MSE News: Budget 2012 - £3.3 billion tax blow for pensioners

molley

patchwork_cat wrote: »

What have todays' pensioners done that will help us get out of the economic mess we are in? Pensioner's are complaining about not receiving an increase in tax free allowance that will cost them potential pennies. Public sector workers have not had a pay rise for 2 and 3 years, not even a with inflation one. That means they are down more than 10% in real terms of income. Not insignificant. Take the potential pain, the rest of us won't even be able to retire for a good 2 or 3 years later than you in any case, that is ofcourse assuming that you didn't take early retirement in your mid fifties.

First of all it wasn't present day pensioners who got "us" in to this mess was it ..or are you suggesting it was . I doubt many ordinary folk did do anything to get us in this mess although you could be forgiven for thinking they did the way some talk .

As for having to work later then that's not present day pensioners fault either is it and I object to this as well as the later date for getting a State Pension ,even though I have got mine .And yes I did take Early Retirement and very glad I was able to .

patchwork_cat

You are getting upset about £100 over a year!

That is a drop in the ocean compared to the loss that the public sector has endured in the last 2 or 3 years. We did not get the country in this mess either, but we are paying the price and will never get that 10% back.

Consumerist

patchwork_cat wrote: »

You are getting upset about £100 over a year! That is a drop in the ocean compared to the loss that the public sector has endured in the last 2 or 3 years. We did not get the country in this mess either, but we are paying the price and will never get that 10% back.

Agreed. But it's just another £100 a year you won't have either in the future.

If you're not bothered it's probably because you have a very good public-sector pension to look forward to. We don't all have that advantage.

molley

patchwork_cat wrote: »

You are getting upset about £100 over a year!

That is a drop in the ocean compared to the loss that the public sector has endured in the last 2 or 3 years. We did not get the country in this mess either, but we are paying the price and will never get that 10% back.

If that was directed at me then I'm not getting upset about £100 a year or about any amount .What riles me is these comments that seem to suggest that somehow present day pensioners are and have been living a life of luxury along with all the other comments I referred to in a previous post about us not paying NI and are about to get a huuuuge rise in the State Pension ...well whoop-de-do ..I wonder what I'll do with my fiver a week .

Green_box

Consumerist wrote: »

Agreed. But it's just another £100 a year you won't have either in the future.

If you're not bothered it's probably because you have a very good public-sector pension to look forward to. We don't all have that advantage.

With the way that this government is going, no public sector worker is looking forward to a pension, as they have no guarantees what it will be worth when they get there.

I_luv_cats

Such a shame really that people have worked up to 44 years paying Tax n NI and they are taxed on their paltry State Pension !!


Georgy porgy has no idea as he has rental income, trust funds, gov pension etc. to fall back on.


The 50p tax rate may not have brought in a great deal but nobody really knows if it will make people more honest with their income and taxation. It just looks iffy reducing it to 45p and sticking the fingers up at hot pie n chicken loving pensioners!

FATBALLZ

Consumerist wrote: »

You seem to be forgetting that the loss of the age-related element of state pension will also affect you and me when our time comes. We will have to plan for a lower state pension than we would have been paid. Are you in favour of that?

Word of advice - if you think the state pension will exist in any meaningful form when 'we' (gen y?) are older you are living in a dreamland. The current system is fundamentally unsustainable and if you want to retire before your mid 70s you better bloody well get saving!

FATBALLZ

Green_box wrote: »

With the way that this government is going, no public sector worker is looking forward to a pension, as they have no guarantees what it will be worth when they get there.

Nor should they, as those guarantees would have to be funded by private sector workers who in general can't even guarantee the worth of their own pension fund in the future. The cost of future pensions can never be guaranteed for the simple reason that the future state of the economy/value of shares/exchange rate changes are unknown. Somebody has to take the risk, and the only fair person to take this is the would-be pensioner themselves.

molley

Theres a report here that says present day graduates wil need to wait until they are 71 before getting their State Pension and that a child born today will need to wait until they are 74 .Scary Stuff .
http://www.guardian.co.uk/money/2012/mar/24/state-pension-retirement-graduates?CMP=twt_gu

molley

FATBALLZ wrote: »

Nor should they, as those guarantees would have to be funded by private sector workers who in general can't even guarantee the worth of their own pension fund in the future. The cost of future pensions can never be guaranteed for the simple reason that the future state of the economy/value of shares/exchange rate changes are unknown. Somebody has to take the risk, and the only fair person to take this is the would-be pensioner themselves.

I'd forgotten that Public Sector workers get their Gold Plated Pensions for free don't they ?? :mad: