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?

iridescentPurple

Gosh this is still going, and the OP still apparently as ignorant as she started out. However many contributors have explained the various types of pensions, and the necessity for planning for retirement, so well that OP has possibly inadvertently done a good thing.

@IridescentPurple

This isn't a pensioner bashing thread

Don't piss up our legs and tell us it's raining.

🤣🤣🤣🤣🤣

I’m going to have to steal that, it’s brilliant.

''Sick of people blaming each other in this race to the bottom - blame the government, policy makers, tax avoiding corporations, The BofE. They are the ones who have fucked everything up for younger generations.''

and I already said umpteen times its the govts fault.

@saraclara I am 30, and am enrolled in the nest pension scheme. The fact that it is mandatory that it is offered to all employers makes me firmly beleive that when it is my time to retire there will no longer be a state pension.

OP, I don't understand the pure venom of some of these responses. I think it is misdirected to think current pensioners should receive less, but I understand the frustration with the clear intergenerational inequality in this country that a lot of people refuse to believe exists.

To be honest, I am jealous of people in the boomer generation. All I want is to own my own home to have some feeling of security, but sadly it's a pipe dream on my current earnings. Neither of my parents were proffessionals, but they bought a house. Me and my partner rarely go on holiday, eat out about twice a year and run a small cheap old car and are a million miles away from being able to buy, so it isn't a life of hedonistic luxury preventing us.

@Blindering

''OP. It’s none of your business anyway.''

it is everybody's business how the govt spend tax money.

600 Euros a week is not a state pension he will have a private pension from when he was working

Well you're a little charmer OP.

@Blindering

''No, we won't. Read the thread - the generation that benefitted from final salary pension has retired and living long lives, so we are paying for it with our increasingly shitty pension. No load of money for me when I retire.''

Head North I agree with you but people here are just labelling this another age bashing thread rather than looking at the facts or the points you and I are making.

Maybe go into politics so that you can work to change the system or maybe harangue your MP about this issue.

No one on here can change it.

It might seem unfair to you now, but there's bugger all that any of us can do about it , short of withdrawing money out of our accounts and handing it over to people who look thirty years younger than us.

I applaud the proper still replying to the OP. I have never come across a more ignorant, stubborn and unbelievably uninformed poster in my life. I would try and formulate a reply to the absolute nonsense she has written in this thread but it is completely pointless to argue with someone so dense.

And btw I have about £500 in my pension and I can guarantee I am much younger than you so my reps one has nothing to do with me thing you are trying to rob my pension.

The housing crisis has nothing to with pensions whatsoever. As you are living lavish in a 1 bed flat when a single person can easily survive in 12ft by 12ft rooms as demonstrated by the prison system) I expect you to sell your house and donate to those younger than you - like myself so we can get on the property ladder.

@Blindering

''Sick of people blaming each other in this race to the bottom - blame the government, policy makers, tax avoiding corporations, The BofE. They are the ones who have fucked everything up for younger generations.''

and I already said umpteen times its the govts fault.

and who elects the government???????

I’ll be getting 3k+ a month pension and have lots of plans for spending it. YABU

and yet you''ll moan that your grandkids can't buy a house or get x,y and z

No. Most of us sign over our fortunes for house deposits for our kids. And then the state has to pay for our care in old age. Who's the winner there?

I cannot believe anyone thinks people don’t pay mortgages after 70. I literally am struggling with this!

@Fancymice the venom is because she is blaming exactly the wrong person it’s simple. Of course there is generational inequality. I will likely never be able to afford the house my parents bought.

My family are first generation immigrants though and white British people have way more inheritance than I ever would dream of having.

Therefore according to OP’s logic white British people should sell their assets and give it to ethnic minority people in the U.K. who have to live in almost no generational wealth.

@Blindering
I’m sure you’ll be all up for that idea considering your stance on economic equality . Thoughts?

Her ideology is apparently the solution is to steal from the old to help the young. I assure you she will change her tune when she is old herself.

