Under 50

[Chippy_Tea]

You are going to pay more in tax and wait longer to get your pension, its a long time since i have been happy to be an old fart. :lol:

Workers under the age of 50 face a tax rise because the state pension fund will run out in 2035, Government advisers have warned.

According to the Government Actuary's Department the fund, which takes in national insurance contributions and uses them to pay state benefits, is under strain from the UK’s ageing population and will reduce from around £25bn today to zero by the mid-2030s.

To continue paying the state pension, which makes up around 90pc of its outgoings, national insurance rates would have to be "around 5pc higher" for the fund to break even, it said.

A 5pc increase in contributions for workers would cost an employee earning around £28,000 a year an extra £125 in annual tax, while someone earning £40,000 a year would pay an extra 190 for the same state pension entitlement.

A blanket national insurance rise would likely affect workers who reach state pension age after 2035, at which point they are likely to retire.

This is anyone born in or after 1968 who is now 49 or under, who have a state pension age of 67 or higher. The potential blow to workers comes shortly after six million people in their 40s were told that their state pension age would be raised from 67 to 68.

Read full - http://www.telegraph.co.uk/pensions...rs-50-face-tax-hike-pay-state-pensions-katie/ [/QUOTE]

 

[MickDundee]

I am under 35 so I will be working until I am 80!

 

[Chippy_Tea]

I’m under 35 so I’ll be working until I’m 80!

Imagine doing physical work at that age some days i struggle now i dread to think what i would be like at 80.

.

 

[Gunge]

Lol start saving, kids. It's either that or an old age in the hedge bottom for you!

 

[Ajhutch]

I'm 32 and expect a very round number from my state pension. Which isn't unreasonable, I should have a decent private pension.


Sent from my iPhone using Tapatalk

 

[Dutto]

That's a relief!

All four of our kids are over 49 years old ...

... so they shouldn't be coming to us for handouts! :thumb: :thumb:

 

[Gunge]

Well if I'm still around in a couple of years when I can get my grubby mitts on my vast private pension, I'm going to spend it wisely over the next 12 years on cars / motabikes / holidays and just generally having the high-time that has so far eluded me. Then at 67 when it's all gone, the state can house and feed me whilst I gradually lose grip of this mortal coil, my time spent making more ale than usual and watching daytime teevee punctuated by frequent naps. Oh ye I've got it all sussed out.

 

[Ajhutch]

Well if I'm still around in a couple of years when I can get my grubby mitts on my vast private pension, I'm going to spend it wisely over the next 12 years on cars / motabikes / holidays and just generally having the high-time that has so far eluded me. Then at 67 when it's all gone, the state can house and feed me whilst I gradually lose grip of this mortal coil, my time spent making more ale than usual and watching daytime teevee punctuated by frequent naps. Oh ye I've got it all sussed out.

Cheaper to spend the grateful taxpayer's money making beer than taking it down the off licence


Sent from my iPhone using Tapatalk

 

[Ciaran12s]

I believe a complete overhaul of the entire governing system is required. Nothing appears to be working. The coffers continue to dwindle despite austerity, housing shortages, huge rental bills for private tenants, competition for schools, nhs on its knees, crap roads, crime rates rising etc etc etc.

The trouble is the old farts with no interest other than fattening the pockets of themselves and their cronies are running the system and it works for them. Why would they want any changes?

 

[Covrich]

My ex she did her master and worked in working pensions and all that, it was a few years ago but her prediction was a lot gloomier than that and that its not a case of a tax rise in that it will cease to exist altogether.

 

[MmmBeer]

That is worrying, I am 49. Worse still I was made redundant on Monday when the company went phutt! Never mind eh, more time for brewing.

Fortunately I have some savings and no debts, so what personal pension I have built up can be supplemented.

 

[MrRook]

I am under 35 so I will be working until I am 80!

If you're lucky and don't get booted out the door two months before you turn 60 during a horrible recession and never find another job. I may not have needed, or wanted to work until I turn 80 but a half dozen more years would have been nice.

 

[Dutto]

May I point out to you youngsters, that ALL pension funds were "ring-fenced" so that employers couldn't start using the funds for business purposes!

In simple terms, WHAT YOU PAID INTO A PENSION FUND WAS THERE FOR YOUR USE!

Then, along came the Tory Party and it all went to Rat ****!

YOU voted for it, so stop moaning! :lol: :lol:

 

[terrym]

May I point out to you youngsters, that ALL pension funds were "ring-fenced" so that employers couldn't start using the funds for business purposes!

In simple terms, WHAT YOU PAID INTO A PENSION FUND WAS THERE FOR YOUR USE!

