Flat rate pensions...

[ellal]

Despite being a potential beneficiary, as many self employed people may well also be, I think it unfair that those who have paid in very little or nothing at all will get the same as those who have paid in all their lives...

And of course, all the scroungers will benefit again...

But the question is will anyone live long enough eventually to collect, given the ever shifting age of retirement!

 

[JohnD]

I thought it was odd. I suppose it will have the advantage of simplicity, and avoid the extra work and cost of administering top-ups like Pension Credit (which is a gateway for lots of other benefits)

I can't see how increasing the pension for all fits with the current strategy of saving money by increasing the age you can get your hands on it
At least it will be taxable so 40% of it it will get clawed back from the better-off pensioner. Maybe they hand out so much in pension credit and other benefits to the poor, that on balance it costs as much as a full state pension

I've paid in for 36 years now, which will be enough to get me the full pension if I live to collect it. I think it's currently about £95 a week so I'm lucky I've got a bit put by.

 

[wotan]

That £95 a week state pension soon gets eroded if you have a decent works pension too.
Pay tax all your working life, then get taxed again on your pension

Wotan

 

[ellal]

JohnD...

Simplicity does indeed save money, but it also increases unfairness in certain aspects...

Why bother to save (in the system) if what you do as regards your old age makes no difference?

In the UK nowadays, you have to be on benefits all/most of your life, or well off...anywhere in between and you're effectively f*cked!

 

[joinerjohn]

You have to bear in mind that those who have nice works pensions, paid no tax at all on their contributions over the years. This is why your then taxed when the pension is paid.
The way the economy is going, it won't be too many years till company pensions are a thing of the past.
Lots of firms, now offer no pension provision for new employees. Leaving them to arrange their own. Thing is, How many people aged 20 -25 even bother making pension arrangements at that tender age??

 

[ellal]

How many young people ever do plan ahead, and of those how many have been ripped off over the years?

Both by the private sharks and Broon's raids!

But for politicians to suggest that we should all get the same 'reward' is madness given the lack of money in the country's coffers!

Especially when they are removing other 'across the board' payments such as child benefit...

This smacks of the acts of 'headless chickens'!

 

[joe-90]

The age pension will soon be a loan - if you take it - you have the amount taken out of your estate when you die. It's the only way. Pensioners are sending us broke. Welfare - health etc. They should all be shot.

 

[wreckedit]

The age pension will soon be a loan - if you take it - you have the amount taken out of your estate when you die. It's the only way. Pensioners are sending us broke. Welfare - health etc. They should all be shot.

How long will it be for your turn to come?

 

[ellal]

The age pension will soon be a loan - if you take it - you have the amount taken out of your estate when you die. It's the only way. Pensioners are sending us broke. Welfare - health etc. They should all be shot.

How long will it be for your turn to come?

Overdue...

 

[joe-90]

A few years yet.

 

[wreckedit]

A few years yet.

That's good because it cannot be done retrospectively. So I'm not in the queue!

 

[wreckedit]

J90 made his usual sublime ridiculous statement and then Bug....d off!

 

[wreckedit]

Anybody no how to number crunch this pension thing because it must be mind boggling.

Numbers of Work & Pension employees. Not all to count
Their pay.
Their works pension
Their support staff
etc.,etc.

I guess another way would be to multiply all the OAP's by £50x52. Would that be the saving?

Would it plug a drain hole the civil service are causing?

 

[Donkmeister]

How many young people ever do plan ahead,

As someone who is in a decent company pension scheme, it never ceases to shock me when I hear a 22-year-old, barely out of university, saying things like "I'll never leave, I'd never get a decent pension anywhere else!".

Of course, I've never thought to check if I'd still be in that same pension if my company went under...

 

[geraint]

Despite being a potential beneficiary, as many self employed people may well also be, I think it unfair that those who have paid in very little or nothing at all will get the same as those who have paid in all their lives...

And of course, all the scroungers will benefit again...

But the question is will anyone live long enough eventually to collect, given the ever shifting age of retirement!

who has paid very little...... and if self employed, have contributed zero towards any pension...