Originally Posted by
NoelEvans
Tommy, I agree that pension savings are long term. If you have a 40 year career ahead of you that makes sense. In the present circumstances if you have a decade or so to go, not only have your savings taken a huge dent with all economic forecasts not looking promising for a long time for improvements. Added to that, any serious dent to employments prospects will have dented not only earnings, but with that the ability to keep up those pension contributions. Then, just to make it all worse, if you are in Northern Europe you will have an age ban putting you out of work at least a couple of years before you can get your State Pension or equivalent. And if your income prospects have taken a dent, like being thrown out of employment (or pushed under the bus) in the way that PilotLZ has so well explained, that Sate Pension (which is not to be sneezed at) could be so important to your livelihood and a couple of years or more wait for it could be really unpleasant. Yes, it is a long term bit of your planning, but when things go wrong too close to the end, in addition to possible unemployment that long term concept goes out of the window.
Right now, staying in jobs is far more important than 'Ts&Cs'.
Noel I hope that your private pension fund is low risk with only a decade to go. Yes you might lose a bit but a lot less actually than the youngsters with 40 years to go. That should be OK if you are able to keep a job. But I disagree with you that staying in a job is more important than T&C's. Especially since the younger generation will have lower and lower and lower terms for a longer term which makes it even more anti social imo. Redundancy sucks big time but much lower terms over an extended time sucks even harder. Believe me I have been screwed before and most likely will be screwed again.