FabSwingers.com > Forums > Politics > Pension age could be increased to 68
Pension age could be increased to 68
Jump to: Newest in thread
 |
By (user no longer on site) OP
over a year ago
|
Review will look at bringing forward plans, meaning millions born in 1970s waiting longer to draw pension.
https://www.theguardian.com/money/2021/dec/15/increase-uk-state-pension-age-68-could-come-eight-years-early-review?CMP=Share_AndroidApp_Other
A man living in the London borough of Westminster could be expected to live until the age of 84.7 years, in Blackpool it would be 74.1 years - not much time for the poor chap from Blackpool to enjoy his pension if he only retired at 68!
The UK already has one of the lowest pensions in Europe and the government is now considering bring forward the date at when the pension age is 68.
The triple lock was dropped this year due to higher wages yet, inflation is running at its highest in 10 years so those high wage increases are needed to keep up (or perhaps have helped to drive inflation).
...not everyone can afford a private pension to supplement the state pension.
Are pensions and retirement a thing of the past?
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
Imo having a state pension that supports you for a large chunk of your life will be phased out... It was never designed to fund 10+ years retirement but has evolved that waybaa suxxesive governments have failed to grasp the nettle.
Also, then triple lock was broken because of a statistical anomoly on wages during covid. If wages to increase properly then state pension will do. |
Reply privately, Reply in forum +quote
or View forums list | |
"Review will look at bringing forward plans, meaning millions born in 1970s waiting longer to draw pension.
https://www.theguardian.com/money/2021/dec/15/increase-uk-state-pension-age-68-could-come-eight-years-early-review?CMP=Share_AndroidApp_Other
A man living in the London borough of Westminster could be expected to live until the age of 84.7 years, in Blackpool it would be 74.1 years - not much time for the poor chap from Blackpool to enjoy his pension if he only retired at 68!
The UK already has one of the lowest pensions in Europe and the government is now considering bring forward the date at when the pension age is 68.
The triple lock was dropped this year due to higher wages yet, inflation is running at its highest in 10 years so those high wage increases are needed to keep up (or perhaps have helped to drive inflation).
...not everyone can afford a private pension to supplement the state pension.
Are pensions and retirement a thing of the past?
"
Why can't the 6th  Largest economy in the world afford pensions? |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"Review will look at bringing forward plans, meaning millions born in 1970s waiting longer to draw pension.
https://www.theguardian.com/money/2021/dec/15/increase-uk-state-pension-age-68-could-come-eight-years-early-review?CMP=Share_AndroidApp_Other
A man living in the London borough of Westminster could be expected to live until the age of 84.7 years, in Blackpool it would be 74.1 years - not much time for the poor chap from Blackpool to enjoy his pension if he only retired at 68!
The UK already has one of the lowest pensions in Europe and the government is now considering bring forward the date at when the pension age is 68.
The triple lock was dropped this year due to higher wages yet, inflation is running at its highest in 10 years so those high wage increases are needed to keep up (or perhaps have helped to drive inflation).
...not everyone can afford a private pension to supplement the state pension.
Are pensions and retirement a thing of the past?
Why can't the 6th Largest economy in the world afford pensions?"
we are 37th in GDP by capita. Which is a more pertinent way of measuring "wealth". Unless you think I india could support a state pension like ours ?
|
Reply privately, Reply in forum +quote
or View forums list | |
Do we really have worst pension in Europe, I often see this stated but never see any evidence that this is true. Also you'd have to factor in how much tax you pay in each country. I wouldn't be surprised if pensions in Sweden for example are better, bit their tax rates are also higher as far as I know. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *G LanaTV/TS
over a year ago
Gosport |
Bet they don't try and rectify the inherent gender bias in the current system due to the lower life expectancy of men compared to women. Can you imagine the outcry if they announced that women would have their retirement age set 2.5-3 years higher than men. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *G LanaTV/TS
over a year ago
Gosport |
"Do we really have worst pension in Europe, I often see this stated but never see any evidence that this is true. Also you'd have to factor in how much tax you pay in each country. I wouldn't be surprised if pensions in Sweden for example are better, bit their tax rates are also higher as far as I know."
