have decent private pensions and are saving in other ways, one has actually made a decent amount from Bitcoin investment - not something that I would have done, but then he observed my stock market flutterings and probably reasoned he was doing no different!
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Nov 2020
9:55pm, 16 Nov 2020
35,170 posts
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Hills of Death (HOD)
I get a final salary pension which I have 27 years in not enough to retire yet. I’m not yet 51 so I’m going to go to that there London for a bit longer. If I can make it to 60 I have decent salary and AVCs plus Cash lump. My Mortgage should be finished by 2027.
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Nov 2020
10:05pm, 16 Nov 2020
437 posts
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stilldreaming
I agree that many of us on here have been lucky to buy houses when they were much more affordable, but we also were paying 9%+ interest on our mortgages (15% for a short while ... 20% when 'we' applied to join the euro, which prompted a quick change of plan!). Our first house was also furnished with others cast-offs and second hand purchases. Not sure whether that is quite such a thing these days?
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Nov 2020
10:13pm, 16 Nov 2020
28,277 posts
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macca 53
We have that discussion with our kids stilldreaming. We had loads of second hand furniture and furnished our whole house (2 up 2 down terrace) for less than £500. You can only live in the now!
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Nov 2020
8:47am, 17 Nov 2020
3,680 posts
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um
Yes - house purchase rapidly followed by trips to second hand furniture shops. The first bedroom dresser is now my garage bench & drawers.
And when 'rich' enough for new - there was always MFI. Complete bedroom wardrobe suites for minimal prices. Even if they were made of cardboard. Still using the sides of some of those as loft boards and garden boards! Maybe even some of the drawers as storage containers under the beds.
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Synge 