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?

I know a hell of a lot of older people who have no mortgage - because they are still paying rent. And rents don't go down, only up. I repeat: you are jealous.

Oh get over yourself. Who are to to dictate that people who live on their own don’t need all that money

Sometimes people with big pensions sacrificed more of their salary when they were earning or took lesser paying jobs because they came with good pensions.

I'm assuming that you mean Final Salary Pensions?

I’m in the UK civil service. During my interview I was told that the pay was lower than I was getting in the private sector but the pension was effectively deferred pay.

Of course successive Governments have pulled the rug from under us and it’s worth a lot less.

OP. It’s none of your business anyway.

So he paid into a pension, didn't rely on the state delivering bought a pair of braces to go with his belt and you think it is any of your business.

When all our pensions slot in behind each other we will have double that, do you want to start a begrudgery thread about that whilst you are at it ?

@PhoenixFreesias

No, I think old style pensions should be reinstated for everyone.

This drive to beat down everyone else’s living standards is the equivalent of battery hens pecking one another til they have no curly yes or feathers left.

This. I agree hugely with this.

Why would you say that he doesn't need the money ? Whether he saves it for medical expenses in old age, passes it on to younger family as inheritance or goes on lots of holidays a year, why are you so annoyed ?

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

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

I've been saving for retirement for 40 years. Do you think my pension needs a trim too? Who do you propose to give the "excess" to?

''Why would you say that he doesn't need the money ?''

I struggle to think what the average person in their 70s would do with over 500stg a week, Their kids will be adults, their mortgages will most likely be paid.

No OP. You seem to know an awful lot about someone’s personal financial business. The man has worked hard all his life and you want to pull the rug from under him.

The housing crisis in parts of Ireland is not related to how much public servants got. I recall some of my Irish relatives being forced taking a pay cut a few years back. Pensions are to blame for that as well I suppose.

@Blindering

''Why would you say that he doesn't need the money ?''

I struggle to think what the average person in their 70s would do with over 500stg a week, Their kids will be adults, their mortgages will most likely be paid.

You’re hard of thinking, then.

Ask your neighbour what he spends it on.

What's being a bachelor got to do with it? It's more expensive, not less, to live on your own.

''The housing crisis in parts of Ireland is not related to how much public servants got. I recall some of my Irish relatives being forced taking a pay cut a few years back. Pensions are to blame for that as well I suppose.''

yes it is, the govt in 2010 cut new teacher's pay and protected teachers already in the profession. Now there is a 2 tier system there. Govts were overpaying public servants and the younger generation took the hit.

Why not just mind your own business.

Do you want to live on the absolute bare minimum when you retire?

Would it make you happier to see him suffering financially?

Well my niece who’s a teacher in her 20s just bought a house! Go figure.

OP The amount you have quoted equates to around £25000 a year. I’m pretty sure that would be quite a drop in income for a very experienced professional so not excessive at all.

Between my state & 2 private pensions I hope I’ll have a similar income when I retire and I have not had highly paid jobs & had a long career break when my kids were small. It’s not free money - I and my employer pay into a pension fund each month & I pay NI contributions towards my state pension.

If you’re going to get cross about something, how about all the kids getting Irish government Covid hand outs far in excess of what they earned for their Saturday job? Or unemployment benefits which are not means tested?

Ok I'm 55, Dh is almost 55.
We have another 5yrs left on our mortgage..
I just calculated what Dh and I will need once we've paid off the mortgage in terms of basic utilities etc.. NOT inc food, toiletries, car tax, car insurance etc..
This what we pay now on a monthly basis..
£610.46 this is just basic utilities, we live in the UK

Neither, unfortunately have private pensions.
So will exist on Government pension, which is at the moment £137.70 per week.

twitter.com/RhonaTarrant/status/440182315319586816/photo/1

This folks is Irish begrudgery, we don't all do it, it mainly exists in small towns where they still have a parish pump.

My dad's pension, which is more than I earn, pays his care home fees. It is his money which he paid into his fund (supplemented by his employer) and now receives back. It's not free cash!

You're brave, OP

So you encourage the government to improve pensions for younger people. You don't snatch them away from older people. Pensions aren't 'taxpayer's money' they are deferred pay and earned over many years.

I've got 14 years to go as things stand until I retire - my NHS occupational pension is pretty good (though not to the tune of £500/week!) Want to come here and fleece me too?

Admit that you're jealous.

''This folks is Irish begrudgery, we don't all do it, it mainly exists in small towns where they still have a parish pump.''

and yet there have being a million threads on mn over greedy landlords who got property cheaper or the older generation getting cheaper housing and gold plated pensions in the UK.

What a horribly ageist thread. It sounds as though you're eaten up by resentment.