To think the old style pensions should be capped.

[Blindering]

ok, I am in Ireland so unaware of how UK pensions function but my neighbour who worked as a college lecturer but retired in 2008 in his 70s gets 600 euro a week in pension, equivalent to 513 stg.
This is on top of a 150k pay off he got when he left the job which I believe all civil servants here were getting.

But aibu to think a bachelor living in a house with the mortgage long paid off has no need for over 500stg a week? Like what would one need the money for at that stage in life?

''In some cases maybe because they're not prepared to make the sacrifices. We paid 15% interest on our first mortgage - nomatter the house price, that didn't come cheap. So we missed a few holidays.''

ok so the next generation just skimp on holidays and it will be fine.

This was a good question from ajandjj

OP - say you save into an interest-bearing account, how would you feel if someone came along when you were about to retire and said there was more money in there than you needed, so decided to take some to distribute to others.

Would you be happy with that?

What do you think?

I can't imagine living on as little as STG 500/month after mortgage payments, and I don't suppose I'll magically want to when I'm a pensioner either.

Don't see what being a bachelor has to do with anything.

He got what was agreed with his employer. Jealousy will get you nowhere.

£500 per week, @theflippantpenguin

''It is tricky. My University pension is steadily getting worse and worse, I have to keep paying a greater percentage of my salary to get my pension later and receive a worse pension. This is in part because of having to continue to pay the pensions of earlier generations who were able to retire earlier with a final salary pension who are in general, unsurprisingly in such favourable circumstances, living very long lives.

The final salary pension was removed during my working life and the defined benefits calculater get worse and worse while the age to receive it goes up. I do not understand why my pension entitlement can keep changing but the pensions of those that retired earlier are set in tablets of stone and cannot be even slighty reduced to help the scheme deficit and support the next generations.

Not helped that I have a vile retired family member who gloats about his fat final salary pension from USS and how I am working to pay for it - when I will never receive anything like it.

It is a great intergenerational unfairness so I don't think the OP is being unreasonable in raising it.''

I agree, I also don't think the OP is being unreasonable.

@Blossomtoes

One of he reasons the scheme is in deficit is the number of members retired on large pensions living far longer than previous generations. In a pensio scheme, the workers pay for the current lot of pensioners

That isn’t the way public sector pensions work. Try doing a little research.

I am not talking about the public sector pension, I am talking about the university pension and the intergerational inequality in that. Alongside more insecure contracts, high student numbers, greater regulation, wages failing to keep pace with living costs. The final salary pension lot worked no harder and put no more money into the scheme than the current workers - indeed the job was arguably less pressured and the percentage of salary required to be part of the scheme was certainly less.

Why on earth is it anybody elses business but the pensioner in question?

OP you are being extremely unreasonable

I have paid into my work pension for the last 20 years and it now pays me the princely sum of £6,000. I have recently claimed my state pension, which I have paid into in the form of NI since the age of 16. This pays around £179 a week. Both these can be seen as a savings scheme. I also still work three days a week, so all of this income is taxed. I am 66.

My point is that we all work very hard throughout our adult life, nothing is given to us. I think we deserve some comforts in old age!

Ps would your neighbour be comfortable with you telling people on mumsnet his financial details. Ok it’s anonymous, but still. I’m glad your not my neighbour!

@Blindering

''What about when we need a new carpet, or re-wiring, plumbing work - are we not supposed to have these things done?''

what about the generations coming after you who won't have the safety net you have though because it was all spent on yours?

You still don’t understand that people plan for retirement based on the conditions they contribute under at the point of working/saving. Changing the rules AFTER people retire, when they don’t have the chance to increase their savings or contributions any more causes hardship and is unfair.

People in younger generations who are still working have the chance to save or contribute more for retirement, while they are working and have the ability to increase their earnings and savings. Their pensions might not be as generous but they know that at the point where they have the chance to do something about it while they are still of working age. You cut your cloth accordingly.

The things you’ve been banging on about - house prices, greedy landlords etc, would not be made one iota better if pensioners had their incomes cut. All that would happen is that more of them would qualify for benefits and therefore end up getting back the pension you confiscated from them in another way.

You should take your self righteous anger and campaign for better future pensions for all, rather than trying to raid the savings of current pensioners.

Oops, yes, £500/week, thank you, @DisgruntledPelican. My comment still stands.

I've jusr looked at the original post and can't believe what a CF you are OP.

Why do you need money, why does anyone? mind your own business

and the entire generation below them can't afford housing because the govt is paying whopper pensions to older generation.

