UK Pensions

CO-CO

Rather wrinkly & occasionally cantankerous member
Saw this today:-


PLEASE PASS THIS AROUND, UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT... THIS IS SURELY SOMETHING WE ALL NEED TO THINK ABOUT!!!!
THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE PENSION IS THAT THEY FORGOT TO FIGURE IN ALL THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED Old AGE PENSION.
WHERE DID ALL THAT MONEY GO?
Remember, not only did you and I contribute to our Pension, our employer did, too. It totalled 15% of your income before taxes.
If you averaged only £15 000 over your working life, that's close to
£220,500. Read that again. Did you see anywhere that the Government paid in one single penny?
We are talking about the money you and your employer put in a
Government bank to ensure that you and I would have a
retirement pension from the money we put in, it was not money that the Government had any right to spend elsewhere.
Now they've started to call the money we paid in an
'entitlement' when we reach the age to take it back.
If you calculate the future invested value of £2500 per year
(yours & your employer's contribution) at a simple 5%
interest (that's less than what the govt. pays on the money that it
borrows from overseas), after 49 years of working you'd have
£892,919.98.
If you took out only 3% per year, you'd receive £26,787.60 per
year and it would last better than 30 years (that means until you're
95 if you retire at age 65) and that's with no interest paid on
that final amount on deposit!
If you bought an annuity with the money and it paid 4% per year, you'd have a lifetime income of £1976.40 per month.
THE CROOKS IN GOVERNMENT HAVE PULLED OFF A BIGGER ROBBERY THAN THE GREAT TRAIN ROBBERS EVER DID.
Entitlement!!??
My foot !! IT'S MY MONEY!! I paid IN cash for my pension.
Just because they borrowed the money to spend on other things,
that doesn't make my pension some kind of charity or handout!!
Remember MP's benefits? ---
free healthcare, outrageous retirement packages,
67 days paid holidays, three weeks paid vacation,
unlimited paid sick days. Now that really should be called
welfare entitlements, yet they they have the nerve to call my
O A P retirement payments entitlements?
We're "broke" and the government can't help our own OAPs, our
ex-service personnel, our orphans or our homeless.
Yet in the past few years we have provided aid to Haiti, Chile, Turkey, India, Pakistan, etc., etc., etc. Literally, BILLIONS of Pounds !!!
And they can't help our own citizens!
Our retired seniors living on a 'fixed old age pension have to beg social services to receive additional aid, while our government and religious organizations pour hundreds of billions of £££ tons of food to foreign countries!
They call the old age pension an entitlement even though most of us have been paying for it all our working lives, and now, when it's time
for us to collect, the government is running out of money.
Why did the government borrow from it in the first place?
It was supposed to be in a securely locked box, not to be used as part of the Government's general funds.
 
For any younger members on the forum, do as I have and take care of yourself. I have advised my son to start his own pensions scheme now cos by the time he retires there will probably be nothing left in the government kitty!
 
For any younger members on the forum, do as I have and take care of yourself. I have advised my son to start his own pensions scheme now cos by the time he retires there will probably be nothing left in the government kitty!


Smart advice.

Hopefully we are close enough to to the state pension age they won't screw us around. I will, however, view the state pension as a bonus - but a bonus to which I am fully entitled to.
 
I am fully entitled to.

So does that mean it is an entitlement! sorry1 I could not resist.

Out of curiosity, what is the difference between a sod that has never worked a day in his life and someone that contributed to the scheme their whole lives, on attaining state pension age.?
 
Sadly, the deductions made from our pay - and our employers' payments too, do not accrue for us as individuals to receive a pension after a working lifetime's payments.

Instead, those contributions made today are spent today on the state pension that today's retirees have qualified for. The money being taken off you is not being kept in some wondrous fund for YOUR benefit at all!

As governments have discovered, people are living longer now than was the case when the scheme was first put in place. If we were to expect the Biblical "three score years and ten" lifespan, with males retiring at 65, then fewer people were assumed to qualify for pension payments every month than is now the case. We're being told that the average UK lifespan is now much longer than 70 years as everyone knows, which means drawing a pension for much longer too!

Equally, it was assumed that a given number of jobs would be "taxed" every month to keep the scheme afloat. Successive governments have manipulated the employment figures to create the illusion that they were taking care of the nation and creating jobs to at least match the increasing population of the country. The reality is that the number of people of working age who are not working now is vastly higher than decades ago, simply because huge number of them are now being categorised in different ways so that their numbers are not included as unemployed per se. Obviously, those are not paying into the scheme, and the gap between those who are paying the tax that funds it and those drawing their pensions is growing larger.

So, if the government is receiving less from taxpayers today than it needs to fund the pension payments, it it is no wonder that the statutory pension age has been reviewed and is being increased for both men and women (once again for the latter!)

The alternative would be to increase the "tax" that pays for pensions, but that might not be a very popular move for any government that wishes to remain in office.

Moves like freezing the pension increases for expats and cancelling the pension rights for the future widows of expats when those widows are non-UK residents are easily understood as simply being parts of a cost-cutting exercise devoid of any compassion by MPs who are themselves looking forward to an inflation-busting payrise and an index-linked pension, at least part-funded by those who will be suffering those very cuts!

But I'm sure you all knew that anyway.
 
Great post Merlin, listen to this man! goodpost

I have a great way to ease all these problems maybe even solve them. Its quite simple, its called tax the bloody tax dodging rich and Transnational Corporations.
But you wont see that happen under a Conservative Government though, any Tories around here?
 
Great post Merlin, listen to this man! goodpost

I have a great way to ease all these problems maybe even solve them. Its quite simple, its called tax the bloody tax dodging rich and Transnational Corporations.
But you wont see that happen under a Conservative Government though, any Tories around here?

Isn't The UK government bringing in a raft of legislation to deal with tax dodging corporations such as the Lichtenstein disclosure deal and further announcements in the last budget.

http://uk.reuters.com/article/2015/03/19/uk-britain-tax-idUKKBN0MF0MD20150319

I know it is a very small protest on my part. But I never patron Starbucks for it's habit of not paying tax in any country it operates and it's treatment of coffee farmers. They pay minimum lip service to the term Free trade.
 
But I never patron Starbucks for it's habit of not paying tax in any country it operates and it's treatment of coffee farmers.

I never patron Starbucks either because of the extortionate prices they charge. And they still apparently never pay tax.
 
... and their coffee is shite anyway!


Actually, once you scoop away all the shite they pile on top, the latte, caramel and other toppings, not to mention the extra sugar, the coffee is not too bad.

Just think of all those calories
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Offtopic2.
 
Could the UK being at the bottom of the pile perhaps be because we did not pay in as much as those at the top of the league table?
 
Different organisations have been protesting for years and nothing happens. The Court of Appeal within the EU rejected the petition put forward several years ago. Not likely to see any unfrozen pensions in our lifetimes

Note that if you have a Phillipines address and bank account, the pension is uprated there. Only place in Asia I think. May also be able to claim bereavement benefits there too.
 
Different organisations have been protesting for years and nothing happens. The Court of Appeal within the EU rejected the petition put forward several years ago. Not likely to see any unfrozen pensions in our lifetimes

Note that if you have a Phillipines address and bank account, the pension is uprated there. Only place in Asia I think. May also be able to claim bereavement benefits there too.
Think your right. Even if it’s useless, the situation is now getting a lot of ‘airtime’ in at least 2 of the big UK weekend papers.


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