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One percent

Pensions - who paid in and ‘entitlement ‘

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Found this on face ache. Thought it an interesting read

PLEASE PASS THIS AROUND, UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT... THIS IS SURELY SOMETHING WE ALL NEED TO THINK ABOUT!!!!

THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE PENSION IS THAT THEY FORGOT TO FIGURE IN ALL THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED OLD AGE PENSION.

WHERE DID ALL THAT MONEY GO?

Remember, not only did you and I contribute to our Pension, our employer did, too. It totalled 15% of your income before taxes. 

If you averaged only £15 000 over your working life, that's close to £220,500. Read that again. Did you see anywhere that the Government paid in one single penny?

We are talking about the money you and your employer put in a Government bank to ensure that you and I would have a 
 retirement pension from the money we put in, it was not money that the Government had any right to spend elsewhere. 

Now they've started to call the money we paid in an 
 'entitlement' when we reach the age to take it back. 

If you calculate the future invested value of £2500 per year 
 (yours & your employer's contribution) at a simple 5% 
 interest (that's less than what the govt. pays on the money that it borrows from overseas), after 49 years of working you'd have 
£892,919.98.

If you took out only 3% per year, you'd receive £26,787.60 per 
 year and it would last better than 30 years (that means until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! 

If you bought an annuity with the money and it paid 4% per year, you'd have a lifetime income of £1976.40 per month.

THE CROOKS IN GOVERNMENT HAVE PULLED OFF A BIGGER ROBBERY THAN THE GREAT TRAIN ROBBERS EVER DID.

Entitlement!!?? 

My foot !! IT'S MY MONEY!! I paid IN cash for my pension. 
 Just because they borrowed the money to spend on other things, that doesn't make my pension some kind of charity or handout!!

Remember MP's benefits? --- 

free healthcare,

outrageous retirement packages, 

67 days paid holidays,

three weeks paid holidays, 

unlimited paid sick days. 

Now that really should be called welfare entitlements, yet they have the nerve to call my O A P retirement payments entitlements?
 We're "broke" and the government can't help our own OAPs, our ex-service personnel, our orphans or our homeless

Yet in the past few years we have provided aid to Haiti, Chile, Turkey, India, Pakistan, etc., etc., etc. Literally, BILLIONS of Pounds !!! 

But they can't help our own citizens!

Our retired seniors living on a 'fixed old age pension have to beg social services to receive additional aid, while our government and religious organizations pour hundreds of billions of £££ tons of food to foreign countries!

They call the old age pension an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money. 

Why did the government borrow from it in the first place? 
 It was supposed to be in a securely locked box, not to be used as part of the Government's general funds.

Sad, isn't it, that some people won't have the guts to forward 
 this. I'm in the category with guts enough to do it - - - and I just did.

I hope some of you will do the same.

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Posted (edited)

NI Fund accounts are public, 2017 balance sheet showed a balance of £21Bn down from £22bn in 2016

https://www.gov.uk/government/publications/national-insurance-fund-accounts

£21bn is enough to pay state pensions for what? 3 -6 months at most?

There is no pot of money set aside for us, just a promise of taxing our children.

Edited by snagger

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3 minutes ago, Lone Lurker said:

True, but it is how they should work :Old:

Yes! I would have no objection to replacing them with state backed life insurance policies that paid out on death in some way but that would be a very different and much more expensive product.

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The very first state pensioners benefited the most, they got pensions without ever contributing themselves.

The last generation, when it comes, will benefit the least, having paid for their parents pensions but not getting one for themselves.

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35 minutes ago, snagger said:

The very first state pensioners benefited the most, they got pensions without ever contributing themselves.

The last generation, when it comes, will benefit the least, having paid for their parents pensions but not getting one for themselves.

That'll be me then. :PissedOff:

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1 hour ago, snagger said:

All the money you paid in was spent paying current and past pensioners, none of it was saved to pay future pensions.

Our kids will be paying our pensions, or rather they will be expected to pay. 

 

Multi generational Ponzi scheme 

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59 minutes ago, TheBlueCat said:

Fundamental misunderstanding of how pensions work.

I see you're new to the world of Facebook outrage posters ....

 

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Lets do the sums:

' If you calculate the future invested value of £2500 per year 
 (yours & your employer's contribution) at a simple 5% 
 interest (that's less than what the govt. pays on the money that it borrows from overseas), after 49 years of working you'd have 
£892,919.98.  '

OK, 27k is the UK mean wage.

Youll pay 3k tax and 2200 NI.

Now bear in mind that 60% of the working population earn the mean wage or less.

Put the nn working into the equation and the median NI paid is probably 500/y.

The numbers really are that bad.

And also that tax/NI fund current spending.

And, the UK has only managed to run surplus for 3 years i nthe last 50 i.e. there's no surplus to invest.

Ibe similar bitchign about German v. UK pensions.

The UK pension figure always ignores the extra UK pensioners get - free TV, winter fuel, pension credit, free bus travel, free prescption, no need to pay German health insurance.

And it ignores that Germans are more production and their social security/benefits are waaaay lower than the UKs.

 

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