Pensions to be cut by 20%

[Rincewind]

A change in the way pensions are paid could mean pensioners will lose out.

http://www.express.co.uk/posts/view/365202/Now-pensions-wrecked-by-new-20-cut

[acooling08]

I think that pensions should have no tax on them at all until they go over a certain limit, what that limit should be I'm not sure.

[Rincewind]

The amount you are told you should live on as a pensioner is higher than that if on JSA. Last week in June I will get £71 the first week in July it will be £133 (tax credits) paid from a different department. The nice people at the Job Centre will say bye bye do not come back again. And why should I? I will still be entitle to benefits and able to do part time or full time work of my choosing.

[absolutelegend]

The title of this post is incorrect and misleading. Whoever posted it should apply for a job at one of our prestigoius tabloids.

[Rincewind]

It got people to read the article.

[The People's Hero]

I can't be bothered to read the article, but if this is the state pension, perhaps people should think at a younger age about contributing to a private pension arrangement in order to provide for themselves in later life.

Its all about taking responsibility and planning ahead to a certain extent.

[Ric Flair]

I think everyone should do all their bunse every weekend and live like an absolute pig and hope to dear god that you snuff it before you have to retire.

[Babylon]

I can't be bothered to read the article, but if this is the state pension, perhaps people should think at a younger age about contributing to a private pension arrangement in order to provide for themselves in later life.

Its all about taking responsibility and planning ahead to a certain extent.

The problem is you can see what's coming in another 30 years. If you have done the responsible thing and put money into a private pension you'll get bugger all from the state. If you have done nothing about it they will hold your hand and make sure everything is ok. They do it now with other things so it's hardly a stretch to imagine them doing it with pensions.

I've always put money away into savings for retirement. As soon as I lost my job the job centre said sorry we can't give you a penny because you have a couple of quid in the bank. Where as someone who has gone and and spent it all on fags, booze or whatever else gets what they need.

If you buy your own house and lose your job, it's tough shit mate you are on your own. If you are renting, then don't worry we will help you out.

If you save all your life, putting money away for retirement and buy your own house, but need to go into a care home... tough shit give us all your cash. You'll be 90 years old sat next to someone who has never saved a penny, never bought a house and lived a life on benefits.

[The People's Hero]

The problem is you can see what's coming in another 30 years. If you have done the responsible thing and put money into a private pension you'll get bugger all from the state. If you have done nothing about it they will hold your hand and make sure everything is ok. They do it now with other things so it's hardly a stretch to imagine them doing it with pensions.

I've always put money away into savings for retirement. As soon as I lost my job the job centre said sorry we can't give you a penny because you have a couple of quid in the bank. Where as someone who has gone and and spent it all on fags, booze or whatever else gets what they need.

If you buy your own house and lose your job, it's tough shit mate you are on your own. If you are renting, then don't worry we will help you out.

If you save all your life, putting money away for retirement and buy your own house, but need to go into a care home... tough shit give us all your cash. You'll be 90 years old sat next to someone who has never saved a penny, never bought a house and lived a life on benefits.

I agree with all of this, but there is something you can't put a value on and that is personal pride at trying to do things the right way and to contribute more than you take.

If there were more like us - and less leeches, this country would be a fantastic place to live.

I'm not calling everyone who claims benefits leeches by the way, and I know things are hard right now - its more the mentality some adopt towards it, ie why help myself if the state will help me?

[Bellend Sebastian]

It's an amazingly alarmist headline, and part of the irony is it's about the type of pension scheme that the right wing press likes to refer to as 'gilt edged' when public sector workers have them. I'm also not particularly upset for people that are lucky enough to have index linked company pension benefits anyway, as most people that buy an annuity with their private pension pots don't have index linked benefits at all, because it massively reduces the pension you get at outset and it takes many, many years to break even.

