State Pensions

[baggieal]

It will be interesting what the vile Stacy Solomon sounding girl from Accounts does with the state pension. The tax free allowance is fractionally under the annual state pension sum so if there?s no change for tax year 27/28 people will be paying tax on their annual state pension which will trigger huge unrest.

Perhaps Rachel from Accounts will raise the tax free allowance to 20K a year as opposed to throwing more benefits to those who choose not to work or arrive on dinghies!

What you say Lloyd? 67 now to qualify and paid pittance compared to some other EU countries! Disgraceful!!

[soulman101]

It will be interesting what the vile Stacy Solomon sounding girl from Accounts does with the state pension. The tax free allowance is fractionally under the annual state pension sum so if there?s no change for tax year 27/28 people will be paying tax on their annual state pension which will trigger huge unrest.

Perhaps Rachel from Accounts will raise the tax free allowance to 20K a year as opposed to throwing more benefits to those who choose not to work or arrive on dinghies!

What you say Lloyd? 67 now to qualify and paid pittance compared to some other EU countries! Disgraceful!!

I'm paying a lot tax and full council tax .
My twin brother has'nt got a private pension and can't get any other help becacause of his savings .
His mate hid his savings and gets pension credit , no countax and free dental .
We are doing well so not complaining , but if as more likley I go before my wife , she will only get half my BT pension.
So i'm still saving to make sure she's more comfortable .
What bugs me is the attitude of youngsters towards pensioners. Our generation always had respect and understanding .
The triple lock what they all moan about .Lets give some figures .
The gap between the living wage based on 38hrs . in 2020 the gap was ?156, in 24 it was?220 iin 26 it is ?241 .

[baggieal]

I'm paying a lot tax and full council tax .
My twin brother has'nt got a private pension and can't get any other help becacause of his savings .
His mate hid his savings and gets pension credit , no countax and free dental .
We are doing well so not complaining , but if as more likley I go before my wife , she will only get half my BT pension.
So i'm still saving to make sure she's more comfortable .
What bugs me is the attitude of youngsters towards pensioners. Our generation always had respect and understanding .
The triple lock what they all moan about .Lets give some figures .
The gap between the living wage based on 38hrs . in 2020 the gap was ?156, in 24 it was?220 iin 26 it is ?241 .

I totally get it Lloyd and I feel for pensioners having to live on a state pension and still must pay council tax etc etc. Not even a free TV licence and it?s disgusting!

[Omegstrat6]

I'm of the demographic where many are still expected to have comfortable retirement due to decent private or company pensions. For myself, however I really worry about the future as my only decent "final salary" company pension scheme from when I was a manager was wound up years ago and all the other various company pensions I have amount to very little. I gave up my management position to work part time some years ago to help care for my son which impacted not only on my income but on my company pension contribution. When I retire at 67 I will predominantly rely on my state pension and if the triple lock goes then this will be worth even less by then.

The current thinking is that you need about £14k a year as a single person to live at a "minimum" (the state pension is currently just under £13 k) and about £22,500 for a couple. This is deemed not enough to run a car or have holidays. To live "moderately", it is estimated that a single person will need around £32,700 and a couple £45,400. With all my bits of various company pensions together with my state pension I'm probably looking at about £24k tops for myself but I will pay tax on this of course. The better half won't reach pension age until a few years after myself but she has been a full time carer for our son for 23 years so has not worked for some years and she has no private or company pensions.

It is what it is and many of the younger generations will likely be even worse off if they don't invest quickly into private pension schemes but I do get angry that whilst many company pensions finished their old style final salary schemes some years ago because they were not seen as being affordable, many of those working in the public sector continue to enjoy the security of such "good plated" pensions. It isn't that they don't work hard but they get paid decent salaries these days and their better pensions are ultimately paid for by tax payers. Should so many of us who don't get such benefits in our retirement really foot the bill for this?

