To think pensions need huge reform?

@Vinvertebratedoctors younger than your DH won’t get that sort of pension though because the schemes are less generous.

Only if they earn enough and of course state pension age is different for different cohorts

The only people who will be able to afford to retire at that age are those in the public sector, which already has a productivity problem.

There are billions in unsustainable pension liabilities which - by your rationale- would be paid via contributions from those pushing 70 to allow those getting on for 20 years younger to retire in comfort.

My stock example, but DH is a doctor and will retire (soon-ish) on £100k per year. Great for us! But I don’t begrudge a former private sector worker £200 a week in the face of such largesse (or insanity, depending on how you look at it).

@Naunet this may help you

“Net Beneficiaries: Studies indicate the average Boomer may receive roughly 15% to 25% more in public services and state support over their lifetime than they contributed. 1]

Pay-As-You-Go Design: The UK welfare and state pension system operates on a pay-as-you-go model where current workers fund current retirees. Because of growing longevity and political protection of pensioner perks, the mathematics behind this contract have tilted. 1, 2, 3]

The "Silent" Contrast: The generation preceding the Boomers (the Silent Generation, born 1926–1945) largely ended up as net contributors because they started paying taxes when the modern welfare state was first built, whereas Boomers hit peak usage during an era of expanding state commitments”

Weird how we can have so many of these threads with so little thinking isn't it ?

Be nice to see some outside the box ideas.

Or is it just me ?

Everyone does pay NI until retirement age?

You are contradicting yourself. You are against means testing pensions but want to reduce the cap on child benefit. If means testing pensions stops people paying into a private pensions why wouldn’t further reducing child benefit mean people do similar? We pay UC but millions still choose to work and aren’t eligible for any pensions so how come everyone doesn’t give up and claim UC?

@NaunetYou are confusing two different issues and the point you are making is relevant to millions boomer or not.

It’s the fact the boomers are such a large cohort and the generation above them was smaller so the boomers paid less towards them. You can google it if you still don’t understand…

If we want a lower pensions bill surely we should be encouraging fags and booze and bacon butties not trying to get everyone to live till they’re 100🤣

absolutely shouldn’t be trying to increase the population- that’s the route cause of 99% of the worlds problems. A few billion less humans would solve a lot of issues…

@loveawineloveacrisp but that’s true for everyone and state pension age has increased so people are paying NI for longer. Our tax system would be more simple to scrap NI and roll it into income tax.

Ok so if you're state pension age you don't pay. But those people have been paying all their lives? I'm already fully paid up but still have to keep paying while ever I'm working. Hence I'm retiring in 4 months. Fuck em.

Neither have the vast majority of people claiming child benefit, or operations on the NHS, or unemployment...Whats your point? Why is it only relevant when talking about pensioners? We're lucky to have all those evil million and billionaires keeping us afloat frankly.

If the government stopped wasting so much money, we wouldn't be in this mess.

And then people would stop paying into private pensions. Why should my sil get pension credits ( so more than her brother who has worked his entire life) when she has paid zilch her whole life. We’ve scrimped, paid off a mortgage and into private pensions, gone without holidays, had old cars, rarely eat out etc. if it’s all for nothing I’ll stop paying into my private pension, fritter money and enjoy a state pension instead thanks.

I'd like to see Pip replaced by a more sensible benefit.

Just make state pension means tested like universal credit. Will solve a whole lot of issues.

🤣Hi Donald

You are being unreasonable to give special treatment to those who have no private pension by way of top ups. We saved for retirement and have encouraged our children to do the same. We retired at 60 on private pensions and savings/investments and state pensions didn’t pay out until we were 66. Maybe we should look at pension credit/housing benefit which subsidise pensioners who didn’t save for retirement or buy a house. I am all for pension reform to make it affordable but there needs to be a discussion of fairness of subsidising some while those who have planned and saved get no help. Most of us who have other pension means end up paying as much tax in retirement as we did while working. We paid into the NI system with the understanding we got something back. Breaking that promise seems unfair and many doing stressful or manual jobs would find it exhausting still working up to 70 or beyond.

@loveawineloveacrispnope

This thread perfectly demonstrates why we have had such political turmoil over the last decade. Don’t take if off me but take it off them & I don’t want to pay more tax but they should.

Sorry what? All workers pay NI.

The have sensibly avoided communism. We need some of that here.

Yeah Americans are loving their life without an NHS not!

@T0mbell so you want to means test pensions?

More joined up thinking is required.

We have a situation already where older people are forced to work to survive, exhausted after 40 years of working, whilst young people who want to work can’t get a job. This problem will get worse as ai embeds in more roles.

Who said anything about the NHS ? That's another benefit we can easily dump.

I mean all it's doing is keeping old people alive.

Barely.

(For the purposes of MNHQ moderation, this post is "7" on the snark-o-scale)