Whilst it doesn't exactly answer your question a UK government breifing paper by Roderick McInnes addresses most of it. 'Pension: international comparisons', House of Commons Library Breifing paper CBP00290, 9 April 2021.
The last paragraph of the summary states:
'The UK devotes a smaller percentage of its GDP to state pensions abd pensioner benefits than most other advanced economies. Income from occupational and persional pensions is a relatively important source of pensioner income in the UK, in contrast to many other countries where state provision (financed either through social insurance contributions or general taxation) is dominant.'
The UK is rated 28 out of the 36 countries listed (note not all of them are European). Switzerland and Netherlands were the only lower ranked European contries. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"Review will look at bringing forward plans, meaning millions born in 1970s waiting longer to draw pension.
https://www.theguardian.com/money/2021/dec/15/increase-uk-state-pension-age-68-could-come-eight-years-early-review?CMP=Share_AndroidApp_Other
A man living in the London borough of Westminster could be expected to live until the age of 84.7 years, in Blackpool it would be 74.1 years - not much time for the poor chap from Blackpool to enjoy his pension if he only retired at 68!
The UK already has one of the lowest pensions in Europe and the government is now considering bring forward the date at when the pension age is 68.
The triple lock was dropped this year due to higher wages yet, inflation is running at its highest in 10 years so those high wage increases are needed to keep up (or perhaps have helped to drive inflation).
...not everyone can afford a private pension to supplement the state pension.
Are pensions and retirement a thing of the past?
Why can't the 6th Largest economy in the world afford pensions?"
Can the 1st, 2nd and 3rd? Paying them and affording them are not the same thing. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"Do we really have worst pension in Europe, I often see this stated but never see any evidence that this is true. Also you'd have to factor in how much tax you pay in each country. I wouldn't be surprised if pensions in Sweden for example are better, bit their tax rates are also higher as far as I know.
Whilst it doesn't exactly answer your question a UK government breifing paper by Roderick McInnes addresses most of it. 'Pension: international comparisons', House of Commons Library Breifing paper CBP00290, 9 April 2021.
The last paragraph of the summary states:
'The UK devotes a smaller percentage of its GDP to state pensions abd pensioner benefits than most other advanced economies. Income from occupational and persional pensions is a relatively important source of pensioner income in the UK, in contrast to many other countries where state provision (financed either through social insurance contributions or general taxation) is dominant.'
The UK is rated 28 out of the 36 countries listed (note not all of them are European). Switzerland and Netherlands were the only lower ranked European contries."
You supplied everything but the spoon!  |
Reply privately, Reply in forum +quote
or View forums list | |
So I guess the issue is probably a trade off between higher taxes and better state pensions for everyone, versus lower taxes and folks in good jobs are OK because they can afford a private or contribute to a company pension. So as usual in the UK it's the less well off, or people who have had long breaks from work, who will be on a lower income in old age. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
Yes in essence. Those who earn more are always going to be better off when in work and in retirement. The question is about overall taxation levels and the ‘basic’ state pension that everyone is entitled to. That and the relative burden of taxation within the jurisdiction and the spend priorities. |
Reply privately, Reply in forum +quote
or View forums list | |
Why is this country not in the top 5 richest countries in the world.
The Tudors, The Empire, The CommonWEALTH, North Sea Oil, Overseas investments, American connections, The Black Economy, The Pink Pound. The 24/7 economy.
Where's it all going? It doesn't add up.
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site)
over a year ago
|
"Why is this country not in the top 5 richest countries in the world.
The Tudors, The Empire, The CommonWEALTH, North Sea Oil, Overseas investments, American connections, The Black Economy, The Pink Pound. The 24/7 economy.
Where's it all going? It doesn't add up.
