| The state pension will rise by 4.7% next year. 16:47 - Sep 16 with 3160 views | noggin |
Brace yourselves for the “We can’t afford it” overreaction. |  |
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| The state pension will rise by 4.7% next year. on 20:38 - Sep 16 with 945 views | Pinewoodblue |
| The state pension will rise by 4.7% next year. on 20:28 - Sep 16 by J2BLUE |
Champagne, coke and hookers surely? |
More like a bottle of chateau crap once a month. |  |
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| The state pension will rise by 4.7% next year. on 20:59 - Sep 16 with 897 views | earlsgreenblue |
| The state pension will rise by 4.7% next year. on 20:21 - Sep 16 by EuanTown |
Remember private pension and state pension age are different things. You can still retire at 65 and claim your private pension. Or earlier if you are lucky enough. |
And yes I have already done that, but, the change of age was grossly unfair as outlined, we all based our retirement on 65yrs not 67yrs, double whammy, 2 x less years of claiming pension & 2 x more years of paying taxes.
Bear in mind I personally had paid 50yrs of taxable income, never had any hand outs, & suddenly the goal posts moved!
But I guess what the country gives out especially to those who’ve not contributed in any way to the collective pot has to come from somewhere! |  | | |
| The state pension will rise by 4.7% next year. on 21:03 - Sep 16 with 889 views | DJR |
| The state pension will rise by 4.7% next year. on 20:59 - Sep 16 by earlsgreenblue |
And yes I have already done that, but, the change of age was grossly unfair as outlined, we all based our retirement on 65yrs not 67yrs, double whammy, 2 x less years of claiming pension & 2 x more years of paying taxes.
Bear in mind I personally had paid 50yrs of taxable income, never had any hand outs, & suddenly the goal posts moved!
But I guess what the country gives out especially to those who’ve not contributed in any way to the collective pot has to come from somewhere! |
Mine was delayed by a year but it was much worse for women. |  | | |
| The state pension will rise by 4.7% next year. on 21:46 - Sep 16 with 798 views | Swansea_Blue |
£11 whole pounds a week? Outrageous. There’s a danger old folks might spend that, increasing the circulation of money in the economy, supporting wages at their local Dobbies garden centre cafe and recycling 20% of it back in VAT. |  |
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| The state pension will rise by 4.7% next year. on 22:09 - Sep 16 with 757 views | soupytwist |
Can we please stop making the argument along the lines of "I've paid in so I should be due £x or £y". National insurance has not for decades been, if it ever was, a hypothecated tax reserved for your pension.
Today's taxes pay for today's state pensions and the taxes of 10,20 or 30 years ago paid for the state pensions of those times. |  | | |
| The state pension will rise by 4.7% next year. on 07:48 - Sep 17 with 340 views | Rimsy |
| The state pension will rise by 4.7% next year. on 18:53 - Sep 16 by jaykay |
not sure how these facts work for state pensions. as of 2023 more people die than people born. at least 92000 in 2022 died just before they receive their state pensions |
That doesn't take into account immigration though. All of those that settle here will age and need a pension, or pension credit. |  |
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| The state pension will rise by 4.7% next year. on 07:56 - Sep 17 with 329 views | WeWereZombies |
| The state pension will rise by 4.7% next year. on 07:48 - Sep 17 by Rimsy |
That doesn't take into account immigration though. All of those that settle here will age and need a pension, or pension credit. |
And most will work and pay their fair share of income tax, national insurance and all will pay value added tax, some will pay inheritance tax as well. |  |
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| The state pension will rise by 4.7% next year. on 08:08 - Sep 17 with 299 views | DJR |
| The state pension will rise by 4.7% next year. on 22:18 - Sep 16 by peterleeblue |
I'm not quite one yet but in fairness its the old codgers who are happy to keep the economy going. At least by and large they spend what they have. [Post edited 16 Sep 22:23]
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My comment was slightly tongue-in-cheek given I will be joining the ranks of the bloody old codgers in a couple of months' time | | | |
| The state pension will rise by 4.7% next year. on 08:11 - Sep 17 with 295 views | DJR |
| The state pension will rise by 4.7% next year. on 19:15 - Sep 16 by mellowblue |
The result of that would be everyone would safeguard their state pension by investing in their works pension up to the threshold, anything above that would be invested in non pension products, which would force governments to means test, something they want to avoid. |
I was not suggesting removing pension increases on the state pension just not having the triple lock, and given the tax advantages of investing in pensions, I can't see outcome being the behaviour you suggest. [Post edited 17 Sep 8:21]
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| The state pension will rise by 4.7% next year. on 08:17 - Sep 17 with 284 views | witchdoctor |
| The state pension will rise by 4.7% next year. on 16:56 - Sep 16 by J2BLUE |
More than my pay rise this year.
