(09-02-2021, 09:15 AM)Fido Wrote: I know it's late in the day but there have to be more contributions into people's own personal pension plans. This would be money that gets deducted at source at gross through PAYE and goes straight into someone's fund (or one organized by the employer). No going through the treasury as that will just end up wasting a fair chunk of it. The ideal end goal should be that state pensions are there to cover the vulnerable as a safety net. If you have final salary pensions or a pot large enough to pay you say £25/30k a year then you shouldn't need a state pension. If you have a four-bed house it seems you then have a choice as to whether you stay there and live off that or downsize and have more money for other stuff.
A very simplistic, fag-packet approach, of course, which won't cater for all by a long stretch but you get the drift.
I've paid into my pension for about 25 years (it only became an option in the 90s) and part of that is a final salary pension from local government, I'll have a pension including the 10k state pension of about 25k - am I let off having to sell my house now? Just as a check on my figures, how much of a pot do you think you need for 25k?