The aging population

CLAPTON

Since I was a boy NI was an 'insurance scheme' that provided a pension in old age (amoungst other things).

OK we all know that the money goes into the general government spending, but no matter in return (as well as JSA etc ) one was guarenteed a pension in old age.

this was/is a guarentee; not a safety net for the poor but a guarentee for all and yes it is a form or saving even though one can only take an income stream

other european countries have a bigger state pension and lower private pensions.... simply a matter of political choice

blueboy43

MRSTITTLEMOUSE wrote: »

This is something I can't understand either,there's going to be a lot of people who will stay on at work and that's jobs lost for the young people starting out.

.

This is the lump of labour fallacy.

The reason many young people can't get jobs is little to do with immigration of old people not retiring.

It is poor skills, poor education and poor work ethic.

suburbanwifey

CLAPTON wrote: »

Since I was a boy NI was an 'insurance scheme' that provided a pension in old age (amoungst other things).

OK we all know that the money goes into the general government spending, but no matter in return (as well as JSA etc ) one was guarenteed a pension in old age.

this was/is a guarentee; not a safety net for the poor but a guarentee for all and yes it is a form or saving even though one can only take an income stream

other european countries have a bigger state pension and lower private pensions.... simply a matter of political choice

Correct, National Insurance is paying for your pension. The old people of this country have already paid in for years of their life for the paltry pensions they get...and we all (who work!) have and will continue to pay into National INSURANCE for our pensions...we should have no 'obligation' to pay into another pension when we already lose a portion of our income to pay into the NI system the govt. forces us to pay into.

Ask an old person, STAMP was and is for your pension.

I think most of us are sick of how much we pay out to the Govt. and we are all mostly at the max of what we can afford to pay without it being a waste of time working....maybe if they took less off us all, less people would have gotten into debt, then this whole credit crash wouldn't have happened, if we had more of our own money to spend...VAT is going up to 20% in January, that is insane! 17.5% was insane enough compared to other European countries and the USA....what have they done with all the money they have taken from us....????

irenee

The State Pension was never intended to be the only source of income for people in retirement - it was designed to suppliment savings and private pensions - part of the package covering NHS, benefits, pension - paid for by the NI stamp :cool2:

Apart from the State Pension I also have income from three private pensions - two of my own and one widow's pension from my late husband's private pension

All three of these pensions are taxed on the full amounts - despite the fact that both of us PAID (from taxed income) to build-up our private pension schemes, we/I am taxed again on the pensions now being paid out :mad:

My savings in the bank are taxed on the (at present minimal) interest; other savings are invested and the income from that source is also taxed

I pay Council Tax, VAT, fuel tax (gas, electric, petrol), insurance taxes, car tax, and all the other mirade of taxes - in return I get a free bus pass - good oh! - but NO public bus service here :eek:

So please don't tell me that I'm a drag on the country's resources

ultrawomble

suburbanwifey wrote: »

VAT is going up to 20% in January, that is insane! 17.5% was insane enough compared to other European countries

Are you sure?

FTBFun

irenee wrote: »

All three of these pensions are taxed on the full amounts - despite the fact that both of us PAID (from taxed income) to build-up our private pension schemes, we/I am taxed again on the pensions now being paid out :mad:

Sorry to be a pedant, but contributions to private pension schemes should have some form of tax relief, either by claming on a tax return or via source if done via an employer.

suburbanwifey

ultrawomble wrote: »

Are you sure?

No, with regards to Europe I'm not sure but i know that when I have been over in America, they pay a pittance in VAT compared to us and as far as I have been told by other people, the same applies to Europe..whatever they pay, I think 20% VAT is scandalous and is not the way out of the problems this country has, people will just buy less, which means jobs will be lost, more people claiming, its false economy and of that I am sure

Generali

If people are going to insist on living longer, as it appears they are, then they'll have to work longer.

IIRC when the state pension was introduced, life expectancy for a worker at 65 was 18 months. Now it's about 20 years.

It might be unfair or horrid but life isn't fair and is sometimes horrid.

irenee

FTBFun wrote: »

Sorry to be a pedant, but contributions to private pension schemes should have some form of tax relief, either by claming on a tax return or via source if done via an employer.

That may be so currently - BUT it most certainly was not the case when we were paying into our pension funds years ago

StevieJ

Manual_Reversion wrote: »

So to that extent I agree with Loughton Monkey, that it's difficult to sympathise with those who P1ss away the opportunities they have when young to make hay when the sun shines, and who later complain about how the state pension doesn't allow them the lifestyle they've been used to.

Problem for the future is that companies are taking the opportunity to remove pension support at a rapidly increasing rate.