Jump to content
House Price Crash Forum
Sign in to follow this  
TheCountOfNowhere

Force Pension Saving....

Recommended Posts

Im blowing my own trumpet today.

I've been predicting this for a while:

http://www.bbc.co.uk...siness-25835568

"People in Britain must save more than six times the amount they are currently to avoid poverty in retirement, a think tank has said"

"A spokesperson for the Department for Work and Pensions said the 90% of people choosing to opt into auto-enrolment so far showed they "clearly" valued the chance to save."

The spivs in the city of London want us to be forced to give them our money, this is going to happen, they need the next level of the pyramid supported.

However, we are already forced to pay into a pension, the state pension. Now they want us to pay into a spiv pension. This is more TAX, pure and simple.

The day this happens in the UK is the day I pack up and leave.

Edited by TheCountOfNowhere

Share this post


Link to post
Share on other sites

Great news for shares.

Yeah, brilliant news if you are a city spiv.

Free money forcefully take from the public in order to support, what is really starting to look like a pyramid scheme.

This says to me, at some point one of the BIG pension companies is going to hit the rocks.

Share this post


Link to post
Share on other sites

Clearly the minimum income guarantee top ups, DLA, rent paid, council tax paid , bus pass etc. etc. cannot continue at the present level for generation x and y. Meanwhile, todays pensioners have clearly funded all this themselves on their few shillings a week contributions to draw the benefits from age 60. Not much to show for a'' lifetime'' of work as the present generation of pensioners would say.

Edited by crashmonitor

Share this post


Link to post
Share on other sites

Clearly the minimum income guarantee top ups, DLA, rent paid, council tax paid , bus pass etc. etc. cannot continue at the present level for generation x and y. Meanwhile, todays pensioners have clearly funded all this themselves on their few shillings a week contributions to draw the benefits from age 60. Not much to show for a'' lifetime'' of work as the present generation of pensioners would say.

We are being right royally shafted by the city of London.

Our only salvation might be a Scottish vote for independence followed by invasion, stopping at Watford. laugh.gif

Edited by TheCountOfNowhere

Share this post


Link to post
Share on other sites

Clearly the minimum income guarantee top ups, DLA, rent paid, council tax paid , bus pass etc. etc. cannot continue at the present level for generation x and y. Meanwhile, todays pensioners have clearly funded all this themselves on their few shillings a week contributions to draw the benefits from age 60. Not much to show for a'' lifetime'' of work as the present generation of pensioners would say.

Most people who have actually paid employee NI since earnings related contributions began in 1975 will not recognise this "few shillings" scenario.

And male contributors won't recognise the age 60 part either.

Share this post


Link to post
Share on other sites

Does it mean that 90% of no one then ? I'd have thought it would have been higher in that case laugh.giflaugh.giflaugh.giflaugh.gif

truly double speak.

After re reading it thats a very good point ,reading between the lines me thinks no fecker`s inerested

Share this post


Link to post
Share on other sites

Most people who have actually paid employee NI since earnings related contributions began in 1975 will not recognise this "few shillings" scenario.

And male contributors won't recognise the age 60 part either.

And you think the SERPs went into a magic pot in the sky or in reality funded working age welfare benefits, so that when the retired got there there was no magic fund only a one trillion pound debt.

And a good deal of men took retirement at 60 if they were unemployed or just didn't fancy working anymore under the sex equality rules. This option is moving with the state retirement age for women and will be an option available ten years later to younger people.

TBF there will be some people who will get a raw deal still, that will always be the case. So I understand your point. But somebody has got to pay for the person who went on DLA at 30 and never worked again.

Edited by crashmonitor

Share this post


Link to post
Share on other sites

My employer had to start auto enrollment 3 months ago. I immediately opted out. At least, it would have been immediate if the pension company systems worked smoothly.

Would it be cynical of me to think that they make opting out as difficult as possible in the hope that a lot of people would get fed up and give in?

