Raise the pension age to 75.

Vinty

Vinty

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Ian Duncan Smith seems to believe he has come up with another vote winner for the Tories, the "Think Tank" of which he is chairman says the pension age should be raised to 75 because life expectancy has increased.
Duncan Smith's mantra that work is good for you is reminiscent of the big sign on the gates of Auschwitz which said Work shall set you free.
Smith must know that life expectancy varies among different social groups in society and that if pension age is raised to 75 then a lot of people won't live long enough to collect a pension.
Maybe it is part of a cunning plan by the Tories to kill off the useless eaters so that more money can be freed up for tax cuts for the rich to invest in their own private pensions.
 
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Yes daft idea certainly you can sit in a judges chair and make stupid rulings well into your dotage. Doing a physical job is something else, at 70 I can still do a bit but I get well knackered by the afternoon and have to call it a day. Worth remembering too that some works pensions are based on your last few years earnings so if you have to go on short time or cannot maintain the required work output your earnings drop and pension with it.
 
Vinty said:
Ian Duncan Smith seems to believe he has come up with another vote winner for the Tories, the "Think Tank" of which he is chairman says the pension age should be raised to 75 because life expectancy has increased.
Duncan Smith's mantra that work is good for you is reminiscent of the big sign on the gates of Auschwitz which said Work shall set you free.
Smith must know that life expectancy varies among different social groups in society and that if pension age is raised to 75 then a lot of people won't live long enough to collect a pension.
Maybe it is part of a cunning plan by the Tories to kill off the useless eaters so that more money can be freed up for tax cuts for the rich to invest in their own private pensions.
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Why not scrap retirement alltogether?
 
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Brilliant idea
Reduces state pension deficit
Raises more tax
And with current welfare system, by time a 73 year old with triple heart bypass and recovering from a stroke has proved they are unfit for work they'll be dead.
More money for rich Tory boys!
 
Ihavenojob said:
The government needs to make national insurance payable on all earnings by employer and employee.
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Does that not happen now?

Apart from directors who can pay themselves by dividends -although that loophole has been tightened as it gets collected by corporation tax.
 
Notch7 said:
Does that not happen now?
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no

You pay National Insurance contributions (NIC) between the ages of 16 and state pension age on your earnings (including employment income and profits from self-employment), but not on pension income.

see also https://www.gov.uk/tax-national-insurance-after-state-pension-age

Since many pensioners are better off than many working people, and since many working people feel they are paying for the retired, and since many younger people feel they will not have such comfortable retirements as todays oldies, it is entirely possible that one or more of these facts may change after a future election.

by chance, Iain Smith (who likes to also use his middle name) is the man who gleefully introduced Universal Credit, who supports no-deal Brexit, and whose family pockets large landowner subsidies.
 
JohnD said:
You pay National Insurance contributions (NIC) between the ages of 16 and state pension age on your earnings (including employment income and profits from self-employment), but not on pension income
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Ah yes, I hadnt considered that.

Although the point of that was to encourage people to save for a pension.

Of course pensions have now changed since workplace pensions, no doubt state pension will fade out as employers and employees get to pay instead.

I can certainly understand why the government pension is running down. My father has been retired for 31 years!
 
JohnD said:
You pay National Insurance contributions (NIC) between the ages of 16 and state pension age on your earnings (including employment income and profits from self-employment), but not on pension income.
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That is partially incorrect. You pay on earnings above £166 a week, so someone on a part time wage probably wont pay. Employers are also let off if you earn less than the threshold, so are more than happy to limit workers hours. I have recently been told that if a person has more than one job, each paying less than £166 they still don't pay NI, so they could be earning nearly £500 without paying NI, but I may have been miss informed as I always thought you paid on total earnings.
 
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Notch7 said:
Ah yes, I hadnt considered that.

Although the point of that was to encourage people to save for a pension.

Of course pensions have now changed since workplace pensions, no doubt state pension will fade out as employers and employees get to pay instead.

I can certainly understand why the government pension is running down. My father has been retired for 31 years!
Click to expand...

My father worked about 9 years in industry and retired on a full wage gold plated CS pension, lucky sod, he's been retired 35 years now.
 
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