Private pension age going up from 55.....

[BoRED S2upid]

May as well keep your money in a safe in your bedroom nobody can stop you accessing that. I fully expect there not to be a state pension when I'm of retirement age in 30 years.

[arp1]

Absolutely agree, it's an outrage! However, when there has been so many on here saying it's all unaffordable etc and bodies such as the fire service being lambasted for striking over similar changes to their pension, is it one rule and outrage for one and not the other?

[Sway]

Osborne was in my office yesterday to have some photo opportunities with Queen Mary 2 when announcing some of this stuff.

I'm young enough to recognise that public or private, no pension scheme is likely to 'work' for me, and so I'm aiming to fund my decadent bingo playing via successful, grateful children...

Isn't one positive change that you won't have to buy an annuity but can take the full pot as a lump sum (at the available age obviously)?

[Eric Mc]

BoRED S2upid said:

May as well keep your money in a safe in your bedroom nobody can stop you accessing that. I fully expect there not to be a state pension when I'm of retirement age in 30 years.

That's what they were saying 30 years ago. It should be gone by now. Instead, it's actually got better.

Of all the pensions - apart from the now almost defunct fixed salary schemes, it's the state one that has kept pace best. Obviously, the downer is that people are having to wait longer and longer to get it.

[arp1]

anonymous said:

[redacted]

Not going into the whole debate again, but it's not public service workers fault the way the schemes are, however I am in a public sector scheme where I pay a huge whack of my wage (that my employer matches) towards my pension. I totally disagree with your statement that you are paying for your pension 'properly' and I'm not! A previous thread I noticed, people who's wages went up didn't choose to contribute more towards their pension, but would still have the audacity to moan about the public service pensions when they could so something about their own! I completely disagree with the government ripping up agreements and moving goal posts and all the rest, especially when they are awarding themselves huge wage increases which in turn makes their pensions even better! The reason their wages went up so much is that for the first time they have to contribute towards their pension, so in order to give themselves a wage rise and to compensate for pension contributions, it went up 11%.. All in it together? Yeah right!

[toppstuff]

Sway said:

I'm aiming to fund my decadent bingo playing via successful, grateful children...

Be careful they don't end up being ungrateful and unsuccessful. Kids can be weird. They never turn out as you think they will

[KingNothing]

BoRED S2upid said:

May as well keep your money in a safe in your bedroom nobody can stop you accessing that. I fully expect there not to be a state pension when I'm of retirement age in 30 years.

I'm not going that far, I'm going for the bet of that it goes means tested sometime in the future, so that if you're sensible and have saved in a private pension scheme, you'll get the square root of fk all for a state pension on top of it, but if you've spent your entire life spunking away any money you earned (or more likely, were just given by the state), then you'll get a full state pension because you have nothing, not that I'm cynical and bitter or anything.

I'd put my money in BTL's, if I wasn't so sure they're going to get fked over somehow in the future as well.

[Sway]

toppstuff said:

Sway said:

I'm aiming to fund my decadent bingo playing via successful, grateful children...

Be careful they don't end up being ungrateful and unsuccessful. Kids can be weird. They never turn out as you think they will

I acknowledge this.

I intend to overcome it through a combination of the numbers game and having blackmail leverage over each of them!

Even if they become weed growing dropouts, my bingo will be more enjoyable!

[BlackLabel]

BoRED S2upid said:

May as well keep your money in a safe in your bedroom nobody can stop you accessing that. I fully expect there not to be a state pension when I'm of retirement age in 30 years.

Pensioners are already a powerful block of voters and as demographics change their powers will only grow. Any government which ends the state pension as we know it would become unelectable for decades - I can't see that happening.

[bazza white]

I don't see why for private pensions. A fair few will retire on their private pension at an earlier age freeing up jobs.

Aged 31 now I'm dreading it tbh, very few retire from the steel insustry in one piece. Ive been here 3 years and scares the hell out of me seeing people dying in their working life or going off long term sick at 60ish. Not many retire with full health.

