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longtomsilver

UK state pension ranked the worst in the developed world.

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www.telegraph.co.uk/news/2017/12/05/uk-state-pensions-ranked-worst-developed-world/amp/

Not so Great Britain after all. Only telling you what we already know. Anyone younger than 35 with the qualifications to so should leave with the last person to turn out the lights. I’ll be encouraging my children to choose an American university, and hopefully find an American to marry and settle down and build a future there. It’s lost here.

Edited by longtomsilver

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Hmm, there's a lot of spin there.

The real reason, as they state, is:

Quote

The reason for the UK falling to the bottom of the league table is down to the earnings-related element of the state pension being removed along with the introduction of the new flat-rate pension, the OECD said. 

So the reason for the "fall" is that our system is now based upon a flat rate state pension unrelated to earnings which people can supplement with a private pension; and this flat rate state pension is being compared to states which operate state earnings related pensions.

If you just carve out the flat rate and relate that to earnings then of course it will look far worse than any country that still operates a state version of SERPS because it isn't comparing like with like.

Silly story.

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I do sometimes wonder if there's a better life elsewhere - the thing that scares me about America is the health service over there, even though our 'free' one is shite.

On my 10 minute walk through the rain to work today I was accosted by a morbidly obese old Romanian woman in rags asking for money, and then 2 minutes later passed a local stumbling about doing the same thing.

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46 minutes ago, JoeDavola said:

I do sometimes wonder if there's a better life elsewhere - the thing that scares me about America is the health service over there, even though our 'free' one is shite.

On my 10 minute walk through the rain to work today I was accosted by a morbidly obese old Romanian woman in rags asking for money, and then 2 minutes later passed a local stumbling about doing the same thing.

Have you been to the USA btw? In my view it's a case of grass isn't greener. The people are areseholes, and every town is identical with the same chain stores and architecture. The only redeeming features are the weather (in Southern California  -- anywhere else and its too cold or too hot), and the beautiful countryside and scenery. I'd love to live in the deserts of Arizona, as long as I don't have to meet the natives. 

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11 minutes ago, davidg said:

Maybe we can do our own comparison:

The basic French state pension is: 629,62 €  for 42 years contributions but you can retire at 62 currently

Per month? 

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54 minutes ago, JoeDavola said:

I do sometimes wonder if there's a better life elsewhere - the thing that scares me about America is the health service over there, even though our 'free' one is shite.

On my 10 minute walk through the rain to work today I was accosted by a morbidly obese old Romanian woman in rags asking for money, and then 2 minutes later passed a local stumbling about doing the same thing.

Much better lifestyle.  For many countries you just do "pay as you go" for minor things as it costs buttons.  For the major things take out cover at about £1k a year.

Edited by montecristo

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.

Quote

There have been similar articles for decades now but apart from a bit of tweaking it never changes that much apart from regular rip-offs one way or another.

.

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2 hours ago, longtomsilver said:

www.telegraph.co.uk/news/2017/12/05/uk-state-pensions-ranked-worst-developed-world/amp/

Not so Great Britain after all. Only telling you what we already know. Anyone younger than 35 with the qualifications to so should leave with the last person to turn out the lights. I’ll be encouraging my children to choose an American university, and hopefully find an American to marry and settle down and build a future there. It’s lost here.

For sure it ain't all that - at least not compared to the extravagant claims made by the jam tomorrow politicians, corporates and the media along with all the other assorted cronies.

 

Edited by twocents

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Sadly, the UK state pension is an emergency benefit.  You're supposed to fund your own pension as you go along (hence all the mucking about with auto-enrolment, etc).

IMO this is a bit silly -- there is plenty of scope for the government to run a state SERPS with a minimum (equal to someone on a lifetime of benefits) and a maximum (equivalent to what a senior civil servant should get).  What we've currently got is the worst of all provision -- costs an individual loads but with no apparent benefit.

Frankly, it is the same as our stupid unemployment benefits system -- practically worthless for a person on a > median salary, but too attractive for people to game.  

 

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5 minutes ago, twocents said:

For sure it ain't all that - at least not compared to the extravagant claims made by the jam tomorrow politicians, corporates and the media along with all the other assorted cronies.

 

I think you'll find Great Britain is much better than that sticky out bit of western France (or possibly Ireland, depending on your interpretation of history).

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59 minutes ago, spunko2010 said:

Have you been to the USA btw? In my view it's a case of grass isn't greener. The people are areseholes, and every town is identical with the same chain stores and architecture. The only redeeming features are the weather (in Southern California  -- anywhere else and its too cold or too hot), and the beautiful countryside and scenery. I'd love to live in the deserts of Arizona, as long as I don't have to meet the natives. 

I don't think you can generalise to that degree; I wouldn't live in London or New York but either small town England or US would suit me fine.

Even more than in most countries life there is very much what you make it: slum it with rough locals down the drinking dens and McDonalds and Malls or make the effort and join in the many thriving cultural groups with which the country is alive.  Though that's also true here to an increasing degree with the steady die off of communities and community activities (driven by housing costs and the requirement for households to have two incomes and work unti they drop).

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4 minutes ago, Frank Hovis said:

I don't think you can generalise to that degree; I wouldn't live in London or New York but either small town England or US would suit me fine.

