The State Pension

[Bruce Wayne]

100%, but the longer it's left, the longer it's unaddressed. That version of savings that Australia and New Zealand does is certainly a success, providing it doesn't take away from the government's obligation to look after their elderly population also. The issue is defining what is elderly in 2025. Above my paygrade, and as this is an Everton internet forum I'm sure it's above 99% of everyone else's but that's my views on it.

It's ok. We have @Old Blue 2

 

[COYBL25]

I think she died Joe. Something to do with a horse.

 

[Leylo]

I've got a hod carrier he's 70 worked with me for 30 years can't afford to stop state pension grim and was forced to work in self employment most of his working life... what made me laugh few years back was firemen striking because retirement age was raised to 55 ffs get over yourselves wouldn't last a minute in construction industry

 

[blulouie]

We tried to raise the pension qualification age here and politicians chickened out of doing it.

You really sure on this ?

Ask the WASPI girls & the 65+ yr old males with the age changing every year .

 

[Rob17896]

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.

Whilst no

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.

If the goverment grew a pair we might start by ensuring the billions laundered into our own tax havens each week were taxed at source in the UK. Likewise the foreign owned UK assets taxed elsewhere, likewise companies such as google shifting UK profit to Dublin for a lower rate. You talk about the burden of a benefit being cut as a punishment for Brexit voters. Whilst I am a remainer your attitude is 100% Trump. As is your failure to recognise our money is being stolen via the rigged global system. Benefits are not the problem tbough they do need reforming. Don't forget the shambolic, cash black hole of our abysmal health 'service.' It has been untouchable whilst its HR and purchasing systems hold back progress. A universal access system is a given but we should do it via a spend where you like insurance. Very few would want to use the NHS outside of an emergency.

 

[peteblue]

You're right it's a slight exaggeration. Average life expectancy for a man in Blackpool is 73 so they'll get 6 years pension before they die.

Two close friends of mine died last year, one aged 69 and the other 70. Both worked their whole lives, paying into the tax system, and barely got time to receive much by the way of state pension. There are many folk who gain nothing……

 

[Eggs]

I've got a hod carrier he's 70 worked with me for 30 years can't afford to stop state pension grim and was forced to work in self employment most of his working life... what made me laugh few years back was firemen striking because retirement age was raised to 55 ffs get over yourselves wouldn't last a minute in construction industry

….workers fighting to keep rights they’ve achieved is perfectly understandable, once they’ve gone it’s forever.

 

[Littlesue]

I've got a hod carrier he's 70 worked with me for 30 years can't afford to stop state pension grim and was forced to work in self employment most of his working life... what made me laugh few years back was firemen striking because retirement age was raised to 55 ffs get over yourselves wouldn't last a minute in construction industry

Didn't he pay his full stamp then while self employed??, my neighbour 70 and he still goes out at 5 every morning to work on a building site. His wife told me he only gets the reduced pension, she did his books for years so imagine it's her fault as she didn't declare all his earnings.

 

[tonyhorne]

Didn't he pay his full stamp then while self employed??, my neighbour 70 and he still goes out at 5 every morning to work on a building site. His wife told me he only gets the reduced pension, she did his books for years so imagine it's her fault as she didn't declare all his earnings.

No doubt there have been a few, er, "creative" employment practices to contend with as well. I don't know anyone's particular situation, obviously, but cash-in-hand payments, for example, with no tax or NI to pay was rife a few years ago. Probably seemed a great idea at the time for some and even those who may have wanted to declare accurately would have just landed everyone else in it ...

 

[David09]

Whilst no

If the goverment grew a pair we might start by ensuring the billions laundered into our own tax havens each week were taxed at source in the UK. Likewise the foreign owned UK assets taxed elsewhere, likewise companies such as google shifting UK profit to Dublin for a lower rate. You talk about the burden of a benefit being cut as a punishment for Brexit voters. Whilst I am a remainer your attitude is 100% Trump. As is your failure to recognise our money is being stolen via the rigged global system. Benefits are not the problem tbough they do need reforming. Don't forget the shambolic, cash black hole of our abysmal health 'service.' It has been untouchable whilst its HR and purchasing systems hold back progress. A universal access system is a given but we should do it via a spend where you like insurance. Very few would want to use the NHS outside of an emergency.

The government is just weak. All the money stolen during Covid seems have been written off. They should be getting every single penny back and making the offenders pay high interest charges.

 

[PITA]

The National Insurance contributions buy you enough credits to be entitled to it but they don’t ‘fund’ your own State Pension. It is funded by the National Insurance contributions received from those currently working. Lots of those currently ‘paying in’ will not receive a State Pension despite years of contributions, so somebody will definitely get shafted, it just seems to be acceptable for it to be the younger generation and not those close to or in receipt of it.

I don’t think I’ve once suggested taking it away from people who rely on it to survive, just that there are people receiving it who if we’re being honest don’t really need it, but want it anyway because it’s their entitlement.

It is funded by NICs and general taxation.

 

[Alanbileysfeathercut]

there are people receiving it who if we’re being honest don’t really need it, but want it anyway because it’s their entitlement.

The same should be said about furlough payments.
That still needs investigating.
My company abused it.
Every day in my place was classed as part holiday/rest/working.

 

[TrachyBlue]

Honestly mate, if the older generation want to vote Conservative and Reform that’s fine, but they can at least do us all a favour and live by the principles of those parties (look out for yourself, pull yourself up by your bootstraps, etc) rather than expecting the benefits a well funded welfare state provides. State Pensions and the NHS are very socialist ideals, and they clearly don’t seem to be leaning that way in the voting booth. Let’s give them what they’re voting for.

They? A ridiculous sweeping generalisation.

 

[davids]

Didn't he pay his full stamp then while self employed??, my neighbour 70 and he still goes out at 5 every morning to work on a building site. His wife told me he only gets the reduced pension, she did his books for years so imagine it's her fault as she didn't declare all his earnings.

As it stands you're better off on pension credit. My oldest friend was a film actor in his younger days so was in and out of work,doing bits here and there mostly in the black economy doubt he paid more than a handful of stamps in all those years. Now he's living rent free in a brand new high tech housing association property in a beautiful part of Norfolk.

 

[Iana]

State pension aside, does anyone have any advice on withdrawing some of your pension at 55yrs old? If you take the 25% portion does it in anyway impact the remainder?

This is not advice but some things you should research.

What are you going to do with the lump sum? You are removing a tax beneficial lump sum which would continue to grow tax free inside a pension wrapper. If you just put that money in a savings account(not ISA) you will pay tax on it.

You will reduce the amount you can continue to contribute to your pension and be subject to the MPAA £10k limit.

If you go ahead then the remainder continues to grow inside the tax wrapper but will be subject to income tax at your marginal rate when you withdraw it.

I am assuming this is a SIPP/ DC pot you are talking about.