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?

''You really don’t understand how pension funds and investment work, do you?''

he didn't pay 500stg a week or 2000 a month contributions into his pension every month.

Blindering why won’t you answer the question about whether you’d be OK with someone ‘redistributing’ your savings if they thought you had too much?

@StatisticallyChallenged yes, it's the chat about 'we had it worse than you why are you complaining' well because the life of an academic/civil servant has changed a lot in the last 20 years i.e. since we've entered into the professions.

And to those querying why we are annoyed at the old people - well because in the UK they tend to vote Conservative and basically support the property-owning elites.

I also think that this conversation is focused primarily on pensions/salaries of civil service/academics i.e. those professions that used to get paid a reasonable amount who then got screwed by the state during austerity.

he didn't pay 500stg a week or 2000 a month contributions into his pension every month

So you keep saying, proving my point about your ignorance very eloquently.

[quote ajandjjmum]@NoSquirrels

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?

Third time’s a charm, Blindering.
Any thoughts on @ajandjjmum original think-piece poser?

---

I came back (sad as I am!) to see if OP had answered, but no, she's still frothing about the unjustice without considering the wider picture. She'll grow up.

To those struggling to get a foot on the ladder, I genuinely have sympathy. Times have changed and we all need a bit of luck in life. But that luck shouldn't come through stealing off those who have saved.[/quote]
Good to see you back OP.

Will you please answer my question?

@Blindering

''Probably wasn't cheap when he bought it.

In 30 years your house will be 'cheap' in relation to the house prices then (unless the market collapses).''

no he bought in the 70s when it was 3 times your wage.yes interest rates were higher but the house was still much cheaper and the comparison is still massive but I am sure somebody will come along and dispute this, tell the younger generation to stop being bitter or to stop spending on the latest gadgets and trips to Hawaii.

Remember that for a huge chunk of that time interest rates were 5 x what they are now. We paid 15% interest on our first house.

Yes - we are lucky - but it hasn't been a bed of roses all the way.

Surely, if you bought your flat/house - it keeps changing - in the 1970s, you’re part of the problem @Blindering?

Actually ignore that. The op said it was the neighbour who bought in the 70's. I mustn't read others posts as gospel obviously.

Blindering I am out you are just stupid

''Surely, if you bought your flat/house - it keeps changing - in the 1970s, you’re part of the problem @Blindering?''

I bought it in 2020

''Yes - we are lucky - but it hasn't been a bed of roses all the way.''

course not but you didn't get the bed of thorns and nettles this generation is getting.

@Blindering

''Surely, if you bought your flat/house - it keeps changing - in the 1970s, you’re part of the problem *@Blindering*?''

I bought it in 2020

My mistake. So buying a property now is attainable?

@Blindering

''You really don’t understand how pension funds and investment work, do you?''

he didn't pay 500stg a week or 2000 a month contributions into his pension every month.

Er, no. You really don't understand how pensions work. Not a clue.

''My mistake. So buying a property now is attainable?''

as I said earlier it's in a bad location-not in a city or near 1, not saying where and literally about 100 k of work needs to be done to it, I got it cheaper because of this. When this repair work will be done will likely be never cos of money.

@Blindering

''My mistake. So buying a property now is attainable?''

as I said earlier it's in a bad location-not in a city or near 1, not saying where and literally about 100 k of work needs to be done to it, I got it cheaper because of this. When this repair work will be done will likely be never cos of money.

Such a bad location that your money bags neighbour chose to live there?

You sound a bit depressed op, if I'm honest.

Every generation had it's pluses and minuses. Generally speaking my children have had a much better standard of life than we did at the same age and we've had a better standard than my parents did. Theirs was marginally better than my grandparents.

Nothing we benefitted from in the 80's was our "fault". It just was what it was.

Were your own parents part of this priviledged elite or did they plod along like the rest of us? Did they help you at all with a leg up in life or did they leave you to sink or swim on your own? Apart from your rant I would love to know what your life experience was and why you are so bitter about it.

@StatisticallyChallenged

*That’s a balanced decision that people make though. The civil service pays less than private sector, but the pension was better. So an active choice and plan that people made to have less in their pocket while working, but better later on.*

That's exactly the point, and the point when it comes to changing future benefits. In most cases, with the exception of retirement age, most changes are not made to already accrued benefits - they're made to future benefits.If your employer announces a change to your scheme then you re-evaluate your future plans to take that in to consideration; is the scheme still worth investing in or should you opt out and go for a personal scheme (this is rarely wise), is it now better to change jobs to get a better base salary so you can invest independently, or to an employer with a better scheme, and so on.

The lack of time travel means that those decisions can't be made for benefits which have already accrued.

That’s the point I’ve made to the OP a few times, asking if she’d be happy to hand back part of her salary if it was retrospectively decided it was too high.

Funnily enough it’s been ignored

@Blindering

''My mistake. So buying a property now is attainable?''

as I said earlier it's in a bad location-not in a city or near 1, not saying where and literally about 100 k of work needs to be done to it, I got it cheaper because of this. When this repair work will be done will likely be never cos of money.

So your neighbour isn’t living it up in the suburbs as you suggested earlier?

Or is your house magically right on the dividing line between leafy suburbs only affordable to piss takers from the generation who had it easy* and shit-hole just barely affordable to people now?

(*not my opinion, but the suggestion being made)

I understand your envy of this persons pension. It's a good pension. But it was part of their terms and conditions, basically deferred pay. To stop it now would be theft.

Rather than envy others pensions we should all be campaigning for better, secured pensions for all employees as part of their contracts. But in order to afford it either take home pay will reduce or taxes and prices must increase.

For public sector now the staff contribution to pension has increased significantly in most roles. Most have moved to career average pay rather than final salary, which reduces the pension paid to be in line with the amount paid in and most have had pay freezes and below inflation pay rises so have had pay cuts over the last 15 years.

But we can't go back and apply these tactics to benefits already earned any more than an ex employer can demand some of your salary back from what you earned in 2001.

Best to let the anger go about how unfair things feel. When pensions were envisioned we weren't expected to live long into retirement. The extra years mean it costs more nowadays, but you'll get to enjoy it for longer.

@Blindering

''My mistake. So buying a property now is attainable?''

as I said earlier it's in a bad location-not in a city or near 1, not saying where and literally about 100 k of work needs to be done to it, I got it cheaper because of this. When this repair work will be done will likely be never cos of money.

Well that's nothing new and no indication of anything.

We've only ever bought houses that needed a lot of work as that's what we had to do to get a house big enough for our needs. My daughter has just bought in one of the rougher areas in her city. You've been able to buy a house/flat. Good for you.

Anyone else's teeth itch reading 'stg' repeatedly?

''So your neighbour isn’t living it up in the suburbs as you suggested earlier?

Or is your house magically right on the dividing line between leafy suburbs only affordable to piss takers from the generation who had it easy* and shit-hole just barely affordable to people now?''

neighbour is next door to me when I have to stay in the city if you must know for my job. I can't afford to live in it cos of housing. I only stay in 3 days a week.

@Blindering

''You really don’t understand how pension funds and investment work, do you?''

he didn't pay 500stg a week or 2000 a month contributions into his pension every month.

No he didn't. Because that's not how pensions work.

''You've been able to buy a house/flat. Good for you.''

only not in a city or near it, in a place with poor unemployment and poor quality of life.