Page 6 | To think we are heading into a pensions disaster

She11y · 2025-03-25T20:03:18+00:00

I asked ChatGPT what the median pension savings were for someone in their mid 40s and I got the below reply: Ages 35 to 44: The median pension pot is approximately £30,600. • Ages 45 to 54: The median pension pot increases to about £81,200. This website has a similarly sobering statistic - average pension pot for 50-59 is £96k. [[https://www.nutsaboutmoney.com/pensions/average-pension-pot-uk https://www.nutsaboutmoney.com/pensions/average-pension-pot-uk]] These are averages and the number will be brought down by some people who have zero pension savings but it's still a very low amount. How are people going to survive retirement. There aren't many jobs for people the wrong side of 50z

Wildflowers99 · 25/03/2025 22:06

Purplebunnie · 25/03/2025 21:58

DD took dance degree. They had classes on a Saturday until mid-day. They were shattered after classes all day. When do you suggest they worked?

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Evenings? Sundays?

Spodemultiuser · 25/03/2025 22:07

1apenny2apenny · 25/03/2025 22:00

Its more complicated than the pensions though. Many now rent and will never own a house so will have to continue paying rent and will have no equity to use if required. Rents and col is very high so people can’t save but if they’re working and paying NI giving them the state pension. Currently those with state pension get no other help unlike those who saved nothing who get pension credit and other benefits including wfa.
Those on benefits, many of whom will never work much, will continue to need to be supported for their whole lives. We’ve seen nothing yet with the size of the benefits bill.

Currently we have quite a few wealthy pensioners who were lucky to live through the good years, esp around wages and house prices. We are heading for a massive crisis and the ones who are going to suffer the most are those who work, pay full NI and get the state pension as they won’t get any other help. People will wonder even more if it’s worth working.

Although since 2018 anyone working will have a private pension as it became compulsory then for employers to pay into one.
Prior to 2018 it wasn’t .
Obviously the self employed are an exception.

Withnoshoes · 25/03/2025 22:07

Sigh…..public sector pensions have already been altered since i started in the NHS to a lesser scheme. As did my partners Local goverment one. Not everyone is earning mega bucks and receiving a ‘gold plated’ pension. A good portion of public sector staff are paid less than the average/median wage!

But yeah course i’m going to be travelling on a private jet in my 70s. Based on my so far 20 year NHS band 4 career… i don’t think i’d even afford a holiday on my pension!

RedCatBlueCatYellowCat · 25/03/2025 22:08

L0bstersLass · 25/03/2025 21:50

Then he shouldn't be doing it.
A degree is 35 hours work a week. He has time for an evening/weekend job to bring in more money.
If he hasn't got the energy now to do that then he's not got the right work ethic or the required level of intellect for his chosen degree.

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My degree was 8am - 5pm 5 days a week. Some weeks I had overnights and/or evening clinics. I also had to study outside of contact hours. And occasionally sleep and eat. Pretty sure I would have been a liability if I had also tried to fit a job round that.

CantWatchRejection · 25/03/2025 22:09

Tiredofallthis101 · 25/03/2025 21:21

Some courses are 4-5 hours a day, I studied a scientific degree (sorry keeping it vague!) and was in uni 8.30-5.30 5 days a week for most of the year and at some points even longer. We were expected to do an equal amount of hours of work outside of uni as well. Not saying you can't work in the holidays etc but working part time isn't always possible.

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My kid is doing 9-5/6 every day and Sat mornings. With an impossible amount of prep work to do to as well. With one extracurricular hobby, they have zero free time for a job. I wouldn’t want them to either.

Frowningprovidence · 25/03/2025 22:09

Spodemultiuser · 25/03/2025 22:07

Although since 2018 anyone working will have a private pension as it became compulsory then for employers to pay into one.
Prior to 2018 it wasn’t .
Obviously the self employed are an exception.

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And part time staff below the threshold (I have multiple part time jobs and was not eligible for auto enrolment. I had to really push one employer who did cave in)

Goodenoughisgoodenough · 25/03/2025 22:09

Wildflowers99 · 25/03/2025 20:30

For heavens sake why?? They can get a student loan which is paid back in a reasonable way when they’re earning. Being a penniless pensioner for the gamble of a degree is ridiculous.

