Ask the Pensions Minister about the future of pensions

John_Pierpoint

clairmelville wrote: »

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

As your pension is a variable result denominated in Sterling - a fiat currency - you can be sure of nothing.
The country is deeply in debt and, as can be judged by the winging on this thread, a democracy will be forced to inflate its way out of the debt problem. That is taxation by inflation.
Martin has publicised "the rule of 72". If you don't know what that is,
find out.
At your age, I would concentrate on buying real assets and developing your career - or emigrating.

meb1949

Why do carers lose their carers allowance when they reach retirement? I am still doing the same caring for my husband but am now retired and older (and less well with my own health problems)
If I was not a carer I would still have been entitled to my retirement pension so why is it an "either or" choice between carers allowance or pension?? the amount of money we carers save the government. must be immense and yet as we age ourselves we are penalised.
I have asked this question many times but have only ever been told you cannot claim both carers and retirement pension and I still fail to see how this can be right,:mad:

chris_m

big_lil wrote: »

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.

Because NI doesn't just pay for pensions, simple.

lesleyt_3

Are you aware that thousands of married women over 60, who were part time workers in the NHS, paid a half stamp Nat Insurance contribution in the 1970's onwards. They were encouraged to do so by the employer.

They do not receive a full pension, (in my case I receive 41p per week, until my husband is 65)

They are not entitled to Nat Ins."years credit" for the years lost in contributions whilst bringing up their children.

Past Government promises to look into this have not been kept and have been shelved?

Will this government consider a review of this issue or will NHS pensioners continue to be victimised?

lesleyt_3

Are you aware that thousands of married women over 60, who were part time workers in the NHS, paid a half stamp Nat Insurance contribution in the 1970's onwards. They were encouraged to do so by the employer.

They do not receive a full pension, (in my case I receive 41p per week, until my husband is 65)

They are not entitled to Nat Ins."years credit" for the years lost in contributions whilst bringing up their children.

Past Government promises to look into this have not been kept and have been shelved?

Will this government consider a review of this issue or will NHS pensioners continue to be victimised?

lesleyt_3

Are you aware that thousands of married women over 60, who were part time workers in the NHS, paid a half stamp Nat Insurance contribution in the 1970's onwards. They were encouraged to do so by the employer.

They do not receive a full pension, (in my case I receive 41p per week, until my husband is 65)

They are not entitled to Nat Ins."years credit" for the years lost in contributions whilst bringing up their children.

Past Government promises to look into this have not been kept and have been shelved?

Will this government consider a review of this issue or will NHS pensioners continue to be victimised?

wotsthat

Why doesn't the government have the balls to make it compulsory for individuals to provide for their own income in retirement?

cbrooks

vixen1500 wrote: »

give everyone the option of taking retirement at 60 and free up jobs for the younger people. They should be given the chance of working to support their families, and not sit back whilst the older generation pay taxes to feed and house them and their children.

I would also like to challenge a group of 65 year old MPs to spend a month working in a factory, doing a manual job (not sitting in an office drinking coffee and pushing papers around) on 12hr rotary shifts and then see if they would be happy about the idea of having to do it for another 48 months before being allowed to retire.

It is totally out of order that after working and paying into the system for 45+ years you should not be given the opportunity to have some quality time before you kick the bucket.

I also believe that the final salary scheme for public sector workers should be totally self funding or scrapped. Why should private sector workers who have seen their own pensions disappear be expected to contribute? (I assume that earlier retirement for public sector workers will now also be scrapped).

The Problem is that I have worked really hard to get myself into a career path, that would give me a final salary pension. Who says we should not get them, normally jealous people who will not get them. Well Iam sorry if the thought of me working really hard in my statutory employment for god knows how long but eventually recieving the reward of a decent amount of pension to live on offends you!
I feel that I will have contributed enough each month 'currently this is £150+' to warrant that i should get more than the state pension. What you are basically saying is that if you can't have it then no-one should, not a nice sentiment as i possibly work much harder than you and have lots more stress too. :mad:

We are currently under treat of losing our jobs in the cuts and the GOVT have already mentioned that we may have to lose our Final salary pensions. If I lose this though it will equate to a pay cut in real terms as other workers who have already retired did the same job at the same rate but with the pension at the end of it. now that's not fair.
The French had the right idea, Viva la revolution!

jeanniebeanie_2

wotsthat wrote: »

Why doesn't the government have the balls to make it compulsory for individuals to provide for their own income in retirement?

Looking like they already have!

While we were all making our extra contributions to SERPS and S2P they failed to inform us that those payments were potentially worthless to us!

dunstonh

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!

The problem with the £140 state pension issue is that it is just a proposal that has yet to go through consultation, debate or anything of substance. It is so early in the process that detail would be sketchy as its more an idea than a reality at the moment. However, it has been reported as if it will happen and everything is known about it. You just have to see the number of posts on this thread from people asking questions on the assumption that it is much further along in the process. The media has to be blamed for that as you can safely assume that most people posting have only obtained their information from the media.

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.

How have you been cheated out of 41 years of contributions? Personal pensions started in 1988. Retirement annuity contracts existed before that but the take up on those was not as widespread. So, 41 years of contributions havent been possible there. You couldnt contract out of SERPs until 1988 either. So, again 41 years not possible. The proposals for the changes to the state pension will have no impact on your personal contributions that you made to your personal provision. The changes will only affect state pensions. To what degree no-one knows yet. Even those that have made the proposals dont know yet.