Argentina

[noahrab]

And do what with the money you've deducted from them over the years?

Nothing has been deducted for pensions over the years.

Pensions are a benefit.

[The AuldYin]

Nothing has been deducted for pensions over the years.

Pensions are a benefit.

Where has the money for pensions came from then?

[noahrab]

Where has the money for pensions came from then?

Today?s taxpayers pay for today?s pensions.

[BCram]

Today?s taxpayers pay for today?s pensions.

I am afraid Noah that you are spot on. No money has been saved onto a fund for the payment of state pensions. Every state pension is paid out of the current taxes raised each month.
Think there is no need to give highly paid people advantages when it comes to tax relief on pensions but there was pandemonium when they put a low limit on how much NHS consultants could pay into their pension pots. They had to pay so much more tax because they could not stuff their pension fund full of cash they did not need, or could not spend.

[Returnofrros]

It is a benefit but people have built whole retirement planning with this benefit in mind.

Three main Tennant's of govt

Defend borders .....****ed

Provide good health care ......****ed

Provide state pension.......ain't getting it

[noahrab]

I am afraid Noah that you are spot on. No money has been saved onto a fund for the payment of state pensions. Every state pension is paid out of the current taxes raised each month.
Think there is no need to give highly paid people advantages when it comes to tax relief on pensions but there was pandemonium when they put a low limit on how much NHS consultants could pay into their pension pots. They had to pay so much more tax because they could not stuff their pension fund full of cash they did not need, or could not spend.

Pension should be means tested.

Don?t need it, don?t get it.

[BCram]

Pension should be means tested.

Don?t need it, don?t get it.

Can't think how this would work. Remember poll tax counted households and worked out amount of council tax. Do you count household income?
Do you add up all benefits, like housing benefit and all the others to find out how much each household earns?
Maybe families staying together, could be used as a way to encourage parents to look after their family?

[Dodbroon]

Pension should be means tested.

Don?t need it, don?t get it.

How do you define "don't need it"? ?10k gross private pension, ?100k gross private pension or maybe any private pension and other income.

It's a tad harsh to conclude that current pensioners should be means tested because their pensions are paid out of current tax collections if their tax collections during their working life were used partly to pay the pensions of previous generations.

National Insurance contributions were set up originally to provide a state pension along with other benefits. This was a key aspect of the Beveridge report of 1942 on social security. Individuals paid in money (agreed this was used to fund pensions and benefits of others at the time) to enable them to get a state pension on their own retirement together with other benefits if required. It would be the same way that folk who have built up savings and bought their own house have to pay for care later in life are fleeced compared to others who get the same free. I'm not talking here about a person who has had little income throughout his/her life and who has had no possibility of building up any savings. I'm comparing a person who has had modest to good income even very good income and who has lived lavishly and blown the lot with the person on the same income who has lived more frugally and saved for retirement. Means testing is morally wrong and stems from envy of those on the left against those who have done well for themselves in addition to the super rich who live off inherited wealth.

It is all irrelevant anyway. Even this incompetent, morally bankrupt Labour government or their (Barnet Formula dependent) Scottish SNP useless administration would hesitate to tamper with the state pension. They may allow it to fall further into taxability due to the fiscal drag of not increasing allowances, but means test or restricting the pension; no!! Perhaps the only way they are not stupid is in realising what will stop them being re-elected. This is that, political suicide!

[Returnofrros]

How do you define "don't need it"? ?10k gross private pension, ?100k gross private pension or maybe any private pension and other income.

It's a tad harsh to conclude that current pensioners should be means tested because their pensions are paid out of current tax collections if their tax collections during their working life were used partly to pay the pensions of previous generations.

National Insurance contributions were set up originally to provide a state pension along with other benefits. This was a key aspect of the Beveridge report of 1942 on social security. Individuals paid in money (agreed this was used to fund pensions and benefits of others at the time) to enable them to get a state pension on their own retirement together with other benefits if required. It would be the same way that folk who have built up savings and bought their own house have to pay for care later in life are fleeced compared to others who get the same free. I'm not talking here about a person who has had little income throughout his/her life and who has had no possibility of building up any savings. I'm comparing a person who has had modest to good income even very good income and who has lived lavishly and blown the lot with the person on the same income who has lived more frugally and saved for retirement. Means testing is morally wrong and stems from envy of those on the left against those who have done well for themselves in addition to the super rich who live off inherited wealth.

It is all irrelevant anyway. Even this incompetent, morally bankrupt Labour government or their (Barnet Formula dependent) Scottish SNP useless administration would hesitate to tamper with the state pension. They may allow it to fall further into taxability due to the fiscal drag of not increasing allowances, but means test or restricting the pension; no!! Perhaps the only way they are not stupid is in realising what will stop them being re-elected. This is that, political suicide!

I agree but do not think govts wouldn't do this.

They have already stolen near 40k off of me......what's another 200k between friends.

State pension is defo on the agenda.

But those who agree with means testing......careful what you wish for.

[Returnofrros]

Every financial planner worth his salt has included state pension in retirement planning for the last 30 years.

Are we now saying the govt has misled the people .....shock horror.

State pension forecast dept based in Newcastle......what was the point in that.

Do away with triple lock.