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The student loan is means tested. And the threshold is low. We have a household income of £65k. That means my son will only get half a student loan. We have to choose, £5k to support him, or £5k in the pension pot

Spodemultiuser · 25/03/2025 22:10

Confusedformer · 25/03/2025 21:47

I work for the NHS three days a week. I also work for myself two days a month. I take home much more working for myself twice a month than working for the NHS three days a week.

The NHS pension I’ve been paying into for 30 years is small consolation for being vastly underpaid for my skills and experience.

If it wasn’t for the pension, and the fact I believe in publicly-funded healthcare, I’d have left years ago.

Go for lives on the pension. Fill your boots. Staff will no longer have any incentive whatsoever to work for an organisation that underpays them to such a woeful extent. You’ll have fixed the pension issue and fucked the NHS. it’s not as easy as you think.

Although tbf That’s what the private sector is like.
We’re not all rolling in high salaries or reasonable hours and many jobs are very recession led. So we can lose our jobs at the hint of a downturn.

Suzuki76 · 25/03/2025 22:11

Unbelievable. Let's further worsen the inequality between rich and poor students, by saying not only should working-class students get a job when their rich classmates don't need to, but that they should further earn their place there by being intelligent enough to pass without needing to study outside office hours.

Some unis don't even let you work. That includes Oxford and Cambridge - but at least the rents are cheap in those cities when you live out. Oh, hang on...

I went to a very demanding uni in a small city. There are 16,000 students in a city that's got about 3 streets of shops, 4 pubs and a Pizza Express. I'm not sure where they're all expected to waitress or bartend when they have the option of local sixth-formers who don't disappear from May to October every year.

Themostlikely · 25/03/2025 22:12

Frowningprovidence · 25/03/2025 22:00

Something admirable about 'not having the intellect' but putting in 100% effort and coming out with a good degree though. Not sure we limit degrees to those who find it a breeze.

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Thank you, he works damn hard , as I said up thread, luckily we can support him so that he doesn't have to wait tables for a few pointless quid a week

Mere1 · 25/03/2025 22:12

TizerorFizz · 25/03/2025 20:31

Fees can be via the loan. Paying up front with no pension is madness.

Government employees are still having great pensions. At the expense of all taxpayers in the future. Our DC are truly f-cked. Millions of people don’t have decent pensions but will be paying for platinum ones for others.

This isn’t accurate.

PalmTreeAngel · 25/03/2025 22:12

Staceysmum2025 · 25/03/2025 21:46

Even your average stem degree biomedical science I have firsthand experience so you could not have worked even part-time alongside it. You’re in the lab eight hours a day.

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A lot of allied profession courses too e.g. psychologists, physios, occupational therapists etc!

PalmTreeAngel · 25/03/2025 22:13

Suzuki76 · 25/03/2025 22:11

Unbelievable. Let's further worsen the inequality between rich and poor students, by saying not only should working-class students get a job when their rich classmates don't need to, but that they should further earn their place there by being intelligent enough to pass without needing to study outside office hours.

Some unis don't even let you work. That includes Oxford and Cambridge - but at least the rents are cheap in those cities when you live out. Oh, hang on...

I went to a very demanding uni in a small city. There are 16,000 students in a city that's got about 3 streets of shops, 4 pubs and a Pizza Express. I'm not sure where they're all expected to waitress or bartend when they have the option of local sixth-formers who don't disappear from May to October every year.

This exactly!! Uni should be for all

Spodemultiuser · 25/03/2025 22:13

Frowningprovidence · 25/03/2025 22:09

And part time staff below the threshold (I have multiple part time jobs and was not eligible for auto enrolment. I had to really push one employer who did cave in)

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Agree
Yes of course and so many people these days are forced to work just a few hours for several employers.

NavyDream · 25/03/2025 22:14

Lassango · 25/03/2025 22:02

The big mortgage for a big house will help them because they will be able to downsize in later life and free up a capital.

