Women Born After 1955 Work Until 65!!

carnet

I must be missing something here. What has the Govt. to do with occupational pensions ? Surely it is up to each individual employer operating the pension scheme to set the minimum age etc. ?

Also, AFAIK, the Govt's own Civil Service Pension Scheme still (but for how long ? ) allows for the taking of pension benefits on actuarially reduced terms at age 50 - at least it did when I claimed them 4 years ago .

november

I have no problem with the fact I cannot collect a state pension until I'm 65. That is the same as my male OH so seems fair to me.

In fact I am glad no-one can try to 'nudge' me into retiring earlier as that is the age I had planned on. What's more its the age I told my mortgage company I was retiring on (I took out my first mortgage at 40).

rrwfotr

Hi this may sound daft, but I'm 28 years old and I'm wondering why I'm paying so much NI and tax for benefits that I'll never be able to cliam. As when I or people of my age retire I doubt we will have any state pension. Are we mad???......

calleyw

rrwfotr wrote:

Hi this may sound daft, but I'm 28 years old and I'm wondering why I'm paying so much NI and tax for benefits that I'll never be able to cliam. As when I or people of my age retire I doubt we will have any state pension. Are we mad???......

Because you are paying for the people that have already retired.

A lot of people are going to get a shock when the retire. As they will have a lot less to live on then they thought.

The memory of 3 X expensive holidays a year and the new car every year and wasting thousands going out every night etc etc. Is not going to pay the bills or keep you warm at night.

I am resigned as a 32 nearly 33 year old female that there will be no state pension when I retire. And I will have very little money to live on unless I win the lottery. So I better start saving now. And work until I drop.

Yours

Calley

EdInvestor

Hi rrwfotr

rrwfotr wrote:

Hi this may sound daft, but I'm 28 years old and I'm wondering why I'm paying so much NI and tax for benefits that I'll never be able to cliam. As when I or people of my age retire I doubt we will have any state pension. Are we mad???......

May I ask why you think that state provision will go seriously downhill ?

People retiring now who are depending on the 2 state pensions and have a full contribution record will be the best-off such pensioners ever.

The position for those who haven't been able to earn enough to build up a big company pension is getting better, not worse.

rrwfotr

Editor wrote:

Hi rrwfotr




May I ask why you think that state provision will go seriously downhill ?

People retiring now who are depending on the 2 state pensions and have a full contribution record will be the best-off such pensioners ever.

The position for those who haven't been able to earn enough to build up a big company pension is getting better, not worse.

Hi the reason why I say this is that there are simply not enough tax payers who will be able to pay enough tax into the system to fund the state pension.

At the moment there are large numbers of older people who will retire in the near future. And the number of proper tax payers are not enough. Gone are the days of big families as people tend to have fewer kids thus paying into the system. There is also another massive factor as well, the end of company salary ended schemes and the advent of money purchase schemes which do not offer any forms of projected income.

EdInvestor

Hi the reason why I say this is that there are simply not enough tax payers who will be able to pay enough tax into the system to fund the state pension.

Don't forget that the large babyboomer generation coming up to retirement now will be the best off pensioners ever - most of them will be paying tax themselves .They will also be spending money which will generate growth and jobs in the economy, and all these workers will be paying tax too. A lot of these babyboomers may also prefer not to retire in the traditional way but to keep doing some kind of work - consulting, part time, etc and guess what, that income will be taxable....;)

The low birthrate problem is being resolved through immigration, as everywhere in the world, and immigrants pay tax too, of course.

As for the switch from final salary to money purchase pensions, I agree this will mean pensions will be smaller, as the companies usually contribute a lot less into m/p schemes (typically 5-7% compared with 15%+ for f/s).Against that, most people have now got significant equity assets in their home, which can be accessed to pay extra income when they retire. Overall household assets have been growing at about 3% a year above inflation for around 15 years now.

IMHO the outlook is not necessarily bad, just different from the way things have worked in the past.But change is normal: more than 70% of UK families now own their own home - a generation ago it was well under half, and in the postwar period, home ownership was a dream only the rich could aspire to. Pensions themselves are only 100 years old.We've come a long way in quite a short time: I'm sure we will continue to make progress

blossom30

Thankyou to all you nice moneysavers for your replies....I am sorry but I failed to see this information at the time...and I do read newspapers and watch the news also programmes like working lunch...Anyway I still think this is unfair ,when I started my working life I was paying into a system whereby I could retire at 60 now it seems that when that time (is fast approaching) the Government decide to move the goal posts. The whole legislation is a bit ambiguous eg. The retirement age for women from April 5th 2020 will be 65...but if you are 60 in 2015 you have to wait until 65 so the date should therefore be 2015 ........ ???? Anyway I think some strong woman out there will challenge this.

margaretclare

shrewdal wrote:

Anyway I think some strong woman out there will challenge this.

Well, it used to be the case that women in public sector jobs were forced to retire at 60 when men could carry on to 65. It was a strong woman who challenged this several years ago now, and won...if I remember rightly it was a speech therapist in the NHS.

I changed direction, but continued to work until I was 67 (so did my husband). Obviously I continued to pay tax but wasn't allowed to continue NI contributions, which meant that I couldn't accrue more SERPS. I'm still saving in a stakeholder, and I plan for that to continue until the last date possible, which will be 10th August 2010.

Aunty Margaret

Debt_Free_Chick

Of course, no-one has to WORK until they reach 65. You can stop work whenever you like and if you have sufficient savings to live on.... or win the lottery .... or your partner is working .....