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Penalised for putting a 'bit by for your old age' no longer
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So convenient, those admin costs, and so elastic. But means-testing never does cost more than it's worth, which is why it will never be abandoned.Also by deciding what a minimum income is for an adequate lifestyle and paying it to everyone it should drastically reduce admin costs which I'd imagine are substantial.
The day is still coming when those with adequate private resources won't get any state pension at all. I'm not factoring any state pension into my calculations, so if they pay me £140 a week I'll be stuffing it under the floorboards because I won't have anything to spend it on. Can the nation really afford that?
And of course there's no possibility of "deciding what a minimum income is for an adequate lifestyle". Everybody's circumstances are different, and there'll never be an end to the special pleading or to the political attraction of giving in to it."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
RenovationMan wrote: »
"This is another big step towards a simpler, more generous state pension that no longer penalises people for saving. A new system will take millions out of means-tested benefits and will encourage people to take control of their own age by saving towards it."
http://www.bbc.co.uk/news/business-18005946
Finally.
I thought there was currently something called a pension saving credit that rewarded people for saving for retirement? Btw I think the minimum is around £142 not £137.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
vivatifosi wrote: »
Well fair enough and it certainly looks like I'm on my own on this one. But why not mix it up a bit? There's plenty to go for. Perhaps you could have 'Safe use of ladders' for Saturday and don't eat too much on Sunday. Friday will definitely be STD warning night.
Or good advice like, 'don't visit Hartlepool if you are a monkey'
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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It doesn't have to. By extending retirement age the higher pension won't need to be paid to people until later in life and a number of people will die before that anyway and get nothing. The grim reaper helps to fund the plan to a certain extent.
Yeh, my thoughts too. How do 'they' calculate a so called ever-increasing lifespan? Does it take into account all those facing premature death from obesity, liver disease, drugs and other recent lifestyle complications.... along with the poor sods who are finished off by hard labour well into their old age?0 -
They plot the two most convenient data points and extrapolate.How do 'they' calculate a so called ever-increasing lifespan?
The biggest factor in longevity is extreme intervention. People are no longer allowed to die from fatal illnesses. We downsize their stomachs, we irradiate their tumours, we replumb their hearts, we transplant their kidneys, and when their brains turn to sponge and they can't remember who they are, we cultivate them like vegetables."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
vivatifosi wrote: »That's my understanding, though I could be wrong. A couple of years ago though, IIRC people were advised to contract back into SERPS. It's a big fat mess, like most things to do with pensions.
Part of the reason I contracted out of SERPS and S2P.
It might not "do as well" but, in my short sighted view of the world, it made it harder for the next government to move the goalposts.
I was pretty annoyed that they have made me opt back in this year as i'm fairly certain state pensions won't exist by the time I get to retirement.
Generally though, i agree with the sentiment, pensions are just a huge mess.0 -
The day is still coming when those with adequate private resources won't get any state pension at all. I'm not factoring any state pension into my calculations, so if they pay me £140 a week I'll be stuffing it under the floorboards because I won't have anything to spend it on. Can the nation really afford that?
I also have my doubts about whether there will be any kind of provision to pensioners with their own savings/pensions in future and certainly am not planning to rely on them. That said, I'm sure I can find something to do with the extra cash should it be there Having a signature removed for mentioning the removal of a previous signature. Blackwhite bellyfeel double plus good...0 -
Part of the reason I contracted out of SERPS and S2P.
It might not "do as well" but, in my short sighted view of the world, it made it harder for the next government to move the goalposts.
I was pretty annoyed that they have made me opt back in this year as i'm fairly certain state pensions won't exist by the time I get to retirement.
Generally though, i agree with the sentiment, pensions are just a huge mess.
People who opted out of SERPS and S2P and paid into private pensions are potentially amongst the winners here because it seems that there isn't (currently) a mechanism to take this into account. Already there is no distiction between protected rights and non-protected rights.
It's why I opted out. Money in an account with my name on it is far more valuable than a government promise.0
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