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?

But UK grd has grown by an average of 1.3% over the last 10 years compared to Germany 0.97

I've just started consolidating my pensions and when I looked into one of my small DB ones I was confused about how many years contributions I had as I knew I'd been there longer. Turned out you had to work there for 5 years before you qualified to join the pension scheme! So that's 5 years in my 20s when I couldn't pay in. 20s me wouldn't have cared, but 50s me does!

I've already given examples in a previous post, so maybe you can explain why its ok for the government to waste billions on HS2?

The wealthy can fuck wherever they like.

They can't take their land with them

He has a small number of low paid years in the “old” scheme, but the vast majority in the new one that is supposedly crap, but still a fucktonne better than any other scheme of offer. Nothing screams “cry me a river” like NHS staff moaning about their pensions.

He’s also got retirement money stashed in his service company for private work, that we don’t currently access in order to avoid paying higher rate tax. We plan to spiff that on luxury holidays during retirement, but yeah apart from all doctors are dead underpaid. 🙄

I agree! And why bother with pensions at all? Let’s just bring in that assisted dying law!

That’d teach those fucking pensioners who bought their house in ‘73 for half a shilling!

Yet in China, a country with a much lower per capita income, most women retire at 55! Only managers retire at 60. So it's a question of political will. If you think people who have worked in exhausting manual jobs deserve to retire at 55 you'll plan for it. If you care less, you'll keep raising the retirement age until they have pretty well no retirement at all.

The reform that needs to be made is a mandatory 10 percent or more (whatever the cost would be) of wages to be deducted as pension insurance and paid into a state pension fund which is then invested on al our behalf - as happens in Germany and I believe some Scandi countries. Then you get out an amount commensurate with what you put in…

I wonder if you could monetise assisted dying ? Charge more for a speedier despatch ? Brings a whole new meaning to "Gone in 60 seconds"

(For the purposes of MNHQ moderation, this post is "5" on the snark-o-scale)

And I'm so tired of hearing boomers bitchin' and whining about how hard done by they are. Yet here we are.

As an aside, I think Starmer and Reeves blew the removal of the winter fuel allowance. First by not planning it properly and second by backing off, just as the storm about it was dying down.

Well we did rather kick a lot of immigrants out.

Newsflash: we have an aging population, stagnant wages and a very high inflation rate.

The first point is difficult to fix, but point 2 and 3 can be helped with some major political decisions...

Pensions do need reform but any party who proposes it would be signing their own death warrant.

Pensioners would never forgive a party that scraps the triple lock. In fact people of all ages mostly support keeping it, largely because most younger people don’t understand it or pensions generally.

Raising the age needs at least 10 years notice to avoid another WASPI scenario, so announcing another rise would take a long time to see any financial savings.

Means testing it would be unpopular with almost everybody for the same reason as scrapping the triple lock.

Reforming pensions would not win any party any votes so they don’t touch it.

Increase tge retirement age, that will shaft the younger generation.
My job will be fine to work on past 67 as not exerting, but imagine roofers, builders, drivers etc... having to work till that age.

The state pension bill is high, we've all paid into the system so those that are at spa can receive a pension, with the promise we will get the same.
The government should cut all foreign aid eyc, look to stop giving OUR taxes away and concentrate on our own.

You can guarantee the government will tax assisted dying too.

A much better way is to offer teirs.

If you pay £1,000,000, it's a painless medical procedure.

Or you could try the free option with Barry. He's never done it before, but is keen as mustard.

When do they do that?!

You know all pensioners don't own their house, yes? So a large number have rent to pay. £200 a week is shit all when the average energy bill, council tax, phone bill and water would be half of that alone.

Perhaps they should try working harder.

They do need a reform. I think there should be a basic level - to encourage buy-in from everybody. But they really should push people to put money into private contributory pensions.

There are still people who think wealth and hard work are directly related.

Hilarious!

Agreed. They need to start tackling this now and start making meaningful changes for younger people.

I know, right almost as hilarious as thinking buying coffee and avocado toast are the reasons people can't afford to get on the property ladder.

I don’t work. Still pay tax. Same as a lot of pensioners.