There aren't many of these schemes left in the private sector and although the changes aren't great news, if it means that the schemes can stay open for longer than they might have done I think that's probably a positive in the grand scheme of things

[The People's Hero]

Bellend Sebastian - spot on.

[Babylon]

If there were more like us - and less leeches, this country would be a fantastic place to live.

Perhaps there would be if people knew that they wouldn't be there to bail them out at every turn no matter how irresponsible they are in their lives.

Having said that I was some what grateful to the government for bailing me out when icesave went tits up with £20k of my cash.

[The People's Hero]

Perhaps there would be if people knew that they wouldn't be there to bail them out at every turn no matter how irresponsible they are in their lives.

Having said that I was some what grateful to the government for bailing me out when icesave went tits up with £20k of my cash.

£20k? Share the wealth!

[Babylon]

£20k? Share the wealth!

Buy Barclays shares, you can thank me later. Although it would have been better had you done it when I did.

[purpleronnie]

£20k? Share the wealth!

What wealth?

[Trav Le Bleu]

Put your money in a nice private pension like that nice Mr Maxwell provided.

[Jon the Hat]

Company matched pensions should be compulsory for everyone. Wihout question. See Australia, they did it a decade or more ago, and their people have WAY more pension provision. Brilliant.

[Babylon]

Company matched pensions should be compulsory for everyone. Wihout question.

I think that's coming in slowly now anyway, it is for larger companies from next year and smaller ones further down the line.

[ithuriel]

What about those that have worked hard and then via the recession have lost everything or those that have seen their savings etc., vanish.

I've had to start from scratch with my savings twice now and came very close to losing my house three years ago and next year is yet more uncertainty since the firm i work for could yet make more redundancies or take poeple on depending.

I know a few peeps who are workshy and they will get the same pension as those that have tried to support themselves over the years and they think they are more than entitled to it.

Meh, i'm in a mood and feel like a rant :xmasangry: :xmastongue:

[Bellend Sebastian]

In our company scheme we've got, ooooooh about 30 members I should think, of which about 3 actually contribute to it themselves. It's not as if the employer contribution is massively generous, but they give you more if you put more in than they do up to a point, if you see what I mean

[Finnegan]

I think everyone should do all their bunse every weekend and live like an absolute pig and hope to dear god that you snuff it before you have to retire.

A ****ing men.

[Vacamion]

I think everyone should do all their bunse every weekend and live like an absolute pig and hope to dear god that you snuff it before you have to retire.

Excellent point and a philosophy I'm trying to live up to.

On the downside - damn those advances in medical science.

On the plus side - the retirement age will be about 105 by the time most posters on here get to retire, so I'll never make it...

[Babylon]

Buy Barclays shares, you can thank me later. Although it would have been better had you done it when I did.

2.35% up today... hope you took my advice.

[Parafox]

The amount you are told you should live on as a pensioner is higher than that if on JSA. Last week in June I will get £71 the first week in July it will be £133 (tax credits) paid from a different department. The nice people at the Job Centre will say bye bye do not come back again. And why should I? I will still be entitle to benefits and able to do part time or full time work of my choosing.

I think you should look ahead and be prepared for the bigger impact on folk like yourself and check out Universal Credit, due in April 2013. Big changes to all benefits. Mostly reductions in amounts and claimants will have to pay an amount from their benefits towards Council Tax etc.

In particular, for job seekers..

Employment and Support Allowance

A 12 month limit is set to be introduced to contributory Employment and Support Allowance (ESA) claims.

After 12 months, the benefit will be withdrawn and replaced in full or in part with income-related ESA.

However, the government expects that 40% of claimants are not likely to qualify for any ESA after the 12 month period, and as such the payments will be withdrawn and their net income will fall by £36 per week.

Read more: http://www.money.co.uk/article/1008635-what-is-universal-credit.htm#ixzz2FbC7hP6V

[Babylon]

Buy Barclays shares, you can thank me later. Although it would have been better had you done it when I did.

Up about 30p since then...