State pension age to rise to 66 for men from 2016

ceridwen

i8change wrote: »

Yes, I paid the mortgage off at 36, the wife went to Uni at 40 (kids were getting older) finished and got a good job at the BBC. I do 18 hours (clerical work) part-time and sort the house. Typical househusband type.

No envy, will probably retire this year at 50 and the wife loves her job.

Wife had to work hard to get the job though, would n't have time to waste on nearly 7000 posts on a forum like this.

You must have the sort of lifestyle my mothers generation had if you have that much time on your hands.

Unless you are a typical twisted feminist type with no other half to keep you company. :eek:

A perfect example of "Give a man enough rope and he'll hang himself":rotfl::rotfl::D

...signed ceridwen (full-time worker and with several marriage proposals tucked under her belt:D - all from men who AFAIK intended to continue working full-time until retirement:D). It's nice to know I earn my own living - and I DON'T earn anyone else's for them..

i8change

Originally Posted by ceridwen
A perfect example of "Give a man enough rope and he'll hang himself..................................................
............."signed ceridwen (full-time worker and with several marriage proposals tucked under her belt

Couldn't agree with you more there ceridwen

luvpump

C_Mababejive wrote: »

Great...An opportunity to earn even more money..

"No pockets in a shroud" .

vivatifosi

marklv wrote: »

Put a taper on the state pension and slowly withdraw it once the employee gets over £30k in employment pension.

Nice idea, but I don't think it would raise nearly enough money. Very few people would fall into this category, certainly not enough to stave off a rise to 66.

The problem with pensions is how many of us are going to need them in the future. If you look at this report:

https://www.pensionspolicyinstitute.org.uk/uploadeddocuments/PFs/PPI_Pension_Facts_March_2010.pdf

(NB report was written before most recent changes).

You'll see that a big part of the problem is the cost of SERPS/SP2, which was set to treble by 2035/6 and pensions as a whole were expected to rise from 4.9% of GDP to 5.9% (table 3).

A further problem is that as of 2005/6, only 37% of women and 42% of men were saving towards a pension (table 14).

The final problem is the mix of schemes people are saving into. Between 1991 and 2008 the number of people in private sector schemes fell from 6.5m members to 3.6m - a lot of which is to do with the closure of DB schemes to new members and the burden placed on private schemes over this time which have led to shared pain with members - while membership of public schemes has risen from 4.2 to 5.4m members (table 21).

Going back to your point re those over £30k, I can't get a good enough picture on this, but if the size of the pension pots of those buying annuities is anything to go by, then their pensions will be way smaller: £24,330 av annuity pot 2009 (Q1/2). That's 24k to buy a pension over the whole of their remaining life, not pa (table 17). Of course this doesn't show DB schemes, but this is the only data I can get. As a trustee of a DB scheme I can say my training suggests that very few get £30k pa. Many get trivial amounts pa.

These are scary times in pension terms and the government is duty bound to act. They also have to be careful how they balance things. They don't want more people being put off saving for pensions and leaving it to the state to support them - whatever age they finally retire, but they lower the cost of pensions to public sector workers for future accruals. I wouldn't want to be responsible for that conundrum.

lostinrates

I also see litle point in comparing favourably with continentals without looking at how they wil fund their pensions. The pension thing is HUGE in Italy, its a huge, huge problem. The reason its generous is it was somehow a final salary scheme. Can't remember details ATM....but I've read and talked a lot about it in italy.

SteveV2

Going to schedule myself in for a sex change at 62 then. Sorted

ukmike

If a man reached 65 on the 31st.December,2015,would he be able to claim his state pension ?

C_Mababejive

marklv wrote: »

No - an opportunity to work yourself into the grave before you get any pension from this bunch of thieves.

Its ok..i have a FSPS

chopperharris

http://www.dailyrecord.co.uk/news/scottish-news/2008/08/29/men-in-glasgow-s-east-end-have-life-expectancy-of-54-86908-20715552/

makes you realise why they are all on incapacity , getting their pension in one way or another , well theres no bloody jobs anyway....and hmg gets the money back in fags , bookies , and booze anyway.

The govt is corrupt , its just the way for the rich to stay rich.A quick look at the current cabinet shows you why they dont give a monkeys about the state pension , they are all millionaires , some probably avoid more in tax a year than they bloody earn.