Pension 'Tripple Lock' Unsustainable?

[Padders]

5 minutes ago, Anna B said:

I agree that people should pay into a works pension if they can, of course. But you do realise surely that anyone on minimum wage trying to pay bills and rent/mortage, will not have a great deal left over. Pay into a future pension or eat? you decide.  

 

Also,  you do realise many people on minimum wage, delivery drivers for example, are often regarded as self employed, in very insecure employment, with no guarantee of hours etc. They have few rights and may not have access to a works pension, or the money to pay into a private one. 

Neither will they be able to fund private health care or have a home to sell if they need a care home down the line and so on... (Just cost me £30 for a 5 minute dental check up and that's on the NHS.)

 

As the cost of living rises, poverty in this country is a very real and growing problem, and not just an issue for the feckless and unemployed. The problems for the future are mounting up too... 

 

 

Well said Anna.  

[HeHasRisen]

10 minutes ago, Anna B said:

Pay into a future pension or eat? you decide.  

And plan to live on a pittance from the State in their declining years. It's no way to live a life. 

[Guest]

3 minutes ago, HeHasRisen said:

And plan to live on a pittance from the State in their declining years. It's no way to live a life. 

Just let them decide for themselves as they know their situation.  Always the best option

 

[aardvark6535]

There is a reason why the interest rate in September is the month they base Pension rises on, and it's not for the pensioners benefit - Historically it's the quietest month of the year with regards to inflation, This means, in practice that pensions are getting further and further behind the real cost of living, It's the reasons pensioners in the UK are the least well off in Europe.  Oh! sure there has been one or two good years in my recollection where the intrest in that month defied tradition, but only one or two. and there was an uproar each time it happened Oh! how are we going to pay all this money etc etc.

I have news for the Ministers and others who think that the government can't afford it ( especially the MPs who refer to Pensions as  a Benefit )

Benefit is one thing it is NOT.

Every one who has ever worked for a company has paid National Insurance, this was to pay for your Pension - You paid a bit every Week/Month and your employer paid a bit in every week/month - Note the Government paid in Nowt, Nothing, Zero. Millions of working people paying in little bit's every week/month adds up to a very Considerable ammount - and every penny of it gaining Interest ready for when you retire ( I wish) except life isn't fair at times, Every winter in the UK Thousands die from the Flu mostly those who are getting on in years (around pension age and older) and of course People die for a lot of other reasons, But what happens to all the money they paid into the pension pot - Gains Interest, along with all the rest, the only differance being they won't be collecting it.

So the news for the Ministers ect is - If the Government had kept their hand off it  they could double everyones pension and still have Billions left in the kitty.

If anyone tells you " Pension" is a Benefit they either don't understand or they are trying to garner sympathy for a cause which will undoubtably mean taking something off Pensioners.

The Pension Reforms Are Worse Than Anyone Thought.. 

-

 

[Anna B]

1 hour ago, HeHasRisen said:

And plan to live on a pittance from the State in their declining years. It's no way to live a life. 

Oh I agree.... but sadly some people don't have much choice.

And let's face it, the poorer you are, the less likely you are to even reach old age. People who live in the North East have a life expectancy of 10 years less than those that live in the leafy Shires.

Edited September 13, 2023 by Anna B

[echo beach]

2 hours ago, Padders said:

I'm comfortable HHR.

I paid into a superannuation scheme for 41 years.

However I do feel for people living on the state pension, for whatever reason, many people failed to do so...

I was talked into paying superannuation by a union official who explained to me in great detail the advantages of doing so.

Obviously I don't understand the inns and outs of the circumstance's of other people.

This of course was way back in 1963, things have changed since then.

Best decision I ever made though, enabled me to take early retirement in 2004.

I still moan like bluddy hell when the energy bill comes though...

Moaning is a privilege of us pensioners.....

Flaming hell Padders, you're the proprietor of 'Padder's Bar and if you don't understand the inns and outs of a situation there's no hope for the rest if us!

🙂

echo.

[Padders]

1 minute ago, echo beach said:

Flaming hell Padders, you're the proprietor of 'Padder's Bar and if you don't understand the inns and outs of a situation there's no hope for the rest if us!

🙂

echo.

All discussions in "Padders Bar" do not revolve around Pensions and Politics...

We mainly discuss topics such as our light entertainment programme.

Relax, have a Lager in the presence of good company..

 

[Beamish]

When I left school and started work I, like everyone else, was forced to pay in a compulsory government scheme on the 'promise' of being paid a pension to live on when I retired at 65.

Now, as I am nearing retirement age, apparently there isn't enough money in the pot.

Where has MY MONEY  gone?

It is just plain FRAUD, perpetrated by each and every successive government. 

[HeHasRisen]

5 minutes ago, Beamish said:

When I left school and started work I, like everyone else, was forced to pay in a compulsory government scheme on the 'promise' of being paid a pension to live on when I retired at 65.

Now, as I am nearing retirement age, apparently there isn't enough money in the pot.

Where has MY MONEY  gone?

It is just plain FRAUD, perpetrated by each and every successive government. 

Eh? You were promised a pension based on National Insurance contributions, nobody is taking this away from you. Nor was the amount specified.

[Anna B]

37 minutes ago, HeHasRisen said:

Eh? You were promised a pension based on National Insurance contributions, nobody is taking this away from you. Nor was the amount specified.

Unfortunately inflation has made those early contributions worth far less than the percentage of salary paid in. For a long time people thought their retirement was taken care of. The need for extra pension plans is a relatively recent requirement, and for quite a few of those retiring now it it wasn't considered as necessary - or so they believed. The banking crash of 2008 also put paid to a lot of pension schemes and people's hopes for the future. 

 

The world has changed enormously over the years. When I started work women still had to leave certain occupations when they married. Divorce was rare. Women can no longer depend on their husband to keep them, yet 'equal pay' is still not equal, (women still earn only 75% of men's salary.)

Women's retirement age has increased by 8 years, but they are still expected to do most of the caring for elderly parents, and provide the child care so their own children can go out to work.

 

Equality eh? Only seems to work when it suits the government.

Edited September 13, 2023 by Anna B