Pension stuff, how's it all looking ? HAve you prepared ?

[Mr. Dazzle]

PLCs don't pay their profits to their employees though, or even into their employees' pension funds.

[Horse]

For me, the question is why is your electricity/water/gas so expensive?

Profit. For example, British Gas profit was £72m in 2022, £751m in 2023.

https://www.theguardian.com/business/20 ... s-centrica

On what turnover, i.e. what % was profit?

[Yambo]

For me, the question is why is your electricity/water/gas so expensive?

Profit. For example, British Gas profit was £72m in 2022, £751m in 2023.

https://www.theguardian.com/business/20 ... s-centrica

You'd like to think that profit would be ploughed back into improving infrastructure but that doesn't appear to be happening.

[Pirahna]

For me, the question is why is your electricity/water/gas so expensive?

Profit. For example, British Gas profit was £72m in 2022, £751m in 2023.

https://www.theguardian.com/business/20 ... s-centrica

On what turnover, i.e. what % was profit?

You Google it, I couldn't care less. My gas is price capped by the government at €15.14 a bottle. I use approx 1 bottle a year for cooking and 2 for hot water over winter. The days are just about long enough for me to switch back to my electric hot water heater, I'm off grid for leccy but the sun goes behind the mountain a bit too early in the winter and running the water heater uses too much from the batteries.

[JackyJoll]

For me, the question is why is your electricity/water/gas so expensive?

Profit. For example, British Gas profit was…. …£751m in 2023.

So, about £28 per UK household.

[mangocrazy]

For me, the question is why is your electricity/water/gas so expensive?

Profit. For example, British Gas profit was…. …£751m in 2023.

So, about £28 per UK household.

As BG has a UK market share of approx 20%, the annual profit per household supplied is £140

[Horse]

Profit. For example, British Gas profit was £72m in 2022, £751m in 2023.

https://www.theguardian.com/business/20 ... s-centrica

On what turnover, i.e. what % was profit?

You Google it, I couldn't care less.

You obviously care a bit because you stated 'profit' and gave figures.

FWIW, one source says:

The profit boom was largely thanks to a tweak to the regulator Ofgem’s energy price cap that allowed the supplier to recoup some of the costs of supplying its 10 million customers during the energy crisis.

Ofgem’s controversial decision to allow energy suppliers to claim greater profits from hard-hit customers via the energy price cap also led to a windfall for EDF Energy and Scottish Power.

Another notes:

Centrica previously cancelled its final 2019 dividend payment and made no payouts to shareholders in 2020

'Operating margin' for BG Energy
2022 1.9%
2023 8.2%

[JackyJoll]

Profit. For example, British Gas profit was…. …£751m in 2023.

So, about £28 per UK household.

As BG has a UK market share of approx 20%, the annual profit per household supplied is £140

Yes that sounds more valid.

[Horse]

As BG has a UK market share of approx 20%, the annual profit per household supplied is £140

Yes that sounds more valid.

So - very roughly - one month's payment. Tying in with the 8% profit.

[Potter]

This is all very exciting, but it's got nothing to do with pensions or whether you're prepared for retirement.

[JackyJoll]

This is all very exciting, but it's got nothing to do with pensions or whether you're prepared for retirement.

We can fit an anti-big business rant in anywhere.

[Horse]

This is all very exciting, but it's got nothing to do with pensions or whether you're prepared for retirement.

Ìt does if you consider contingencies.

Edit:
From one side, consumers, bills rocketing. From the other side, shareholders and dividends - or not.

[Potter]

This is all very exciting, but it's got nothing to do with pensions or whether you're prepared for retirement.

Ìt does if you consider contingencies.

Edit:
From one side, consumers, bills rocketing. From the other side, shareholders and dividends - or not.

Perhaps, but if you've failed to provision to even pay your gas bill during retirement then you're so bolloxed that taking part in the conversation isn't going to help you much.

I'm more concerned that (as yet) I haven't provisioned for an immaculate Ferrari 280 GTO to tour Europe in whilst visiting thrilling landmarks and key destinations.

[Mr. Dazzle]

Is that profit before or after the 75% (I think?) tax energy providers pay.

I'm not actually that interested, I'm just pointing out it's a complicated interlinked subject.

[Horse]

This is all very exciting, but it's got nothing to do with pensions or whether you're prepared for retirement.

Ìt does if you consider contingencies.

Edit:
From one side, consumers, bills rocketing. From the other side, shareholders and dividends - or not.

Perhaps, but if you've failed to provision to even pay your gas bill during retirement then you're so bolloxed that taking part in the conversation isn't going to help you much.

I doubt many people on low pensions would have been "meh, it'll be fine" at the fluctuations in fuel prices over the last couple of years.

And this loops back to the 'how much?' question. Remind me who asked that ...

What is the average pension pot for a fifty year old person?

Actually, I'm being a bit unfair. You're probably not an average person. But the same things apply.

[Potter]

Actually, I'm being a bit unfair. You're probably not an average person. But the same things apply.

No one is average, I made that point before, you only need a few billionaires in the mix and all of a sudden we're all living on "average" pensions of £100k a year.

I think it's prudent to expect that your household bills could spike considerably, so you need to factor that in. When prices are low it's disposable income, when prices go up it's a fund to use to cover the shortfall. So personally I think the number of around £3k a month (at current prices) is somewhere near because I reckon (with no debt or mortgage) a couple can live well on £2k a month, then the extra grand is fun money in good times and essential top-up in bad times.

That's where I'm at anyway, I reckon £3k is what I need, but ever the pessimist I'm aiming for £5k, so I have plenty in reserve.

One thing for certain though is I don't want or need more than that and I'm close, so I'm getting a bit twitchy as to when to walk away - my main concern is inflation, if I live to be eighty then I have thirty years to pay for and £3-5k now won't be worth £3-5k in twenty-five years time.

[weeksy]

£3-5k now won't be worth £3-5k in twenty-five years time.

Surely your £3k is still going up as it's invested now ? I'm making assumptions here, but surely your pension once you start taking it doesn't just stop at that figure forever ?

[Potter]

£3-5k now won't be worth £3-5k in twenty-five years time.

Surely your £3k is still going up as it's invested now ? I'm making assumptions here, but surely your pension once you start taking it doesn't just stop at that figure forever ?

I don't have much of a pension, probably £60k all in, so my retirement will be funded by savings and investments, which aren't guaranteed to rise with inflation, unless I buy an annuity with some of it, but even those aren't guaranteed after a time.

[weeksy]

£3-5k now won't be worth £3-5k in twenty-five years time.

Surely your £3k is still going up as it's invested now ? I'm making assumptions here, but surely your pension once you start taking it doesn't just stop at that figure forever ?

I don't have much of a pension, probably £60k all in, so my retirement will be funded by savings and investments, which aren't guaranteed to rise with inflation, unless I buy an annuity with some of it, but even those aren't guaranteed after a time.

It's was more of a generalisation question than specific to you.

So if my pension is £3000 a month, i'm guessing as time goes on that goes up too ? (assuming markets work in your favour) Rather than just being a set figure of £3000.

[Potter]

It's was more of a generalisation question than specific to you.

So if my pension is £3000 a month, i'm guessing as time goes on that goes up too ? (assuming markets work in your favour) Rather than just being a set figure of £3000.

I guess the open answer is that it depends on the T&Cs of your pension, the annuities I've looked at make accounts for inflation but there are some things in the small print that I don't like, such as the payments only being guaranteed for a certain length of time, then they might go down.