Do you ever post anything other than stirring threads? |
as if… |  | | |
| The state pension will rise by 4.7% next year. on 08:47 - Sep 17 with 235 views | noggin |
| The state pension will rise by 4.7% next year. on 21:46 - Sep 16 by Swansea_Blue |
£11 whole pounds a week? Outrageous. There’s a danger old folks might spend that, increasing the circulation of money in the economy, supporting wages at their local Dobbies garden centre cafe and recycling 20% of it back in VAT. |
Not to mention the duty they pay on pipe tobacco. My nan must have contributed a fortune to the economy. | |
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| The state pension will rise by 4.7% next year. on 08:48 - Sep 17 with 226 views | WeWereZombies |
| The state pension will rise by 4.7% next year. on 08:08 - Sep 17 by DJR |
My comment was slightly tongue-in-cheek given I will be joining the ranks of the bloody old codgers in a couple of months' time |
Excellent, we need a decent sub for Facters now he has gone off long term injured and looks to be liking life on the treatment table a little too much. You had better get some training in at posting picture quizes and RIPs though. [Post edited 17 Sep 8:50]
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| The state pension will rise by 4.7% next year. on 09:04 - Sep 17 with 182 views | Rimsy |
| The state pension will rise by 4.7% next year. on 07:56 - Sep 17 by WeWereZombies |
And most will work and pay their fair share of income tax, national insurance and all will pay value added tax, some will pay inheritance tax as well. |
I'm not doubting that. Just saying birth rates are not the only factor that affects pensions down the line. | |
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| The state pension will rise by 4.7% next year. on 09:14 - Sep 17 with 162 views | mutters |
| The state pension will rise by 4.7% next year. on 09:04 - Sep 17 by Rimsy |
I'm not doubting that. Just saying birth rates are not the only factor that affects pensions down the line. |
Interesting point on birth rates. Aren't we due for a correction in a few decades as we have a failing birth rate? The number of people we provide pension for now should fall in a few decades? |  |
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| The state pension will rise by 4.7% next year. on 09:15 - Sep 17 with 159 views | DanTheMan |
| The state pension will rise by 4.7% next year. on 08:47 - Sep 17 by noggin |
Not to mention the duty they pay on pipe tobacco. My nan must have contributed a fortune to the economy. |
The problem is noggin, it is becoming increasingly difficult to pay for.
Right now, we're currently spending ~5% of GDP on pensions and within 50 years, that's going to increase to ~8% in 50 odd years. That'll be double what we spend on education.
We then combine this with the ability to keep people alive for increasingly longer periods, despite increasingly complex health requirements.
We also have a demographic time bomb, with an increasing portion of the population retiring compared to working-age people, combined with low birth rates and people clearly not wanting immigration to cover the gaps.
This is further compounded by people not saving money into their own pensions. I think it's something crazy, like nearly 50% of people put nothing into their own pensions each month.
Now sure, we could just tax people more to pay for it but given people cannot afford to put money into their own pensions, it feels a bit cruel to then say they have to pay for others. And yes, I'd like to see a wealth tax too, but it won't cover this. We're talking £100billion+ would be needed.
We need to have a serious conversation in this country about how we want to deal with this, but I don't think people are ready for it. We saw that with the winter fuel allowance.
I imagine instead we'll just keep kicking up the retirement age into our 70s, which is going to be awful. Sure, we live longer, but our bodies don't age more slowly. Quality of life in your 60s is much better than in your 70s and 80s. |  |
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| The state pension will rise by 4.7% next year. on 09:18 - Sep 17 with 139 views | mutters |
Another thought I had on the state pension was to effectively pay out people's pension or what they are currently entitled to and let them manage it themselves.
For example if you currently qualify for full state pension (12k per year) then the gov would give you say £250k which should buy an annuity for the same amount (obviously people have different rates due to health etc but as a ball park figure). You then get to invest that into a private pension and that's where the govt responsibilities for pension ends.
It's obviously not as black and white as that (would we see a reduction in NI?) | |
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| The state pension will rise by 4.7% next year. on 09:19 - Sep 17 with 138 views | DanTheMan |
| The state pension will rise by 4.7% next year. on 09:14 - Sep 17 by mutters |
Interesting point on birth rates. Aren't we due for a correction in a few decades as we have a failing birth rate? The number of people we provide pension for now should fall in a few decades? |
You'd want a replacement rate for it to be OK, otherwise the retirees will always outnumber the workers without immigration. | |
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| The state pension will rise by 4.7% next year. on 09:24 - Sep 17 with 113 views | mutters |
| The state pension will rise by 4.7% next year. on 09:19 - Sep 17 by DanTheMan |
You'd want a replacement rate for it to be OK, otherwise the retirees will always outnumber the workers without immigration. |
I don't all the number but I know we are top heavy at the moment when it comes to an ageing population. You are spot on though you need people paying in to pay the retirees.
Just wait till they have to introduce universal basic income for everybody as the world shifts to a more automated society. It'll be fun trying to find that behemoth! | |
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| The state pension will rise by 4.7% next year. on 09:55 - Sep 17 with 51 views | SuperKieranMcKenna |
| The state pension will rise by 4.7% next year. on 09:19 - Sep 17 by DanTheMan |
You'd want a replacement rate for it to be OK, otherwise the retirees will always outnumber the workers without immigration. |
Immigration hasn’t improved the fiscal situation because the imbalance is too great. It will require immigration to constantly increase in number year on year - as those people will become pensioners too. There simply isn’t enough money being paid into the pot (paying current pensions with current taxes, rather than future pensions is insanity). Any such scheme that existed in the financial sector would be banned by regulators- it’s unsustainable and inevitable it will pop at some point.
State pensions were devised at a time of much lower life expectancy but are no longer fit for purpose. The burden needs to be shifted to the private sector where the funds actually grow rather than go straight out of the door. It’s THE biggest drag on the western world but as others have said electoral suicide - someone need to be brave though as the Danes have done. Ability to claim can be tapered over time and replaced by a means tested income for the poor or those with disabilities etc. | | | |
| The state pension will rise by 4.7% next year. on 10:01 - Sep 17 with 36 views | Radlett_blue |
| The state pension will rise by 4.7% next year. on 09:24 - Sep 17 by mutters |
I don't all the number but I know we are top heavy at the moment when it comes to an ageing population. You are spot on though you need people paying in to pay the retirees.
Just wait till they have to introduce universal basic income for everybody as the world shifts to a more automated society. It'll be fun trying to find that behemoth! |
Demographics are near inescapable & while the Uk's aren't good, they are better than those in France or Germany. France has awful public finances & still a huge percentage of people employed by the State, hence its politics are near complete fracture. |  |
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