WASPI Campaign .... State Pensions

pafpcg

Since I only look at this WASPI thread as the equivalent ritual humilation of throwing rotten vegetables at a victim in the stocks, I'm bored with something as trivial as accusing teachers as being incompetent because of their possible lack of medical knowledge.

mgdavid

pafpcg wrote: »

Since I only look at this WASPI thread as the equivalent ritual humilation of throwing rotten vegetables at a victim in the stocks, I'm bored with something as trivial as accusing teachers as being incompetent because of their possible lack of medical knowledge.

please read post #923 - s l o w l y .

GunJack

mumps wrote: »

I do think everyone should try to educate themselves about pension, tax, NI etc.

It is a pity there is nothing about all that in the school curriculum but even if there was I don't think all teachers would be expected to teach it.

Agreed, then the whole WASPI argument would've gone away......

but then there'd be no need for this thread ....

but seriously, basic knowledge of income tax is pretty straightforward, some DB pensions too.....but NI(LEL, UEL, credits, etc.), other tax issues, and the majority of rules & regs around pensions (and their interaction with the tax system) are an over-complex minefield....it's no wonder most of the population, including some very intelligent ones, are pretty clueless.

xylophone

.it's no wonder most of the population, including some very intelligent ones, are pretty clueless.

http://www.dailymail.co.uk/news/article-3598032/Bank-England-s-chief-economist-admits-t-make-remotest-sense-pensions-says-experts-advisors-no-clue-either.html

:eek:

'Nuf said?:D

GunJack

xylophone wrote: »

http://www.dailymail.co.uk/news/article-3598032/Bank-England-s-chief-economist-admits-t-make-remotest-sense-pensions-says-experts-advisors-no-clue-either.html

:eek:

'Nuf said?:D

I remember that.... see, it's not just me

Malthusian

On the contrary, pensions are extremely simple.

1) State benefits are random from the point of view of the individual. The fact that A got a certain benefit today does not mean that B will get the same benefit next year, let alone in 20 years' time. The State giveth and the State taketh away.

2) If you spend money now you won't have it in the future.

If you understand these two points you understand pensions, and you're probably not a member of WASPI. Tax and legislation is secondary.

Andy Haldane is a bureaucrat and would not be expected to understand pensions as he has a gold-plated final-salary one. Ironically, he made a much better and more relevant speech in 2012 called "The Dog and the Frisbee" which illustrated the problem of complexity in financial regulation with the fact that catching a frisbee is from a physics perspective a highly complex problem of Newtonian mechanics, but yet any dog can do it. That while a problem may be complicated under the surface, any idiot can consistently get the right answer by applying simple rules of thumb.

The person who complains that he can't save for his retirement because the rules are really complicated and the Government keeps changing them, is essentially claiming that it's impossible to catch a frisbee because he would have to sit down with a calculator and work out the frisbee's flight path based on spin, wind resistance and gravity, and by the time he's done the calculation the frisbee has gone past. Meanwhile everyone else simply sticks their hand out and catches it.

mumps

Talking about attendance allowance on this thread prompted me to apply for it for my elderly aunt who has dementia. The form is long but it isn't difficult. I filled it in with no help and just heard she has been awarded the higher benefit. I've been in hospital in the meantime so can't think exactly when I sent it off but definitely 3 weeks max.

xylophone

That while a problem may be complicated under the surface, any idiot can consistently get the right answer by applying simple rules of thumb.

Well, yes....

http://www.gettyimages.co.uk/photos/thumbscrew?excludenudity=true&sort=mostpopular&mediatype=photography&phrase=thumbscrew:eek:

jamesd

mumps wrote: »

Talking about attendance allowance on this thread prompted me to apply for it for my elderly aunt who has dementia. The form is long but it isn't difficult. I filled it in with no help and just heard she has been awarded the higher benefit. I've been in hospital in the meantime so can't think exactly when I sent it off but definitely 3 weeks max.

Thanks, an excellent result!

System

Malthusian wrote: »

.

Meanwhile everyone else simply sticks their hand out and catches it.

Very good.