"
The distribution of that Wealth. As a collective ranking is high. But when divided amongst the population as a whole it is not. Simple mathematics really. It has been this way in the British Isle for centuries. It won’t change just because some think they have ‘stuck it to the man’ by voting Brexit, or refuse a vaccine or have 1000s of followers on socials. |
Reply privately, Reply in forum +quote
or View forums list | |
"Why is this country not in the top 5 richest countries in the world.
The Tudors, The Empire, The CommonWEALTH, North Sea Oil, Overseas investments, American connections, The Black Economy, The Pink Pound. The 24/7 economy.
Where's it all going? It doesn't add up.
"
speed bumps in speed bumps out.... the spainish dont even know what a speed bump is and certainly wouldnt pay for a five man team and traffic lights and...to fit one... french have no health a safety department employing 1000s because they have the laws anyway... we brits do like to piss money away on pontificating/nonsense/pomp etc etc coz we do things right lol
The baby boomers were all working at one point and the pension contributions were spent elsewhere... like all good fraudsters do! guillotine please  |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) OP
over a year ago
|
It would appear that the personable age is soon to be immaterial as the likely number of deaths from this new strain of the virus which the govt in England (not Scotland, Wales or NI) is letting run rampant will reduce spend of social services and pensions simply because there are going to be less people around.
The new virus appears to cause less deaths but, the new virus affects more people...
On that basis:-
Disease 1 - 20% fatal x 100 = 20 deaths
Disease 2 - 10% fatal x 300 = 30 deaths
The English goverment is waiting until it sees all the data - a little like saying that you will wait until the Titanic hits the iceberg to ascertain that icebergs are out there.
So, less people, higher wages, more jobs and less strain on the system.
The future looks bright after all! |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ackal1Couple
over a year ago
Manchester |
Less workers to pay tax so you work longer and get less.
Remember Brexit??
Let’s send Jonny foreigner home I don’t want him filling those vacancies and paying tax for my pension!
When will people wake up to the fact the U.K. has an ageing population and we need immigration. Only alternative is to stop the tax avoiders! Wait didn’t the EU suggest that just before a referendum was pushed ?
The earlier question on where is it going is answered by the subsequent increase of wealth by the elite.. It’s also our repeatedly shit governments bad management of our tax. Why do the army pay £3 for a bolt that’s 50p in B&Q ? Why do we have so many admin managers in the NHS? . Why has France had high speed trains for 40 years but we have only got a link to Folkestone so far?
Where is our sovereign wealth fund from North sea oil? Low tax on oil companies along with generous dividends is your answer there.
Get used to that pension falling or being taxed and the retirement age increasing. Our MPs and their friends are just dandy.. Peerage anyone? £350 a day for life! . Sorry this offer is not open to plebs! |
Reply privately, Reply in forum +quote
or View forums list | |
"Review will look at bringing forward plans, meaning millions born in 1970s waiting longer to draw pension.
https://www.theguardian.com/money/2021/dec/15/increase-uk-state-pension-age-68-could-come-eight-years-early-review?CMP=Share_AndroidApp_Other
A man living in the London borough of Westminster could be expected to live until the age of 84.7 years, in Blackpool it would be 74.1 years - not much time for the poor chap from Blackpool to enjoy his pension if he only retired at 68!
The UK already has one of the lowest pensions in Europe and the government is now considering bring forward the date at when the pension age is 68.
The triple lock was dropped this year due to higher wages yet, inflation is running at its highest in 10 years so those high wage increases are needed to keep up (or perhaps have helped to drive inflation).
...not everyone can afford a private pension to supplement the state pension.
Are pensions and retirement a thing of the past?
Why can't the 6th Largest economy in the world afford pensions?"
The pension system was never designed to support a large number of older people. It has essentially been unfunded since inception. This means that as liabilities rise (older people are not dying as often as they used to because of better medical care) then the general tax base needs to pay for it. The problem is that the tax base is increasingly reliant on a smaller and smaller (relatively) base of working age people to pay that deficit. This becomes increasingly unsustainable and hence why governments are trying to extend the working age to offset it.
