[Mike_G]

There's still some unexplained factors.
At the moment you need 30 years N.I. contributions to qualify for the full state pension after 2017 I believe you will need 35 years!
You need 1 years contributions minimum to get a state pension (reduced and means tested) after 2017 you will need 10 years minimum contributions.
I have not been able to find out if after 2017 the new flat rate applies to those without enough contributions such as stay at home mums regardless of how many years contributions they have or if they will need the 35 years.
Some are going to be big losers and some winners.
We are being ripped big time - they want us to die working and not pay any pension.
When my wife left Uni she expected to retire at 60 that was bumped up to 65 for equality with men and now it is 68 and expected to rise by another year or two.
8 years in one generation is a lot to lose - o.k. we are living longer but not that much longer !!!!

35 Years isnt that bad up until a few years ago it was at least 40, they dropped it to 30 and now are putting it upto 35, so still better.

Biggest problem with pensions as I see it is they can be changed at anypoint and there is sod all you can do about it. We are raising the age to 76, nothing you can do. We are dropping the amount we pay per week, nothing you can do. We are changing how we calculate the percentage of rises you will get, nothing you can do.

If ever there was a case of not putting all your eggs in one basket, saving for retirement with only a pension would be it

[elite mike]

pensions are the biggest con known to the self employed !

dont fall for it .

[Mike #1]

The money i now dont pay into a pension has allowed us to buy or new home and have a much better and happier life which is worth far more to me and my wife .

Than paying into and pension and hoping i can afford to retire after paying thousands of ££££££ over 30 yrs .

So have you reduced your pension or stopped.

Stopped paying in altogether pension pot is just under £21,000 i can track its performance on a investors website curent profit is 21.53 % .

The pension company still manage it in the same way and will get a lump sum and a small pension from the age of 65 .

Currently i am not eligible for the state pension till i am 67 yrs old .

My priority will be getting my mortgage paid off early no point paying into a pension if you have fair sized mortgage to pay . Mike

[AuRavelling79]

I know house owners want to leave it to their kids (I do) but at the end of the day you can be sat on something with a value of 100-250K (except DMSL 1 mill) that you can draw on.

So sell your round at 65 and have a good time for a year or two then:

Let's say at 67 you want an extra £400 a month to be "comfy" above your pension so get 60K out of your house and invest it, pay yourself 4.8K a year and you'll prolly get 13/14 years at that level.

Then you'll be 81 (if alive) drinking soup out of a baby cup and ready for your first nappy in 80 years!

And your kids will be wondering whether the house is gonna be sold for your so-called "care." If not the 60K you've drawn down will now cost 100K, your house will prolly be worth 150K so a bit left over for the funeral a party and a family holiday.

You know it's the way forward.

[shina]

I have never bought I rent, but when I turn 67 and get state pension then my benefits will pay the rent, I hope. Thats how it works at the moment.
Must say that from all the coments on here I am completley put off from paying into a pension

[robert mitchell]

Yes they did pay in but it was still private sector , I was making the point that all the stuff in the press about so called gold plated public sector pensions is simply not true .

There are also still plenty of private sector jobs with good company pensions if your willing to work hard and do the necessary qualifications .

You choose to be self employed because you can earn more or work less and have more flexibility.

You also choose to pay into a pension or invest in other ways or not at all .