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The ones I know will find it very difficult to give up their big house, it will be one hell of a culture shock!

Wildflowers99 · 25/03/2025 22:14

PalmTreeAngel · 25/03/2025 22:13

This exactly!! Uni should be for all

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Who says it isn’t? All I’m saying is not having a pot to piss in as a pensioner to enable a more comfortable uni experience for your DC is crazy.

Spodemultiuser · 25/03/2025 22:15

PalmTreeAngel · 25/03/2025 22:13

This exactly!! Uni should be for all

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@Suzuki76 , yep that sounds like St Andrews . No chance of a job there.
No chance of a job in many Uni towns.

Im amazed MNs on here don’t know this.

Themostlikely · 25/03/2025 22:17

Wildflowers99 · 25/03/2025 22:14

Who says it isn’t? All I’m saying is not having a pot to piss in as a pensioner to enable a more comfortable uni experience for your DC is crazy.

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Hey how about looking at it like this, you help your DC through university and then when they're earning well later in life, you can go and live with them in the granny annex that they can afford because you helped put them through university.

Wildflowers99 · 25/03/2025 22:18

Themostlikely · 25/03/2025 22:17

Hey how about looking at it like this, you help your DC through university and then when they're earning well later in life, you can go and live with them in the granny annex that they can afford because you helped put them through university.

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How many of them will be able to afford houses with a granny annexe? Without further help from the parents that is..

lifeonmars100 · 25/03/2025 22:18

Suzuki76 · 25/03/2025 20:36

To be honest I know a few pensioners with pretty much nothing in private pensions who have ended up barely needing any money. Mixture of house paid off, pretty much 0 council tax, state pension and pension credit, don't run a car, attendance allowance.

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just out of interest, where do you get the 0 council tax from? I am retired and pay full council tax and my income is my state pension and a very small NHS pension. I live alone in a Band A house in a horrible area and now pay £135 a month and that is with with the 25% discount. Who are these pensioners who do not have to pay any council tax?

Wildflowers99 · 25/03/2025 22:19

Spodemultiuser · 25/03/2025 22:15

@Suzuki76 , yep that sounds like St Andrews . No chance of a job there.
No chance of a job in many Uni towns.

Im amazed MNs on here don’t know this.

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I don’t really believe it. I think there’s a very defeatist attitude toward job seeking on here of ‘if I can’t have/find exactly what I want immediately then call it a day and say it’s impossible’.

Kanfuzed123 · 25/03/2025 22:19

Sun life a while back had on their website article on the changing face of retirement because a lot of people simply do not have the funds to just stop working at 65.

simply put many people will have to keep working in someway shape or form.
others will likely receive a portion of inheritance from their parents estate to prop up their own retirement
others will go down the lifetime mortgage route

Spodemultiuser · 25/03/2025 22:19

Wildflowers99 · 25/03/2025 22:14

Who says it isn’t? All I’m saying is not having a pot to piss in as a pensioner to enable a more comfortable uni experience for your DC is crazy.

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If you look up the rents
Youll see it’s not the pot to piss in that’s the problem it’s food !!! that’s the issue.
If you have £10,000 ( approx ) grant and £7300 rent. ( Exeter uni as an example ) A student is left with £2700 a year.
Thats tech, books, equipment, gas, electric, water and food.

If people can live on £2700 a year why are we topping up salary with UC and why are we paying so much in benefits.

If your kid has no money you aren’t going to leave them to starve ffs! This has nothing to do with being comfortable and everything to do with basic subsistence.

0ohLarLar · 25/03/2025 22:19

A lot of the current generations need to ‘keep up with the Joneses’ will certainly come back to haunt them in later life - the expensive cars on finance, stretched themselves with Mortgage’s for the big house etc. Even a extra £2/300 a month directed at pension/investments would
make a huge difference.

This. Half my friends are driving newish range rovers, big audis etc all on tick,yet grumble they haven't enough in pensions

Viviennemary · 25/03/2025 22:19

People on low pensions will qualify for pension credit.