SpikeMac Posted April 29, 2013 Share Posted April 29, 2013 Most people with a company pension will have put plenty of their own money into it...why shouldn't they also have a state pension to which they have also contributed..? More to the point, why would they contribute in the first place? If the effect of saving for a private pension is to simply deplete your state pension, it becomes a no brainer. Spend all your money and let the state pick the tab up. Link to comment Share on other sites More sharing options...
Anna B Posted April 29, 2013 Share Posted April 29, 2013 More to the point, why would they contribute in the first place? If the effect of saving for a private pension is to simply deplete your state pension, it becomes a no brainer. Spend all your money and let the state pick the tab up. Exactly. And once again people are being encouraged (manipulated) to think pensioners are rolling in it, (just like those on unemployment benefits...) when in fact the average private pension is only just over £2,000 a year. Added to a state pension of about £6,000 it's hardly a fortune. Link to comment Share on other sites More sharing options...
poppet2 Posted April 29, 2013 Share Posted April 29, 2013 Why would they want a state pension, if they can live comfortably off their company pension, unless it's down to selfish greed. Regardless of how much you've paid into your private pension, when it matures, there is no guarantee that the sum you've been promised will be the sum you'll receive. Again it all depends on the performance of stocks & shares, as many have recently discovered. ---------- Post added 29-04-2013 at 16:28 ---------- Incidently a £100,000 pension pot will only buy you an annuity (private pension) of about £4,800 per annum - not a lot to live on. You'd better get saving kids... Doesn't the average civil servant get far more than that? Link to comment Share on other sites More sharing options...
Agent Orange Posted April 29, 2013 Share Posted April 29, 2013 People who have other income, like a private pension or other nest egg, that takes them over the tax threshold have to pay tax on it, so won't be much better off than someone's who wasted their money on high living, who has to be given extra to make up for not saving anything for their old age. I think that people who've made the effort to save a bit, shouldn't be expected to be at the same level as people who've never bothered or gone without. They should expect to be better off. I don't know about that, my savings and other investments should give me a far better lifestyle than any state pension. I am not rolling in it, however, I have made careful choices about my future and how I will support myself. If all goes to plan, and if the state pension is still in existence, I will be writing to refuse my state pension. I might be entitled to it, but I stand by my principles and won't accept it if I can live without it. Tory boys decided to include pensions in with benefits as part of their propoganda campaign to make the benefits bill / welfare state seem enormous, and to therefore turn everyone against 'welfare scroungers' (when actually I believe unemployment benefit only accounts for 3% of the total.) So there you have it, now pensioners are seen as scroungers too. Lovely. And judging by the responses of some on SF, it won't be long before compulsory euthanasia will be seen as the way forward... ---------- Post added 29-04-2013 at 15:42 ---------- In that case why would anyone choose to pay into a private pension on top of their National Insurance payment? Incidently a £100,000 pension pot will only buy you an annuity (private pension) of about £4,800 per annum - not a lot to live on. You'd better get saving kids... Why should this crazy old system be allowed to continue? I mean, there is clearly not enough money go around, unless you are in favour of huge tax increases, so what better way to deal with this than stopping the wealthiest/rich/well off from claiming a state pension. If that frees up money, surely that is only a good thing. Regardless of how much you've paid into your private pension, when it matures, there is no guarantee that the sum you've been promised will be the sum you'll receive. Again it all depends on the performance of stocks & shares, as many have recently discovered. ---------- Post added 29-04-2013 at 16:28 ---------- Doesn't the average civil servant get far more than that? Don't lay all your eggs in one basket, I was always told I don't and have saved bloody hard over the past 10 years. I have sacrificed many luxuries to ensure my future is as secure as it can be. Not sure about civil service pensions. If you believe the media, they are retired at 50, with a gold clock and more money than they can handle Link to comment Share on other sites More sharing options...
harvey19 Posted April 29, 2013 Share Posted April 29, 2013 Would this mean that those that give up their state pension could claim benefits such as pension credits, no council tax payments etc ? Some people may be better off not having private pensions and claim benefits plus not have to pay care costs if needed. Link to comment Share on other sites More sharing options...
Anna B Posted April 29, 2013 Share Posted April 29, 2013 I don't know about that, my savings and other investments should give me a far better lifestyle than any state pension. I am not rolling in it, however, I have made careful choices about my future and how I will support myself. Why should this crazy old system be allowed to continue? I mean, there is clearly not enough money go around, unless you are in favour of huge tax increases, so what better way to deal with this than stopping the wealthiest/rich/well off from claiming a state pension. If that frees up money, surely that is only a good thing. Eversince I can remember, my generation has been encouraged to get a private / work pension, as living on the state pension alone would mean living on the breadline. So dutifully we have done just that paying large sums every month (sometimes for 40 years) into the pension as well as paying National insurance and income tax, and often at the expense of other things we could have spent our wages on. It ws called planning for the future, and being a responsible for yourself in old age. This will not make the vast majority of us rich, just more able to keep our heads above water. Once again the goal posts are being moved. Incidently I will believe this country is poor when it starts to claw back some of the many millions it wastes (IPSA has just spent £500+ each for new chairs, and £256 each for stools, £2,000+ for each desk whilst refurbishing its already perfectly adequate offices.) Link to comment Share on other sites More sharing options...
PRESLEY Posted April 30, 2013 Share Posted April 30, 2013 If I work away from home my company will pay my hotel expenses....do you think I should be paying for it myself? DO you only want very rich people to be able to be in governemt 'cos it's only those that would want to or be able to afford to do the job if there were no expenses.. Read my post correctly! I said the millionaire (wealthy) MP'S should give up their expenses if they have the cheek to ask wealthy pensioners to give up their benefits. P.S, I also said if the M.P'S have the right to claim Expenses for doing their jobs, every one in work should also have an expenses account. Link to comment Share on other sites More sharing options...
matsalleh Posted April 30, 2013 Share Posted April 30, 2013 About 5.6 million pensioners do pay tax in this country already. Link to comment Share on other sites More sharing options...
davyboy Posted April 30, 2013 Share Posted April 30, 2013 About 5.6 million pensioners do pay tax in this country already. Too b......y true. The State pension is taxed if your income is above the £9K+ personal allowance. How many average pensioners get the £26K tax free cap for those on benefits? Link to comment Share on other sites More sharing options...
truman Posted April 30, 2013 Share Posted April 30, 2013 Read my post correctly! I said the millionaire (wealthy) MP'S should give up their expenses if they have the cheek to ask wealthy pensioners to give up their benefits Not in the post I quoted you didn't . P.S, I also said if the M.P'S have the right to claim Expenses for doing their jobs, every one in work should also have an expenses account. Most people who work away from home do claim expenses... Link to comment Share on other sites More sharing options...
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