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?

''All those pesky, filthy- rich, greedy pensioners that you're banging on about, OP, will be paying "whopper" ( your word) tax bills.
If indeed your musings are true. ''

he gets 2500 a month after tax so I don't get where the big tax bill is.

He worked for his pension. What he retired on was the deal of the day, the same as his retirement age - Big fat ⚫

''He worked for his pension.'' and yet the generations that come after him will work just as hard and not see near the same amount which is my point.

he gets 2500 a month after tax so I don't get where the big tax bill is

In which case he’ll have paid £900 a month tax.

So you don't understand the concept of tax either?
After your personal allowance, you pay a percentage of your income into the communal pot. I'm sure your neighbour is doing that.

''In which case he’ll have paid £900 a month tax.''

which then only adds strength to my argument that he's overpaid.

@Blindering

I have been impacted by the change to government contributory pensions, but I honestly don't understand your jealousy/bitterness.

I don't know who taught you everything in life is fair, but they did you a massive disservice. Get over yourself and do the best for your future that you can. Feeling so bitter over this is like drinking poison and expecting someone else to die.

@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.

You don’t HAVE any facts! That’s the problem.

@Blindering

''In which case he’ll have paid £900 a month tax.''

which then only adds strength to my argument that he's overpaid.

Overpaid how?

@Blossomtoes

he gets 2500 a month after tax so I don't get where the big tax bill is

In which case he’ll have paid £900 a month tax.

That’s where the “whopper” tax bill comes from. You’re really trying my patience now.

You sound so ignorant op that it''s embarrassing.

I think it's madness that people in their golden years are getting whopper pensions every week. Seems wasteful.

Oh goodie, yet another ageist thread.
People aren't on the scrap heap once they retire you know. Many retired people I know were off skiing, climbing in the alps, cruising round the world etc pre-Covid and can't wait to get back to that sort of thing. Many are subsiding young adult children by having them live rent free at home whilst they save up for deposits because we know it's tough for young people to get on the housing ladder. They have paid taxes all their working lives and on their pensions which helps subside those on lower incomes. They will have their pensions taken off them and their savings etc to pay for care homes if and when the time comes, whereas people on lesser pensions have that subsidised.

@Blossomtoes

so we are paying for it with our increasingly shitty pension

You’re not.

No, we are. 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.

I will never no much I out int my pension, be able to match the value of the final salary pension those already retired enjoy.

I get you OP.

My next door neighbour's saves more for their holiday than me. It's just not fair that they can afford better holidays than me.

@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.

First off, many generations had the final salary pension not one generation. Secondly, final salary pensions always involved a high % salary sacrifice to fund them. They weren’t free to the workers. But workers had no control over how that money was saved/invested on their behalf. If the company went bankrupt or the government passed new laws, their pension could be reduced or even disappear. This was in a time when people tended to work their entire careers at one employer.

Nowadays, people switch jobs frequently and so the demand was for portable pensions the worker can still put some of their salary into and then take with them to new employers, combine them etc. The demand was also for workers to have the control over investing their funds into pensions. That’s a big reason why the final salary pension has almost disappeared....people don’t work for the same employer for life anymore.

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.

''They will have their pensions taken off them and their savings etc to pay for care homes if and when the time comes''

less than 1o percent or something significantly low go into care homes so I don't get why care always comes up on mn as a guaranteed thing when more often than not it' never needed.

So in total they get approximately £2000 a month why do you think that is too much?

@SchrodingersImmigrant

Yabu. Imagine all life working to have nice pension and then... Having shit because someone somewhere decided we all should have same nothing... Or even more. Because you are single and manged to pay off mortgage, you should get less.

They have done this. I've been paying a pension for over 20 years. Now I have been told I have to work longer for a lot less, so yes they have already done this to us the current working generation

@Blindering

''In which case he’ll have paid £900 a month tax.''

which then only adds strength to my argument that he's overpaid.

I hope you refuse the services of these overpaid people, you know doctors, consultants, dentists for example.

@AICM

I get you OP.

My next door neighbour's saves more for their holiday than me. It's just not fair that they can afford better holidays than me.

That's awful - I'm so sorry.

they are capped.

Literally. It's called Capital valuation Tax

Now I have been told I have to work longer for a lot less, so yes they have already done this to us the current working generation

Now you know how Waspi women feel - not nice, is it?

So OP - if you save up and put all your money into something, (house, pension, investments, business) - I'm sure you;ll be fine with it being taken away from you when someone else thinks you shouldn't have it any more.
I paid my salary into a pension. I'll get it back at some point. The money I spent on holidays however, I won't get back. Simple.
Old age pensions are not that great and if oldies didn't get them they'd be on UC instead. (Along with everyone else)>
You just wanted an age -bashing thread, that's all. Invest your money - and you'll have somethingnice to look forward to too.

Hold on, how is the pension getting bigger? It started out at £500/week and OP now says it’s £2500/mo after tax? So it’s gone from £26k per annum to £40.8k per annum?

Someone’s not got their facts straight.