''OP, I don't understand the pure venom of some of these responses. I think it is misdirected to think current pensioners should receive less, but I understand the frustration with the clear intergenerational inequality in this country that a lot of people refuse to believe exists.''

I don't either and the irony is I have seen so many baby boomers write on mn before they are glad they aren't young or starting off as the younger generations have being given a bad hand and yet I am crucified for pointing it out.

I also like that @Blindering ignored completely the correct statement by a PP that people who haven’t saved for a pension like OP’s neighbour are definitely not cheap for the young tax payers. Their care is payed for directly form the council instead of their assets being diminished like those with large pensions. So they are actually costing the state much more than your neighbour who is rolling in it. The ignorance is astounding.

I call bullshit on this thread, you're just being deliberately goady. Also, first you claimed to have a house, now suddenly it's only a one bed flat.

Yeah right.

@GloriaSilver exactly I want to live we’re Op is. Most of the over 70’s I know don’t have a house and have never owned one. Seems she hangs around with the very privileged .

What the fuck has this got to do with you, OP? Mind your own business.

Seriously loads have mortgages in their 70s. How naive

I can't think of 1 person

Maybe you don't know many people in their 70s. I'm mid 60s and with a paid off mortgage have just taken another out for 30k to do the roof and windows and generally bring it up to scratch. Over 40 years, houses need maintenance. I have peers who have had to do the same. You don't know a single one because you are young and inexperienced, and just a bit ageist. We've all been there. You'll grow up and get old, and then you'll be speaking from a platform of a bit more knowledge

@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?

As someone who used to manage company pension schemes for a living, you clearly know nothing about the UK pensions system. As a college lecturer their pension is paid either by the college's own scheme or by a "federated" scheme that covers a number of universities and colleges. It is not being paid by the government. The person themselves will also have paid towards their pension.

You say you are in Ireland. I assume the republic. If so you are still in the EU. It was the European Court of Justice which ruled that pensions are not a reward for "long service and good conduct". They are, according to the Court, "deferred pay" earned while at work but held over until retirement. Your suggestion of a "cap" is no different from saying all those in work earning 600 Euros a week should have a compulsory pay cut.

@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?

Yadbu i don't know the Irish system but in England your pension is dependant on what you've contributed so yes he is entitled. Just because someone has planned well for retirement doesn't mean you can take it from them because you think he doesn't need it.

''Me and my partner rarely go on holiday, eat out about twice a year and run a small cheap old car and are a million miles away from being able to buy, so it isn't a life of hedonistic luxury preventing us.''

and yet this thread has us believe those not on the property ladder or going into a good pension is at fault for not saving or investing in a good pension when it's already being pointed out it's different from the past.

@Blindering

''Sick of people blaming each other in this race to the bottom - blame the government, policy makers, tax avoiding corporations, The BofE. They are the ones who have fucked everything up for younger generations.''

and I already said umpteen times its the govts fault.

You'd have been better off posting from this point of view.

Successive governments have failed to see the impact of allowing two people to have their joint incomes to be considered in mortgage deals, resulting in a massive influx of money into the property market which, in turn, resulted in house prices going through the roof, many years ago.

Council tenants were given 'the right to buy' which also pushed prices up and resulted in fewer properties for low income families.

Property speculation became widespread which resulted in low income families now paying more in rent than many pay in mortgages.

Social housing is now for the very poorest of our population and there isn't enough to go around.

These are the issues that you should be banging on about and should be directed to your parliamentary representative.

Griping about an elderly neighbour who acted within the law and his employment contract and is now not worried about his future is very unkind and quite repulsive, if I'm honest.

There are plenty of people who can't afford to buy, not because they're feckless but because house prices (and the required deposits) have moved way out of line compared to salary multiples, especially for those who are relatively low paid.

But that doesn't mean that taking other people's deferred pay (which, as a PP points out, is what occupational pensions are) is an acceptable solution.

NoSquirrels

Wish I could write core stuff as clear S you