The state pension is HOW MUCH???

[BeatieBourke]

Call me stupid (fair) but I've just realised how much the state pension is. £800 odd a month (£185.15pw).

As a non-means tested benefit. For EVERYONE.

I'm generally of the opinion that benefits are too low and too punitive. I usually advocate for universalism. I understand that people have worked their whole lives and paid in, and deserve a retirement. And that having pensioners in poverty does no favours to the economy or other welfare services.

But £800 a month / £9k a year for EVERYONE?? So a widower in rented accommodation with no other income or savings, £800pm. A wealthy 68 year old who's earned a 6 figure salary, has a huge property portfolio and investments coming out of their ears that pay a fortune out in dividends, £800pm. Seriously?

I understand that no party, least of all the Tories (because tory voters as a population are older) will ever go after pensions because it would be unpopular (and older people vote more generally). But in a time when the country is supposedly facing a financial "black hole" and everything else has already been cut to the bone for the last 12 years, why the hell are we paying out state benefits to millionaires?

Maybe if pensions were means tested (with a fairly high and tapering threshold) there'd be enough to pay pensions for women at 65, and more for people who haven't built up huge assets, can't afford to live, heat their homes or eat a hot meal every day in their later years. I can see the (cynical) political sense in it, but no economic sense whatsoever.

AIBU?

I'm all for most pensioners getting a state pension. I'd like the poorest to get more.

But the poorest get pension credit and other benefits in addition

Because these women were told that was their pension age and then it was changed with hardly any notice. It was unfair because they had no time to plan.

Why? Haven’t they paid their taxes like those without it ? I’ve got my own private pension. I put quite a lot every month because I know that when I retire I’d not like to be cutting things just because when I was 30 I preferred spending my money on things I didn’t need. You make choices and depending on those then that’s the life style you can have. Which is the point of paying taxes and ni if then when I need help from the country I’m not allowed because I took a wise decision that others didn’t ?

Yet many too tight to spend it on what it is for - care related costs

And your evidence for this is?

Can’t read that article. But I think you need to get a job on the DM writing click bait headlines, you are really good at it.

Well DH (66) has just got his state pension after working from just before his 16th birthday. I'll get mine in another couple of years.
Not everyone in our generation could afford a private pension, or if we could, many private pensions have not lived up to their promises and actually pay out very little.

You need 35 years of contributions to get the full amount, you get less if you don't have enough full years.

The full amount is £185 p/w.

All of you whingeing about it- what do you want us to do? Work until we just die? Perhaps it would be cheaper if we were euthanised at, say, 75 or if we get too ill (whichever is sooner)?

The hate on here for older people is truly horrible sometimes.

Well that wealthy 63 year old paid more than that in his contributions so why shouldn't he get it?

It's insane that people with private pensions ALSO get a government pension

Come to Australia, where the state pension is means-tested.

You do realise we have the worst pension in Europe right ?? And lots of other countries their pensions is based on what they paid so rich people who paid more get higher pensions ?

@meateatingveggie It's normally the people who contribute the least who expect the most back.

Ah well OP. Let's think about this. We are tail end boomers. We own our house outright having paid 15% interest in the 90s. I didn't go to uni; DH remembers being poor and uncomfortable as a child in when qualifying in his 20s. We have worked for over 70s years between us. Paying top rate tax for most of our careers. I have a government pension to come, some contracted out. DH was principally self employed. If your argument had come tonpass we'd have buggered off to another Continent in our prime and subsidised nobody.

We have not received a single penny from the state. We even opted out of state education for our children - no tax relief available. Where possible we opt out of the NHS - no tax relief available.

We probably have/will subsidise many many pensioners who may not have worked for nearly as many years. We don't resent it.

Similarly our state pensions will be heavily taxed as will my occupational pension and DH's smaller one but with other investments.

How mean spirited your post is. We don't resent a penny of the subsidy we have paid. Nor shall we resent the top rate of tax charged to our "free" pensions.

er no @BeatieBourke you are quite wrong - I only get that because I have over 40yrs of NI payments into the system. If I didn't have the requisite amount of paying in years (I think its 38) then I would not get anywhere near this. It's a PENSION based on payments made.

Exactly. Those of us who have paid into a private or occupational pension, who’ve planned for retirement and who made sensible choices should not be disadvantaged to provide for those who chose not to.

Everyone should have a good state pension. Some can enjoy retirement more because they’ve saved for it.

My parents are retired in Spain. Their pension is calculated as a % of what their latest salaries where for x amount of years.
my Dads state pension is around 2:5k and my mum just over 1.2k I think they told me the other day. Someone that has been on minimum wage their state pension will be around 900.

in the uk it doesn’t matter what you earned you’ll all get the same

And the Millenials are all about to start inheriting their Boomer parents wealth, and have benefitted from it all their life.
Enough of the artificial generational divisions, it helps none of us

Older people, especially 'boomers' is the only group it's allowed to be hateful towards on MN!

What is this state pension that everyone pays into? Is it tax? I've never heard of a state pension?

I'd happily give up NI and not receive a pension. Would save me quite a lot.

Pensioners will be looked after. They are a prolific voting cohort who will punish any party that takes anything away from them. Well known FACT.

I am delighted to see pensioners looked after well. It is one sign of a civilised society, although that's creaking in the UK for other cohorts now.

Not me, my Boomer Dad will blow through his parents money within about 5 years I reckon, he has been financially reckless his entire life and and fuck all to show for it, unlike his Boomer Brother who is as wealthy as their parents.

The govt website says that pension credit will take "your weekly income to £182.60 if you’re single" So no one getting the full pension is getting pension credit top up.

This. Also, the pensions paid out are economy boosters as the money is spent in businesses that pay corporation tax, vat, national insurance and income tax for staff. If the pensioners hold onto to the cash, the government gets it back in inheritance tax, goes directly to the state or to the heir who would spend the cash to businesses with the relevant taxes.

The circle of life benefits/ taxes......

I have to laugh at the thread title.

I assumed the OP was going to be enraged that the pension is so pitiful but instead she's acting like pensioners are rolling in it.

Controversial but true! If we looked at social security benefits as a stop gap until people were able to support themselves rather than a lifestyle then the country would be better off all round.

Well yeah. But if it's any consolation none of us under 50 will get it so it will all be put right before then...