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They are coming for your pension again


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Tossers. Surprised that this isn’t being discussed. Private pensions under attack.  They will not be happy until they have squeezed the last bit of wealth from each and every one of us

Details of how the theft will be operationalised at the link.  Too painful for me to read

https://www.bbc.co.uk/news/business-55070292

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This is why I'm never going to put myself in a position where I'm working myself ragged now, with the vain hope that decades into the future I can retire. I expect the goalposts to be moved, agai

But 1 gold coin a month when you retire sell one a month .it’s something they won’t bank on I hope .ie a boost to your pension .

I love the bit about it being unfair to women as they're going to be the "hardest hit". The root cause of this great unfairness? They live longer, and so get to draw the pension for a longer

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How many are DB these days?  SFA outside the public / quasi public sectors.

This is public sector workers / pensioners finally sharing some pain of the private sector workers.

That said as one of those in the public / quasi public sector for the last decade and a half, as well being in the right place to get DB in the private sector for one job, well over half my pensions are DB so I may be having my retirement event in 2030 and transferring everything into my SIPP.

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1 minute ago, stokiescum said:

But 1 gold coin a month when you retire sell one a month .it’s something they won’t bank on I hope .ie a boost to your pension .

Yes I can live on half my wage at the moment quite happilly - so if I invest the other half every month once I buy a wee gaff it should give me access to funds right away to check out of the workforce at 55 if I want to.

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1 minute ago, Frank Hovis said:

How many are DB these days?  SFA outside the public / quasi public sectors.

This is public sector workers / pensioners finally sharing some pain of the private sector workers.

That said as one of those in the public / quasi public sector for the last decade and a half, as well being in the right place to get DB in the private sector for one job, well over half my pensions are DB so I may be having my retirement event in 2030 and transferring everything into my SIPP.

Why don't you transfer to a SIPP now? You would get a fantastic transfer value whilst interest rates are so low.

The article only mentions private sector DB pensions. Wouldn't surprise me if the terms and conditions of Public Sector DB schemes are tighter and will need further legislation to switch.

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9 minutes ago, JoeDavola said:

This is why I'm never going to put myself in a position where I'm working myself ragged now, with the vain hope that decades into the future I can retire.

I expect the goalposts to be moved, again and again, as the country continues to go bust. I expect there's a good chance I'll be working when I'm 65 regardless. So I'll try and make the easiest money I can from one year to the next.

Keep working Joe.  Someone needs to pay for the gimmigrants, bennie seekers and feckless breeders.  You know it makes sense.  o.O

fucking beyond angry in the way in which those that choose an honourable path of actually fucking working are continually screwed. 

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This will lead to government pay as you go schemes.

Soften up with the private sector DBs first.

We will all be in it together.

Glad I listened to my late father on this and binned his advice.

Its those who have had to or can only believe this possible raid who will be hit hardest.

That sounds mean. Not everyone thinks..just in case lime here...if there might be a benefit, it is folk looking twice at any government promise..financial or otherwise.

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8 minutes ago, dgul said:

If they're saying 'from 2030' then I'd imagine that's when they think inflation will be running rampant.

[really think, not the crazy fan graphs from the BoE that are designed to mislead]

Most (all?) public sector pensions are already on CPI, and moving them to CPIH means they're adding housing into the measure.

So that must be when they think the housing market will finally crash.

xD

Edited by SpectrumFX
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6 minutes ago, Yadda yadda yadda said:

Why don't you transfer to a SIPP now? You would get a fantastic transfer value whilst interest rates are so low.

The article only mentions private sector DB pensions. Wouldn't surprise me if the terms and conditions of Public Sector DB schemes are tighter and will need further legislation to switch.

I did pay out for a review last year with just such in mind but the expected transfer value bonanza did not materialise. It wasn't bad but not the lottery win that I was expecting and I don't see interest rates / annuity values increasing any time soon.

Schemes, and loan agreements, contain provisions for the discontinuation of reference indices which tend to work in the favour of the scheme / bank.

LIBOR is being discontinued to be rpelaced by SONIA; and now RPI to replaced by CPIH.

If the ONS is not producing these indices then they cannot be used because they don't exist.

 

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8 minutes ago, SpectrumFX said:

I love the bit about it being unfair to women as they're going to be the "hardest hit".

The root cause of this great unfairness?

They live longer, and so get to draw the pension for a longer period of time.

xD

Yes. Sex is one of the "protected characteristics". Which when it comes to pensions is inherently sexist against men. 

Yet in all these Uber PC pension organisations that go on daily about outrage on everything sexist - this is never mentioned. 

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1 minute ago, One percent said:

Not the point.  They take a significant amount from your wages and then renage on the promises (contractual promises afaics) 

I’m surprised that people are surprised at this.

It’s not the first time governments have pulled shit like this. It’s not the worst (that’d probably be down to the Window Licker) and it surely won’t be the last. 
 

If you want to live to a ripe old age it’s probably best to be like Fonzie when it comes to shit like this. 

206E35A2-0087-4793-93AB-EBEBA19BEC88.gif

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Just now, Melchett said:

I’m surprised that people are surprised at this.

It’s not the first time governments have pulled shit like this. It’s not the worst (that’d probably be down to the Window Licker) and it surely won’t be the last. 
 

If you want to live to a ripe old age it’s probably best to be like Fonzie when it comes to shit like this. 

206E35A2-0087-4793-93AB-EBEBA19BEC88.gif

Not surprised as nothing they do surprises me. Just fucking angry. 

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