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State Pension Will 'cease To Exist' By 2030

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http://news.ft.com/cms/s/b80c88aa-5f7c-11d...00779e2340.html

A study by the Organisation for Economic Co-operation and Development – using a new measure that takes account of the level of pension paid, retirement ages, life expectancy and how generously pensions are uprated once payments start – recently showed Britain to be third from bottom of the 30 OECD countries. Aside from Mexico and the US, it has the most affordable state pension system in the developed world – or, put another way, one of the meanest.

Against the background of a rising stock market as the dotcom boom gathered pace, ministers could tell the public that they had better save privately as the state pension by 2030 would be “nugatory”...

"Nugatory" means 'trifling, insignificant or inconsequential'.

The government’s response was to set up the commission that will report this week. In an interim report, it already formulated the problem that policymakers world wide will recognise: if future pensioners are not on average to be poorer than today’s, workers will have to pay more taxes, save more or work longer.

Now, with the knowledge that I cannot depend on the state pension and thus will have to provide for my retirement from my limited salary, can I afford to burden myself with an obscenely overpriced pile of bricks and mortar? Absolutely no way. Can I afford these overpriced houses when taxes inexorably rise to pay the government's mammoth pensions bill? No chance. Truly the pyramid scheme that is the UK housing market has finally run out of suckers.

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Its an underlying feeling I get that a state pension isn't going to exist when I get old enough to retire. There's plenty of time for them to move the goalposts agewise still.

But in 2030 50% of the population will be over 50. Its hard to get a job when you're over 50 - even if you want to.

Will it be the same then? Or will the older people have to work?

If you don't own a house you have to pay rent still.

I assume we'll all end up living together as extended families like they did in the olden days. It'll be the only way for everyone to make ends meet. Sharing heating and food costs to economise in the brave new world that's on its way.

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Pretty sad stuff. We'll still end up paying taxes for it though. Big problems to be solved on the horizon and I don't think that the government is up to it (nor would the Tories be). Although with voter apathy, we have the govrnment we deserve.

:(

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It is probably quite depressing really if you stop and think about it.

What would the doc do if you went and said you were depressed because the government has really screwed up the economy, there's a fuel crisis coming, long term global instabilty, more wars, famine and global warming?

Would the doc send you for counselling? Or just give you a lifetime supply of anti-depressents?

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What about all of the benefit scrounging lazy scum in the UK who haven't worked in their lives?

what happens to them?

Will they have to work in order to live?

Surely not, I mean, how dare they? damn government

Nope, I can see these scumbags still getting a state pension or enough benefits in pensionable age to see them by. All of this whilst your hard working Joe struggles working until his knees are shot stacking shelves at 80.

Isn't Britain great?

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  • 301 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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