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More Government Pension Schemes

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Steve Webb, the pensions minister, will today announce that following a review of the plans, which were first proposed under Gordon Brown, the Coalition is going ahead with "auto-enrolment" from 2012.

It means that employees will be assumed to belong to their company scheme unless they specifically opt out.

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A quick round up then: we have SERPS/2SP and their predecessor the graduated pension. There's the state pension, public sector pensions, private sector pensions and public sector pensions masquerading as private sector pensions (Royal Mail, BT, Equitable Life anyone?)

You can contract in or contract out, if you contract out you can opt for a company pension a stakeholder pension or private pension (SIPP), if you opt for a company pension this will be split into two so you get your minimum income guarantee.

We also have pension credits and savings credits, and now auto-enrolement and the government's shiny new National Employment Savings Trust.

How many pension schemes are we going to need before the state realises that poor people have no money?

Edited by Chef

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Great .. more redtape and admin for tiny companies.

I think the government have twigged that most of these schemes amount to tax rebates for middle and higher income earners, so they're encouraging the low paid to take advantage too.

The only problem is that the low paid need their wages to survive, and their contributions to a pension pot wouldn't be worth the risks involved.

This is nothing that couldn't be solved with lower tax rates all round.

Edited by Chef

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A quick round up then: we have SERPS/2SP and their predecessor the graduated pension. There's the state pension, public sector pensions, private sector pensions and public sector pensions masquerading as private sector pensions (Royal Mail, BT, Equitable Life anyone?)

You can contract in or contract out, if you contract out you can opt for a company pension a stakeholder pension or private pension (SIPP), if you opt for a company pension this will be split into two so you get your minimum income guarantee.

We also have pension credits and savings credits, and now auto-enrolement and the government's shiny new National Employment Savings Trust.

How many pension schemes are we going to need before the state realises that poor people have no money?

Classic! What a bl--dy mess

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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