Timecodes: 0:00 Intro 1:11 What is a pension? 1:18 3 types of pensions 1:25 Workplace Pensions - Defined Benefit 4:11 Workplace Pension - Defined Contribution 6:16 State Pension 6:56 Personal Pension 7:44 Other Pension Info 8:02 The Problem 14:57 The Solution 19:33 Final Thoughts 21:57 Outro
@user-dv1yh4zp3n
11 ай бұрын
Hi mate, I found your channel and now I share your posts with pretty much everyone I know who is still serving, ranging from Lt Col all the way down to Pte. I completed 23 and a half years, leaving as a Sgt in 2009 then rejoined as MPGS in 2011 to which I am now a Cpl. I’m now 54 and contracted until I complete at 60. It’s not glamorous but it’s a fantastic comfort blanket to have as I joined when I was 16. I get asked questions all the time about what we do, our benefits, entitlements, pensions ( including abatement) by those who are coming to the end of their time in service and are considering it as an option. Maybe you could consider a video covering this option, the pros and cons of what it offers, and how it works financially for different people. Many don’t understand how pension abatement works, many are confused about their pension entitlement as they are under the 75, 05 and 15 model, the ability to work a separate job for their days off and what they are and are not entitled to. If you are interested in this I am more than happy to help with any first hand info. Please keep up the fantastic work and good luck with your projects.
@thesavvysquaddie
11 ай бұрын
Thanks for the comment and I appreciate the support. It's certainly something I want to look into and make a video on in the future as it could definitely benefit many people. I might definitely take you up on the offer and reach out a bit sooner the time when I come to do it.
@walkingmadman
11 ай бұрын
Another fantastic video. The armed forces should drill information like this into everyone when they join up. I work within course design for Phase 2 trainees and will be pushing hard to have an awareness day or two thrown into their training curriculum. Keep up the good work matey.
@thesavvysquaddie
11 ай бұрын
Sweet, that's good to hear. The sooner and younger people start, the better off they will be.
@georgemorley1029
2 ай бұрын
Thanks for the video. I am an officer and consider myself relatively well squared away for AFPS pension, mortgage, income etc and am married with two kids, wife working also. The one thing that this has convinced me of is that I am not making enough (safe) investment into long term ISAs and should be making hay while the sun shines. More power to your elbow mate.
@robertaddison1442
11 ай бұрын
I have said it before but I really wish there was somebody like you pecking my ear when I was serving I'm currently 48 and playing catch up, admittedly I am able to because of the military pension. I currently have my military pension My job is one of the few that still do a DB pension which I pay max contributions I also tuck some away into a DC pension, aim with that is it will be my retirement lump sum Finally I tuck some away in a stocks and shares ISA My only worry is that I die young and don't get to enjoy it
@thesavvysquaddie
11 ай бұрын
Cheers, appreciate it. Good to hear you are preparing for it. Its a tough balance but statistically you will most likely make it to old age and would rather be better prepared for it then not.
@georgemorley1029
2 ай бұрын
Me at 45! You're not alone - listen up young 'uns!
@chaztheman8674
11 ай бұрын
Great video, really looking forward to the video on purchasing added pension.
@thesavvysquaddie
11 ай бұрын
Hopefully in the next month or two
@DaemonFranks
11 ай бұрын
Really appreciate all the information. Ill help spread the word.
@thesavvysquaddie
11 ай бұрын
Cheers, much appreciated
@colinduncan1530
9 ай бұрын
Found your channel a few weeks back and now watched lots of your videos - all really sound advice! Could you do a video on pension commutation - what it it and is it a good idea? Is it tax efficient? Is it a good idea to use your tax-free pension lump sum to clear your mortgage on retirement? Is that a sound plan in the first place? Lots of questions I know, but would make an interesting video I think.
@thesavvysquaddie
9 ай бұрын
Thanks for the kind words. That is certainly something I can look at doing in the future.
@C_Howzie
11 ай бұрын
Great vid, wish I had your advice when I first started my Forces career and the armed forces educated its workforce like this. Could you do a vid on, Private Pension vs AF Pension top up vs LISA/ISA, etc, please?
@thesavvysquaddie
11 ай бұрын
Thanks for the comment. I will do a video on that in the future.
@jonbeake3200
11 ай бұрын
Great video as always.👌
@thesavvysquaddie
11 ай бұрын
Cheers, appreciate it
@macmcdade5071
4 ай бұрын
The NI tax cut is a nail in the coffin for the state pension. In 10 years time the state pension will be drawn down and by the time the 18/20 years old (in 2034) reach retirement there won't be a state pension being paid.
@Aubury.Spartacus-Jones
11 ай бұрын
Great video - "the dog's bollocks".
@thesavvysquaddie
11 ай бұрын
Haha thanks
@ajjazzy2220
11 ай бұрын
great video mate, could you do a video on Enhanced learning credits i only have some knowledge about them and plan to use it later on in my career.
@thesavvysquaddie
11 ай бұрын
Cheers, that video is in the pipeline. Coming fairly soon I hope.
@michaelmayes9689
9 ай бұрын
Enjoyed your posting, I have watched several of your postings and enjoyed them even though i am not and never have been in the armed forces. My son is a member of the armed forces and like many others can't make heads or tails of the pension statements. Whilst your posting clarifies the statements, i would urge any member to look at your posting reference understanding your armed forces pension scheme pension statement several times to understand it, especially if you have a choice of what scheme you take on retirement. Have you posted a posting on AVC's my son has an AVC attached to his pension, a scheme once you join you can't opt out of which to me is a rather strange arrangement? so far he has never received any type of statement?
@thesavvysquaddie
9 ай бұрын
Thanks for the comment, I haven't yet done anything on AVCs but I have done a video on Added Pension which is similar in certain ways and is relevant to his current pension scheme, the AFPS15.
@jconnor619
11 ай бұрын
Legend🎉
@thesavvysquaddie
11 ай бұрын
Cheers dude
@ItsRose2
11 ай бұрын
Nice video!
@thesavvysquaddie
11 ай бұрын
Cheers.
@landieman6044
11 ай бұрын
So as we progress and AI takes over, we are knackered anyway as there is going to be less jobs. Then there is the unexplained excess deaths, a percentage of which is rising on a monthly basis, especially among the 20-50year olds, again another issue for further tax collection.
@thesavvysquaddie
11 ай бұрын
This is why I think there maybe something along the lines of a universal income in the future. But economic policies will change greatly when AI and automation become much more prominent in society.
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