Then, along came the Tory Party and it all went to Rat ****!

YOU voted for it, so stop moaning! :lol: :lol:

Just like folks voted for the other lot.
Google 'Gordon Brown' and 'pension raid' and see what that turns up.

 

[Oneflewover]

May I point out to you youngsters, that ALL pension funds were "ring-fenced" so that employers couldn't start using the funds for business purposes!

In simple terms, WHAT YOU PAID INTO A PENSION FUND WAS THERE FOR YOUR USE!

Then, along came the Tory Party and it all went to Rat ****!

YOU voted for it, so stop moaning! :lol: :lol:

As far as I can see the welfare reforms of the late forties were always funded on a wing and a prayer dutto

 

[MarkBowie]

I’m 28 and under no illusions I need to invest wisely and make sure I can support myself. By the time I get there the national pension age will be 90 (if there is still one) but the way they’re pushing life ISA’s etc they’re shaping up for a big overhaul anyway. Let’s hope they don’t close the private managed pension loophole so I might even be able to leave some to my kids too!

 

[Dutto]

As far as I can see the welfare reforms of the late forties were always funded on a wing and a prayer dutto

My comment was about Work Pension Funds rather than the Government Pension Fund.

For an example, how about todays cry for government assistance from Carillion?

The company has a £900 million debt PLUS a "pension deficit" of £590 million.

That pension fund was the accumulated savings made by the workers, to provide a secure income when they retired. It was NOT paid in to fund the activities of the company.

If history repeats itself, we will discover that the company management paid themselves inflated salaries and bonuses which they funded by robbing the Worker's Pension Fund and the Taxpayer will be expected to pay for their greed and incompetence!

The people responsible are thieves who should spend their time in prison, not sailing around the world on their yachts!

Many of the politicians that allowed this practice to occur are already dead, but the self-serving changes they made to the social fabric of the UK lives on.

IT HAS TO CHANGE!

Reference:

https://www.aol.co.uk/news/2018/01/...ck-over-business-plan-as-crunch-meeting-loom/

 

[Leon103]

I have not read up on that case but generally aren't deficit caused by the company not paying their contributions? Rather than a company using the workers contributions for other means? It should be made law that companies must pay and prove they have paid their contributions each year to prevent such a deficit

 

[Oneflewover]

My comment was about Work Pension Funds rather than the Government Pension Fund.

For an example, how about todays cry for government assistance from Carillion?

The company has a £900 million debt PLUS a "pension deficit" of £590 million.

That pension fund was the accumulated savings made by the workers, to provide a secure income when they retired. It was NOT paid in to fund the activities of the company.

If history repeats itself, we will discover that the company management paid themselves inflated salaries and bonuses which they funded by robbing the Worker's Pension Fund and the Taxpayer will be expected to pay for their greed and incompetence!

The people responsible are thieves who should spend their time in prison, not sailing around the world on their yachts!

Many of the politicians that allowed this practice to occur are already dead, but the self-serving changes they made to the social fabric of the UK lives on.

IT HAS TO CHANGE!

Reference:

https://www.aol.co.uk/news/2018/01/...ck-over-business-plan-as-crunch-meeting-loom/

Completely agree with you.

 

[MickDundee]

My comment was about Work Pension Funds rather than the Government Pension Fund.

For an example, how about todays cry for government assistance from Carillion?

The company has a £900 million debt PLUS a "pension deficit" of £590 million.

That pension fund was the accumulated savings made by the workers, to provide a secure income when they retired. It was NOT paid in to fund the activities of the company.

If history repeats itself, we will discover that the company management paid themselves inflated salaries and bonuses which they funded by robbing the Worker's Pension Fund and the Taxpayer will be expected to pay for their greed and incompetence!

The people responsible are thieves who should spend their time in prison, not sailing around the world on their yachts!

Many of the politicians that allowed this practice to occur are already dead, but the self-serving changes they made to the social fabric of the UK lives on.

IT HAS TO CHANGE!

Reference:

https://www.aol.co.uk/news/2018/01/...ck-over-business-plan-as-crunch-meeting-loom/

Pension deficits have nothing to do with companies using the pension funds to fund business activities, it’s illegal for them to do so. It’s the difference between how much it is required to pay out to members and how much is being paid in on final salary (defined benefit) pension schemes.

Basically, not enough is being raised from current workers’ pension contributions to pay for current pensioners pensions.

EDIT - this article probably explains it a bit better than me trying to remember stuff I learned for my Chartered Acvountancy qualification about 10 years ago.
https://www.expertsforexpats.com/expat-pensions/pension-deficits/