Pensions

[sprintbint]

I had some really good news from the Goverment Pensions dept yesterday...apparently when I retire (aprrox 7 years time) I will be eligible for £83.30 state pension a week at todays rate...wow I hear you say, apart from the fact I've paid taxes all my working life (40% rate for the last few Years). Wonder how much the money grabbing bastards have had off me over the years...ummm can't wait :rolleyes:

[Fran]

My retirement age has been moved from 60 to 65.It'll probably be changed to 80 by the time I get to 65.They want us to fall off the perch before they have to pay us a penny because they mismanage our tax & insurance payments so badly.The future workplace will be filled with crumblies in as bad a state as the pope! :eek:

[sprintbint]

My retirement age has been moved from 60 to 65.It'll probably be changed to 80 by the time I get to 65.They want us to fall off the perch before they have to pay us a penny because they mismanage our tax & insurance payments so badly.The future workplace will be filled with crumblies in as bad a state as the pope! :eek:

Being a civil Servant until 2012 the retirement age is still 60 then it goes up to 65, fortunately I just come into that bracket to go at 60. Also I'll get a good pension as I will have notched up 33yrs by then.

[Fran]

Being a civil Servant until 2012 the retirement age is still 60 then it goes up to 65, fortunately I just come into that bracket to go at 60. Also I'll get a good pension as I will have notched up 33yrs by then.
I'm civil service too & I've done 27 years hard labour. :(
I can still go at 60 but have to take a lower amount.Hoping for a lottery win! :(

[r30]

spare a thought for us that don`t work for the goverment but have paid into schemes that are almost or will be worthless :mad:

[Yoda]

Hey R30 i see you are in Brum
No excuse not to come to our secret nmeeting tonight is there :) :) :)

http://www.100-biker.co.uk/forums/showthread.php?t=4386

Yoda

[bill?]

My retirement age has been moved from 60 to 65.It'll probably be changed to 80 by the time I get to 65.They want us to fall off the perch before they have to pay us a penny :eek:
its because of the crappy conditions and pay, put the retirement age up and they retain health service workers longer. make the pension shyte and you'll have to carry on working, thus keeping the work force even longer.

[r30]

i shall drag the tractor out if it is not pissing down look out for some one that looks like shrek

[Spike]

Get ya waterproofs on man !!

[trikeruk]

least you got a pension, ive just lost mine after paying into it 4 the last 28yrs :cool:

[Sir Ewok]

The problem with welfare state pensions is that none (that's right, NONE) of your money goes to pay your pension. When the welfare state was set up, the government had no money to finance the state pension, so the payment you make today goes to pay your parents/grandparents pensions next week. I have eight years and ten months to go, as of tomorrow. Feck knows what I'll get.

[r30]

at least goverment workers are better protected. in the private sector a lot of people have been shafted they changed tax rules, allowed company`s to take break`s from paying into pension`s, allow company`s and people to steal from them, once you were told it was best to opt out of serps now that advice your told was wrong it`s best to opt back in and they`ve changed it to some thing called s2p . sorry i`ve talked to much it`s the thought of all that money i`ve lost.

[Fran]

at least goverment workers are better protected. in the private sector a lot of people have been shafted they changed tax rules, allowed company`s to take break`s from paying into pension`s, allow company`s and people to steal from them, once you were told it was best to opt out of serps now that advice your told was wrong it`s best to opt back in and they`ve changed it to some thing called s2p . sorry i`ve talked to much it`s the thought of all that money i`ve lost.
You're right but they're probably working on ways to do us out of our pensions or at least give us less when we retire.Private companies should be made to take out some sort of insurance that would guarantee their employees didn't lose their pensions even if the company went bust.

[kitkatman]

i agree, but will they do it, will they f@ck!

[krammer]

theres a strike on the 24th of march :eek:

[Dougie]

Yep,both of us voted for it.We'll lose a day's pay each,but if it keeps our pensions AND our jobs it'll be worth it.

[Abb]

You're right but they're probably working on ways to do us out of our pensions or at least give us less when we retire.Private companies should be made to take out some sort of insurance that would guarantee their employees didn't lose their pensions even if the company went bust.
Akshurly, the way comapny stakeholder pensions now operate offer a lot of protection to the fund holder. Basically, now, when you pay into a company stake holder pension, you pay directly into your own 'pot' not into a company fund. Your company is also obliged to pass the money deducted from your wages to the pension company within 10 days (or is it 2 weeks) of making the deduction - this is law.

The government are also putting in place a pension protection scheme to further protect private workers' pensions.

So, as it stands now, upon retirement the average person with enough contributions will receive the following:

Basic State Pension
Additional 'Make Up' Pension

Currently adding up to around £120 per week.

Add on top of that a private pension of £400 per month, you have a nice little comfortable income for the rest of your life.

Those civil servants who are in the old scheme will earn a hell of a lot more than that.

