19-11-2018, 01:48 PM
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God Help The Generations To Follow!
According to Roz Altman, Pension specialist, The government actuary says the UK State Pension is not sustainable, even though it is the lowest in the developed world, according to latest OECD figures.The UK is bottom of the global pensions league table. No other country has a less generous State Pension than ours for average earners. Even Chile, Poland and Mexico pay better State Pensions than the UK for middle income groups. With our aging population, and a decline in traditional final salary-type pension schemes, The UK faces rising risks of old-age poverty.
Everyone aged 30 or below will get no State Pension till their 70’s.
State Pension has been rising since 2010 and will reach 66 by 2020, increasing further to 67 and then to 68 under existing legislation. However, the Government actuary assumes state pension age will be 70 in the 2050’s and 71 in the 2060’s. This means anyone aged 30 or below, will not get their state pension until they are aged 70, and those aged 20 or younger will have to wait until they are 71.
There is talk about doing away with the triple-lock also.
Here is a guide to State Pensions.
100.6 - Netherlands
94.9 - Portugal
93.2 - Italy
91.8 - Austria
81.8 - Spain
80.2 - Denmark
74.5 - France
66.1 - Belgium
65.0 - Finland
60.0 - Czech Rep.
54.9 - Sweden
53.4 - Canada
50.5 - Germany
49.1 - USA
48.8 - Norway
44.9 - Switzerland
43.2 - New Zealand
42.6 - Australia
42.3 - Ireland
40.1 - Chile
40.0 - Japan
38.6 - Poland-
29.6 - Mexico
29.0 - UK
Even though the UK State Pension is the LOWEST IN THE WORLD! It needs to be cut even further to avoid massive tax rises - perhaps dropping triple lock.
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Well folks, the way things are heading, looks like the generations following us could be either leaving work in a pine box or perhaps starve or freeze to death!! What are your thoughts on the above?
19-11-2018, 02:01 PM
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Re: God Help The Generations To Follow!
The scumbag 'nasty party' fought tooth and nail against the Liberal Government's state pension when it was first introduced at the beginning of the 20th Century and they again riled and fought against the implementation of the 'Bevan' report which initiated the welfare state in 1948, so I'm not surprised at any of this, but we'lll see when Jeremy becomes Prime Minister.19-11-2018, 02:02 PM
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Re: God Help The Generations To Follow!
I'm pretty much resigned to being found dead at work depressing as that sounds, I can't see any other way out of it.My husband is too disabled to work now so on benefit. With my pt wages we manage but looking at his latest pension report that will end when he retires ! Then we will be hoping there is some sort of benefit will click in and help us out.
I can't worry about it what will happen will and no amount of worrying would change it. Best hope is a government willing to tax properly so we do get a better pension.
19-11-2018, 03:38 PM
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Re: God Help The Generations To Follow!
The pension arrangements as they now stand are unsustainable, because they are paid for by the current workforce as we paid for those that retired before us, but with the NHS keeping us alive longer then we will continue to see a situation where there are fewer and fewer workers paying for more and more pensioners.That begs the question though, if the billions we spend on the NHS are keeping us fitter for longer, then why should we not work longer? of course there are manual jobs where it just isn't feasible physically, but changing professions later in your working life could perhaps be an answer in those circumstances?
In reality there is really only way in the future that will enable you to retire at the age you choose, and that is to do what many of us did and save for it yourself, and remove the reliance on the state retirement age. Having said that though, if there is a different way that wouldn't impose yet more pressure on the social welfare budget then I'd love to hear it and be proved wrong..
19-11-2018, 03:42 PM
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Re: God Help The Generations To Follow!
Originally Posted by Uncle Joe
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The scumbag 'nasty party' fought tooth and nail against the Liberal Government's state pension when it was first introduced at the beginning of the 20th Century and they again riled and fought against the implementation of the 'Bevan' report which initiated the welfare state in 1948, so I'm not surprised at any of this, but we'lll see when Jeremy becomes Prime Minister.
19-11-2018, 03:49 PM
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Re: God Help The Generations To Follow!
Rich get richer,poor get poorer. That's first place to start putting it right. If they want us to have private pensions they have to make sure everyone can afford them.When the current rules changed the work place pension offered to us where I work needed us all to pay in more than we earned to make a pension worth having.
My husband had a pension last time we looked at it he will get £5 extra a month that was after 17 years of paying in 20 percent of his wages making us really quite hard up.
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