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Acrylic-bob · 24-11-2005, 14:57

A couple of months ago this problem of pensions came up on the TV and they got some insurance know-it-all to do illustrations of how much people would need to put away in a private pension fund to guarantee £20k per year on retirement. At nearly 50, I would need to have a fund of £400,000. This would then be used to buy an annuity. Supposing that I retired at 65, I would need to live until I was at least 85 to get back what the annuity cost.

If I died before I was 85 the lot would be claimed by the insurance company as a profit on the deal.

For some reason I cannot get the term "legalised robbery" out of my head.

24-11-2005, 14:57	#69
Acrylic-bob God Member Join Date: May 2004 Location: Tragic Conn Posts: 4,007 Blog Entries: 15 Liked: 3 times Rep Power: 2473	Re: Work 'til you drop....! A couple of months ago this problem of pensions came up on the TV and they got some insurance know-it-all to do illustrations of how much people would need to put away in a private pension fund to guarantee £20k per year on retirement. At nearly 50, I would need to have a fund of £400,000. This would then be used to buy an annuity. Supposing that I retired at 65, I would need to live until I was at least 85 to get back what the annuity cost. If I died before I was 85 the lot would be claimed by the insurance company as a profit on the deal. For some reason I cannot get the term "legalised robbery" out of my head. __________________ Enough is ENOUGH Get Britain out of Europe