The future of pensions - thoughts!

Grumpy_chap

BlackKnightMonty said:

Real figures I’m afraid.

This thread risks going the way of the "office joke" from when I began working:

Population of the UK 67 million:
https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/bulletins/annualmidyearpopulationestimates/mid2021

Retired 12.6 million:
https://www.gov.uk/government/statistics/dwp-benefits-statistics-august-2023/dwp-benefits-statistics-august-2023#:~:text=The main headline figures for,5.6% to 1.6 million claimants

Out of work on benefits (as above) 5.6 million

XXX number on holiday
YYY number unwell
ZZZ dadeda

Until you reach the punchline
"No wonder I'm knackered - I am the only one working"

We do need to be careful with statistics.

BlackKnightMonty

Grumpy_chap said:

BlackKnightMonty said:

Real figures I’m afraid.

This thread risks going the way of the "office joke" from when I began working:

Population of the UK 67 million:
https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/bulletins/annualmidyearpopulationestimates/mid2021

Retired 12.6 million:
https://www.gov.uk/government/statistics/dwp-benefits-statistics-august-2023/dwp-benefits-statistics-august-2023#:~:text=The main headline figures for,5.6% to 1.6 million claimants

Out of work on benefits (as above) 5.6 million

XXX number on holiday
YYY number unwell
ZZZ dadeda

Until you reach the punchline
"No wonder I'm knackered - I am the only one working"

We do need to be careful with statistics.

I wasn’t looking to derail this topic, my apologies.

westv

BlackKnightMonty said:

westv said:

BlackKnightMonty said:

ukpoker said:

According to most financial analysts the country can't afford to keep paying out an ever increasing amount of pensions to people that are living longer and require more money every year just to keep up with the basics.

Its therefore an idea for the government to grasp the nettle and start to come up with ideas on how to solve this issue. 

My thoughts are as follows :

- Tell the public that as from 2065 no new pensioners will be created. In other words anyone becoming of retirement age (currently 67) will no longer get a STATE pension.

- Enforce a strict contribution scheme whereby people of a certain age will be deducted a percentage of their salary in order to fund their retirement. 

Aged - 18 thru 25 -> 3% of earnings
            25 thru 30 -> 5% of earnings
            30 thru 35 -> 8% of earnings
            35 thru 40 -> 10% of earnings
            40 thru 50 -> 12.5% of earnings
            50+ -> 15% of earnings

All contributions will be government MATCHED!

By 2100 all monies usually being paid out on state pension will be none existent and can then be used to fund the ever going saga of the NHS...but that's another story

Very admirable.

How would that work for the 5m unemployed who sit on benefits throughout their working life and then pick up a free state pension?

5m? Is that a guess or a real figure?

Real figures I’m afraid.

I can only see that image on The Spectator website. Is the info anywhere else?

MSE_JC

Hello,

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