Going to be claiming Housing Benefit when I retire- worth having employers pension?

Comstock

atush wrote: »

What do you think of the idea, that anyone who opts out of a pension might NOT BE ALLOWED to claim benefits? Could happen.

Well what do you propose they would offer instead, short of euthanasia or the workhouse?

Obviously that would effectively make this compulsory, and if they are going to do that, they might just as well stick it on NI.

Have you read anything to the effect that they might do this, or are you just scaremongering?

missbiggles1

Comstock wrote: »

Well what do you propose they would offer instead, short of euthanasia or the workhouse?

Obviously that would effectively make this compulsory, and if they are going to do that, they might just as well stick it on NI.

Have you read anything to the effect that they might do this, or are you just scaremongering?

I can think of examples where, if you don't take the money available to you, benefits treat you as if you had - student finance for one.

Many people of your age believe that there'll be no state pensions for anybody in 30 years' time - I don't know that I agree but it's certainly possible.

ETA1
Re your "what could they offer" comment - they could certainly expect any future pensioners to live on the same income as a JSA claimant rather than the more generous level of pensions paid today.
ETA2
And they could certainly limit HB (even if it were to be payable) to the shared accommodation rate that currently applies up to 35.

colsten

HappyMJ wrote: »

The OP will lose what would currently be 85% of the pension when it's paid.

65% is housing benefit deductions and 20% is council tax reduction.

They'd get 0.8% extra on their net pay on earnings in excess of £5,824. So if OP earns £7.20 and works 37.5 hours a week they'd get an extra £1.26 a week now.

You have fallen into the same trap as the OP by assuming that we'll still have today's benefits system in 25+ years. It's a very dangerous assumption.

Comstock wrote: »

I still think the accusation of 'living off benefits' is ridiculous, when I will have paid 40 years rent, tax and NI by that point. So I'll hardly be getting something for nothing.

Paying rent doesn't contribute to your entitlement to retirement benefits in any way. Similar for tax - our taxes are used for things such as infrastructure, education and defence. NI pays for NHS and certain benefits, including the state pensions of current pensioners. Every time you need GP or hospital care, you get that at no extra charge as the NHS is funded from NI.

Unless you pay into your own pension (or other savings), there is no pot with your name on that you get paid from once you retire. You are also unlikely to get any credit for having paid NI for 40 years, as there are no credits for this today and there is not much chance that any would be introduced in the future.

I had asked you two questions earlier to gain a better understanding of your circumstances. Would you mind answering them please?

Well_excuse_me.

Comstock wrote: »

Well what do you propose they would offer instead, short of euthanasia or the workhouse?

I'd hope there would be a choice.

What you are doing is refusing to take responsibility for yourself and abusing the benefit system.
Dont worry, you're not alone. As can be seen on this very thread.

I'm assuming there are millions similarly planning to make demands on the taxpayer.
Good luck to all of them.

Andypandyboy

Comstock wrote: »

Well what do you propose they would offer instead, short of euthanasia or the workhouse?

Obviously that would effectively make this compulsory, and if they are going to do that, they might just as well stick it on NI.

Have you read anything to the effect that they might do this, or are you just scaremongering?

I really don't understand your mindset.

A) it will be financially beneficial to you and
it will remove some uncertainty from your life and
C) it will give you more control over your choices and
D) It is the course of action which is morally correct, in that you are actively contributing to your retirement fund.

Whether you want to acknowledge D or not, it is true, but the other points alone would make me do it.

HappyMJ

missbiggles1 wrote: »

Many people of your age believe that there'll be no state pensions for anybody in 30 years' time - I don't know that I agree but it's certainly possible.

That's a gamble I'm willing to take. It would take much more than 30 years for everyone to have a fund big enough to live on...saving at 8% per year of everything earned in excess of £5,824 would hardly add up to anything meaningful.

What would they do...let me live on the streets until I die?

Comstock

But I'm far from convinced that A is correct. No one amid the five pages (five!) of this thread has really addressed this point. They've all been far too busy labelling me a benefits scrounger.

Andypandyboy

Comstock wrote: »

But I'm far from convinced that A is correct. No one amid the five pages (five!) of this thread has really addressed this point. They've all been far too busy labelling me a benefits scrounger.

I thought several people had, including pension advisors? Check back in the thread.

Additionally, why have you resigned yourself to being low paid/benefit reliant for the rest of your life?

You are 42 not 72, get out there and make changes to improve your prospects.

bigadaj

HappyMJ wrote: »

That's a gamble I'm willing to take. It would take much more than 30 years for everyone to have a fund big enough to live on...saving at 8% per year of everything earned in excess of £5,824 would hardly add up to anything meaningful.

What would they do...let me live on the streets until I die?

Depends on the situation in several decades time, as abive I can certainly see a scenario where people would have to accept shared accommodation in such circumstances.

luvchocolate

I have read this thread with disbelief, I am 64 worked since I was 15 and retiring later this year, with 2 very small pensions and 1 slightly better plus my state pension I will be fine.
I work full time on min wage pay £450 rent..run a car..pay my own way.

I am responsible for me...I have self respect....
Good luck in you life, you get out what you put in.