A different approach to pensions?
Discussion
So, anyway, all this talk about pensions and what not has got me thinking.
Much of the angst, I feel, could be solved through the introduction of a compulsory superannuation scheme, similar to what Australia has.
Bit of background can be found here http://en.wikipedia.org/wiki/Superannuation_in_Aus...
Basically, 9% of income has to be paid into a super fund. This cannot be accessed until retirement.
When it was introduced there was angst and some degree of cost. Now, it is just factored into salary – e.g. most jobs are advertised as being, say, a 65k package, so including super.
Thoughts? Comments?
Much of the angst, I feel, could be solved through the introduction of a compulsory superannuation scheme, similar to what Australia has.
Bit of background can be found here http://en.wikipedia.org/wiki/Superannuation_in_Aus...
Basically, 9% of income has to be paid into a super fund. This cannot be accessed until retirement.
When it was introduced there was angst and some degree of cost. Now, it is just factored into salary – e.g. most jobs are advertised as being, say, a 65k package, so including super.
Thoughts? Comments?
gamefreaks said:
Isn't this just National Insurance?
Some similarities I guess. However, it is generally not government revenue.
Just musing on the matter of pensions I guess. When I lost my job in 08 and came back to Aust a lot of the people I worked with were worried about their pensions. By and large the super scheme does not have that worry - a constant 9% of your earnings are paid in.
groak said:
There is no way on this earth that I'd pay even one penny into a pension scheme aka conman scam. If it was made compulsory, I'd leave.
Come on, you're a bit unique, a good "player" of the system, having understood how the scams work.You are able to do this because most do not have your ability or understanding because, if all did, you wouldn't be in your situation.
groak said:
There is no way on this earth that I'd pay even one penny into a pension scheme aka conman scam. If it was made compulsory, I'd leave.
Fair enough. Where would you go?
Can think of a few countries that have this compulsory scheme.
And, just to clarify, you can self manage your super here - shares, property etc etc.
WhoseGeneration said:
groak said:
There is no way on this earth that I'd pay even one penny into a pension scheme aka conman scam. If it was made compulsory, I'd leave.
Come on, you're a bit unique, a good "player" of the system, having understood how the scams work.You are able to do this because most do not have your ability or understanding because, if all did, you wouldn't be in your situation.
HOWEVER: Nowadays everyone and their brother knows pensions are a con, don't they? Even the state pension and public sector fs schemes are rapidly rotting, and barring miraculous ecconomic recovery will soon be 'spun' legislatively into worthlessness. And as to private money purchase schemes....don't make me laugh! Do the annuities even pay 6% anymore? Not that the schemes which build up the fund to purchase the annuities are worth a toss anyway. And, most laughably of all, the money being stolen when you die makes the whole idea just plain farcical. THINK about it! You save up for years, use the funds to buy an annuity when you're too old to earn by working, get paid a pittance from it, and then you die and it's stolen!!
There's only ONE 'winner' in the pension scam, and that's the institutions and their operatives who provide and administer them. It's bad enough that they're still legal, let alone being made obligatory.
groak said:
That's flattering, but I'm just a n other Del Boy who's perpetually 3 bad moves and 6 weeks away from bust.
Which is part of my point, most do not have this attitude and are happy to do as they are told; conform, follow the rules. That's why it, mainly, works.I doubt you could deal with a world solely populated with groaks.
May I put this up as a better alternative:
http://en.wikipedia.org/wiki/Central_Provident_Fun...
It works like a UK pension in that your employer tops up your CPF fund by 13% (IIRC) and covers healthcare, pension and housing. The Singaporean governemnt have been very smart in making the recipient and employer pay for many of the public services, and is no doubt one of the main reasons why income tax is maxed at 20% if you earn over £150k equivalent.
http://en.wikipedia.org/wiki/Central_Provident_Fun...
It works like a UK pension in that your employer tops up your CPF fund by 13% (IIRC) and covers healthcare, pension and housing. The Singaporean governemnt have been very smart in making the recipient and employer pay for many of the public services, and is no doubt one of the main reasons why income tax is maxed at 20% if you earn over £150k equivalent.
