The State Pension

Woolverhampton_Blue said:
Well right out the gate, anyone with a defined benefit pension providing an annual income of over £30k should be ineligible.

It’s harder with defined contribution arrangements. I suppose you would have to do cash flow modelling for an individuals pot from retirement age to the average life expectancy, also factoring in savings and property value. You could then arrive at some sort of formula for deciding eligibility.

I agree about people not having made sufficient provision for retirement and it desperately needs addressing, but I honestly don’t think a State Pension will be the long term answer to that.
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You do realise that being able to get 30k most have worked very hard and sometimes contributed to company schemes ,not in high earning jobs ,remember.
And having contributed to the system, should basically give up entitlement?
 

Woolverhampton_Blue said:
The State Pension in its current format is fast becoming an unsustainable burden on working people. I believe it currently accounts for around 11% of the annual budget and over 50% of welfare spending.

With the older demographic having played a big hand in delivering Brexit, and now doing something similar with Reform, is it time for us to look seriously and making a change? They are biting the hands of those who fund their benefits, and I feel it should no longer be tolerated.

My suggestion would be to scrap the triple lock immediately, before gradually moving to a means tested State Pension in tranches. The poorest will retain their full entitlement, but it will essentially be a generous form of Universal Credit for the elderly. We can use the money saved on education and skills training.

Discuss.
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Sorry to say this, but you are an idiot. Pensioners spent a lifetime paying into a system that paid previous pensioners a pension without any moaning. Public sector pensions are gold plated, private pensions pay far less and those without either need looking after. I personally have paid in several million to the state via taxation and for this receive a standard pension. A previous Labour government with Gordon idiot Brown as chancellor ruined both my industry and the pension schemes in place in both the U.K. and those of the people of the companies we owned in the USA. You go on, like Reeves and Starmer do, about working people, well what do you think pensioners did for 50 years apart from raising selfish children who moan about pensions. Do yourself a favour, stop and think for a moment, before going on about pensioners……
 
tonyhorne said:
In a few short years, that will be practically no-one ...
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There are plenty of people approaching retirement who have very generous pensions well in excess of £30k, and who will probably live at least 20 years on average

It’s not uncommon for people to have defined benefit arrangements totalling £40-50k per annum, plus a nice big chunk of tax free cash at the outset, plus a nice little defined contribution pot built up since the defined benefit schemes closed in the early 2000’s. Yet we still think they need £12k a year paid for by those struggling to buy a home, delaying parenthood, and having less children due to financial constraints (therefore less future taxpayers to fund it all down the road). Bonkers.
 

peteblue said:
Sorry to say this, but you are an idiot. Pensioners spent a lifetime paying into a system that paid previous pensioners a pension without any moaning. Public sector pensions are gold plated, private pensions pay far less and those without either need looking after. I personally have paid in several million to the state via taxation and for this receive a standard pension. A previous Labour government with Gordon idiot Brown as chancellor ruined both my industry and the pension schemes in place in both the U.K. and those of the people of the companies we owned in the USA. You go on, like Reeves and Starmer do, about working people, well what do you think pensioners did for 50 years apart from raising selfish children who moan about pensions. Do yourself a favour, stop and think for a moment, before going on about pensioners……
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Yeah Woolver B, do yourself a favour!!!
 
peteblue said:
Workshy, should be building houses or digging and filling in potholes…..
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Laziest most entitled generation to ever dodge responsibility on earth.

grandpa-simpson-first-day-on-the-job-6g8xobbj099nobk8.gif
 
Woolverhampton_Blue said:
The State Pension in its current format is fast becoming an unsustainable burden on working people. I believe it currently accounts for around 11% of the annual budget and over 50% of welfare spending.

With the older demographic having played a big hand in delivering Brexit, and now doing something similar with Reform, is it time for us to look seriously and making a change? They are biting the hands of those who fund their benefits, and I feel it should no longer be tolerated.

My suggestion would be to scrap the triple lock immediately, before gradually moving to a means tested State Pension in tranches. The poorest will retain their full entitlement, but it will essentially be a generous form of Universal Credit for the elderly. We can use the money saved on education and skills training.

Discuss.
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Hello Wayne Rooney
 
Woolverhampton_Blue said:
There are plenty of people approaching retirement who have very generous pensions well in excess of £30k, and who will probably live at least 20 years on average

It’s not uncommon for people to have defined benefit arrangements totalling £40-50k per annum, plus a nice big chunk of tax free cash at the outset, plus a nice little defined contribution pot built up since the defined benefit schemes closed in the early 2000’s. Yet we still think they need £12k a year paid for by those struggling to buy a home, delaying parenthood, and having less children due to financial constraints (therefore less future taxpayers to fund it all down the road). Bonkers.
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I'd have loved to have more family, couldn't afford it.
I'm now retired, early,to let future tax payers do the job I might be declining them.
 

peteblue said:
Sorry to say this, but you are an idiot. Pensioners spent a lifetime paying into a system that paid previous pensioners a pension without any moaning. Public sector pensions are gold plated, private pensions pay far less and those without either need looking after. I personally have paid in several million to the state via taxation and for this receive a standard pension. A previous Labour government with Gordon idiot Brown as chancellor ruined both my industry and the pension schemes in place in both the U.K. and those of the people of the companies we owned in the USA. You go on, like Reeves and Starmer do, about working people, well what do you think pensioners did for 50 years apart from raising selfish children who moan about pensions. Do yourself a favour, stop and think for a moment, before going on about pensioners……
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If you paid in millions of pounds via taxation then you had the privilege of earning a very good living that has no doubt afforded you a very nice life, and I’m happy for you.

I work in financial planning and spend my days gazing through people’s personal finances, so I feel I have a fairly accurate assessment on this topic based on a very large sample size, whereas your workings are most likely based on the small sample size of you and your mates down the pub. Forgive me if I’m wrong.
 

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