Ask the Pensions Minister about the future of pensions

clairmelville

Dear Sir,

I am 30 years old and far from pension age. But I am becoming increasingly worried that the money I pay each month into my NHS pension scheme is going to pay for very little when I actually retire.
How can you assure me that younger people who pay into a pension now will receive the benefits when they are in their 60's and beyond?

Thank you
Clair Melville Edinburgh

dunstonh

But I am becoming increasingly worried that the money I pay each month into my NHS pension scheme is going to pay for very little when I actually retire.

Why?

How can you assure me that younger people who pay into a pension now will receive the benefits when they are in their 60's and beyond?

The only way to assure you is to understand what you have. That typically means dont rely on media scaremongering for your news but actually find out about your pension. how it works and how the benefits are accrued. Knowing the facts is the only way you can be assured.

WatfordRoy

Minister - the Pension Protection Fund was created as a 'safety net' for pension schemes of companies that have gone bust. Does this government support the PPF?

Rich168

Why when everyone is being expected to work longer, did the last government (in its last days) reduce the number of years of NI contributions required to qualify for the full basic pension from 44 years to 30 years? This is simply unfair and unacceptable:

1) to those in receipt of reduced pension because they became entitled before the reduction in years.
2) to the many who will pay in from around age 18 to perhaps 67?

I suggest this change should never have been made and that Gordon Brown should personally have to pay the administrative costs of reversing the change back to 44 years.

mollymou_2

The Coalition has announced it will restore the state pension link to earnings (originally abolished by Thatcher) and / or inflation. The previous Labour Government had stated it would restore the link. However, the Coalition has announced that the inflation link will now be CPI and not RPI thereby saving employers millions of pound and causing pensioners further losses - a recent report in the Guardian indicated that someone currently on a £20,000 public sector pension would, in 2014, be the equivalent of £1,400 worse off as a result of the change from RPI to CSI. So, who's fooling who and who's looking after who's interests?

Rutlandblue

I have worked since I left school, had just enough time off to have 2 children now grown up. One child now just back home after graduating with honours from University. Have been separated for 7 years (so no longer have a husband to rely on) trying to keep my house running and keep my head above water. Was 60 years old last Christmas, had two jobs up till then, now I have one job and draw my pension. WHY WHY are we having to pay tax on anything we earn after our pensions are paid, I HAVE to work to live, WHY keep taxing us. Surely you could let us Seniors, that have to work and have worked for 45 years or more, let us not have to pay tax or put a much higher ceiling tax bracket on what we can earn, right from start for us, that have now reached 60. I am born and bred in this country and never had any benefits, people coming into this country who have never put ANYTHING into this country get more handouts than we who have worked here all our lives. PLEASE CONSIDER US WHO HAVE RETIRED AND STILL HAVING TO WORK TO LIVE. WE CANNOT LIVE SOLELY OFF OF THE STATE PENSION. WE NEED HELP !

jeanniebeanie_2

dunstonh wrote: »

Why?



The only way to assure you is to understand what you have. That typically means dont rely on media scaremongering for your news but actually find out about your pension. how it works and how the benefits are accrued. Knowing the facts is the only way you can be assured.

I do have great respect for your posts. I have to say though that the
'scaremongering' you refer to has been invited by the 'leaks' without detail concerning the £140 proposal. How can we possibly understand what we have currently?Knowing the facts IS the only way to be assured, but we have nothing but speculation open to us in the short term. Not the fault of the media- the fault of an irresponsible
government!

big_lil_2

HOW IS THIS FAIR ?
MY FRIEND AND I BOTH BORN IN 1953. SHE WAS BORN IN MAY AND CAN GET STATE PENSION IN 2016. I WAS BORN SIX MONTHS LATER IN NOVEMBER BUT I HAVE TO WAIT TWO YEARS MORE THAN HER , 2018, UNTIL I CAN CLAIM MINE.

ALSO, IF I HAVE TO PAY 30 YEARS N.I. CONTRIBUTIONS TO BE ABLE TO GET A FULL STATE PENSION WHY AM I STILL PAYING THIS. CAN I STOP NOW AND IF NOT WHY NOT.
:mad::mad::mad:

janaltus

jeanniebeanie wrote: »

I would like to second this question. Along with an assurance that S2P, SERPS etc if kept, will not continue to be eroded and a further assurance about the funds invested by people who opted out of SERPS.

Ditto. Born in 1954, left school and started work at 15 years of age, contributed to pensions via Equitable Life and SERPS and for what purpose? Cheated out of the last 41 years of contributions.

bill24

Many pensioners decide to follow their families abroad to be with their children and grandchildren in their golden years..Is it right or fair t these pensioners are penalised by not being paid the index linked rises.Many of these are ex servicemen and woman who are now dependent on there families to subsidise them..Rises are paid in Phillipines,America,all of Europe of course,but not Australia or Canada..These ex pat pensioners save the government millions on health care and winter payments etc..Is it not time this inequity was rectified..Bill