Increase to Minimum Pension age from beyond 57

Qyburn

honeststeveo said:

I only really need to keep options open to handle the financial uncertainty of retirement. Most of that eminates from the govs continual policy changing. Ie changes to state pension age, private pension age.....means testing on state pension....change to pension taxes etc etc. 

Are your concerns just speculative, or based on anything you've seen or heard? Particularly the means testing.

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Qyburn said:

honeststeveo said:

I only really need to keep options open to handle the financial uncertainty of retirement. Most of that eminates from the govs continual policy changing. Ie changes to state pension age, private pension age.....means testing on state pension....change to pension taxes etc etc. 

Are your concerns just speculative, or based on anything you've seen or heard? Particularly the means testing.

I think the Daily Telegraph had a article about this yesterday.

Qyburn

Thumbs_Up said:

Qyburn said:

means testing on state pension....change to pension taxes etc etc. 

Are your concerns just speculative, or based on anything you've seen or heard? Particularly the means testing.

I think the Daily Telegraph had a article about this yesterday.

The Telegraph has articles about that for years,  but I can't actually see it recently. "Yesterday" would be the 15th? I only have access to it online, via the library, so I may well be missing it. What was the headline?

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Qyburn said:

Thumbs_Up said:

Qyburn said:

means testing on state pension....change to pension taxes etc etc. 

Are your concerns just speculative, or based on anything you've seen or heard? Particularly the means testing.

I think the Daily Telegraph had a article about this yesterday.

The Telegraph has articles about that for years,  but I can't actually see it recently. "Yesterday" would be the 15th? I only have access to it online, via the library, so I may well be missing it. What was the headline?

"Britain has a baby shortage – and it could kill off the state pension"

“Why put more of the burden on them? There are other ways to make the state pension more affordable: we could introduce means testing, or ask older workers to continue paying National Insurance contributions. We have to make the system fairer for everyone.”

https://www.telegraph.co.uk/pensions-retirement/news/britain-fertility-rate-baby-shortage-state-pension-crisis/

SouthCoastBoy

"It seems unfair that younger and future generations must pay for this system, while pensioners have received the advantage of the triple lock for 10 years and young people are enduring the highest effective tax rate in decades."

It's not just current pensioners who benefit from triple lock, it is anybody who will get a state pension.

Not sure I understand the argument that not fair for younger and future generations must pay for the system, that has always been the case. The 50 and  60 year olds who are no longer young but were once have funded the system. 

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Their is a growing belief amongst young people they are paying national insurance contributions and yet their is a likelihood they will not receive it when they come to retire, because-

A- Government will keep on pushing the age back.

B- Government in time will abolish it.

SouthCoastBoy

Thumbs_Up said:

Their is a growing belief amongst young people that they are paying national insurance contributions and yet their is a likelihood they will not receive it when they come to retirement, because-

A- Government will keep on pushing the age back.

B- Government in time will abolish it.

I think any yet to be pensioner has suffered from putting the age back, not just the "younger generation".

I don't see the benefit of means testing it, if pensioners received a high income they would pay a significant back via taxation. 

Qyburn

Cheers. There's not much flesh on that "we could introduce means testing".

Looking through their pieces in previous years they've suggested basing it on wealth including ppensions and property, or another article suggested that higher rate tax payers shouldn't get it (not clear if they mean HR payers in retirement, or during their working lives).

I thought it a bit odd that the Telegraph of all papers are promoting removing a benefit from the well off. 

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I’m Generation X with no children in tow, so I’m part of the problem who will probably cause the demise of state pensions for Millennials and Generation Z. I don’t really loose much sleep over it to be honest.

Nebulous2

One of our young people has felt very strongly for a long time that the state pension will never be a reality for his generation.

I've posted their viewpoint in this forum before, and got a lot of pushback from others who said I was speaking nonsense and it wouldn't be possible politically to make such a change.

The landscape seems to be shifting however, and more and more people are saying what he has been saying for some time....