Will they get rid of or reduce full state pension?

MrE1

I'm projected to be heavily reliant on state pension when I reach pension age! 

QrizB

MrE1 said:

Will they get rid of or reduce full state pension?

Ever? Yes, "this too shall pass".

Within my lifetime, or yours (I see you're 37)? Unlikely.

LV_426

I would say it's political suicide for any party to scrap the state pension. Besides, can you imagine the civil unrest caused by such a decision?
Also consider that until recently, it wasn't even required for individuals to have a personal pension. I suspect that when a generation have been contributing to the now compulsory workplace pension, the state pension might be reduced. Not that it's enough to live on as it is though.

artyboy

No, will stay

LV_426 said:

I would say it's political suicide for any party to scrap the state pension. Besides, can you imagine the civil unrest caused by such a decision?
Also consider that until recently, it wasn't even required for individuals to have a personal pension. I suspect that when a generation have been contributing to the now compulsory workplace pension, the state pension might be reduced. Not that it's enough to live on as it is though.

I suspect we've probably got another 30+ years of governments gradually ramping up the mandatory minimums for occupational pension inputs (both employer and employee) before you get to a point where there is a generation that is building up sufficient provision to not need the state pension. 

In other words, the state pension has to remain more or less intact for the rest of this century!

JoeCrystal

No, will stay

What is the point behind this poll anyway?

We all know that they don't get rid of it, indeed, it is more likely it will be mean-tested instead. Many countries restrict the amount paid (based on your means), like Australia or only payable in a country like South Africa.

Stubod

Yes, will get rid of

..yes, I recently read that the gov. plan to stop paying the state pension completely, (even those getting it now), sometime in the next 3 to 5 years....best start saving!!

artyboy

No, will stay

Stubod said:

..yes, I recently read that the gov. plan to stop paying the state pension completely, (even those getting it now), sometime in the next 3 to 5 years....best start saving!!

Oh, you wag... 

JoeCrystal

No, will stay

Stubod said:

..yes, I recently read that the gov. plan to stop paying the state pension completely, (even those getting it now), sometime in the next 3 to 5 years....best start saving!!

Where is your source for the government's plan? If you can give us the government document that they plan to stop paying state pension entirely in the next three to years tears, that would be helpful. And no, non-government websites or any other media do not count.

Dazed_and_C0nfused

Stubod said:

..yes, I recently read that the gov. plan to stop paying the state pension completely, (even those getting it now), sometime in the next 3 to 5 years....best start saving!!

I think you slightly misunderstood, it's only those with income less than £150,000 that will no longer get it. 

If your income is over £150,000 you will still get it and Kwasi Kwarteng is planning on introducing a new State Pension tax rate of 0% for those who will still receive it.  Can't have them suffering 40% tax on it 😳

[Deleted User]

Very unlikely  but the smart thing to do would be to prepare for different scenarios.

SouthCoastBoy

I hope not ss that would truly scupper my plans