In addition the state is responsible for public worker pensions and lot of those are final salary which means that your payout is based on your final salary irrespective of how much money is actually in your pension pot. To all intents and purposes those are unfunded as well and represent a very large future liability. This future unfunded liability is why private sector pensions stopped final salary years ago. |
Reply privately, Reply in forum +quote
or View forums list | |
"Review will look at bringing forward plans, meaning millions born in 1970s waiting longer to draw pension.
https://www.theguardian.com/money/2021/dec/15/increase-uk-state-pension-age-68-could-come-eight-years-early-review?CMP=Share_AndroidApp_Other
A man living in the London borough of Westminster could be expected to live until the age of 84.7 years, in Blackpool it would be 74.1 years - not much time for the poor chap from Blackpool to enjoy his pension if he only retired at 68!
The UK already has one of the lowest pensions in Europe and the government is now considering bring forward the date at when the pension age is 68.
The triple lock was dropped this year due to higher wages yet, inflation is running at its highest in 10 years so those high wage increases are needed to keep up (or perhaps have helped to drive inflation).
...not everyone can afford a private pension to supplement the state pension.
Are pensions and retirement a thing of the past?
Why can't the 6th Largest economy in the world afford pensions?
The pension system was never designed to support a large number of older people. It has essentially been unfunded since inception. This means that as liabilities rise (older people are not dying as often as they used to because of better medical care) then the general tax base needs to pay for it. The problem is that the tax base is increasingly reliant on a smaller and smaller (relatively) base of working age people to pay that deficit. This becomes increasingly unsustainable and hence why governments are trying to extend the working age to offset it.
In addition the state is responsible for public worker pensions and lot of those are final salary which means that your payout is based on your final salary irrespective of how much money is actually in your pension pot. To all intents and purposes those are unfunded as well and represent a very large future liability. This future unfunded liability is why private sector pensions stopped final salary years ago."
Added to the population increase vs decreasing number of workers/contributors |
Reply privately, Reply in forum +quote
or View forums list | |
"Review will look at bringing forward plans, meaning millions born in 1970s waiting longer to draw pension.
https://www.theguardian.com/money/2021/dec/15/increase-uk-state-pension-age-68-could-come-eight-years-early-review?CMP=Share_AndroidApp_Other
A man living in the London borough of Westminster could be expected to live until the age of 84.7 years, in Blackpool it would be 74.1 years - not much time for the poor chap from Blackpool to enjoy his pension if he only retired at 68!
The UK already has one of the lowest pensions in Europe and the government is now considering bring forward the date at when the pension age is 68.
The triple lock was dropped this year due to higher wages yet, inflation is running at its highest in 10 years so those high wage increases are needed to keep up (or perhaps have helped to drive inflation).
...not everyone can afford a private pension to supplement the state pension.
Are pensions and retirement a thing of the past?
Why can't the 6th Largest economy in the world afford pensions?
The pension system was never designed to support a large number of older people. It has essentially been unfunded since inception. This means that as liabilities rise (older people are not dying as often as they used to because of better medical care) then the general tax base needs to pay for it. The problem is that the tax base is increasingly reliant on a smaller and smaller (relatively) base of working age people to pay that deficit. This becomes increasingly unsustainable and hence why governments are trying to extend the working age to offset it.
In addition the state is responsible for public worker pensions and lot of those are final salary which means that your payout is based on your final salary irrespective of how much money is actually in your pension pot. To all intents and purposes those are unfunded as well and represent a very large future liability. This future unfunded liability is why private sector pensions stopped final salary years ago."
When baby boomers were working the system had more paying in than taking out, trouble is in time of plenty they never invested the funds, its been badly managed. |
Reply privately, Reply in forum +quote
or View forums list | |
"Review will look at bringing forward plans, meaning millions born in 1970s waiting longer to draw pension.
https://www.theguardian.com/money/2021/dec/15/increase-uk-state-pension-age-68-could-come-eight-years-early-review?CMP=Share_AndroidApp_Other
A man living in the London borough of Westminster could be expected to live until the age of 84.7 years, in Blackpool it would be 74.1 years - not much time for the poor chap from Blackpool to enjoy his pension if he only retired at 68!
