Ask the Pensions Minister about the future of pensions

John_Pierpoint

jeanniebeanie wrote: »

I understand we don't yet know what will happen to our
contributions, but concern fills the gap left by by any assurances.

Your contributions were spent a generation ago - perhaps by paying a pension to your mum and dad.

This is pay as you go land, how much are your children's contemporaries prepared to pay towards your pension?

jeanniebeanie_2

John_Pierpoint wrote: »

Your contributions were spent a generation ago - perhaps by paying a pension to your mum and dad.

This is pay as you go land, how much are your children's contemporaries prepared to pay towards your pension?

Then we were mis-sold a pension scheme. I believe that entitles us to compensation.

dunstonh

Then we were mis-sold a pension scheme. I believe that entitles us to compensation.

1 - its always been that way. If you think otherwise then its a misconception
2 - You were not sold it.

Remember that if the proprosals go through as indicated, you will still get it. Just in a different way. Indeed, you could end up with more. Historically, contracted in benefits (SERPS) have been reduced 4 times retrospectively in the past. Legislative risk is one of the reasons people chose to contract out. This is just one of those areas we need to keep an eye on as no-one knows how contracted in/out benefits will be treated under these proposals.

jolly44_2

I am sure that the Minister is aware that, on top of the ever increasing prices of all fuels and almost every other item necessary to keep a roof over our heads, come 1st January, 2011 we will all be forced to pay an extra 2.5% VAT. Will this be included in the calculation for the next State Pension increase:question: I would also like to ask the Minister why pensioners with moderate savings still have to pay tax on the interest? Surely we already paid our tax via PAYE when we earned it in the first place:question:

We have already seen the young people demonstrating in the streets over proposed vastly increased University tuition fees - does the Government think that we will stand for being short-changed too:question: There are fortunately many people now who have lived long enough to claim the pensions they have worked and contributed towards since leaving full time education who deserve to be looked after. The basic pension is too low to start with and all the years I worked has made only a small increase on the top of it. Fortunately I have saved a little in the years I was able to so I will have a cushion to fall back onto. But, guess what:question: we are then 'penalised' for making these savings instead of spending it all:exclamati As a child born in the infancy of the Welfare State my parents and particularly my grandparents used to tell me how lucky I was as I would be looked after "from the cradle to the grave". The Minister and the Government must see that we too will be demonstrating if we are not treated fairly - if we can support the Banks, Eire, 2012 Olympics, and pay the EU our yearly contributions, then there must be something left in the 'pot' for the pensioners.

suesalisbury

My husband has worked all his life and has aways paid into the SERPS system and the old graduated pesnions run by the government. His last estimate from the DWP was for a pension at £200.00 weekly when he retires in 5 year time at 65. The government are proposing £140.00 pension for all. Does this mean my husband will lose £60.00 weekly If so how does the minister suggest we can now make up that sum on a priva:(te pension. This will severely affect our lives as pensioners.:(:(:(:(:(. I have already written the the minister but received a letter from the DWP saying the minister is not able to deal with my correpondence and have not answered my questions. Perhaps Martin can get a response.

Victoria_Meldrew_21

3 years ago I elected to defer my state pension. With the proposed significant increase in basic state pension coming in a few years times I have been trying to find out whether it will apply to those with a deferred pension. The answer seems to be that no-one knows. Clearly this would have a big influence on the decision I make about when to place this pension in payment.

dunstonh

The government are proposing £140.00 pension for all. Does this mean my husband will lose £60.00 weekly

No-one knows at this stage. As mentioned already on this thread, its really really early in the process. However, it is expected that those that have accrued higher amounts will keep them.

Perhaps Martin can get a response.

As information doesnt exist and it hasnt gone to green paper yet, let alone white paper (as changes occur throughout that process), no-one can give you a response you want to hear yet.

Ripoff_2

ALL, If you get a reply back from your MP that says "CPI is a better measure of inflation for pensioners" or something on that vain, then ask your MP to prove the statement please. Ask him to supply written proof from the Professional bodies, to back up his claim. It will be interesting to see what proof he can supply because I can not find any literature anywhere that backs up that claim. With CPI in it's present form even the Office of National Statistics would not be able to agree to that statement and the RSS (Royal Statistical Society) certainly does not. I quote "CPI is good as a macro-economic indicator and for comparison between countries, but it is not suitable as it is to be used for wages and pensions" said at a meeting to Steve Webb on the 23rd November 2010 by Jill Leyland from the RSS

ossian

A commitment to stability is essential to encouraging investing for retirement. On that basis will the government lay down some cast iron commitments for pensions e.g. the principle of deferred taxation will be retained and the tax free lump sum will remain?

These two specific examples are areas that are debated from time to time and the doubt created discourages me from investing more for retirement.

Finally I would like the government to look at making retirement flexible over 55 for state and non-state pensions alike. So all pensions become investment schemes [except for a minimum income guarantee of some sort] and the earlier you retire the less return you get (this trade off between return and flexibility allows individuals to adapt there plans to their personal circumstances [my health may be an outlier in either direction]. So I guess the question becomes...

"How will the pension legislation accomodate the fact that peoples health and circumstance vary widely and many are put off saving by the thought that they may not get to the retirement age?"

Regards,
Ossian

jonesthepost

because my wife was born in sept 1954 she lost out in the last pensions review by having almst 5 years added to her retirement date.
she now finds that your proposal to increase the retirement age again will add another year just because she was born 2 days too early.
why have women of this specific age been targetted and why do you think they are better placed than women a month younger to cope with losing out in this way.