You have to create an account in order to opt out, so they can use the following tricks.....

  • 'enter your payroll number'. What they meant was enter the amended payroll number that is recorded on the enrollment letter we haven't sent you.
  • Create a password. It doesnt tell you how many minimum characters, that you must have a mixture of upper and lower case and both numbers and letters. It will tell you one by one what you have done wrong.
  • So if you enter the password 'today' it will say 'not enough characters.
  • try 'tomorrow' and it will say 'must have at least one capital
  • try 'Tomorrow' and it will say 'must have at least one number
  • When i eventually entered my password it said 'congratulations your account is now set up'. It didnt tell me it was sending an activation e-mail and i should check for it. Instead i spent 10 mins trying to navigate through a new website, but found I couldnt use most of it as my account wasnt activated.

I know a lot of my colleagues gave up until some kind soul eventually put together a guide to help others to avoid the pitfalls and frustrations.

Reckon this one will be a future mis-selling type claim for hundreds of thousands / millions of people

Edit to add - Despite opting out in October, "administrative issues" mean I still havent had my contributions returned. Wonder if i count as one of their 90%

Edited by Caveat Mortgagor

Share this post


Link to post
Share on other sites

.....I would say a growing large section of society have trouble making ends meet now, today, this moment......the last thing on their mind is what may or may not happen in the future.....any spare money is required this week, you can match it, double it, or tipple it.....makes no different to those with urgent bills that have to be paid today. ;)

Share this post


Link to post
Share on other sites

And you think the SERPs went into a magic pot in the sky or in reality funded working age welfare benefits, so that when the retired got there there was no magic fund only a one trillion pound debt.

And a good deal of men took retirement at 60 if they were unemployed or just didn't fancy working anymore under the sex equality rules. This option is moving with the state retirement age for women and will be an option available ten years later to younger people.

What I think and know is that the "few shillings" scenario is quite inaccurate when describing employee NI contributions (towards basic pension as well as SERPS) especially since 1975. I am not making any assumptions as to what happened to these contributions.

Share this post


Link to post
Share on other sites
I'm blowing my own trumpet today.

Well if we're doing that, I'll get involved. Some here claimed when auto-enrolment was announced that most people would opt out, but I predicted around 90% would not, as people are generally oblivious and/or lazy when it comes to financial decisions. Same reason most people don't switch energy or ISA supplier, and couldn't list all their direct debits.

Share this post


Link to post
Share on other sites

Well if we're doing that, I'll get involved. Some here claimed when auto-enrolment was announced that most people would opt out, but I predicted around 90% would not, as people are generally oblivious and/or lazy when it comes to financial decisions. Same reason most people don't switch energy or ISA supplier, and couldn't list all their direct debits.

Well done.

Why are we so good ? laugh.gif

Share this post


Link to post
Share on other sites

What I think and know is that the "few shillings" scenario is quite inaccurate when describing employee NI contributions (towards basic pension as well as SERPS) especially since 1975. I am not making any assumptions as to what happened to these contributions.

Fair enough, the language was a bit tongue in cheek and inflammatory .

I don't think that the retired ever consider whether what they paid in as an entire cohort actually funds what they receive as an entire cohort. For every man that was paying large contributions into the state coffers it was leaking just as quickly into working age welfare for the same cohort, they didn't have the problem of an aging population to fund.

The younger generation are more honest imo. they no longer believe in alchemy. They realise that 40 years of work funding thirty years of retirement is as ridiculous as believing in the tooth fairy.

Younger generation....''I no longer assume the state pension''.

I

Older generation......''Not much for a lifetime of work'' (a bit more humility and gratitude would not go amiss)

Edited by crashmonitor

Share this post


Link to post
Share on other sites

Well if we're doing that, I'll get involved. Some here claimed when auto-enrolment was announced that most people would opt out, but I predicted around 90% would not, as people are generally oblivious and/or lazy when it comes to financial decisions. Same reason most people don't switch energy or ISA supplier, and couldn't list all their direct debits.

