State pension goalposts moved again

[Blaster72]

http://www.bbc.co.uk/news/business-40658774

Don't worry though, there's another 22 years for successive governments to change things again and again and again.

If you're aged below 50 now expect to get sweet FA for all the money you currently pay in by the time you retire.

[Blaster72]

TEKNOPUG said:

You don't pay any money into a State Pension. It's a giant Ponzi scheme. Which is why they have to keep moving the goalposts because there are too many people, living too long and the numbers don't add up.

Totally agree.

[Blaster72]

S100HP said:

Should be able to opt out

Can't be allowed, too many people would opt out and the whole thing would collapse.

[Blaster72]

That is one option but then why have a state pension?

Not everyone is fortunate enough to be able to put away the sums of money needed to retire early. Some of this is down to choice and some down to circumstances. I hardly think it's fair to blame it all on the "current generations" desire to spend, spend, spend as you put it.

[Blaster72]

TEKNOPUG said:

I think it should be completely scrapped. Why should the state fund your retirement? Why should the state make pension contributions to people that clearly don’t need the money? We’ve already established that we haven’t “paid into anything”. If you have to keep working into your 70’s, so what? If you want to retire, make suitable financial preparations for it. If you’re too old/infirm to work then you should be treated the same way as anyone else with a disability who can’t be employed. The government should set a date when everyone under say 25, will no longer be eligible for a state pension. They won’t be deducted NI from then on and they have 40+ years to save & plan accordingly.

Where have we established that we haven't paid into anything?

https://www.gov.uk/national-insurance/overview

[Blaster72]

TEKNOPUG said:

What do you think that you have paid into?

I know what you're getting at, there is no growing fund paid into with my NI contributions. I have however already paid 27 years worth of NI contributions and feel I should get at least something in the way of a pension from this in 23 more years time when I reach 68.

Who knows, maybe Corbyn will get into power and trucks will drive the streets handing out free cash. A lot can change in the 20+ years

[Blaster72]

Mr GrimNasty said:

No reason why the average person shouldn't be fit enough to work to 70 or beyond these days, but it depends on them looking after themselves a bit.

There are plenty of reasons the average person in their 70's might not be fit enough to carry on working.

Not to worry though, the robot revolution is coming apparently to take all the manual jobs so we won't need humans for anything soon anyway.

Seriously though, if all those who used to retire at 65 stay on until they're 68 or even 70 won't there need to be millions more jobs created to account for this?

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BoRED S2upid said:

Oh yes the robot revolution it will need an army of 70 year olds to pull them out of fountains when they all try and drown themselves.

[Blaster72]

dirty boy said:

Not really goalposts being moved is it? More along the lines of being increased in line with inflation...

What does inflation have to do with it?