Martin Lewis Money Show - Pensions (ITV, 18/02/2021)

robatwork

Croeso69 said:

It was broadcasted live, the clues were there ...

I doubt they'll photoshop that out in the repeats...

Croeso69

epm-84 said:

jem16 said:

I watched his programme last night even though I never watch it at all. Of course all the Waspi/BT60 mob have been harassing Martin all week even though it was never likely to be about the state pension. That argument is currently raging on his FB page after someone dared to criticise Martin. What I find more interesting there is the amount of people not backing them and calling out their myths.

It's a controversial issue.  On one hand a woman should not be entitled to more state pension than a man (if they both born on the same date, die on the same date and have both paid the same level of NI contributions.)  On the other hand the government didn't give them all that much notice of the change.  

15-25 years, average of 20, is a generation of notice. They knew it was coming apart from those with selective memories or just trying it on.

Croeso69

robatwork said:

Croeso69 said:

It was broadcasted live, the clues were there ...

I doubt they'll photoshop that out in the repeats...

They may blur out, or even remove, the top right thing though depending on whether it is on the master copy or not.

colsten

epm-84 said:

jem16 said:

I watched his programme last night even though I never watch it at all. Of course all the Waspi/BT60 mob have been harassing Martin all week even though it was never likely to be about the state pension. That argument is currently raging on his FB page after someone dared to criticise Martin. What I find more interesting there is the amount of people not backing them and calling out their myths.

It's a controversial issue.  On one hand a woman should not be entitled to more state pension than a man (if they both born on the same date, die on the same date and have both paid the same level of NI contributions.)  On the other hand the government didn't give them all that much notice of the change.  

Women would, on average, get a VERY raw deal if their state pension amount depended on the amount of their NI contributions. A few do still get lower state pension amounts if they chose to pay the Married Woman's Stamp, but luckily not every woman did, and this was sunset in 1977, so the number of affected women becomes less as time goes on. Overall, the average woman has a big advantage over the average man because we all get the same amount of SP for the same number of NI years (ignoring contracted-out deductions for brevity), regardless of how much we paid for an NI year. Because of the Pay Gap, we pay, on average, less NI than men, we get more NI credits, and we have a higher life expectancy than men.

As to notice: this has been discussed numerous times. As a woman whose SPA was 65 years and a few months, I can assure you we all did have oodles of notice. AFAIK, both the High Court and the Appeal Court couldn't find any problem with the length of notice, either.

nigelbb

epm-84 said:

I've never got his suggestion about the amount you put into a pension relating to your age to get 2/3 of your 'normal salary' when you retire.

2/3 of what exactly?  No-one's salary is going to stay at a constant level, increasing with inflation each year.  It might be aged 60 you earn triple what you earned aged 25, even before inflation.  It might be if you work in the constructive industry you decide to move to less manual work when you're in your 50s and earn less aged 60 than you earned aged 30.  If it's 2/3 of the average over your working live then it might take into account a time when you had dependent children and a mortgage so needed a lot more than you will need in retirement.

Some people rent housing their entire lives so obviously they will still need to pay rent after retirement. Those who buy their homes are very likely to be mortgage free by the time they retire & also have the option of downsizing. For many (?most) home owners their house is part of the provision for retirement. 

epm-84

nigelbb said:

epm-84 said:

I've never got his suggestion about the amount you put into a pension relating to your age to get 2/3 of your 'normal salary' when you retire.

2/3 of what exactly?  No-one's salary is going to stay at a constant level, increasing with inflation each year.  It might be aged 60 you earn triple what you earned aged 25, even before inflation.  It might be if you work in the constructive industry you decide to move to less manual work when you're in your 50s and earn less aged 60 than you earned aged 30.  If it's 2/3 of the average over your working live then it might take into account a time when you had dependent children and a mortgage so needed a lot more than you will need in retirement.

Some people rent housing their entire lives so obviously they will still need to pay rent after retirement. 

There is better provision of social housing for pensioners though.  

colsten

nigelbb said:

epm-84 said:

I've never got his suggestion about the amount you put into a pension relating to your age to get 2/3 of your 'normal salary' when you retire.

2/3 of what exactly?  No-one's salary is going to stay at a constant level, increasing with inflation each year.  It might be aged 60 you earn triple what you earned aged 25, even before inflation.  It might be if you work in the constructive industry you decide to move to less manual work when you're in your 50s and earn less aged 60 than you earned aged 30.  If it's 2/3 of the average over your working live then it might take into account a time when you had dependent children and a mortgage so needed a lot more than you will need in retirement.

Some people rent housing their entire lives so obviously they will still need to pay rent after retirement. Those who buy their homes are very likely to be mortgage free by the time they retire & also have the option of downsizing. For many (?most) home owners their house is part of the provision for retirement. 

A house doesn't come entirely free of charge once you have paid off the mortgage. There are still maintenance costs and insurances to pay.

epm-84

robatwork said:

Croeso69 said:

It was broadcasted live, the clues were there ...

I doubt they'll photoshop that out in the repeats...

The top right one is a DOG (Digital Onscreen Graphic) like the ITV logo in the top left.  I bet if you watched the same programme on ITV+1 neither of those graphics would have appeared.

On repeats and catchup they normally add a graphic at the bottom saying it's a repeat of a live show  whenever they say things like "Tweet us live".

Notepad_Phil

epm-84 said:

I just found a newspaper site article which refers to his 'rule of thumb' and that says it's to get roughly 2/3 of the salary you are on when you retire but surely that presumes you aren't on a lower salary when you retire or you don't go part time and then retire.

It's also not 100% clear whether "10%" for a 20 year old means 10% of all pay or 10% of pensionable pay and whether it includes the employer contributions. 

The 'rule of thumb' is for the type of average employee who might have a slight upward curve in their salary but nothing significant in the latter part and who continues to work until they get very close or even to state pension age.

If at some time you go part time or take a lower salary then depending on when that happens the pension might pay out more than 2/3 of the new salary, but you wouldn't expect to do part-time throughout your life and then work full time for the last year and expect the 'rule of thumb' to work on the full time salary, same goes if you suddenly become the CEO of your company after 35 years of being an office grunt.

I've always understood that the percentage includes employer and employee contributions and is really your base salary not including bonuses/overtime (unless you've always received them throughout your career).

molerat

colsten said:

A house doesn't come entirely free of charge once you have paid off the mortgage. There are still maintenance costs and insurances to pay.

Nowhere near £839 a month though, I don't spend that a year !

https://homelet.co.uk/homelet-rental-index