?????

Does it mean that 90% of no one then ? I'd have thought it would have been higher in that case laugh.giflaugh.giflaugh.giflaugh.gif

truly double speak.

Share this post


Link to post
Share on other sites

We are being right royally shafted by the city of London.

Our only salvation might be a Scottish vote for independence followed by invasion, stopping at Watford. laugh.gif

Hannibal's greatest mistake: he didn't march on Rome and snuff out the cancerous carbuncle when he had the chance, not quite realising the extreme version of 'total war' that his enemies were prepared to enter into (and that therefore he too needed to fight).

Share this post


Link to post
Share on other sites

Clearly the minimum income guarantee top ups, DLA, rent paid, council tax paid , bus pass etc. etc. cannot continue at the present level for generation x and y. Meanwhile, todays pensioners have clearly funded all this themselves on their few shillings a week contributions to draw the benefits from age 60. Not much to show for a'' lifetime'' of work as the present generation of pensioners would say.

You seem to be obsessed with free bus passes. The average cost of use per pensioner is about £100 per annum. They're hardly laughing all the way to the bank on that one. :lol:

Share this post


Link to post
Share on other sites

You seem to be obsessed with free bus passes. The average cost of use per pensioner is about £100 per annum. They're hardly laughing all the way to the bank on that one. :lol:

So affordable that it is gradually being raised with the retirement age from 60. And just one more straw that broke the camel's back.

A particularly divisive benefit imo. The average working age bus user will probably be less well off than a retired one. Enforced bus use has a very low income profile. If they are going to do bus passes then it should be free for everyone.

Edited by crashmonitor

Share this post


Link to post
Share on other sites

You seem to be obsessed with free bus passes. The average cost of use per pensioner is about £100 per annum. They're hardly laughing all the way to the bank on that one. :lol:

It's not always about money. The over 60-under 60 apartheid is offensive.

Share this post


Link to post
Share on other sites

And you think the SERPs went into a magic pot in the sky or in reality funded working age welfare benefits, so that when the retired got there there was no magic fund only a one trillion pound debt.

And a good deal of men took retirement at 60 if they were unemployed or just didn't fancy working anymore under the sex equality rules. This option is moving with the state retirement age for women and will be an option available ten years later to younger people.

TBF there will be some people who will get a raw deal still, that will always be the case. So I understand your point. But somebody has got to pay for the person who went on DLA at 30 and never worked again.

Fair enough, the language was a bit tongue in cheek and inflammatory .

I don't think that the retired ever consider whether what they paid in as an entire cohort actually funds what they receive as an entire cohort. For every man that was paying large contributions into the state coffers it was leaking just as quickly into working age welfare for the same cohort, they didn't have the problem of an aging population to fund.

The younger generation are more honest imo. they no longer believe in alchemy. They realise that 40 years of work funding thirty years of retirement is as ridiculous as believing in the tooth fairy.

Younger generation....''I no longer assume the state pension''.

I

Older generation......''Not much for a lifetime of work'' (a bit more humility and gratitude would not go amiss)

SERPS as the name suggests was related to income - the more you earned the more you were investing in the serps element of your pension. your paid NI contributions while you were working for 40 years or more (may have not been much 40 years ago but it was always a %age of your income - which allegedly was to pay the pensions of those then retired and when your turn came you would get a state pension. to get more than the basic, you saved and paid into a personal pension.

why should we feel gratitude or humility after a lifetime of work in expectation that we would get some back from those paying/or not paying NI.

unless on pension credit - most freebies are lost to us and DLA is only if feeble/very sick. We also pay tax to keep some of the worthless on benefits. I am tired of pointing out that all you denigrators of a vast swathe of the population by virtue of their age will one day see things as they really are. but I suspect you will still be bigoted. :angry:

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   224 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.