Boomers Pension Gravy Train Finally To Be Derailed

CLAPTON

whattochoose wrote: »

Doesn't the UK have one of the lowest state pensions in Europe, which makes the title of this thread somewhat laughable?

please don't confuse toxic toastie with facts: he KNOWs that everything the EU do is good and much mucher better than anything that the UK does; it's just be doesn't actually know anything about pensions here or abroad

antrobus

ruggedtoast wrote: »

....It seems the country's patience is finally running thin - or, there are now enough younger voters for MPs to consider worth worrying about.....

No, we have an ageing population. Haven't you worked that one out yet?

antrobus

whattochoose wrote: »

Doesn't the UK have one of the lowest state pensions in Europe, which makes the title of this thread somewhat laughable?

Yes.

Britain ranked 21st out of 27 countries in the list, the ILC found, giving it one of the least generous pensions in Europe.

http://www.telegraph.co.uk/finance/personalfinance/pensions/11189414/Why-Britains-state-pension-is-one-of-the-worst-in-Europe.html

Jonbvn

ruggedtoast wrote: »

And there we have it. The 6th of November 2011 and Clapton's train reaches its final destination.

Eugenics Central.

Now Boomers are the master race.

Disgraceful.

Wow! You already knew the referendum result 5 years in advance?

Could you PM me next weeks lottery numbers?:p

westernpromise

I'm 10 to 15 years away from retirement realistically but for the last 20 years or so, essentially since Labour destroyed pensions, I've been assuming I'll get nothing. The most notable feature of how taxes and benefits work in the UK is you either fund them for everyone else or you receive them without contributing anything. There seem to be very few people who both pay in and take out, and once you are tagged as one or the other, that's where you stay.

missbiggles1

antrobus wrote: »

Yes.

Britain ranked 21st out of 27 countries in the list, the ILC found, giving it one of the least generous pensions in Europe.

http://www.telegraph.co.uk/finance/personalfinance/pensions/11189414/Why-Britains-state-pension-is-one-of-the-worst-in-Europe.html

That's because, in the UK, additional benefits are available to cover housing costs etc, whereas, in many other countries, the state pension has to pay for everything.

Woby_Tide

antrobus wrote: »

Yes.

Britain ranked 21st out of 27 countries in the list, the ILC found, giving it one of the least generous pensions in Europe.

http://www.telegraph.co.uk/finance/personalfinance/pensions/11189414/Why-Britains-state-pension-is-one-of-the-worst-in-Europe.html

So if they are dropping off a cliff can't be long till we're 27th. Though one has to wonder how the magnificent baby boomer generation that created this system managed to do it so badly. Really doesn't bode well for the millennials as Clapton says if his cohorts couldn't manage it properly

steampowered

westernpromise wrote: »

I'm 10 to 15 years away from retirement realistically but for the last 20 years or so, essentially since Labour destroyed pensions, I've been assuming I'll get nothing. The most notable feature of how taxes and benefits work in the UK is you either fund them for everyone else or you receive them without contributing anything. There seem to be very few people who both pay in and take out, and once you are tagged as one or the other, that's where you stay.

"Since Labour destroyed pensions"? No, that's nonsense. Pensions are extremely tax advantaged compared to other types of saving and investment class, despite the removal of some of the tax benefits by Labour and the removal of some of the other tax benefits by this Tory government.

Contrary to your suggestion that there are very few people who both pay-in and take-out, there are in fact 30.4 million people paying into an occupational scheme (source).

If you have been "assuming" that you'll get nothing for the last 20 years, it's about time you actually checked. If you are only 10 years away from retirement you need to start planning for it or you could be in for a nasty shock - failing to check would be unbelievably irresponsible. You can very easily check whether you will be entitled to a state pension on the .gov.uk website, and check your paperwork to see what private schemes you are a member of and how much those pensions are worth.

westernpromise

Entitlement to a state pension can be withdrawn at any time. The state just goes ahead and does it. What a state website says today is literally worthless as a predictor of what I would actually get in the future.

My experience with state benefits is that I am denied them, essentially for having previously had a job.

antrobus

missbiggles1 wrote: »

That's because, in the UK, additional benefits are available to cover housing costs etc, whereas, in many other countries, the state pension has to pay for everything.

Not really, the additional benefits are means tested. Means tested benefits for pensioners are also available in other European countries. It does not change the fact that the "UK has a markedly less generous public pension system than other EU countries". (As Parliament puts it.)


That's because, in the UK, we also have a private pension system. Although as you see on this thread, it has been suggested that the last Labour government rather b******d those up.



http://researchbriefings.files.parliament.uk/documents/SN00290/SN00290.pdf