Discussion
ferret50 said:
I started work full time at 16 years of age, I understand that school leavers now leave at 18 and many go on to further educafion so are starting their working life in their twenties.
This alone is one sound reason to raise the age at which SP will be paid.
'er indoors was assured that she would be able to retire at 60, then equal rights came along and the ladies had to wait until they were 65!
Kids can leave at 16 nowThis alone is one sound reason to raise the age at which SP will be paid.
'er indoors was assured that she would be able to retire at 60, then equal rights came along and the ladies had to wait until they were 65!
When I left school (1985), some of my peers went to University so didn’t start work until their 20s especially as the gap year seemed to be much more of a ‘thing’ then. All my friend's kids and my nephews/nieces that are at Uni age now have done three years straight off
I do agree that the pension age needed to increase, but for entirely different reasons to you
Franco5 said:
I don’t understand why there isn’t more push back to increases in the state pension age are people really that stupid that they don’t realise what’s being done to them? I remember Poll Tax riots and the amounts people are loosing having their state pensions delayed are far higher but there’s never any protest and you see little discussion.
Do victims not realise that the government are taking £11000 off them for every year that it’s delayed? There was agreement that they’d receive their state pension at 65 but the government reneged. No way the French would roll over there’d be public unrest.
There are many wealthy people receiving the state pension at 65 and many poor people who aren’t going to receive it until at least 67. Future pensioners loosing out to current pensioners with the triple lock aggravating the situation.
The government are not taking something off you.Do victims not realise that the government are taking £11000 off them for every year that it’s delayed? There was agreement that they’d receive their state pension at 65 but the government reneged. No way the French would roll over there’d be public unrest.
There are many wealthy people receiving the state pension at 65 and many poor people who aren’t going to receive it until at least 67. Future pensioners loosing out to current pensioners with the triple lock aggravating the situation.
The amounts that you paid in funded the pensions that others were receiving at the time. They were not going into a pot which is now being raided, there is no “your” pension sitting there and being taken off you.
As to this “agreement” to receive your pension at 65, I think that you’ve got yourself confused. Could you post the letter that you received promising it?
towser44 said:
It's easy to say that, but, people can't necessarily afford to pay more given the cost of living, house prices etc etc and if they can, there is a balance to be made. Pay loads in and die before being able to see it, or pay less and enjoy life now while alive.
Sky Sports now or hot food later. For some that may be the choice that they are making, and there’s no harm in reminding people of that.Like a lot of people on here I saved relatively hard in years past, going without some nice things in the hope and expectation that if I wanted to retire early and live a comfortable life that I could.
FreeLitres said:
If anyone aged 45 or below are still paying the basic default 5% of their wage into their workplace pension - wake up. You will not have enough pension to retire on.
I tend to agree with this, people just do not understand pensions and the potential impact later in life. I'm 33, paying in 18%, plus 8% employer contribution. Hopefully compound growth will take hold and I'll be able to retire around 60.If the state pension becomes means tested, it would be rather annoying.
I've been paying a huge chunk (over 30% of wage) into my workplace pension, largely to be tax efficient but also to ensure I have some additional cash in retirement. It takes a fair amount of personal sacrifice for me to do this as it significantly limits my spend.
[PH] It would be really annoying if they take the state pension away from me, whereas the guy up the road that has paid the minimum in but spent all his cash on leasing Audis and losing cash in some unfortunate Bitcoin trades is seen as too poor in retirement not to be awarded the state pension.[/PH]
I've been paying a huge chunk (over 30% of wage) into my workplace pension, largely to be tax efficient but also to ensure I have some additional cash in retirement. It takes a fair amount of personal sacrifice for me to do this as it significantly limits my spend.
[PH] It would be really annoying if they take the state pension away from me, whereas the guy up the road that has paid the minimum in but spent all his cash on leasing Audis and losing cash in some unfortunate Bitcoin trades is seen as too poor in retirement not to be awarded the state pension.[/PH]
Franco5 said:
I don’t understand why there isn’t more push back to increases in the state pension age are people really that stupid that they don’t realise what’s being done to them? I remember Poll Tax riots and the amounts people are loosing having their state pensions delayed are far higher but there’s never any protest and you see little discussion.
Do victims not realise that the government are taking £11000 off them for every year that it’s delayed? There was agreement that they’d receive their state pension at 65 but the government reneged. No way the French would roll over there’d be public unrest.
There are many wealthy people receiving the state pension at 65 and many poor people who aren’t going to receive it until at least 67. Future pensioners loosing out to current pensioners with the triple lock aggravating the situation.
To me the state pension is a bonus. I've paid NI accrued the max and accept the payments have propped up other benefits like the NHS etc. and if I make it in 6yrs I'll collect it to complement my work pension which having retired 6yrs ago is now somewhat surprisingly paying me more than what I got in my last month at work. You have to love index linking.Do victims not realise that the government are taking £11000 off them for every year that it’s delayed? There was agreement that they’d receive their state pension at 65 but the government reneged. No way the French would roll over there’d be public unrest.
There are many wealthy people receiving the state pension at 65 and many poor people who aren’t going to receive it until at least 67. Future pensioners loosing out to current pensioners with the triple lock aggravating the situation.
Without wishing to derail the thread I thought the Poll Tax was a great idea. Why should a couple in a house pay the same as 3,4,5 adults living in an identical home where all adults draw upon local services? I may be biased as the poll tax cost £390 at the time my rates were over £800
Dingu said:
Victims… 
What magic money tree do you propose using to freeze the age at 65 and pay it for longer in line with higher life expectancy and triple lock it?
Especially since the country doesn’t appear to want a proper mature immigration discussion and policy to prop the tax take up as the population ages.
There is one money tree for you. Make it more affordable for British people to have children so the workforce can actually grow. And make sure mother can actually get fair maternity leave; not that of a third world country.What magic money tree do you propose using to freeze the age at 65 and pay it for longer in line with higher life expectancy and triple lock it?
Especially since the country doesn’t appear to want a proper mature immigration discussion and policy to prop the tax take up as the population ages.
Up on the ladder to get your pension from money tree, I hold to make sure you dont fall.
Jamescrs said:
I’m 43 currently and I have a fairly good private pension setup which should see me retire at 55 drawing my pension, I may choose to work past that but it will be my choice.
I was brought up believing there won’t even be a state pension by the time I reach a state pension age, I still believe that or I will be means tested out of it
If you're 43, you wont be drawing your private pension at 55. I was brought up believing there won’t even be a state pension by the time I reach a state pension age, I still believe that or I will be means tested out of it
Rules changed years ago, you cant access until you are 57 now.
DevonOhar said:
Jamescrs said:
I’m 43 currently and I have a fairly good private pension setup which should see me retire at 55 drawing my pension, I may choose to work past that but it will be my choice.
I was brought up believing there won’t even be a state pension by the time I reach a state pension age, I still believe that or I will be means tested out of it
If you're 43, you wont be drawing your private pension at 55. I was brought up believing there won’t even be a state pension by the time I reach a state pension age, I still believe that or I will be means tested out of it
Rules changed years ago, you cant access until you are 57 now.
Evanivitch said:
J77wck said:
If you are smart you will make investments instead of paying a pension, it's just a extra tax.
Ps the workplace pension is daylight robbery.
Why not make investments through your pension? Ps the workplace pension is daylight robbery.
J77wck said:
I can't withdraw a pension until I am 55, that is 27 years away for me. How many opportunities can be lost because I can't use my money.
Ah!The folly of the young, this is exactly why these schemes have been set up to protect you from yourself.
IF the incoming Labour government allow you to retire, they will also expect you to have funded it yourself.
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