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RODNEY FERNIO

State pension age raised yet again

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33 minutes ago, Innovindil said:

Get a better job? The auto enrollment is 1%, which on minimum wage is about £3 a week. Hardly asking for a kidney is it. 

Fair point in response to toddybad re auto-enrolment, but telling everyone a low wage to just "get a better job" is a pretty dismissive thing to say. Do you really think it's that easy for everyone? And even if it was, who in that case does the shit jobs? Someone has to, we can't all earn loads and have a private pension that is adequate enough to take care of us once we've retired.

 

Also worth pointing out someone on minimum wage contributing £3 a week isn't exactly going to have a great pension pot come retirement.

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53 minutes ago, Innovindil said:

Get a better job? The auto enrollment is 1%, which on minimum wage is about £3 a week. Hardly asking for a kidney is it. 

NHS wages have rises by 3% in 7 years. 

My student loan is £125/month.

Paying into the nhs pension would be a further £250/month that i can't afford. 

I have a decent job and would love to pay in but it is simply unaffordable. 

Not convinced that those paying in £3/ month are gong to be getting back enough to survive on somehow!

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1 hour ago, toddybad said:

NHS wages have rises by 3% in 7 years. 

My student loan is £125/month.

Paying into the nhs pension would be a further £250/month that i can't afford. 

I have a decent job and would love to pay in but it is simply unaffordable. 

Not convinced that those paying in £3/ month are gong to be getting back enough to survive on somehow!

Should have become a doctor.  ¯\_(ツ)_/¯

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8 hours ago, Jattdogg said:

Sell your homes (if you own them and have a lot of equity) and move to india. Cheaper to live there and great food can be had :)

 

 

I wouldn't move to that shit place.  Corruption, lack of safety and abuse of minorities, constant rape.of women.  A balleyti Bandar wouldn't last.

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10 minutes ago, Strokes said:

Well sure, but we are paying taxes to fund today's pensioners so it's the same thing in effect.

 

It's not the same. If people had put in money and it was ring fenced for the state pension then there would be a pool of money being invested and generating an income that was used to pay people out. Obviously the payout would shift as life expectancy increased because if people are drawing the pension for 10 years instead of 5, then they need to put twice as much money in or receive half the pension. No system was set up though, so the pension was allowed to impinge on other public spending, sucking up more and more money so that now we have underfunded schools and hospitals but pay billions of pounds to wealthy pensioners.

 

 

 

 

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9 minutes ago, LiberalFox said:

 

It's not the same. If people had put in money and it was ring fenced for the state pension then there would be a pool of money being invested and generating an income that was used to pay people out. Obviously the payout would shift as life expectancy increased because if people are drawing the pension for 10 years instead of 5, then they need to put twice as much money in or receive half the pension. No system was set up though, so the pension was allowed to impinge on other public spending, sucking up more and more money so that now we have underfunded schools and hospitals but pay billions of pounds to wealthy pensioners.

 

 

 

 

They've not ring fenced any money for future pension payments .. there is no money set aside at all , there is no accumulating pot .. the projections are just based on future tax revenues.

The parasites, Labour or Tory, will have made sure that they have feathered their own nests .... and leave us gullibles just to take it on the chin.   

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14 minutes ago, LiberalFox said:

 

It's not the same. If people had put in money and it was ring fenced for the state pension then there would be a pool of money being invested and generating an income that was used to pay people out. Obviously the payout would shift as life expectancy increased because if people are drawing the pension for 10 years instead of 5, then they need to put twice as much money in or receive half the pension. No system was set up though, so the pension was allowed to impinge on other public spending, sucking up more and more money so that now we have underfunded schools and hospitals but pay billions of pounds to wealthy pensioners.

 

 

 

 

:dunno:

It don't bother me, I won't be relying on the state pension to determine when I can retire. However I think it's wrong to say people aren't contributing to their state pension now, just because governments are using that money in the here and now. You do realise private pension pot get spent or invested etc? 

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29 minutes ago, Strokes said:

:dunno:

It don't bother me, I won't be relying on the state pension to determine when I can retire. However I think it's wrong to say people aren't contributing to their state pension now, just because governments are using that money in the here and now. You do realise private pension pot get spent or invested etc? 

 

I get what you mean. I'm being a bit blunt mostly to make people consider things. I don't want pensioners to feel I'm accusing them of robbing the public purse or not paying their way. A fully sustainable system is better for everyone because nobody has to rely on their children's and grand children's generation to fund their retirement. I wouldn't advocate any policy that pulled the rug from under people who have planned their retirement according to previous government policy, however we do need to gradually unwind the level of spending on pensions.

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2 hours ago, Dr The Singh said:

I wouldn't move to that shit place.  Corruption, lack of safety and abuse of minorities, constant rape.of women.  A balleyti Bandar wouldn't last.

lol just sayin if you want to live on the cheap

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4 hours ago, LiberalFox said:

 

I think I did. It comes out of present day taxation. 

Erm... isn't that general taxation then?

 

In your previous response you said that pensions weren't prepaid. Surely they are prepaid even though they don't come out of a ring-fenced pot of money, in the same way as road tax doesn't pay for the roads

 

 

 

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People are far too entitled, there isn't some magical pot of leprechaun gold that just pays for everything. People are living longer so it follows logically that people need to retire later if they want a state pension.

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23 minutes ago, Benguin said:

People are far too entitled, there isn't some magical pot of leprechaun gold that just pays for everything. People are living longer so it follows logically that people need to retire later if they want a state pension.

I don't know how old you are now but, good luck you when you reach 67 hoping that the gov don't, in the intervening years, extend the state pension age to... whatever,, depending on how long you're expected to live.

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1 hour ago, Parafox said:

I don't know how old you are now but, good luck you when you reach 67 hoping that the gov don't, in the intervening years, extend the state pension age to... whatever,, depending on how long you're expected to live.

I've got several decades yet. Why don't we just lower it to 50 hey? It's not like there is any other social, economic or political issues of more importance that we should be investing money into as opposed to paying for people's pensions at a hugely disproportionate rate to how long people live. In fact lets scrap the NHS and let everyone retire at 30, they'll all die young then so we can afford it.

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What's the state pension now for someone who paid up all their NI contributions? Anyone know? Does the amount change if you live abroad?

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21 minutes ago, FIF said:

What's the state pension now for someone who paid up all their NI contributions? Anyone know? Does the amount change if you live abroad?

The standard amount is about £160 a week. For that you will have to have paid 35 years of NI contributions.

I won't get as much as this as I contracted out for a few years

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