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swimfeeders
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swimfeeders is offline
Shropshire
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13-04-2020, 07:48 PM
21

Re: What Comes Next?

Hi

Artful makes some valid points.

We cannot continue with lock-down forever.

Our Pensions are paid out of Tax, if nobody is earning they simply cannot continue to be paid.

Some brutal decisions are going to have to be made.
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big ben
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United Kingdom
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13-04-2020, 08:01 PM
22

Re: What Comes Next?

I was under the impression that we paid for our pensions by deductions from our earnings whilst we were working.
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Last Tango
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North Ayrshire, Scotland
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13-04-2020, 08:31 PM
23

Re: What Comes Next?

Originally Posted by big ben ->
I was under the impression that we paid for our pensions by deductions from our earnings whilst we were working.
Although that is a common assumption, the fact of the matter is that when we worked, our contributions went towards paying the pensions of those retired. Now that we are retired, we depend on the contributions of those who are currently working.

This also explains why people are being steered towards taking on private pensions.
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The Artful Todger
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Suffolk UK
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13-04-2020, 08:39 PM
24

Re: What Comes Next?

Originally Posted by big ben ->
I was under the impression that we paid for our pensions by deductions from our earnings whilst we were working.
A lot of people are under the same illusion. The SARB (State Age Related Benefit) is paid out of the tax take each fiscal year and the NI contribution simply buys 1/35 of the full SARB a person can claim on reaching qualifying age.

There is no national "SARB pot".
 
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