New pensions freedom under attack before they start

Torry_Quine

nearlyrich wrote: »

So Torry Quine is retired on ill health but thinks the rest of us should work till we drop? Sorry but I will be leaving my very tough job next year and living on my savings and my pension pot because I don't want to work until my health degenerates until I can't enjoy my later years.

I'm not retired though and have no pension income. If well enough I would definitely still be working as I rely on my savings. :mad:

atush

If you are over 55, and are too ill to work, you have effectively for the purposes of this discussion, retired.

You may intend to go back to work, even wish so. But no one will hire you if you are honest about the state of your health.

agarnett

atush wrote: »

If you are over 55, and are too ill to work, you have effectively for the purposes of this discussion, retired.

You may intend to go back to work, even wish so. But no one will hire you if you are honest about the state of your health.

Are you making a statement about unlawful recruitment practice abounding in the UK, or attempting to justify it ... for the purposes of this discussion , of course

TCA

Osborne on the Andrew Marr Show this morning:

In what is seen as an attempt to woo older voters, the chancellor is expected to extend pension changes from April 2016, to allow existing pensioners to swap their annuity for a fixed lump sum. It follows reforms announced last year that allow working people to cash in all or part of their defined contribution pension when they retire, rather than buy an annuity that guarantees an income for life. Pensioners had been required to buy annuities under the old rules.

Mr Osborne told the programme it was about "trusting those people who have worked hard and saved all their lives" and said it was "patronising " to suggest people might blow the money on an expensive sports car then come back for more when they ran out of cash.

http://www.bbc.co.uk/news/uk-31892518

Murphybear

atush wrote: »

If you are over 55, and are too ill to work, you have effectively for the purposes of this discussion, retired.

You may intend to go back to work, even wish so. But no one will hire you if you are honest about the state of your health.

Couldn't agree more. I have a close friend who stopped working in her late 50s due to ill health. Her and her husband lived on Pension Credit, the rules then meant she didn't have to sign on. Unfortunately they split up and she found herself st the age of 58 with indifferent health having to sign on. The advisors at JC agreed she hadn't a hope in **** of working again. When she reached 60 she had knee/hip replacements so claimed ESA but that in itself was stressful. The advisers agreed she wasn't going to work again but kept saying their hands were tied so she had to go through the Work programme, complete waste of everyone's time and money. They should change the JSA/ESA rules for those over 60. She had a works pension but didn't cash it in as she would have lost her ESA.

Torry_Quine

atush wrote: »

If you are over 55, and are too ill to work, you have effectively for the purposes of this discussion, retired.

You may intend to go back to work, even wish so. But no one will hire you if you are honest about the state of your health.

I am not over 55! I am unable to work through disability but am no in receipt of ESA as I fortunately have savings. To me retirement is making a conscious choice not to work again.

TCA

Torry_Quine wrote: »

To me retirement is making a conscious choice not to work again.

Yet you'd deny others the opportunity to make the same conscious decision and prefer the state dictate when someone can access their hard-saved pension.

gadgetmind

TCA wrote: »

Mr Osborne told the programme it was about "trusting those people who have worked hard and saved all their lives"

Well quite, but sadly others in government are trying to undermine this.

Torry_Quine

TCA wrote: »

Yet you'd deny others the opportunity to make the same conscious decision and prefer the state dictate when someone can access their hard-saved pension.

At the young age some people think that it is acceptable to be a pensioner then yes I think it ridiculous.

Dunnit

The justification for shortening the gap between drawing a pension and the state pension is that people will underestimate the costs and end up without as much money as they had hoped for. A better solution would be to educate them.