Ask the Pensions Minister about the future of pensions

KMK

There was no mention of this move to CPI in any election manifesto; in fact there were "pledges" that the index linking would not be changed. So how can you justify downgrading pensions in the small print of the Budget by substituting CPI, which has been lower than RPI over the years?

This change will cost my husband and me thousands over the years to come. We both paid into our teachers' pensions for almost 40 years in the belief that they would be linked to RPI. This move is underhand and shabby. How on earth do you expect younger people to save into pensions, if you can change the rules like this with no consultation?

It is absolutely shameful.

caveat_emptor

Is it the intention of this government to make purchase of an annuity compulsory at any age?

Tim_Mitchell

Why are OAP's restricted to an annual earnings limit of £22900 above which they have to pay £1 in tax for every £2 of income?

rich010273

To encourage pensions saving, and eliminate the pensions crisis for future generations, can you investigate whether pensions on death can be transferred to another person tax free as long as it is kept in a pension?
This keeps the restrictions on pension money, encourages young people to work till retirement, solves old age state dependancy and could increase the chances of reducing the welfare budget in the future.

MnM_2

If we accept that private pensions are "deferred wages" put aside for later - the decision to do without that income affects both parties within a relationship - but if one of them dies the widowed party only receives 50% of the pensionable income. I think this is unfair and means that pension providers get away without paying what was intended. :mad:

dunstonh

MnM wrote: »

If we accept that private pensions are "deferred wages" put aside for later - the decision to do without that income affects both parties within a relationship - but if one of them dies the widowed party only receives 50% of the pensionable income. I think this is unfair and means that pension providers get away without paying what was intended. :mad:

That is not correct. A personal pension pays the full fund value out to the nominated beneficiary on death before retirement. How it pays out after retirement will depend on the type of income you buy.

viridens

I share the concerns of Maldondon, KMK etc.

Government spin is painting existing Public Sector pensioners as greedy parasites on society for expecting Government to honour their side of the pension agreement, and even for living too long. I presume this is to justify plans to erode our pensions. It is not the fault of pensioners if Government experts got their projections and sums wrong. Please ask the Minister to comment.

I kept my side of the pension contract. I contributed 6% of all earnings during my working life in the NHS and teaching. I was promised that my pension would be linked to the RPI to maintain its spending power over time. I am now told it will be linked to the CPI instead as a cost-cutting measure, and so will lose value. This is not what I signed up for. Please ask the minister how he justifies breaking his side of the contract, changing pension conditions retrospectively.

weaversmiths

A lot of contributors say they will be unable to/cannot manage on their pensions. Of course they cannot. I am nearly 70 and still have to work to have any quality of life. During Blair's "reign" it was stated that people who work until 70 are more likely to die earlier, therefore if the retirement age is 70 it will save government money as many will not make retirement. That is what that government thought of its pensioners. Gordon Brown raided pension pots. This coalition Government has immediately seen the possibility of cutting pensioners back even more by making the state pension worth less. I believe they wring their hands with glee when there is a cold snap (such as we have at the moment) as an average of 2,000 elderly people will die of cold because they cannot afford both heat and food and have to make a choice between the two.

The students will possibly get their way as they have a large voice. There are many more pensioners than students - if only pensioners would use THEIR voices, especially at the ballot box and in pressure groups. Dont let them get away with it.

A message for the Minister : A country that does not honour or look after its elders is not worth a light

stewartc

I am a 75 year old pensioner. My wife is 50. gven the age difference and the likelihood that I will die first, I planned our finances to care and protect her, when she retired at 6o. However, this was thrown into disaray, when the previous Labour Government changed her retiral age to 66. because of this, new arrangement had to be made by me. These were both difficult and costly. Needless to say these were soon threatened by the new Coalition Government. Now, I face the possibility that despite having lost six pension years, she may lose even more if the retiral age is brought forward yet again. If his happens, then clearly any arrangements made will have to be re-examined.

Added to this, is the Government's statement regarding a weekly pension of £140 for "all." However, it appears that current pensioners will not benefit from this, although my wife at 50 would. Whether she would benefit from the full amount is questionable given that as a UK resident, she has at the moment only 19 credits out of the 30 qualifying years stated. Can the amount of her pension entitlement be clarified?

Likewise, at the moment, given my death, on her future retiral, she would have at least qualified for 60% of my own state pension and given my age and the Government's statement in writing that she would also qualify for 100% of my SERPS not to mention the question of my Graduated Pension, the following questions arise-
Given these circumstances, will she be entitled to a full weekly pension of £140 or only 19/30 of it?
Either way, would she also be entitled to my full SERPS and Graduated Pensions?
What will happen if her entitlement of 60% of my state pension/100% of my SERPS and any Graduated Pension came to a higher amount that the £140 pension or 19/30 of it?

snowdrop46

Can you ask the minister how much he would save by stopping the £10 Christmas bonus and the 25p increase for pensioners aged 80 - both these bonuses are now so out of date and must cost a lot to administer.