Work 'til you drop....!

Margaret Pilkington · 19-11-2005, 20:49

The government is planning to make people work until they are 67.... this is to cover the shortfall in Pensions......maybe if Gordon Brown gave back the money he raked off the pension schemes it wouldn't be necessary.

20% of Men will not live to draw their pension if the pension age goes up, so there will be a saving there. There are also plans for the government to start up a pension savings scheme......everyone will automatically be included but there will be an opt out clause. The government know that once people are in a scheme, inertia often keeps them there.

Bad-Wolf · 19-11-2005, 20:59

Indeed, though I think that the whole thing (as you rightly pointed out) is just another ploy to make more money.

I think it would be worth asking the question as to whether or not this new scheme that we are all going to be made a part of (granted there is an opt out clause), will carry with it another tax?

I should be very surprised if it did not!

What we will ultimately end up with is another government scheme for placing a secondary income tax on your hard earned pay.

Margaret Pilkington · 19-11-2005, 21:06

No it won't be a tax....it is proposed that the employee will contribute 3% and the employer will contribute 3%. I think it would be more beneficial to prevent those who have not paid into the benefits scheme(which is in an almighty mess - and those are the governments words, so we have to assume it is pretty bad) from accessing benefits...or making it so that they can only draw benefits for 6months..to maybe help them get on their feet.

Which ever way you slice it.....it is still going to be money that is coming out of your disposable income.

Bad-Wolf · 19-11-2005, 21:17

Indeed it is. Though once there are savings in this scheme surely the government will tax the total amount aquired as they do with all other schemes regardless of who there contributors may have been.

That is my main concern.

Even the state pension has been taxed. You most certainly do not get back what you paid into it. They may not call it a tax but it amounts to the same thing.

park381 · 19-11-2005, 21:38

Think this thread and - pre paid funeral plans would go well together

Bad-Wolf · 19-11-2005, 21:41

I think you are right.

We could see how many people are likely to have to pay for their funeral before they get the chance to draw a pension, or indeed get their savings back!

However, funerals do not really apply to me as I have already died and am unlikely to do so again..... Once was enough!

SPUGGIE J · 19-11-2005, 21:49

For some working until they are 67 might be the only option available. As it stands there are so many people who cannot make a living wage as it is and throw in geographical location it makes it a money nightmare. I pay into a private pension scheme which when I was opening was offered the chance to take out the pesion contribution from my NI payments. I refused and am glad i did. Those who went down this road have suffered from the lack of returns on investments and will have a large shortfall to make up in their pensions.

The govenment proposals for a pension savings scheme might help these people but would it help me? The pension pot has been raided that often by sucessive govenments that they should be partly to blame. What would the next step they take be deny all those with private pensions their right to a state pension? As it stands public sector workers can retire before private sector and have a nice pension from it and are against an increase in retirement age. If it is a "cash grab" then like most before it could fail and put us in a worse position than we are now. Is this what we want to happen and then end up worse of than we are? GB is very low down the pension provision list with outher smaller poorer countries high up than us and some with a lower retirement age.

The company I work for has a set mandetory retirement age of 60 for all workers so what will i have to do to suvive after that? There are people who have worked all their days paid their stamp and end up amongst the poorest around. Yes we will end up working untill we drop and have nothing to show for it. Retirement is the reward for putting in the hours paying your taxes and providing for the family. Yet thanks to incompitence at the highest level and not what some believe is the aging population and longer lifespan we are in this mess. Personally I dont like the idea of 67 as the retirement age because thanks to the hours i put in I would have done enough and paid enough by the time I am in my mid fifties.

Then we have those who have never really worked and payed nothing to the state who will have the same as those who have. Its all wrong and will ultimately help this crisis grow.

Bad-Wolf · 19-11-2005, 21:54

Spug, you are quite right. It is a very unfair system. I think you were only mocking when you mention state pensions being stopped for those who have private ones.

However, you may like to go to the Labour Party Thinktank, as this is something that is currently under review.

A scary thought!

West Ender · 19-11-2005, 21:55

When NIC was first introduced it was to pay for your pension, your NHS and any Benefits you might need in your lifetime. You are still paying NIC. How dare this government decide that you must contribute to another pension fund in order to get enough to live on in your old age? How dare they suggest that you must work longer before you receive the meagre amount they have decided will keep you (barely) alive?

Some of us have private or company pensions. As a Civil Servant I will retire on a pension though, after only 20 years reckonable service, it will be minute. I have a pension from my late husband's last employer too, though the fund went bankrupt shortly after he died and it hasn't increased in 9 years. What about the person who just hasn't had the wherewithall to contribute to a pension fund? What about the person whose work is heavy and manual? Does he continue to swing a pick-axe while his bones ache and his eyesight dims?

If this government wants to save money it should stop the wholesale immigration of opportunists who come here to live on our State Benefits and who have never contributed a penny towards them. Why should you work longer to keep them?

Bad-Wolf · 19-11-2005, 22:00

It would be interesting to know if the members of parliament will have a private pension funded by the tax payer!

I say the tax payer as we are there employers (at least officially speaking).

If this is the case (and I am quite sure that it is), then I would like to know how much the Tax Payer is contributing to it!

park381 · 19-11-2005, 22:06

Quote:

Originally Posted by Margaret Pilkington

The government is planning to make people work until they are 67.... 20% of Men will not live to draw their pension if the pension age goes up, so there will be a saving there.

How very true that is. at 20 a pension is not part of your thinking, at 30 you'r busy earning money to bring up a family, at 40 well lets enjoy our selves, the kids are grown up now, at 50 it's oh dear.......that is when it really hits you.

park381 · 19-11-2005, 22:20

Quote:

Originally Posted by Bad-Wolf

It would be interesting to know if the members of parliament will have a private pension funded by the tax payer!

That is possible, perhaps they claim it on their expenses, our own MP had expenses of £111,000 last year

SPUGGIE J · 19-11-2005, 22:23

Quote:

Originally Posted by Bad-Wolf

Spug, you are quite right. It is a very unfair system. I think you were only mocking when you mention state pensions being stopped for those who have private ones.

However, you may like to go to the Labour Party Thinktank, as this is something that is currently under review.

A scary thought!

Yes I was moking but I wouldnt put it past them in order to save a bob or two.

SPUGGIE J · 19-11-2005, 22:27

Quote:

Originally Posted by park381

That is possible, perhaps they claim it on their expenses, our own MP had expenses of £111,000 last year

Just laid an egg at that piece of info. Whish I could have that kind of money handed to me.

park381 · 19-11-2005, 22:34

Quote:

Originally Posted by SPUGGIE J

Just laid an egg at that piece of info. Whish I could have that kind of money handed to me.

Saw did I when I spotted it, and that was just for 12 months, got his salary on top of that...........nice earner eh