What you’re saying about the pensions crisis

Our recent pensions special on the problems facing investors looking to save for their retirement generated much debate. Some expressed their anger at an industry that appears too self-interested while others said the problem is too large to overcome and investors should focus on getting the best deal for themselves.


"The design of pensions is wrong from beginning to end, top to bottom, and no amount of government propaganda or absurd sales talk from the industry will stop their rot. They should be redesigned by a committee of ordinary people, as for a jury, advised by experts and presented to the industry on a take-it-or-leave-it basis. There will be plenty of takers, but if only half of the present companies accept them, then that will be one of the side benefits."

Frank Pantzaris comments on IFAs’ defence of the industry


"Most people prefer to buy a new spangly car every few years, go on at least one foreign holiday a year, buy expensive clothes and toys for their children and generally spend every penny they have on enjoying themselves. It's all about priorities – I know where mine lie, and they aren't in any of the above. People need to adjust their expectations to reality."

Tim Peters says that investors who don’t take care of their own finances only have themselves to blame


"There never has been and there will never be such a thing as a free lunch. No scheme, company, adviser or politician has your pension well-being at heart. They all have their own interests to look after and they do it by dipping into your pension contributions whilst ensuring their obligations to you are zero. If you want a pension income on retirement make your own decisions and rely on nobody. Make use of every tax concession, use execution-only dealers and aim to die penniless. Bitter? You bet – I trusted Equitable Life with my pension savings!"

Robert Paton has seen his pension pot fail to live up to expectations


"Policy decisions have been made to destroy pensions – we need to ask why? The older generation has lived longer – do the health statistics of the younger generation, with rampant childhood obesity, childhood diabetes, drug and alcohol abuse indicate that the younger generation will live longer?"

Graham Wardle


"The pension industry is a racket set up to enrich a few people. Go for a SIPP but expect to have to put in time learning how to avoid the rubbish."

Poulter thinks investors should take control of their own pension


"Taking your investments out of the hands of an adviser and paddling your own canoe is a short-sighted approach."

Paul Frame


"Contributions to my SIPP meant a saving of around 55-60 per cent per year, which was due to having to pay less tax and national insurance on employment income. How idiotic of me to legally avoid having to pay all of that tax. An understanding of the positives and negatives of both pensions and ISAs enables an individual to exploit both of them to their personal advantage."

Ark Welder


"I took my pension out of the hands of an adviser because all they were doing was allocating my money using a formulaic spreadsheet which triggered lots of unnecessary small adjustments which made them lots of money. Now I do it myself. It doesn't make squaring any of the circles any easier but at least it is my decisions affecting my future."

Paco Quay