Current Affairs The Conservative Party

[Bruce Wayne]

Oh, and @mahermi1 I'm just thinking of your health old bean.

Working later in life can pay off in more than just income - Harvard Health

Many older adults are working past retirement age. This can have health benefits, such as social and mental stimulation. However, it can also have damaging effects on health, such as stress....

www.health.harvard.edu

 

[mahermi1]

Oh, and @mahermi1 I'm just thinking of your health old bean.

Working later in life can pay off in more than just income - Harvard Health

Many older adults are working past retirement age. This can have health benefits, such as social and mental stimulation. However, it can also have damaging effects on health, such as stress....

www.health.harvard.edu

I'm sure you are pal haha

 

[mahermi1]

Well yes, people actually have. Quite a lot.

Lump of labour fallacy - Wikipedia

en.wikipedia.org

Which is a good thing, as when the state pension was introduced, the population of the UK was about 40 million. It's now over 67 million, so we've somehow managed to find work for 20 odd million new people since the state pension was introduced.

This is the problem with the state pension system as it currently stands though, as when it was introduced there were a small number of pensioners living not very long in retirement, and their pension was paid by a very large working age population. Now, things have reversed and the retired population is not only much larger as the boomers enter it, but they're living longer in retirement. The generation behind them is smaller so we have much less working people to pay for a much larger number of pensions.

No political party wants to tackle this problem because of the aforementioned voting propensity of pensioners and the media-friendly cries of it being so horribly unfair "I've saved all my life down t'pit you know..." etc. etc. Maybe if the governments of the last 100 years had deigned to design pensions more like an actual bloody pension where payments go into an actual pension pot then things might be different, but none have.

Some very good points, but how would you tackle it it is a massive problem and getting bigger by the sound of it. What does a civilised Country do ? By the way if that sounds not right me and the wife are both anti brexit..

 

[COYBL25]

Well yes, people actually have. Quite a lot.

Lump of labour fallacy - Wikipedia

en.wikipedia.org

Which is a good thing, as when the state pension was introduced, the population of the UK was about 40 million. It's now over 67 million, so we've somehow managed to find work for 20 odd million new people since the state pension was introduced.

This is the problem with the state pension system as it currently stands though, as when it was introduced there were a small number of pensioners living not very long in retirement, and their pension was paid by a very large working age population. Now, things have reversed and the retired population is not only much larger as the boomers enter it, but they're living longer in retirement. The generation behind them is smaller so we have much less working people to pay for a much larger number of pensions.

No political party wants to tackle this problem because of the aforementioned voting propensity of pensioners and the media-friendly cries of it being so horribly unfair "I've saved all my life down t'pit you know..." etc. etc. Maybe if the governments of the last 100 years had deigned to design pensions more like an actual bloody pension where payments go into an actual pension pot then things might be different, but none have

I blame @Joey66

If people like him, weren’t living until they were 150, the rest of us would be alright.

We need an OAP version of Death Race, where they all battle each to death, in armoured Nissan Micras and Honda Jazz.

 

[catcherintherye]

Who would have even thought that those who are older, have worked for more years and therefore earned more money, would have more savings than those who are younger, who worked for only a few years and spent it on cars….I’m shocked by this revelation……

Average UK savings by age:

25-34: Between £500 and £5,000
35-44: Between £5,000 and £12,500
45-54: Between £5,000 and £12,500
55-64: Between £12,500 and £25,000
65+: Between £25,000 and £50,000

If I had the mortgage/rental costs of my mum and dad I'd be saying a tonne as well mate. Far more than they did.

 

[catcherintherye]

Since the state pension was introduced, life expectancy has risen by about 20 years. The retirement age has risen by about 2. What meanies they are.

The problem is, it hasnt really gone up for working class people.

Middle class old spongers game the system though.

 

[bullybeef]

The Tories have destroyed this country.

It’s a right Feckin mess.

All for what?
Their own personal greed and the greed of their wealthy friends.

The shower of she ite should be in prison.

 

[Daveysgingerlovechild]

If I had the mortgage/rental costs of my mum and dad I'd be saying a tonne as well mate. Far more than they did.

Yes, this. Pete has kinda assumed things stay static. I think we're seeing fewer people buy their first home until later in life, at higher costs. The higher savings listed are arguably linked to mortgage debts being paid down or off.

Edit: add in sky high private rents for this generation, I'd be amazed if we see a similar picture.

 

[Bruce Wayne]

Some very good points, but how would you tackle it it is a massive problem and getting bigger by the sound of it. What does a civilised Country do ? By the way if that sounds not right me and the wife are both anti brexit..

It doesn't ever get solved as politicians will always kick the can down the road until someone else has to make the difficult decisions. America actually has more akin to a traditional pension, except they weren't putting enough into it and no one wanted to raise taxes/reduce payouts, and it wasn't solved until the fund was practically dry and they had no choice but to figure it out.

https://www.intereconomics.eu/conte...-reform-in-the-u-s-presidential-campaign.html (if you're interested)

Because our system is taxpayer funded it just gets permanently kicked down the road and other departments take the hit as more and more money goes on pensions. As it currently stands, more money goes on pensions than on education and defence combined, and it's the 2nd biggest budget item after healthcare (also most of which goes on pensioners). It's predicted that even with the changes in the retirement age, spending on pensions will rise by a few percentage points by 2050, so may even reach the same level each year as the NHS. Is that right?

 

[Walken]

We need the final word from our resident centenarian on this matter @Joey66

He's not hard to find, his house will have its own smogg generated ecosystem around it

 

[spectateur]

Any word on whether these additional, completely pointless Prime Ministers will have any difficulty claiming pensions?

Ex prime ministers get a huge pay off and for life benefits and allowances.

 

[JammyP]

 

[Bruce Wayne]

Those kind of graphs always strike me as disingenous as they don't take into account external matters and they also fail to account for inflation and GDP growth. I mean Labour didn't run on a platform to not bail out the banks after the financial crash, and I doubt they would have scrapped the furlough scheme that did so much to raise debt during the pandemic. Before getting too cocksure, it's also worth remembering that the Tory leader at the time was a far more enthusiastic supporter of remaining in the EU than the Labour leader at the time. That's been the biggest non-global event that has damaged the UK.

 

[Walken]

Those kind of graphs always strike me as disingenous as they don't take into account external matters and they also fail to account for inflation and GDP growth. I mean Labour didn't run on a platform to not bail out the banks after the financial crash, and I doubt they would have scrapped the furlough scheme that did so much to raise debt during the pandemic. Before getting too cocksure, it's also worth remembering that the Tory leader at the time was a far more enthusiastic supporter of remaining in the EU than the Labour leader at the time. That's been the biggest non-global event that has damaged the UK.

View attachment 191997

Shame he did less campaigning for remain then

 

[Joey66]

A private pension, yes. The state pension doesn't work like that and is paid for out of general taxation. The NI payments you made qualified you for a state pension but were paying for the pensions of those already retired.

It's the same thing I paid 6 % Plus NI - equals I qualified for pensions - sour grapes from you as you are behind the trend .....