MSE News: Pensions Minister: 'no straws to clutch to' for WASPI campaigners

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Pensions Minister Richard Harrington has warned it would cost too much to arrange a compromise with WASPI...

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'Pensions Minister: 'no straws to clutch to' for Waspi campaigners'

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molerat

....................... but will they listen

gadgetmind

As they claim to not have any interesting in pensions or read the papers, hence missing the changes to SPA 20 odd years ago, will they even see the article?

atush

Very true! But someone will tell them sometime, and they will be back here to complain about it i am sure.

Andy_L

atush wrote: »

Very true! But someone will tell them sometime, and they will be back here to complain about it i am sure.

In about 20 years?

Mortgagefreeman

WASPI's won't be clutching straws today, they'll be clutching their bladders!

Money_saving_maniac

This bloke is mad. How many people except government ministers, senior civil servants and other people at the top of the tree are going to get £250,000 in their pension pot? Is he demented?

Thrugelmir

Money_saving_maniac wrote: »

This bloke is mad. How many people except government ministers, senior civil servants and other people at the top of the tree are going to get £250,000 in their pension pot? Is he demented?

If people want a decent retirement then there'll need to learn to save for it (and not opt out thereby receiving employers contributions). Called personal choice.

colsten

Money_saving_maniac wrote: »

This bloke is mad.

Sad, really, that people giving good advice are now called mad and demented.

Money_saving_maniac wrote: »

How many people except government ministers, senior civil servants and other people at the top of the tree are going to get £250,000 in their pension pot? Is he demented?

Most of those you listed there will easily be able to have twice or more times as much at the end of their working lives. Whilst I appreciate it could be tough for many to get to £250K, don't forget that there are employer contributions that can help. A few less tattoos and more nights in, coupled with some old-style money saving, could in many cases help finding that extra bit of money to put into a pension each month. It's a personal choice though, you can spend every last penny now if you'd rather not have the extra money in your older days.

mgdavid

Money_saving_maniac wrote: »

This bloke is mad. How many people except government ministers, senior civil servants and other people at the top of the tree are going to get £250,000 in their pension pot? Is he demented?

Do you understand compound interest?

Start at 20, save £100 a month for 45 years, at 4.5% it gives c. £175,000.
Increase the monthly payments in line with inflation, pay rises, promotions and you easily get to £250,000.

http://monevator.com/compound-interest-calculator/

Aretnap

Money_saving_maniac wrote: »

This bloke is mad. How many people except government ministers, senior civil servants and other people at the top of the tree are going to get £250,000 in their pension pot? Is he demented?

I'm 42 and I already have just short of £250K in my pension pot. My salary is just over £47K which I appreciate is above average, but hardly puts me at the top of the tree. All being well I hope to have something approaching three quarters of a million by the time I retire. It's quite easy with a bit of foresight and self-discipline. (Yes, I have a family and a wife who earns les than me, I pay a mortgage and take foreign holidays - I do not need to live a ludicrously frugal lifestyle to save that amount)

Even for someone on average-ish income of say, £24K, paying in 10% of their salary (between themself and their employer) over a 45 year working life would give a final pension pot of over £250K, assuming a fairly conservative long term average growth rate of 3.5%.