I think you are conflating various issues here. Plenty of younger people can and have afforded to buy. The capital cost of housing is high making deposits an issue, but low interest rates mean actual monthly mortgage payments relative to earnings aren't always wildly out of sync with say, the 80s and 90s, when interest rates were much higher. People borrow over longer terms (30 or 35 years vs 25 in the past) but also live and work longer. Most people I know in their 30s have afforded to buy.

The affordability of housing is utterly separate to pensions. Most pensions arent paid by the government, my own father has an excellent final salary one through his employer (a publicly listed company), nothing to do with the government.

You just sound bitterly jealous, OP.

House prices are high because not enough houses are being built, its simple economics.

Supply is less than demand so prices are high.

Absolutely nothing to do with pensions, private or state.

''Ps would your neighbour be comfortable with you telling people on mumsnet his financial details. Ok it’s anonymous, but still. I’m glad your not my neighbour!''

it's anonymous as you say so what's the problem? and you don't know if the gender or location I provided is true.

''The final salary pension lot worked no harder and put no more money into the scheme than the current workers''

yes but according to mn the older generation are entitled to all the privilege on earth as ''they earned it''.

State pension needs ringfencing, we all need to pay more in & be able to take a 'living pension ' out of it.
Get rid of the scrappy extra allowances that take admin & not all people know to claim.
Give people dignity in old age & not one of bread line living
I have a very average salary & have been paying into a pension, yet I will still be one of those 'getting by' retirement will not be holidays, looking after grandkids & volunteering, it will be working till death.
Not sure what will happen in the future as we age as the 'bank' of mum and dad will not exsist, we I will also be unable to support ageing parents & any grand kids, volunteer in the community or free up jobs for the young
(I realise the above is idealised but I'm trying to make a point)

''I can't imagine living on as little as STG 500/month after mortgage payments, and I don't suppose I'll magically want to when I'm a pensioner either.''

it's 500 a week.

If you already have a house OP why don't you downsize to a flat and donate the money to some poor young person for a deposit. It's the least you can do when you feel the system is so unfair.

''Changing the rules AFTER people retire, when they don’t have the chance to increase their savings or contributions any more causes hardship and is unfair.''

and increasing house prices so much that many of the younger generation isn't fair either and no younger generation can't cut their cloth as they don't have the same chance to save and pay into pensions and get similar returns. If pensioner got 300stg a week it is more than enough and the money was used to help the younger generation.

''If you already have a house OP why don't you downsize to a flat and donate the money to some poor young person for a deposit. It's the least you can do when you feel the system is so unfair.''

I have a 1 bed flat. I got it cheap as it needed a lot of repair work and still does.

@Thisnamewasnttaken123

''It is tricky. My University pension is steadily getting worse and worse, I have to keep paying a greater percentage of my salary to get my pension later and receive a worse pension. This is in part because of having to continue to pay the pensions of earlier generations who were able to retire earlier with a final salary pension who are in general, unsurprisingly in such favourable circumstances, living very long lives.

The final salary pension was removed during my working life and the defined benefits calculater get worse and worse while the age to receive it goes up. I do not understand why my pension entitlement can keep changing but the pensions of those that retired earlier are set in tablets of stone and cannot be even slighty reduced to help the scheme deficit and support the next generations.

Not helped that I have a vile retired family member who gloats about his fat final salary pension from USS and how I am working to pay for it - when I will never receive anything like it.

It is a great intergenerational unfairness so I don't think the OP is being unreasonable in raising it.''

I agree, I also don't think the OP is being unreasonable.

Except quite of lot of what you've quoted isn't true...

This was a good question from ajandjj

OP - say you save into an interest-bearing account, how would you feel if someone came along when you were about to retire and said there was more money in there than you needed, so decided to take some to distribute to others.

Would you be happy with that?

''Most pensions arent paid by the government''

retired teachers, police and nurses in Ireland have over inflated pensions higher than many wages in the uk.

then how come massive amounts of the younger generations can't afford their own house?

How come masses amounts of the younger generation own cars, take foreign holidays, own multiple electric appliances in their home, eat out regularly, have wardrobes stuffed with clothes, visit hairdressers and beauticians regularly, have expensive weddings etc etc.

These things were not enjoyed by the older generation. If they did own a house, it's likely all that they owned. Houses might have been cheaper, but wages were lower.

My first house took everything I owned - nothing left for a car, holidays or even heating the house. The TV was rented and a trip to the Laundrette was a weekly chore. It took years to kit it out. My parents never owned their home. So don't think everybody had it easy just because they are older.

The man's income is none of your business. It's come as part of a contract he signed up to and as a result of his payments into a pension scheme, it's. It up to you to pick his pockets because you feel aggrieved.