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SpectrumFX

State Pension age now 68 from 2037

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25 minutes ago, Horrified Onlooker said:

Nobody now under 50 will receive a meaningful state pension. Come to terms with this idea and prepare accordingly....

Very much so.

I read the news, and thought "What State pension?"

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1 minute ago, DTMark said:

Very much so.

I read the news, and thought "What State pension?"

The state pension is the gateway to a raft of benefits.

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1 minute ago, WorkingPoor said:

They threw the borders open to mass immigration in order to lower wages and living standards of the British People, now they want to cheat the British people out of their Pensions by extending their working lives, pure scum. 

 

the plan was to replace the workers we didnt have.  Stupid plan from the off.  A Ponzi has to end at some point.  The benefits scam is a Ponzi by any definition you choose.

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1 minute ago, WorkingPoor said:

They threw the borders open to mass immigration im order to lower wages and living standards of the British People, now they want to cheat the British people out of their Pensions by extending their working lives, pure scum. 

 

Not quite. Since State pensions are run on a current account basis - rather than actually putting anything away they're just paid out of current funds - and they've known since the 1970s that the pensions were unsustainable, they've imported lots of low-paid workers happy to live six to a small flat to boost the GDP for today to help pay the pensions of our elderly generation.

Of course that's unsustainable in the longer term, too. Welcome to Britain and our amateur governments kicking the can down the road in perpetuity.

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Just now, BLOOLOO said:

the plan was to replace the workers we didnt have.  Stupid plan from the off.  A Ponzi has to end at some point.  The benefits scam is a Ponzi by any definition you choose.

No we had all the workers we wanted. A lot of younger people are trying for decent jobs.

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Just now, MrPin said:

No we had all the workers we wanted. A lot of younger people are trying for decent jobs.

True, but not in the numbers required to keep the ponzi able to pay up.  All Ponzi schemes run out of new entrants at some stage.

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1 minute ago, DTMark said:

- and they've known since the 1970s that the pensions were unsustainable, 


Since 1890s they've known that I think. I have a quote from someone in a book.

it was 40 workers per OAP back then. Now it's 4. 

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With my first months wages I set up a private pension back in 1989, even then my mum was telling me there wouldn't be a pension when I reached the pension age. Unfortunately that one eyed Scottish cnut got involved and now it's next to worthless.

1300 per annum the last time I checked. 

Edited by SirGaz
Spolling

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2 minutes ago, DTMark said:

I remember that 1980s craze for loft insulation. And my Dad returning from B & Q or whatever it was called back in those days with large rolls of the stuff, and studying the receipt.

"Why is it that - because I have worked for a living - I have to go out and pay for this stuff and install it myself, but if I'd sat on my backside all my life I'd get this for free and I might even get someone to come and fit it for me?"

I can see where a lot of my political opinions come from.

Yeah...remember doing that in our new £3200 house...no loft insulation, no boiler or fireplace, no central heating.  Just an immersion heater for hot water...all that in the 1963 winter.

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5 minutes ago, DTMark said:

Not quite. Since State pensions are run on a current account basis - rather than actually putting anything away they're just paid out of current funds - and they've known since the 1970s that the pensions were unsustainable, they've imported lots of low-paid workers happy to live six to a small flat to boost the GDP for today to help pay the pensions of our elderly generation.

Of course that's unsustainable in the longer term, too. Welcome to Britain and our amateur governments kicking the can down the road in perpetuity.

Not sure that is entirely fair. May tried to fix a little bit of the pension entitlement and got a kicking.

Corbyn promises free money to everyone and is hailed a hero.

People will vote for themselves. Sadly, the last election proved beyond doubt that long term planning won't get you elected.
 

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Just now, SirGaz said:

With my first months wages I set up a private pension back in 1989, even then my mum was telling me there wouldn't be a pension when I reached the pension age. Unfortunately that one eyed Scottish cnut for involved and now it's next to worthless.

1300 per annum the last time I checked. 

been working at the council for just over a year...pension already half what the private one I paid in since 1995

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Just now, Cunning Plan said:

Not sure that is entirely fair. May tried to fix a little bit of the pension entitlement and got a kicking.

Corbyn promises free money to everyone and is hailed a hero.

People will vote for themselves. Sadly, the last election proved beyond doubt that long term planning won't get you elected.
 

But she got elected.

And is now busy doing what the people who didn't vote for her want, rather then what was in her manifesto.

She's a craven fool.

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1 minute ago, Cunning Plan said:

Not sure that is entirely fair. May tried to fix a little bit of the pension entitlement and got a kicking.

Corbyn promises free money to everyone and is hailed a hero.

People will vote for themselves. Sadly, the last election proved beyond doubt that long term planning won't get you elected.
 

 

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3 minutes ago, Cunning Plan said:

Not sure that is entirely fair. May tried to fix a little bit of the pension entitlement and got a kicking.

Corbyn promises free money to everyone and is hailed a hero.

People will vote for themselves. Sadly, the last election proved beyond doubt that long term planning won't get you elected.
 

This is Britain.

Labour = spend all the money whether it's sustainable or not

Conservatives = gain power once all the money has gone and attempt to sort it out, only to be called the Nasty Party because of The Cuts.

As was ever thus. Nothing can ever be cut. You speak as if there were a political in-between..

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15 minutes ago, Cunning Plan said:

Not sure that is entirely fair. May tried to fix a little bit of the pension entitlement and got a kicking.

Corbyn promises free money to everyone and is hailed a hero.

People will vote for themselves. Sadly, the last election proved beyond doubt that long term planning won't get you elected.
 

Which is why the government prefers to target expenditure in two decades time since it is essentially over the electoral horizon.

As has been pointed out raising the state pension age also impacts public sector final salary pensions as their retirement age has been linked to their state pension age since 2011. All public sector workers born after 1970 now won't be able to claim a full public sector final salary pension until they are 68. So this change is not just about the state pension.

Edited by Flirtygirty

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9 minutes ago, BLOOLOO said:

been working at the council for just over a year...pension already half what the private one I paid in since 1995

Are you sure on that?

1 year on a council will get ~ (<salary> * 0.70)/40.

 

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I think there is a mindset that we look at a lot of 68 year olds now and see that they are fairly healthy.

That is because the sods retired on final salary pension schemes at 55 and have been going on cruises ever since.

Someone that actually does a physical job until they are mid 60's will look nothing like them.

I think we are going back to the days where most people, if they are lucky, will see 2 years pension payments at most.
 

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