Thread: UK Pension - You'll be dead before you get it, so don't bother.

People aged 30 and under face working until the age of 70 before they can draw a state pension under projections drawn up by a Government review.

Separate recommendations published at the same time by former CBI boss John Cridland could also mean people currently in their 40s see the age they start receiving the pay-out pushed back a year.

The Cridland review calls for the state pension age to rise from 67 to 68 between 2037 and 2039, seven years earlier than currently planned.

Experts said if the recommendations were taken up it would see nearly six million people currently under 45 face the date they receive their state pension pushed back a year.

Ministers will decide in May whether to go ahead with the proposals from both reports.

The state pension age is currently due to rise in stages, rising to 66 in 2020, and reaching 67 between 2026 and 2028.

It is already expected to rise to 68 eventually - but not until 2044 to 2046.

State pension age should rise to 70 for those under 30, review recommends

Going to happen in the US as well.

sux.

Just think of all the extra savings the government has made for you and enjoy how they will spread this extra wealth in your direction.

Why don't they just set the retirement age at 100 years old? They have the numbers figured to just dangle the carrot.

I left the U.K. In 2000. I paid into the NI scheme for 26 years am I entitled to a U.K. Pension when I reach 65?

Am I right in assuming that it is not means tested?

It all boils to the fact people are living longer than they did before.

Originally Posted by Iceman123

Am I right in assuming that it is not means tested?

Yes its based on NI contributions over the years.

Yeah, the system does seem rather broken...
...kids can't earn enough to get a deposit to get a house
...can't earn enough to build up a pension worth having
...end up spending life paying for previous generations' retirement and for helping hands to the poor natives and desperate incomers
...no investment or stake in society, it's not looking good without drastic change.
Work needs to pay, and all these statist policies don't seem to have delivered, mainly perhaps because they are being undermined by mass-immigration, where you end up wealth polarisation and the young being competed into the ground by interests that do not value or despise conservation of identity and just see everything as a cynical numbers game. The balance between income and cost of living has been distorted so much now that it's at breaking point.
If you think about how much pension you would accrue if you earnt the average salary for 40 years, and set that against current and projected cost of living, you would soon despair.

A 20-year-old on a £20,000 salary could make 6 per cent a year contributions until the age of 65 and still have a pension of just £10,500 - less than the present-day £11,574 a year minimum wage.

Will your pension match the £11,574 minimum wage? | This is Money

You have to be thinking of saving 10%-20% a year to get anything decent.
Most just put away 2%-5%... it's a huge impending crisis.
Retiring in 2035? You'll be poorest pensioners yet - Investment Basics from Citywire Money

https://www.ifs.org.uk/publications/8942

It's beginning to make some careers non-viable - people working in science and education for example... most can only afford to stay for a while to build up experience, but never a meaningful career, because the pay and pension isn't enough.

This is a pre-Brexit issue as well; and it is a problem a lot of the EU has not faced up to... Greece is a warning.

Originally Posted by Pragmatic

It all boils to the fact people are living longer than they did before.

based on Shrewed punters party antics in Thailand I believe you.
I never thought I'd make it past 30 when I was 18

I thought you needed a minimum of 30 years contributions to be entitled to the state pension.

Originally Posted by brisie

I never thought I'd make it past 30 when I was 18

Having done the things I have done since turning 15 I can't believe I get my State Pension come September.

Its seems the UK government missed the boat with regard to funding retirement as has the US. I have a good friend in the UK who was living here and then had to go back home to work. When he told me what he would make once he retired, it was depressing. Luckily, his family had some farmland that he inherited and they have been selling chunks of it off at a time. He plans to downsize, selling his house and buying a small condo in two years and possibly try to live over here again.

It is sad that governments seem to keep putting hurdles in front of people who have worked all their lives and have so little to show with regard to retirement. I would think the large number corporations who make a hefty profit could pay a retirement tax, but that is dreaming.

Luckily, I had paid the max into Social Security and now receive a reasonable retirement. Since it is my only income, I also pay no tax. Another bonus is having a dependent under the age of 18 which qualifies him for 50% of what I receive. Not everyone receives this amount from the US government so I consider myself lucky

To all of you from the UK, my sympathy and the amount of retirement you will receive from the government is shameful. What happened?

Originally Posted by Iceman123

I left the U.K. In 2000. I paid into the NI scheme for 26 years am I entitled to a U.K. Pension when I reach 65?

Am I right in assuming that it is not means tested?

Easy enough to check if you know your national insurance number.

https://www.gov.uk/check-state-pension

Originally Posted by rickschoppers

What happened?

Blair

Originally Posted by Chittychangchang

I thought you needed a minimum of 30 years contributions to be entitled to the state pension.

That's to get the full amount, as long as have 10 qualifying years you'll get something, you can check how much you will get here, I'll get £65 a week!!!!!

https://www.gov.uk/check-state-pension

I got quite a nasty shock when I heard what my public sector pension was going to be if I stayed there... a defined benefit, but nothing as good as you might imagine, fucking awful actually. Now I casually browse the guardian pages and there are proper teacher jobs in Asia... China, Malaysia, Thailand, etc... paying £35k + free housing etc...; same gigs in the gulf offering £50k + bens and no tax, and you think... maybe it's time for a change... 5 years of that, and pension sorted, pretty much... you get taxed the fuck out of in the UK, for not much return.

Originally Posted by buriramboy

Originally Posted by Chittychangchang

I thought you needed a minimum of 30 years contributions to be entitled to the state pension.

That's to get the full amount, as long as have 10 qualifying years you'll get something, you can check how much you will get here, I'll get £65 a week!!!!!

That's because you are a lazy, shiftless, feckless wanker.

Nothing new

The first US recipient of Social Security collected her first check in 1940. The life expectancy for males was 60.8 years; five years more for females. At that time you could receive 80% at age 62; 100% at age 65

We are living longer; that's a good thing

Life expectancy in the USA, 1900-98

https://www.ssa.gov/history/idapayroll.html

Originally Posted by Seekingasylum

Originally Posted by buriramboy

Originally Posted by Chittychangchang

I thought you needed a minimum of 30 years contributions to be entitled to the state pension.

That's to get the full amount, as long as have 10 qualifying years you'll get something, you can check how much you will get here, I'll get £65 a week!!!!!

That's because you are a lazy, shiftless, feckless wanker.

No it is because i'm 43 and only have 13 full qualifying years due to living overseas for 10 years. There is an option to pay for the missing years but not worth it as unlike you I will never need the state pension.

^ Ouch
Ding ding round 2

^^ Why bother BB? It's like arguing with a turd, and expecting it to flush itself.

Originally Posted by CaptainNemo

Originally Posted by rickschoppers

What happened?

Blair

Ouch.

Originally Posted by buriramboy

Originally Posted by Seekingasylum

Originally Posted by buriramboy

Originally Posted by Chittychangchang

I thought you needed a minimum of 30 years contributions to be entitled to the state pension.

That's to get the full amount, as long as have 10 qualifying years you'll get something, you can check how much you will get here, I'll get £65 a week!!!!!

That's because you are a lazy, shiftless, feckless wanker.

No it is because i'm 43 and only have 13 full qualifying years due to living overseas for 10 years. There is an option to pay for the missing years but not worth it as unlike you I will never need the state pension.

Ignore SA, he is a clueless moron

I would think SA was a very difficult child to be around in school and would have "Does not play well with others" written on every report card. Haven't changed a bit, eh SA?