The UK already has one of the lowest pensions in Europe and the government is now considering bring forward the date at when the pension age is 68.
The triple lock was dropped this year due to higher wages yet, inflation is running at its highest in 10 years so those high wage increases are needed to keep up (or perhaps have helped to drive inflation).
...not everyone can afford a private pension to supplement the state pension.
Are pensions and retirement a thing of the past?
Why can't the 6th Largest economy in the world afford pensions?
The pension system was never designed to support a large number of older people. It has essentially been unfunded since inception. This means that as liabilities rise (older people are not dying as often as they used to because of better medical care) then the general tax base needs to pay for it. The problem is that the tax base is increasingly reliant on a smaller and smaller (relatively) base of working age people to pay that deficit. This becomes increasingly unsustainable and hence why governments are trying to extend the working age to offset it.
In addition the state is responsible for public worker pensions and lot of those are final salary which means that your payout is based on your final salary irrespective of how much money is actually in your pension pot. To all intents and purposes those are unfunded as well and represent a very large future liability. This future unfunded liability is why private sector pensions stopped final salary years ago.
When baby boomers were working the system had more paying in than taking out, trouble is in time of plenty they never invested the funds, its been badly managed. "
It was fundamentally mismanaged from the very start and is not actually that generations fault. It is actually the fault of their parents generation. They are merely the lucky recipients of that mismanagement. |
Reply privately, Reply in forum +quote
or View forums list | |
"a new strategy is being discussed whereby people becoming inactive by retiring early will be required to to undertake mandatory community service in ethe region of 20 hours per week until retirement age. "
The strategy that needs to be enacted is for people to properly fund their old age. That is the only way it will work but that has always been politically very difficult for parties of all sides. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) OP
over a year ago
|
"a new strategy is being discussed whereby people becoming inactive by retiring early will be required to to undertake mandatory community service in ethe region of 20 hours per week until retirement age. "
I doubt that very much!
Source?
If someone works 40 years starting at 16 and retires early at 56, would they them have to work for another 10 years to "do time"?
On the other hand, someone who goes to college, takes a few years out, goes back then decides to do a degree at University, takes a few extra years to finish. Starts work mid to late 20's - let's say 28. Works until retirement age of 66 ie 38 years...
Both reach the age of 66 to draw a pension yet one works 38 years and other 50 years.
Life's a bummer, and then... you die!
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By *ackal1Couple
over a year ago
Manchester |
Without ending civil service guaranteed pensions the reality is that further tax increases will be required to bridge the gap. The only solution is what you pay in is what you get out on a personal level whether public or private topping up a state minimum. Some senior civil servants have seven figure top ups. Why should we accept that ? They have worked the same hours as most people and been paid for that work . They can chose to increase their pension pot as the private sector already have to do. I do know this does not apply to all civil servants so please don’t shoot me. |
Reply privately, Reply in forum +quote
or View forums list | |
"a new strategy is being discussed whereby people becoming inactive by retiring early will be required to to undertake mandatory community service in ethe region of 20 hours per week until retirement age. "
or they could drop their hours to 20 and not retire early lol |
Reply privately, Reply in forum +quote
or View forums list | |
"a new strategy is being discussed whereby people becoming inactive by retiring early will be required to to undertake mandatory community service in ethe region of 20 hours per week until retirement age.
I doubt that very much!
Source?
If someone works 40 years starting at 16 and retires early at 56, would they them have to work for another 10 years to "do time"?
On the other hand, someone who goes to college, takes a few years out, goes back then decides to do a degree at University, takes a few extra years to finish. Starts work mid to late 20's - let's say 28. Works until retirement age of 66 ie 38 years...
Both reach the age of 66 to draw a pension yet one works 38 years and other 50 years.
Life's a bummer, and then... you die!
"
relative 40 years old and still not actually ever done a job for more than 12 weeks |
Reply privately, Reply in forum +quote
or View forums list | |
» Add a new message to this topic
