If you are younger than 48, do you expect the state pension to still be around when you get to state pension age?

[daisym00n]

When people talk about raising the state pension age, the argument is usually that it will never happen because pensioners are more reliable voters.

But actually aren’t today’s pensioners the least likely to be affected? These things take years to implement. Any major change to pension age or entitlement is usually phased, so the people who’ll get hit hardest are the ones who are in their 40s/50s now, not those already collecting it.

If the current pension is unsustainable, it’s people currently under 50 who’ll feel the pain when the government turns around and says “sorry, there’s just not enough left”.

Part of me thinks I’d rather they were upfront now, rather than kick it down the road again. If there are big changes coming, I’d rather have 15+ years to plan around it not be blindsided when I’m coming up to retirement.

I’m not factoring the state pension into my own retirement planning at all. I just don’t believe it’ll be what we’re told it will be by the time I’m old enough to claim anything.

Anyone else thinking this way?

This.

I think there’s going to be a real divide when we get to pension age between the people who have public sector pensions (which although no longer final salary, are still defined benefit) and those that haven’t. I know in my own case I have as much projected income from 4 years in the civil service pension scheme than from 10 years saving in a (good) private sector scheme on a similar salary.

How can you say all boomers were working and paying taxes, how could you possibly know that, it simply isn’t true.The welfare state has been in place, since l think 1942.The boomers that you mention, have claimed benefits for many years.
I remember when l was in high school, would take a packed lunch in, the majority of children were given dinner tickets, l didn’t know until many years later, because it was never spoken about, meant their parent(s) were on benefits, that’s why they had free dinners.
Stop blaming the younger generation! There are more pensioners than ever and who have taken out more than they’ve put in.

There are plenty of support roles in school, where you can have a decent pension scheme and add extra if you want. No one should expect the tax payer to fund their retirement if they are fit enough to work. I didn’t start my pension until my 40s and it will be more than worth it when I retire.
i also buy and sell shares and am slowly building up a decent pot.

But people in their 20s, 30s, 40s and 50s have had every opportunity to pay into a pension but have decided not to. That's the problem.
They have decided it's easier to blame boomers for getting something they are convinced they are not going to get, yet are doing nothing about it. Go figure.

I'm 46 and have been checking my state pension forecast with the expectation that it would be paid, yes. I expect the age for receiving it to be increased and perhaps taxation changes might mean you're effectively paying it back. But there are many people my age who will never build up a good private pension and they will be reliant on the state pension. I'm lucky that I have a decent private pension and I accept that I might not receive my state pension and I'd manage fine without it.
I've had low earnings most of my life and my pension pot has increased mainly due to my own investment decisions and it is higher now than other family members who are on significantly higher salaries. I think people need to pay far more attention to how their pensions are invested rather than just what they are paying in.

Who is "blaming the younger generation"?
Certainly not me!

Nope, it’s not factoring into my planning. They’ll raise it, then begin means testing it, and eventually it’ll be gone.

I’m in that bracket, I assume that the age will be raised to 70+ or it will simply not exist.

It does not factor into any of my calculations so I currently pay at least 20% of my wages and then some (plus an employer contribution on top) into private pensions in the hope I can survive old age.

I’d say I’m hoping for it but not counting on it.

The problem with pensions is that it is an effectively a Ponzi scheme. The money being paid out to pensioners this month isn’t from a specific pot that they paid into when they were working but from the NICs and tax paid by you & I this year. Therefore, if they turn around and say that no one born after the year 2000 (as an example) will receive a pension, then why will those people be prepared to pay tax & NICs? And if they don’t pay NICs, then where will the money come from to pay the then current pensioners?

Its not really a case of being prepared to pay tax and NI though is it. As an employee you have to pay it wether you like it or not.

When I was in my 20s I didnt earn enough to pay into a pension! I was working and living in london and paying £££ to rent a room in a shitty house share.

When I was in my 30s I was saving for a house deposit.

When I was 34 I gave birth and had to survive on measly maternity pay for 6 months when I had to go back to work and my nursery bill was sky high each month.

The my mortgage shot up drastically.

Im now 37 and JUST come out of nursery fees. Only just NOW can I even have any spare money to put away... and im currently trying for baby number 2 so its unlikely ill have spare money for my pension for a while.

Your comment is totally false. People aren't paying into pension because they cant be arsed - they simply can't afford to.

Same, and those of us who work are meant to be saying 'oooo am soo glad I have the luxury of working and paying taxes for those who choose not to work to not work while 'working age' and then again pay for them to continue to be provided for with all the 'gateway benefits' so despite never, ever contributing because of 'reasons' they will be better off than those of us stupid enough to work. Yay Labour, the party of the workers....🤨🙄 what a joke, they are the party of benefits Britain.

DH & I are early 40's. I certainly hope it will be but DH is conservatively planning our future and retirement savings under the assumption that we won't get anything from the Government. Better safe than sorry is the theory given the way things are heading.

Maybe but I have told my DC it won’t exist when they retire and will need to assume they will have to make their own arrangements. It is also why I am already maxing out their pensions and ISA’s and have done since they were babies. Help ease their burden a little.

So you opted out of paying into a pension?
Do you think the much-hated boomers with all their money and private pensions and state pensions were awash with money their entire working life?
They made sacrifices to save into pensions that today's workers evidently are not prepared to make

I very simply didn't have enough money to pay into the pension... simple as that.

I didnt choose to keep the money and spend it on rubbish. I didnt have enough.

I dont know why you're mentioning boomers. I have not referenced them in any of my messages. I said the PP was in the same boat as a lot of people thats it.

I have desire to argue or discuss this with you any further. We have different opinions lets just leave it there.

It is compulsory for the company to enrol them and contribute. They can opt out but should be re enrolled after 3 years.

so yes you are correct but I still think these changes were made to get more people not to need state pension.

So will you be refusing the SP?

Mightn't it be the case that the pensions burden will have eased in 20 years because the majority of the boomers will have died? The youngest boomers will be 81 in 20 years and the eldest close to 100.

The sheer numbers in that age group are the problem as they come out of the workforce and draw pensions. Generation X that come after them are much smaller in number and are outnumbered by the Millennials that come after and will still be mostly in the workforce in 20 years.

It's the period between now and 20 years from now that are going to be expensive for pensions.

I'm 35 and just don't think about it because I can't afford to save for a pension. I hope it's at least means tested, if not then I'm screwed.

The birth rate is low and dropping, and crucially is below replacement level. So we aren’t looking like we’ll have a better worker:pensioner ratio in 50 years.

I’m 42 and I am assuming that it will be at least partially means tested by the time I’m old enough to claim.

Autoenrollment for companies pension schemes started in October 2012. If you were 21 on that date, you’ll be pension age in 2060. I think that at that point state pension will no longer exist and benefits into old age will be completely means tested in the same way as for working age adults.

More people will opt out of company pension schemes, or game the system by paying just enough into private pensions but not so much that they’ll lose out.

Any government needs to tread very carefully with means testing because frankly, people are wised up to it and are sick of ‘doing the right thing,’ being responsible and paying their own way as we’re all told to, only to find that they get shafted. Meanwhile, the bloke down the road who opted out of his company pension (and therefore had a few hundred pounds more every month of his working life) will get state provision….

I dont even think most jobs will exist by the time I am pension age, so in some ways I think the world will be unrecognisable so no, I don’t worry about pension as there will be a universal income of sorts. I do pay quite a bit into a private pension though.