Bing o said:
May I put this up as a better alternative:
http://en.wikipedia.org/wiki/Central_Provident_Fun...
It works like a UK pension in that your employer tops up your CPF fund by 13% (IIRC) and covers healthcare, pension and housing. The Singaporean governemnt have been very smart in making the recipient and employer pay for many of the public services, and is no doubt one of the main reasons why income tax is maxed at 20% if you earn over £150k equivalent.
Would that the UK became the Singapore of the West. Not a hope and you know why. Your reasons for leaving.http://en.wikipedia.org/wiki/Central_Provident_Fun...
It works like a UK pension in that your employer tops up your CPF fund by 13% (IIRC) and covers healthcare, pension and housing. The Singaporean governemnt have been very smart in making the recipient and employer pay for many of the public services, and is no doubt one of the main reasons why income tax is maxed at 20% if you earn over £150k equivalent.
WhoseGeneration said:
Bing o said:
May I put this up as a better alternative:
http://en.wikipedia.org/wiki/Central_Provident_Fun...
It works like a UK pension in that your employer tops up your CPF fund by 13% (IIRC) and covers healthcare, pension and housing. The Singaporean governemnt have been very smart in making the recipient and employer pay for many of the public services, and is no doubt one of the main reasons why income tax is maxed at 20% if you earn over £150k equivalent.
Would that the UK became the Singapore of the West. Not a hope and you know why. Your reasons for leaving.http://en.wikipedia.org/wiki/Central_Provident_Fun...
It works like a UK pension in that your employer tops up your CPF fund by 13% (IIRC) and covers healthcare, pension and housing. The Singaporean governemnt have been very smart in making the recipient and employer pay for many of the public services, and is no doubt one of the main reasons why income tax is maxed at 20% if you earn over £150k equivalent.
My gf asked me why the strikes were on yesterday.
I explained to her that a teacher with 30 years service would get half of their salary average/final salary (can't recall which).
My g/f asked me why the strikes were on yesterday...
She then asked me to explain what the point was of PMQs so I gave up and put the kettle on.
anonymous said:
[redacted]
People like Gordon Brown think that if you earn enough to have a private pension that is HIS money, to redistribute to fat tarts with 5 kids on a sink estate. Do not under any circumstances save money undr a socialist government. Actually.., this current shower have done nothing to promote savings, so f**k them as well.
Whereas I have never heard anything to say the Australian government are not trustworthy, the same cannot be said for our lot, sooner or later anything we save with them will get pissed up the wall and we will be given some b
ks excuse that they had no choice. Problem here is they think our money is theirs to do whatever they like with.
Fundamental problem is, very soon we will be retired for longer than we work and a structure isn’t in place to cope with that, we need something much longer term that the government can’t fk with!
ks excuse that they had no choice. Problem here is they think our money is theirs to do whatever they like with.Fundamental problem is, very soon we will be retired for longer than we work and a structure isn’t in place to cope with that, we need something much longer term that the government can’t f
k with! Adrian W said:
Fundamental problem is, very soon we will be retired for longer than we work and a structure isn’t in place to cope with that, we need something much longer term that the government can’t fk with!
Hence my suggestion of the CPF model. Yes, the Government invests it, but at the end of every year you get a statement showing how much you paid in, how much your employer paid in, and what your overall fund is worth. No black hole of NI, Tax or unfunded pensions.k with! It's a good model in principle and addresses a lot of concerns raised by previous protesters.
You will always have strikes for as long as pensions are shrouded in mystery and open to exploitation.
Bing o said:
Hence my suggestion of the CPF model. Yes, the Government invests it, but at the end of every year you get a statement showing how much you paid in, how much your employer paid in, and what your overall fund is worth. No black hole of NI, Tax or unfunded pensions.
Reading the wikipedia item you linked to, it doesn't sound like everything is rosy with their CPF?Like I said earlier, 13% is nothing like enough in reality, and their fund is supposed to cover medical bills and pension.
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