Last Gasp Saloon

Oh dear, this government is going from bad to worse.....

Retired could work for their pension

The No 1 Lord Gerkin "suggested the government should use the pensions system to "incentivise" retired people."

Just what do you think they were doing all their lives? Playing tiddlywinks in the Commons?

This muppet deserves the name!


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gosh, someone actually saying you have to pay for it
that you can't steal it from your kids
such a crazy old man
doesn't he get Robin Hood?!!
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gosh, someone actually saying you have to pay for it
that you can't steal it from your kids
such a crazy old man
doesn't he get Robin Hood?!!

They do pay for it......

Don't know where you got you figures from....

try this......

How much NI you pay
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How much will you collect? Who makes up the difference?

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How much will you collect? Who makes up the difference?

How much will you collect? Who makes up the difference?

The Employee pays 12% and the Employer pays 13.2%. Thats the rates for "normal" workers.

How much will you collect? Who makes up the difference?

The Employee pays 12% and the Employer pays 13.2%. Thats the rates for "normal" workers.

How much will you collect? NO ANSWER.

For you personally figure out your stipend. Grab a life expectancy table. Multiply your stipend by how long you will live on average. Did (will) you, and your employer pay that much in?

Who makes up the difference? The Taxpayer.

No wonder nearly every country is going bankrupt. People can't do simple math!

My, intentionally running away are we? Bully for you! Hope that strategy works for the rest of your life.

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How much will you collect? Who makes up the difference?

The Employee pays 12% and the Employer pays 13.2%. Thats the rates for "normal" workers.

How much will you collect? NO ANSWER.

For you personally figure out your stipend. Grab a life expectancy table. Multiply your stipend by how long you will live on average. Did (will) you, and your employer pay that much in?

Who makes up the difference? The Taxpayer.

No wonder nearly every country is going bankrupt. People can't do simple math!

My, intentionally running away are we? Bully for you! Hope that strategy works for the rest of your life.

My, intentionally running away are we? Bully for you! Hope that strategy works for the rest of your life.

Running away? WK answered for me. There are those of us out there who knew all this & made our own arrangements.

As my "collection" was zero, that should have told you something, but apparently, for one who knows numbers, it did not.....hmmnnn........

Wrong. Each generation is currently paying for the generation that precedes it. Unfortunately for many today, there will be no state pension for them as the cupboard is bare.

It's only been in recent times that the government have advertised nationally & encourage one to take out their own pension.

I was fortunate in that my employers pointed this out to all their employees & as far as I know, everyone did so.

The main problem is the government itself (& it could be said for all governments), is that if they ran the country like a proper business with NO or Little WASTE There would always be a surplus gaining interest.

However, that'll never happen, as those at the top would demand top dollar for their services, so the vicious circle continues.

And I'll lay odds that you'll come back on this saying "why shouldn't they?"

To circumvent that, I'll answer for you....

One can only eat one meal at a time
One can't only sleep in one bed at a time
Etc etc etc.

An indivdual, no matter what industry, earning Millions per annum is disgusting.
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Wrong. Each generation is currently paying for the generation that precedes it. Unfortunately for many today, there will be no state pension for them as the cupboard is bare.

Wrong. Each generation is currently paying for the generation that precedes it. Unfortunately for many today, there will be no state pension for them as the cupboard is bare.

That is precisely my point. Everyone needs to pay for themselves. But you must disagree with me because that is your nature.

Incorrect. I do so because you are always demanding the math as if we're accountants or economists.

Incorrect. I do so because you are always demanding the math as if we're accountants or economists.

Economists can't do even simple math. But, if you can't even balance a check book, how do you expect for anyone to take you comments about money seriously? [pun not intended]

There is a bit of scaremongering at the moment about the State Pension being scrapped. This article suggests that this might happen in 50 years time. Scrapped The reason being that people are living longer and retiring earlier. To combat this the retiring age for a pension is being gradually raised, and people who wish to carry on working can do so and cant be sacked because of their age.

Many years ago most Company pension schemes "contracted out" of SERPS now S2P, and the employer would pay a reduced NI contribution with the rest going in the Company scheme. This was agreed by the Unions as a better deal for workers. Since then most final salary schemes have been closed to new entrants and the options now are Stakeholder pensions.

What of course makes the biggest difference of all is whether the pension of any kind is indexed linked. Not all private ones are, and the State Pension and other schemes have changed from RPI to CPI to save money. In cases of hardship the State will make up income to a GMP. I had to work for 44 years to get my full state pension, people now only have to pay in for 30 years. Be careful if you retire abroad, as your state pension may not be index linked, and probably neither your private one either, depending where you go. Pensions abroad

The only sensible way forward is for anyone working to see a financial advisor, who will work out what additional private pension anyone might need to take out, to ensure a reasonable standard of living upon your chosen retirement age. This will take into consideration your age now, and current expected pension rights plus the state payment. Most people will probably need to make additional arrangements, while they are working and can afford it.

The problem is the growing amount of people who say they can't or won't do that, and intend to rely on state handouts at retirement age. There are currently 4 people of working age supporting each pensioner in Britain, by 2035 this number is expected to fall to 2.5, and by 2050 to just 2. This Dependency Ratio as it is called is a serious problem for any government.

Good post Chris. The problem today compared to the past is that pensions advisors do not go into depth as they used to.

I've had a few "horribus annulus" but even though more & more people are looking for "Value for money", they seem to be spending more than they used to over the last several years.

This is looking good & with the orders already received, will be looking to put a few AVC's (Additional Voluntary Contributions) in to make up for the minimum paid in over the last few years.

A good example of this is: -

How builder survived the recession

It highlights a very important point.....

"John Durtnell, the former chairman who ran the business for 40 years, says that unlike some of his rivals who have gone to the wall, he always put money aside in the good years."
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