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?

Yes. You are being unreasonable.

''Leave the man alone , he's worked for what he has.''

it' not him personally, it's the many others of his status getting huge pensions which the younger generation won't because the moneys all gone and wages/pensions have being cut left right and centre.

unaware of how UK pensions function

Unaware of a lot more than that.

@Blindering

''His pension won't be coming from tax money. It will be coming from the pension fund that he paid into for all his working life.''

paid into from an over inflated old style salary from tax.

Why do you think tax payers funded his salary? They don't pay lecturers salary in the UK.

Do you also resent tax payers paying teachers salaries? And bin men's salaries? And doctors salaries?

What a strange viewpoint!

@Blindering

''Leave the man alone , he's worked for what he has.''

it' not him personally, it's the many others of his status getting huge pensions which the younger generation won't because the moneys all gone and wages/pensions have being cut left right and centre.

The younger generation can contribute to their work pension schemes the same as the rest of us. Why do you think that's not an option for them?

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

Thank you. I don't get why I am getting such a beating when as I already stated landlords and older generations often get criticised on mn for getting benefits the younger generation didn't and get labelled 'greedy'. I am asking for it to be reviewed and as another poster said means tested would be good.

I am asking for it to be reviewed and as another poster said means tested would be good.

Benefits to pensioners are means tested.

''The younger generation can contribute to their work pension schemes the same as the rest of us. Why do you think that's not an option for them?''

as a poster above pointed out their wages have being cut in recent years, house prices have risen and so it is more difficult to fund a pension like in the old days and as the poster said she pays in but doesn't get the same returns.

@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

@Blindering

''However, having said that, I do think there should be some sort of means testing. If you've got a vast private pension, a property of your own all paid off and plenty of savings in the bank, it does seem a bit much that you can still collect a monthly amount which you don't really need....''

and that's what I was getting at, he inherited a family home and lots of assets from his parents worth millions being the only child and yet gets a whooper pension, seems wasteful in my eyes.

Would it make you happier if he had had ten siblings to share the million pound inheritance?

But then the siblings would be eligible for pensions wouldn’t they. So wasteful. Maybe they could nominate half of the siblings to be
killed and eaten, isn’t that what Johnathan Swift proposed to solve the Famine. It would work equally well to cull greedy pensioners, though maybe cut out the eating part......

''Benefits to pensioners are means tested.''

clearly not if he owns a property in Dublin worth millions amongst other assets and still received a 150k pay off at the end along with a golden plated 2500 euro a month. It's just madness.

YABVU and utterly ridiculous.

Life isn't a race to the bottom - he earned that money based on the contract he entered at the time. How would you feel if someone decided you should be paid less at work because you need it less than Jane next door who has 6 children to feed irrespective of your contract?

Even generous pension scheme require substantial employee contributions. None of that money is 'free', plus if Ireland is anything like the UK he'll be getting taxed a decent amount on his private pension too.

Wind your neck in and stop being so vicious!

@Blindering - starting a thread about something you don't understand🙄

@Blindering

''The younger generation can contribute to their work pension schemes the same as the rest of us. Why do you think that's not an option for them?''

as a poster above pointed out their wages have being cut in recent years, house prices have risen and so it is more difficult to fund a pension like in the old days and as the poster said she pays in but doesn't get the same returns.

We're all affected by rent and house price rises. No one stays in the same house as when they were 20 in their first job. My mortgage would make your eyes water, I'm still paying into my pension. I'll repeat - young people have the option of paying into their pension scheme. Plenty choose not to, but plenty of older people choose not to either.

That's not a reason to resent those that did the sensible thing and planned for their retirement. They're in fact saving the tax payer from having to top up their pensions with benefits.

@Blindering

''His pension won't be coming from tax money. It will be coming from the pension fund that he paid into for all his working life.''

paid into from an over inflated old style salary from tax.

And he will still be paying tax on it.

@Blindering

''Benefits to pensioners are means tested.''

clearly not if he owns a property in Dublin worth millions amongst other assets and still received a 150k pay off at the end along with a golden plated 2500 euro a month. It's just madness.

FROM HIS OWN OCCUPATIONAL SCHEME THAT HE PAID INTO HIS ENTIRE LIFE.

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

Agree 100%

In the UK we get some of the lowest pensions in Europe.

In my mid 70s having worked, contributed to the community and paid taxes since I was aged 16. I employ a gardener and a cleaner because I am too disabled to do anything very physical. I also run an online business whereby 95% of what I sell goes international so I am one of the people bringing wealth into this country. I am also helping to create jobs for others.

And what are you doing ... ?

Save more , vote for socially minded political parties , we get the country the majority (?!?) vote for

And most people don't want to save and don't want to pay taxes for thier future benefit

Being jealous of others isn't a good look

And you have decades to go . None of them thought they would be wealthy , they certainly were not at your age

@Blindering

''Benefits to pensioners are means tested.''

clearly not if he owns a property in Dublin worth millions amongst other assets and still received a 150k pay off at the end along with a golden plated 2500 euro a month. It's just madness.

So you don’t understand what benefits means either. You’re not doing g yourself any favours here.

''I'll repeat - young people have the option of paying into their pension scheme. Plenty choose not to, but plenty of older people choose not to either.''

and if you read the other poster's post that supported my point she already said it is not worth paying in as the returns are much less than in the past.

''That's not a reason to resent those that did the sensible thing and planned for their retirement.''

they could plan more easily as their wages were higher and their mortgages were a fraction of today, that and money they paid in got much better returns. It's not black and white as you say. It's a case of inequality that I am pointing out.

He has PAID for that pension. It hasn't been given to him as a favour.

A decent pension used to be part of the compensation college and university lecturers received given that in their professional capacity they are about the poorest paid in Europe. They also earn significantly below par in comparison with the US, where they receive all manner of pension and health insurance benefits on top.

Teachers and lecturers have paid into this pot. Incidentally, there have been various raids on the different pension schemes over the years, including the TPS and USS schemes, where final salary pensions have now become average, to quote one example. This is breaking faith with the deal many staff took out when they started.

Needless to say, there has been no salary increase which even begins to take account of this: conditions are so poor that ahead of COVID there were UCU strikes all over the country.

YABV,VU.

''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.''

Just for all the people who are accusing me of ''not getting it'', this poster has explained very well my point and what many of you don't seem to get. This isn't a pensioner bashing thread, it is about over inflated pensions and inequality.

Yabu.

Rather than bringing everyone down for the sake of equity.

It should be averaged up so everyone gets the same as him.

This isn't a pensioner bashing thread

I think you’ll find it is.