How big should my pension pot be ?

Aegis wrote: »

Well, that takes it to 70. I don't think we'll see a rise to 80 affecting even the youngest working generation at the moment.

Oops. Braino - I misread it.

bendix wrote: »

Yet another reason to vote for the Tories. Encouraging people to look after themselves - a radical concept

By the way, I think you're wrong. Cameron isn't stupid. Such a move would be political suicide, irrespective of my own support of it.

No, another reason not to vote Tory - not that Labour is any better, though. This approach does not encourage anything except to force people into poverty.

The best approach, which would save large amounts of money for the taxpayer, is to keep the retirement age at 65 (as only few people would want to work longer) but make the state pension relatively means tested (i.e. reduced gradually for those with private or employer pensions above a certain level). For example, someone with a private pension of £30k a year or more should not receive any state pension - this is a waste of resources and unnecessary. The state pension should be preserved for those with either no other provision or with only a modest private pensions, with the proviso that everyone should retire with a reasonable minimum pension. So, in summary, take the state pension away from the well off who don't need it.

As for Cameron, his IQ has yet to be fully tested and given that the Tories have committed political suicide before, they can certainly do it again.

Aegis wrote: »

Well, that takes it to 70. I don't think we'll see a rise to 80 affecting even the youngest working generation at the moment.

I did not mean this to be taken literally - more of a rhetorical comment to point out the absurdity of continuously increasing the pension age.

As I said in my previous post, the best way to reduce government pension obligations is to ensure that the richest pensioners do not receive any state pension, free TV licences or heating payments - they don't need them! These measures alone would save billions. The basic state pension should be kept as a top-up or safety net for the poorest, and made payable at 65, as it is now, not later. Employers do not generally want to employ huge numbers of geriatrics, and most would quite happily get rid of all their over 60s if they could.

marklv wrote: »

I did not mean this to be taken literally - more of a rhetorical comment to point out the absurdity of continuously increasing the pension age.

As I said in my previous post, the best way to reduce government pension obligations is to ensure that the richest pensioners do not receive any state pension, free TV licences or heating payments - they don't need them! These measures alone would save billions. The basic state pension should be kept as a top-up or safety net for the poorest, and made payable at 65, as it is now, not later. Employers do not generally want to employ huge numbers of geriatrics, and most would quite happily get rid of all their over 60s if they could.

I can't argue with any of that. It's a basic moral principle that if people don't need benefits, they shouldn't receive them.

Sadly, modern Britain is all about "me, me me, it's my right so give it to MEEEEEEEE"

The idea of relatively well-off pensioners scurrying down to the post office to pick up their £250 heating allowance is nauseating.

marklv wrote: »

I did not mean this to be taken literally - more of a rhetorical comment to point out the absurdity of continuously increasing the pension age.

As I said in my previous post, the best way to reduce government pension obligations is to ensure that the richest pensioners do not receive any state pension, free TV licences or heating payments - they don't need them! These measures alone would save billions. The basic state pension should be kept as a top-up or safety net for the poorest, and made payable at 65, as it is now, not later. Employers do not generally want to employ huge numbers of geriatrics, and most would quite happily get rid of all their over 60s if they could.

Benefits are different to basic rights even for richer pensioners. I pay my NI to receive a state pension, if you don't pay me a pension, I don't expect to make any NI contributions then!