[baggieal]

I'm of the demographic where many are still expected to have comfortable retirement due to decent private or company pensions. For myself, however I really worry about the future as my only decent "final salary" company pension scheme from when I was a manager was wound up years ago and all the other various company pensions I have amount to very little. I gave up my management position to work part time some years ago to help care for my son which impacted not only on my income but on my company pension contribution. When I retire at 67 I will predominantly rely on my state pension and if the triple lock goes then this will be worth even less by then.

The current thinking is that you need about £14k a year as a single person to live at a "minimum" (the state pension is currently just under £13 k) and about £22,500 for a couple. This is deemed not enough to run a car or have holidays. To live "moderately", it is estimated that a single person will need around £32,700 and a couple £45,400. With all my bits of various company pensions together with my state pension I'm probably looking at about £24k tops for myself but I will pay tax on this of course. The better half won't reach pension age until a few years after myself but she has been a full time carer for our son for 23 years so has not worked for some years and she has no private or company pensions.

It is what it is and many of the younger generations will likely be even worse off if they don't invest quickly into private pension schemes but I do get angry that whilst many company pensions finished their old style final salary schemes some years ago because they were not seen as being affordable, many of those working in the public sector continue to enjoy the security of such "good plated" pensions. It isn't that they don't work hard but they get paid decent salaries these days and their better pensions are ultimately paid for by tax payers. Should so many of us who don't get such benefits in our retirement really foot the bill for this?

Morning Omeg - honestly feel your pain. Years ago as you know we didn?t think of the consequences of not having private pensions or the effects of our kids with student debt. This is why I am so angry with illegals piling in and the government throwing money around like confetti for those on benefits - the financial implication can not be sustained and the country will end up bankrupt. The bonds are in an awful state - debt is massively increasing and there?s no way will we reach the increased target of military spend v GDP. This stupid governments answer is to keep taxing those who get off their backsides and work. Business leaders absolutely detest Reeves because she really is clueless. You can guarantee Mahmood will replace her if dangerous Burnham gets in who is another clown albeit many can?t see through the charisma,

If the Norwich game falls on a good day this coming season I will get a couple of tickets for us to go to the match.

[Omegstrat6]

Morning Omeg - honestly feel your pain. Years ago as you know we didn?t think of the consequences of not having private pensions or the effects of our kids with student debt. This is why I am so angry with illegals piling in and the government throwing money around like confetti for those on benefits - the financial implication can not be sustained and the country will end up bankrupt. The bonds are in an awful state - debt is massively increasing and there?s no way will we reach the increased target of military spend v GDP. This stupid governments answer is to keep taxing those who get off their backsides and work. Business leaders absolutely detest Reeves because she really is clueless. You can guarantee Mahmood will replace her if dangerous Burnham gets in who is another clown albeit many can?t see through the charisma,

If the Norwich game falls on a good day this coming season I will get a couple of tickets for us to go to the match.

Hi Al. Thanks for the kind offer! Would be good to meet up if that could be arranged.

As for pensions, that the state pension accounts for over 50% of the total benefits bill is a concern, especially with the changing demographics in the country as more people live longer. One of the issues, of course, is that the state pension isn't so much based on the contributions you put in yourself over the years, but rather on the contributions of those still in work during your retirement. As the ratio between the number of those in work and contributing against the number of retirees alters, the amount paid as a state pension will very likely lessen even more over time.

Previous government's have recognised this and have tried to help the situation by getting all companies to enrol their employees into company pension schemes and extending the retirement age but I fear for future generations. Many businesses, for example, are-like all of us-feeling the pinch and have downgraded their pension schemes which, in some cases, are now significantly less generous. When my own company dropped the percentage contribution of employees and therefore saved money by reducing the cost to themselves of having to match it, I advised people to set up AVCs so that they at least continued to pay in the same amount of money from their wages into their pension as they had before, even if the company would no longer match that. Very, very few did so and seemed to prefer the slightly higher take home pay without the foresight to see the longer term impact on their company pension.

Recent forecasts regarding the estimates of how many people in the country will fall short of a "moderate" pension and even a "minimum" one in their retirement are very worrying and its not a can that it would be wise to.kick down the road!

Anyhow, enjoy your break in the States!