[turbobloke]

anonymous said:

[redacted]

Outside the public sector scheme you're in, what would that huge whack look like to get the same index linked pension provision if you were in the private sector, assuming you could actually access a defined benefit scheme in the first place? Also is your scheme fully funded or based on and taken from future taxpayer contributions?

[turbobloke]

anonymous said:

[redacted]

[sidicks]

arp1 said:

Not going into the whole debate again, but it's not public service workers fault the way the schemes are, however I am in a public sector scheme where I pay a huge whack of my wage (that my employer matches) towards my pension. I totally disagree with your statement that you are paying for your pension 'properly' and I'm not! A previous thread I noticed, people who's wages went up didn't choose to contribute more towards their pension, but would still have the audacity to moan about the public service pensions when they could so something about their own! I completely disagree with the government ripping up agreements and moving goal posts and all the rest, especially when they are awarding themselves huge wage increases which in turn makes their pensions even better! The reason their wages went up so much is that for the first time they have to contribute towards their pension, so in order to give themselves a wage rise and to compensate for pension contributions, it went up 11%.. All in it together? Yeah right!

It's been explained before, but worth explaining again - you basically have a risk free pension - no growth rate risk pre retirement, no interest rate risk at retirement, no inflation risk post retirement and no longevity risk.

That's hugely valuable, and the amount you pay in contributions is probably somewhere between 25% and 33% of the total cost - other tax payers have to pay the rest.

In contrast, most of us on here will have paid far more in contributions than we will get back as a pension from the State scheme.

HTH

[BoRED S2upid]

How can they do this to private it's a private agreement between you and the pension provider surely it's up to you when you draw it?

[jonah35]

You should be allowed your money out whenever you want. If I have £1m in a pension why cant I take it at 40?

I say make the pension age 35 and if you want it you can have it, its your money!!

[sidicks]

jonah35 said:

You should be allowed your money out whenever you want. If I have £1m in a pension why cant I take it at 40?

I say make the pension age 35 and if you want it you can have it, its your money!!

But some of it has come from tax relief, hence the government has some say...

[XJ Flyer]

The really laughable bit is that it's obviously state interference in what is/was a private contractual arrangement that's no business of the state.While the Cons supporters still think it's a 'Conservative' Party.It's just a scam to apply pension payment rationing in the private sector in order to save employers and the banking sector a few bob.Just like the social security system.The next move will inevitably be increased compulsory pension payments for ever decreasing returns on the 'investment'.IE a so called 'pension' provision that is in reality a tax/theft that subsides the banking sector.

Edited by XJ Flyer on Tuesday 22 July 20:28

Edited by XJ Flyer on Tuesday 22 July 20:33

[jonah35]

Yes but id pay tax when drawing it out.

What does it matter if I have it at 50,55 or 57? I could still blow it all.

[sidicks]

XJ Flyer said:

The really laughable bit is that it's obviously state interference in what is/was a private contractual arrangement that's no business of the state.While the Cons supporters still think it's a 'Conservative' Party.It's basically just a scam to apply pension payment rationing in the private sector in order to save employers and the banking sector a few bob.Just like the social security system.

See above - the tax relied granted means that it is the business if the state.

Else you could simply invest outside of the pension wrapper and take your funds whenever you deem appropriate!

[XJ Flyer]

sidicks said:

XJ Flyer said:

The really laughable bit is that it's obviously state interference in what is/was a private contractual arrangement that's no business of the state.While the Cons supporters still think it's a 'Conservative' Party.It's basically just a scam to apply pension payment rationing in the private sector in order to save employers and the banking sector a few bob.Just like the social security system.

See above - the tax relied granted means that it is the business if the state.

Else you could simply invest outside of the pension wrapper and take your funds whenever you deem appropriate!

So why not leave the age as it is and be honest by calling it what it actually is a tax relief cut in pension provision.Instead of dressing it up to make it look like something else.It is obvious that,for such a scam to work,the next step will be for the government to impose a higher element of compulsory pension payments taken from wages.

Edited by XJ Flyer on Tuesday 22 July 20:38