Please tell me I am not the only oldish person without a pension plan

[QuentinLettsisAbitofAtool]

Not a TAAT well it is a bit but sod it

I'm having a bit of a panic attack brought on by the MN survey about pensions. I don't have one, have a big mortgage, not due any parental inheritances and am in my 50s.

Please tell me I'm not alone as that might make me feel less dumb!

Oh and I put "oldish" in the thread title because I mean old in terms of a pension. Twenty somethings who don't have a pension don't fit my criteria!

You could search for advice on the web LongDecember to help you to manage things more efficiently?

As of today there are 300,000 homeless people in a country with nearly 1,000,000 empty homes
a shocking indictment of a broken system

The broken part could be fixed with a little more understanding of the system and a bit of joined up thinking.
There are LLs who would like to rent to people in receipt of HB/UC who have the properties available but want the HB paid direct to them.

But although there is supposedly a way for this to happen. In rl it doesn’t work.
It is too complicated or the red tape mean it can’t be done
Also as a separate observation you have to take on board some LLs lease their properties to councils.

So the Social Housing that some of the posters on here are living in might actually be owned by one of those evil LLs.

You get rid of the evil LL and you could be depriving yourself of a roof over your head.

And with nowhere else to go because you have gotten rid of private LLs where would you live.

Oh and yes I have driven from one side of London to another

My issue is with council employees who seem to get the pick of housing stock from the council.

I know many many people who do get a job with the housing department and immediately seem to move into very nice council flats and houses

It has been going on for years.

Back in the 70s I knew a couple who dispite being single with no children after starting work in the housing department both got given by the local council 4 bed council properties to live in.

They moved in together and he still kept his house for excess storage.

More recently I know of one of guy who despite not having anything to do with his 3 children. Not seen them or paid any child maintenance in years got given a very large 4 bedroom property so his dc could have a room each when they visit.

Problem with that is they never visit. He hasn’t seen them in years.

Well I can’t comment on what you say about council workers as I know nothing about that. In regards to paying HB to landlords. It’s a tricky one. Yes, on the one hand that whole system needs sorting badly. Unfortunately though, there are many landlords that take advantage of HB. For example, a landlord can charge more for a studio flat than a room in a shared house. Fair enough you might think. But now there are many landlords who are taking one room, which should be technically just a room. They stick in a sink, fridge, tabletop 2 ring hob. Then partition off the end of the room and stick in a shower and toilet and market it as a studio. When it isn’t. It’s a converted room. So I do agree HB should be payable to landlords but the rules need to be a lot tighter. For example, a room being a minimum size to be classed as a studio flat. So far it seems only these types of unscrupulous landlords are able to get direct HB payments. I have seen many vulnerable people being moved into these places. The councils happy that they’re housed. The landlords happy that he’s getting max money for a shoebox. But the person who has to live like that ends up miserable and depressed.

But Storm you are missing the point. It wouldn’t matter whether the landlord was renting a cardboard box or a 4 bedroom detached house in 1/2 an acre for £200/ month.

If they can’t get HB paid directly then they cannot rent anything.

It would not be the case of councils sticking people in unsuitable accommodation.

These are private rentals so people can view and decide what they prefer and haggle the price.

Some people might prefer the shoe box if it is £15 cheaper per week because it means from that they can save and move forward.

Some might prefer bigger and better because they have a child or they are a couple.

It is choice which atm is being taken away from someone

Hmmmm. I love talkinpeece’s input to financial threads. (She?) gave me a lot to think about on a credit card/ debt thread which helped me figure out priorities, and often makes me reconsider things...
So DB pensions... how do you know what the spouse gets if the pension holder croaks???? (It has just occurred to me that our eggs might all be in one basket, as it were...) We’re almost 50 and have the next eight years of three kids in university...

So Turkey pays everyone over 40 a pension that provides a good standard of living until they die?!.... About as believable as thinking..

@Oakenbeach that's not what I said at all. Delete the words Everyone for starters. I was pointing out that some overseas countries pay pensions way before 67. My friends were all working in good companies, or in state jobs and had to complete a certain number of years continuous service - 25 I think.
I'm sure that is much higher now due to longer life expectancy.
My friends have continued working, but it doesn't change the fact that they are receiving pension provision now and I'm not. Nowhere near getting it. I'm in a 'richer' country and have paid hgher taxes my whole life.