Even more than in most countries life there is very much what you make it: slum it with rough locals down the drinking dens and McDonalds and Malls or make the effort and join in the many thriving cultural groups with which the country is alive.  Though that's also true here to an increasing degree with the steady die off of communities and community activities (driven by housing costs and the requirement for households to have two incomes and work unti they drop).

There is also a pretty bad work/life balance - holiday entitlements are poor, but I suspect this is most severe in the metropolitan areas and depending on pay grade. In the sticks with a half decent self employed endeavour I suspect life could still be good with a decent community spirit, if somewhat different culturally to over here. 

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The UK State Pension is pretty good for low paid and part time workers who basically qualify for the full amount with minimal contributions. It is pretty appalling for people on higher than average earnings who would probably do better if their NIC was paid into a private pension scheme. They were the big losers when SERPS was abolished.

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20 minutes ago, dgul said:

I think you'll find Great Britain is much better than that sticky out bit of western France (or possibly Ireland, depending on your interpretation of history).

Maybe not in terms of pension?  I'm referring to 2017 and recent times rather than past history and I'm sure there are places all over the place in the world worse off but I'm not sure there's many in europe (pension/lifestyle comparison) .  The claims made about Britain are often just too extravagant. 

Osborne's claim just before the 2015 general election still makes me laugh with its outrageous grandiosity.

 

Quote

 

.

 

Edited by twocents

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29 minutes ago, Frank Hovis said:

I don't think you can generalise to that degree; I wouldn't live in London or New York but either small town England or US would suit me fine.

Even more than in most countries life there is very much what you make it: slum it with rough locals down the drinking dens and McDonalds and Malls or make the effort and join in the many thriving cultural groups with which the country is alive.  Though that's also true here to an increasing degree with the steady die off of communities and community activities (driven by housing costs and the requirement for households to have two incomes and work unti they drop).

I dunno, I think you can generalise when everywhere seems the same. Shitsville Tennessee is the same as Shitsville Oregon. The architecture is dire and repetitive wherever you go. The beaches were disappointing too, we are spoiled here for beaches. I could probably live in New England though, or maybe in N California.

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27 minutes ago, Virgil Caine said:

The UK State Pension is pretty good for low paid and part time workers who basically qualify for the full amount with minimal contributions. It is pretty appalling for people on higher than average earnings who would probably do better if their NIC was paid into a private pension scheme. They were the big losers when SERPS was abolished.

Pensions are bloody expensive. I've just use the money advice service annuity comparison site to run some figures. To get an annuity on a similar basis to the full flat rate state pension of £8k - single life, no guarantee, 3% escalation at 67 - fund required nearly £220k. No one on average to lower earnings could ever pay in that much in NI to build up that sort of fund. 

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1 minute ago, spunko2010 said:

I dunno, I think you can generalise when everywhere seems the same. Shitsville Tennessee is the same as Shitsville Oregon. The architecture is dire and repetitive wherever you go. The beaches were disappointing too, we are spoiled here for beaches. I could probably live in New England though, or maybe in N California.

I don't know Oregon but in and around Tennessee you have Gatlinburg (holiday town in the Smokies where people walk - I know!), Boon - a ski resort, several historic towns including small ones, and the bigger towns such as Nashville and IIRC Little Rock have "village" quarters where again people walk.

Now absolutely there is a lot of "nowhere" places, scatters of settlements at road junctions, poor towns or poor parts of towns with shacks and dereliction but you would no more live there than Jaywick,  There's a lot of history and character in the south east and, though this is what I have heard rather than exeprienced, New England.

The big draw for me for the SE is the huge unspoilt or rather untouched swathes of trees and mountains as far as the eye can see.

The only places in the US I've been too that I didn't like were Florida (hot, humid, soulless tourist trap) and Washington - too big.

2 minutes ago, Dipsy said:

Pensions are bloody expensive. I've just use the money advice service annuity comparison site to run some figures. To get an annuity on a similar basis to the full flat rate state pension of £8k - single life, no guarantee, 3% escalation at 67 - fund required nearly £220k. No one on average to lower earnings could ever pay in that much in NI to build up that sort of fund. 

That's the current ludicrously low interest rate environment; now is not the time to buy an annuity because the return is a rubbish as you say.

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1 minute ago, Frank Hovis said:

That's the current ludicrously low interest rate environment; now is not the time to buy an annuity because the return is a rubbish as you say.

I agree, happily I am too young to be in the market for a retirement income but I shall be going into drawdown unless it all goes tits up and the Govt takes my pension fund.:ph34r:

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2 hours ago, davidg said:

Maybe we can do our own comparison:

The basic French state pension is: 629,62 €  for 42 years contributions but you can retire at 62 currently

UK is 692.47 Euro with my back of fag packet calculation.  

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56 minutes ago, Dipsy said:

Pensions are bloody expensive. I've just use the money advice service annuity comparison site to run some figures. To get an annuity on a similar basis to the full flat rate state pension of £8k - single life, no guarantee, 3% escalation at 67 - fund required nearly £220k. No one on average to lower earnings could ever pay in that much in NI to build up that sort of fund. 

If you have been contracted out of SERPs in your working life and are 60 you won't be getting a flat rate State pension of £8k even if you work and pay full contributions to 66. Your state pension may be nearer £120 a week rather than £160. Very few people retiring at the moment are actually getting the full New State Pension 

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