Yep

our current scheme is, in theory, very good - but the ever shifting goalposts on when it can be taken (and the constant pressure on govt finances) mean that I can well see why bods in their 20s/30s would be taking this theoretical boon with a pinch of salt. (retirement age of 68+, over quintuple the previous contributions, 25% erosion in salary over the last decade (and consequent erosion in pension)).

The pot is also notional - so, if you die before you take it or before you get much of it back, it's pretty much just gone.

It's secure - but the actual amounts that people are actually getting are pretty weedy in practice.

The pension system as a whole just isn't flexible enough to make sense in the modern workplace - some re-engineering of it to account for multiple careers, different phases in life etc would make more sense.

And if they could make it simple and foolproof too.

Pieceo'P!ss

Posted By: Cardiff Canary, Mar 8, 14:22:21