@TiredEmma surprised you still have a final salary pension in the NHS as these were scrapped in 2015, apart from those retiring within 10 years who had a level of protection.

Fatberg! Correct! Teach me to not read properly!
Will no doubt change again at some point.

@Oakenbeach
Here you go. Pic attached showing the previous low retirement age in Turkey which my generation enjoy. As you didn't believe me and were rudely ignorant on the subject.

In the UK we have embraced the work til you drop mentality without much debate.
Does anyone know what the economic/employment benefit to younger people would be, if people who will be clinging to jobs between 60-67 (myself included) didn't have to do that and those roles were freed up?

I suspect lot of people on this thread would feel better at the prospect of getting their state pension from 65.

Good point about job availability, at my work the average age is probably 50, many of them are in their 60s having been there for decades.

TiredEmma just checking I hadn't missed anything with my pension as well!

You were right, it was 48 years of age, but now its 62.

en.wikipedia.org/wiki/Retirement_age

You were right
@CondomsLubricantAndFlapjack
Yes, I was.

MaMaryliss survivor benefits will be laid out in a DB scheme's Ts & Cs. If it is a public sector one it is probably openly available on-line. The default tends to be 50% if pension is in payment (some schemes allow this to be varied by scheme members), but there will be different death benefit rules if the primary recipient dies before the pension is in payment. If you divorce then there are separate pension splitting rules.

It is very complex but definitely worth having a broad understanding of if a spouse's pension is going to be or ought to be the primary source of retirement income.

Craft But its not those we are just talking about.
The problem is all those who can’t afford to buy and have to rent.

I was responding to the general consensus that all landlords are evil moneygrabbing swines who are denying potential buyers of a home.

So, this is the fourth time, people who want to rent....students for example...who do they rent from when the evil landlords have been done away with?

This is worrying. Im 26 and have been in and out of low paid jobs, been studying and out of work due to caring for a child.

I've decided to go in to a high paid profession to make up for the years I could have paid in since working age.

I'm sure I have a pittance or even nothing.

Petite, at 26 you can start to do something about it. Make sure you always keep up your state pension contributions, even if you're unemployed/SAHP at times (by claiming JSA or CB). Start a pension with your new workplace and keep it up even if things are a bit tight.

I do wish I'd started a pension at 25.

Hi there Mamary
Most DB schemes will send you an annual statement with a link to the website which has their full terms and rights and all that bumph
eg the LGPS (which I know extremely well)

• Death in service = 3 years salary
• Employees pension = number of years accrued x average salary
• Widowed spouses pension = half of the above
• retirement lump sum and death lump sums vary

Petite
You are very young.
You have lots of time to stash away regular small amounts
Pay down debts
Build up some regular savings
Choose a path of work that you can enjoy for decades

Thanks howabout and talkin.
Probably AFPS75... I’ll try and look it up. I had assumed we were sorted but now I’m wondering if we are BOTH sorted!!

Mamary
Page 11 here assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/27988/AFPS75FAQ.pdf
You as widow of an ex soldier would get no pension but you would get a lump sum

That factsheet looks to be partial rather than complete information and not clear from Q&A what the specifics are. I don't think it is no pension for a widow - looks odd given there are provisions for splitting on divorce.

Anyway found this link which in turn provides information of seeking clarification (implies 50% standard survivor rates, so presume Q&A was talking about death before pension age)

forcespensionsociety.org/news/pensions-for-wives-and-partners/

howabout
It is part of a HUGE page on the .gov site about the scheme.
I picked it up as it had "FAQ" in the title ....
I am sure Mamary will be able to find what she needs from the primary sources.
I was just highlighting that most public sector pension info is in the public domain

Agreed talk and no offence intended

Just highlights how complex it all is and best to consult - most public sector schemes have free advisory services.

@Talkinpeece I hope you don’t mind me asking for advice. I’m in the LGPS, joined recently & mid 30s. Don’t pay loads in as part time, should I do AVC?

Hi there Madness
Ooh, I'm not so up to speed on the AVCs ....
I am not sure whether they count towards all of the other benefits or whether its just the main scheme.
You might be better popping spare cash into a good shares ISA
assuming you have paid down all debt first
but its worth going through the employee pages of your scheme