To think pensions need huge reform?

[aburrsir]

With all of the recent chat over changing politicians and big ideas that don’t go anywhere, I can’t be the only one who thinks that someone needs to bite the bullet with pensions?

It’s something ridiculous like 50% of the welfare budget annually, and this is never going to go away.

IMO the government need to hike up retirement age and scrap the triple lock. There can be provisions made to go along with this to phase this in for those in genuine need (e.g. for the next 10 years those with no private pensions can get a top up to cover the transition period).

I’d rather know “look you can’t retire until 75” now than this constant “it’s 67…. now wait it’s 68…..” that never ends.

It seems that all governments are scared to do such a big change as it will piss off older people (who are the primary voting demographic) but something needs to change as this is just completely unsustainable long term.

We’re better off making these changes to ensure the state pension can continue sustainably in the long term future rather than having this attitude of “as long as I’m alright I don’t care”

We need a gov with long term planning goals and not just short term firefighting. AIBU?

I paid into my state pension from 18 to 57. I paid £3k to top up to almost full state pension. Now they've not raised the tax thresholds Im dragged into paying g 40% tax ... so ive paid a hefty lump sum to pay more tax. Its bloody madness.

I don’t disagree with you on principle but how would you actually enforce or police taxing wealth in this way?

I would be no better off be my larger private pension would mean I d get less state pension
son might as well have smaller private pension and get more state pension

also the flaw in your plan is in manual trade are they really going to be capable at 69. -70 to do the job

I agree with all that you have said here. And fwiw I agree that the carrot is usually better than the stick - incentives to stay healthier are a good idea.

i think a lot of people don’t realise that people don’t want kids for lots of reasons nowadays and that we therefore need some level of immigration to combat this!

Climate change is by far the most important thing any government should be dealing with right now, otherwise the generations after ours won't even get to retirement age.

OP wants to take money from the those who have worked, so more can be given to those who don't work or don't work, much. Most who qualify for a state pension have worked full-time for 35 years or more and would consider that they have deserved something in return. OP would like to turn us into grateful beggars. Sounds like a leftist to me.

Frankly, I wouldn't begrudge Lord Sugar his state pension if he claimed it. He has presumably paid NI for more than 35 years, so like the rest of us deserves it.

I am 61
When I was about 30 I reckoned there was a fair chance the state pension would not exist by the time I reached my 60s so made my pension arrangements on that basis
So now assume changes in the next 6 years it will be a bit of a bonus for me
I think the current system is sustainable but we would all have to pay more tax

Slightly irrigated at people saying people in their 60 s can’t woRk
i am working as hard as ever and have no plans to retire

No I sit with my coat on in the house as I can’t afford to have my oil heating on a lot. Also have arthritis.

There’s not just pensioners who are affected by high prices etc, but they get the majority of benefits as they go out and vote.

How about Starbucks paying more than £0 corporation tax (£556 million in sales) to start with?

Also popping on to the third pensioner bashing thread today (nudge theory truly in action) to remind people that the state pension costs roughly the same amount as the interest this government pays on its loans.

You’re all shouting at the wrong people.

There are at least 3 pensioner bashing threads going. Why aren't you all at work?

Call me suspicious, but I think this is their work!

Why would this piss off older people? They are already claiming their pensions. It will piss off younger people, who will have to wait till they are 75 surely?

Amen to this!
Also there is a crisis looming for over 54 year olds who rent -Sky Money this morning
What do people think will happen if pensions are pushed back further but people cant work?
Sling them out on the streets?

I do have to laugh that its always huuuuge houses, huuuge cars, huuuge trolleys of food from M&S , Boomers , selfish pensioners Bingo time again !

I know lots of older people who don't work for money but probably still could and to be honest it's largely beneficial to society. People who can use the time to look after their grandchildren, volunteer, spend money in cafes and museums ... Forcing up the retirement age might not actually be the best thing for society more widely.

Couldn't have put it better myself.

I wont be around but I would love to hear all the whingeing and moaning from those who complain about the pensioners getting .....errrr....an old pension,, realising that still having to work in your 70s is not a great life. Just remember you lot are the ones that want this 🤣🤣

People in their 60s are being forced to use up their savings as they can't find work. Imagine being 69 and having to go cap in hand to job centre plus for 400 quid a month and then having to jump through all their "job hunting" hoops. Maybe even have to join a back to work program because you lost your job at 64 and have spent all your savings, private pension, and can't get the state pension until 70.

Whilst undoubtedly pension reform is needed I’d like to see other benefits tackled first. Pensions are a contributory benefit that people have paid for all their working lives (I know not directly for their own pension) and are taxable. It’s right that people should receive support in later years.
Other things, like child maintenance not being taken into account for UC etc should be tackled first.

What other benefits would a 66 year old homeowner get?

yup. and a hint of "take the money off them not me"

The vast majority haven’t paid enough tax for their pension which matters when the demographics shift

Agree. Particularly ‘enjoying’ the anxiety about making sure state pension age is uncoupled from their big fat private pension being released. God forbid they should have to work till they drop. Just happy to see those who have scraped by in poverty, therefore with no private pension, breaking their bones doing cleaning work or factory work at 75. The lack of empathy is horrifying. ‘Living the high life.’ FFS.

YABU. Most employers don’t want people in their 60s, let alone 70s, and there are loads of jobs people won’t be capable of doing at that age. Who is going to employ all these older people?

Cool. So office workers have to work til they die? You do realise that not all office jobs are a doddle and require a lot of mental dexterity?

I'm 57 and constantly tired. Very high pressure financial services job. I'm done with it.