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?

College lecturers aren’t civil servants.

@Originally

OP, attitudes like yours are absolutely revolting.

They are the thin end of an ageist wedge that leads to old people being disrespected, abused and robbed.

Give your head a wobble.

It'll fall off! It's clearly not held on by much!!

Erm yes you’re being unreasonable. He’s paid into the pension, it’s his to claim back and spend however he likes! If you’re worried - increase your own contributions and set yourself up for the future too.

I've just made a note to myself that when I retire, I'm going to spend my pension on sports cars, silk knickers and toyboys. Just to piss off OP who thinks old people should sit in plastic armchairs watching daytime TV and eating gruel all day.

@Blindering

Edit: just to note I say 'old style pensions' because I don't know if they have being changed since he retired for the next generations but in general I think it's madness that people in their golden years are getting whopper pensions every week. Seems wasteful.

Excuse you? They’ve earned that pension. It’s not exactly free money.

@Blindering

''What about when we need a new carpet, or re-wiring, plumbing work - are we not supposed to have these things done?''

what about the generations coming after you who won't have the safety net you have though because it was all spent on yours?

I take it you won’t be repairing your home in retirement and instead donating money to younger people.

''College lecturers aren’t civil servants.''

the govt pay their wages don't they?

''I take it you won’t be repairing your home in retirement and instead donating money to younger people.''

and I take it you missed the point-there will be no money to have such luxuries for my retirement.

Pensions and welfare payments are much higher in the republic of ireland than in UK

@Blindering

''College lecturers aren’t civil servants.''

the govt pay their wages don't they?

No

@Blindering

''I take it you won’t be repairing your home in retirement and instead donating money to younger people.''

and I take it you missed the point-there will be no money to have such luxuries for my retirement.

So you have decided not to save for retirement, thats fine and completely your choice. Why do you think other people shouldn’t be allowed to invest?

OP: I am very much looking forward to a future thread from you which will likely tackle the whole question of inheritance!

@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.

What is it you think retirees do with their time? I’ve grandparents who are now 80 who regularly travel locally, nationally and internationally. They also have plenty hobbies. They dine out regularly. Regularly treat family members. Eat well. Live a comfortable life basically because they earned it.

You sound extremely bitter.

I agree. I signed up and paid into a pension, still paying which they have changed on me. Basically paying into a pension being told a can retire at x years with x money. Then being told no sorry thanks for the money but we are now giving you a crap pension and you are going to be so old before we will give it you you will not benefit or even be dead

What you built up in the past has not changed

Pension you will earn in future costs more now so is not as generous

No one is taking away your existing pension

@pointythings

I've just made a note to myself that when I retire, I'm going to spend my pension on sports cars, silk knickers and toyboys. Just to piss off OP who thinks old people should sit in plastic armchairs watching daytime TV and eating gruel all day.

Good for you. I hope you’re going to drink plenty of champagne too.

Come on OP what about footballers. Why do they need so much money? Why limit your resentment to just pensioners.

@Davros

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. When were mortgages a fraction of today? I remember the 80s and 90s when interest rates were sky high, mortgages got handed out like confetti and when it all collapsed, many people lost their homes

My husband paid into a private pension pot. This isn't what is given by our oh-so-grateful government. We deliberately took less each month in wages so that we could pay in to look after ourselves as we got older.

Then along you come telling us that we shouldn't have it? Because you haven't got much? And want ours. Although between us we worked for over 80 years to fucking earn it?

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?

''Live a comfortable life basically because they earned it. ''

and so when folk of the next generations and indeed this generation complain of bad pensions and renting in middle age is it their fault that they didn't earn it?

My pension planning assumes I will want more than GBP500 a week well into my 80's and that's nobody' business but mine. YABU

''When were mortgages a fraction of today?''

when the house prices were a fraction of today's prices.

@Blindering

''Live a comfortable life basically because they earned it. ''

and so when folk of the next generations and indeed this generation complain of bad pensions and renting in middle age is it their fault that they didn't earn it?

I’m 33 (no idea what this generation is), I’ll have a good pension because I chose to pay into one. Most people who complain about bad pensions chose not to pay into a pension. Really only those on very low wages should be relying on the state pension.

@Blindering

''When were mortgages a fraction of today?''

when the house prices were a fraction of today's prices.

As were the wages

If you aren’t happy with your pension package maybe you should look for any employer with better terms. I’m in my twenties and have had two private sector employers that have given me non-contributory pensions. One of them did a non contributory pension and matched my payments into a second scheme.

My husband also has a non-contributory pension and revives a lump sum on retirement. I don’t think it’s unheard of for people to have decent employers.

my other half is a retired lecturer and he paid in a lot into his pension over 40 years and his private pension is 1/3 of his salary when he was working and even adding his state pension into the pot he is now on less than half what he was earning when working so though your neighbour sounds like hes well off to you he is probably living on a lower standard of living than before