[r30]

it`s a bit late for those of us that have already lost money and have lost complete confidence in the whole system. and what`s to stop them shafting us even more by making more of the system means tested

[Abb]

I don't see how that would affect you. If you have a private pension you will get money. If you have lost on a private pension through mismanagement and the govt bring in a means tested pension system (not aware of anything to that effect) then you will be, generally, better off, unless you earn **** loads - in which case you should be taking advice on investments etc to try and cover some of your losses.

[r30]

part of the current system is mean`s tested so if you have a small pension or income from saving`s you are penalized. do i join my present employers scheme and maybe waste more money like i have for the last 16 years in other scheme or go out and spend it :confused:

[Abb]

I don't see how you are penalised. You get a tax break for contributing to your pension, you get a pension etc etc

As for whether you should join your company scheme or not, sorry, I am not qualified to answer that question, although I do believe that new schemes are better managed than old ones, but I would suggest you took professional advice.

[r30]

i had so called professional advice last time

[sprintbint]

Akshurly, the way comapny stakeholder pensions now operate offer a lot of protection to the fund holder. Basically, now, when you pay into a company stake holder pension, you pay directly into your own 'pot' not into a company fund. Your company is also obliged to pass the money deducted from your wages to the pension company within 10 days (or is it 2 weeks) of making the deduction - this is law.

The government are also putting in place a pension protection scheme to further protect private workers' pensions.

So, as it stands now, upon retirement the average person with enough contributions will receive the following:

Basic State Pension
Additional 'Make Up' Pension

Currently adding up to around £120 per week.

Add on top of that a private pension of £400 per month, you have a nice little comfortable income for the rest of your life.

Those civil servants who are in the old scheme will earn a hell of a lot more than that.


Abb, if you look at my original posting you will see that the goverment pension is

basic state pension £79.60
Additional State pension £3.70
£83.30

Fortunately by working for the MOD for a number of years at least I will get a decent pension from them.

Sue

BTW I didn't tell sax about easter, is that ok :D

[Abb]

Disclaimer: The value of your pension fund can go down as well as up.

It's all in the small print and they are fully exempt from any blame.

Suppose it's up to you, but the extrapolation of current inflationary rises to every day goods does scare the **** out of me. In 20 years a pint will be around £4.50 - I need a good pension to be able to maintain my current level of drunkeness.

[Mrs Reject]

I could never afford a private pension to supplement my state pension because I could only just pay the mortgage and bills as a single parent for years. Now I am retraining as a Podiatrist at 43 and plan to work until I'm 75 health permitting in order to save enough money to retire comfortably.
My thoughts are that retirement at 60-65 or whatever is a fairly new idea, 100 years ago people worked until they died and when they were too old to work they either went into the workhouse or were looked after by their children.
If I have to retire earlier than 75 due to ill health we'll just have to sell the house and downsize to pay the bills.
In my last nursing job there were 2 nurses aged 73 who worked part time, one of them a diabetic. Neither could afford to retire. They were older than some of the residents :eek: :eek:
This is becoming much more common now.

[Abb]

BTW I didn't tell sax about easter, is that ok :D Yep, it may save me having to drink a lot of beer with him.

[trikeruk]

how can you make your pension up after losing 28yr of pension rights, thats five and half per cent of 28yrs wages, would have been better pissin it up the wall instead of savin for my old age, least it would have been fun :cool:

[saxman]

Yep, it may save me having to drink a lot of beer with him.
no fuckin chance busta :D

[Sir Ewok]

Retiring at 65 may be a relitively new idea and I like it. Come my 65th Birthday, I'm going to retire and let somebody pay for me for a change. My parents worked bloody hard all their lives and bought two houses (long story) out of working class wages. Sold houses and moved to Northampton. Dad died first, followed by Mum in 2002. While she was in hospital suffering with strokes and complications, state was planning how to take everything off her. She died to thwart the b'stards and I knew she'd done it rather than get robbed. Those greedy feckers killed my mum, som a bunch of glue sniffing alcaholic wankers could stay on state benefits. I have altready told the same peeps that when I retire, I shall sell my house and move into rented accomadation and blow the fecking lot. If I get seriously ill, then I'll get the free handouts that everybody else gets.......
Just needs everybody to get ill and take lots of time off once they're over 65 to put a stop to that kind of nonsense. Get the youngsters into work, so the Government can pay decent pensions to OAP's. :mad:


Rant over.

[Dont ask Me! I`m Stoned!]

I had some really good news from the Goverment Pensions dept yesterday...apparently when I retire (aprrox 7 years time) I will be eligible for £83.30 state pension a week at todays rate...wow I hear you say, apart from the fact I've paid taxes all my working life (40% rate for the last few Years). Wonder how much the money grabbing bastards have had off me over the years...ummm can't wait :rolleyes:
I must admit i aint got a pension but if i stop in my line of work i wont be buried at the top!!.. ;) The fack is i aint been able to afford to pay into one bringing kids up alone without maintanance and with the maxwell case well ...... :eek: