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Frank Hovis

Pension ages going up again

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But like this social care stuff.

Pu extra 2% of council tax bills.

How about cuttting the Gordon Brown's extra bribes - free TV license, free bus, pension credit - first?

 

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I'm already regarded as a semi-boomer because I was one of the last to receive a grant to go to university rather than having to take out a massive loan.

Now I will be granted the privilege of being able to retire at 67 whilst this is being funded by younger people who will have to work to 70 to get the same.

It doesn't sit right with me.  I'm now going to get benefits (state pension 67 - 70) which are being denied to those whose taxes will be funding it.  That's wrong.

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The really wrong things were carrying on with a women retirement age of 60. Should have been equalised at 65 20 odd years ago.

Then the pension age should have been quickly bumped to 67, you know, when Gorddy was being #prudent' ... sorry - bribing OAPs with the grandkids earnings.

 

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5 minutes ago, spyguy said:

The really wrong things were carrying on with a women retirement age of 60. Should have been equalised at 65 20 odd years ago.

Then the pension age should have been quickly bumped to 67, you know, when Gorddy was being #prudent' ... sorry - bribing OAPs with the grandkids earnings.

 

Yep: 67 for everyone and stop.

Though I have sympathy for the WASPI campaign as, whilst it was entirely fair to set women's pension age at the same level as men's, it was beholden upon the government to tell these women rather than let them find out in their late fifties.

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7 minutes ago, Frank Hovis said:

Yep: 67 for everyone and stop.

Though I have sympathy for the WASPI campaign as, whilst it was entirely fair to set women's pension age at the same level as men's, it was beholden upon the government to tell these women rather than let them find out in their late fifties.

but, but.wimmim live longer than men, therefore their pensions are more expensive to pay out!!!

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4 minutes ago, CunningPlan said:

What is the difference in £ between long term sick and state pension?

Do you have a cunning plan?

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6 minutes ago, Bloo Loo said:

but, but.wimmim live longer than men, therefore their pensions are more expensive to pay out!!!

Although, prior to the rise of the divorce jackpot, the typical retiring couple would see the woman being a few years younger than the man so it sort of made sense.

Though the same age is right IMO.

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Just now, CunningPlan said:

Just wondering if this will only affect those that take care of themselves (as usual!)

There will be various benefits paid out of course. I wouldn't however underestimate the momentum behind welfare reform. This may be long overdue but its underlying aim of always making it better to be working is bringing in real positive change.

It's all means tested though.  I had a twinge of envy when a friend (similar age, similar earning history) lost her job and was immediately able to claim Housing Benefit. I thought "free money" but to get that she must have no savings and probably debts.  That twinge of envy evaporated.

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Frank! Would you be my accountant?:huh:

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I know most people already realise this,  but it is important to point out that this is only for the state pension.

If you save your own pension (or just save some money) you can retire pretty much whenever you want still (55 for private pensions).

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7 minutes ago, MrPin said:

Frank! Would you be my accountant?:huh:

From the people I've known that do it private practice is the number one most depressing occupation for accountants, even worse than audit.

Working alone all day, chasing work, chasing bills. It doesn't sound fun.

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Just now, libspero said:

I know most people already realise this,  but it is important to point out that this is only for the state pension.

If you save your own pension (or just save some money) you can retire pretty much whenever you want still (55 for private pensions).

It'll be 58 then 60 if it's pegged 10 years below state pension age. People who are performance managed out of their jobs after 50 as they are now, will find it increasingly harder to reenter the workforce at the same level if at all. Cheaper to pay out of work benefits.

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5 minutes ago, longtomsilver said:

It'll be 58 then 60 if it's pegged 10 years below state pension age. People who are performance managed out of their jobs after 50 as they are now, will find it increasingly harder to reenter the workforce at the same level if at all. Cheaper to pay out of work benefits.

No.

UKGOV wants you to draw out and spend your own pension ASAP.

The 55 limit is to stop you spending it on cokes + hookers too soon.

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Just now, spyguy said:

No.

UKGOV wants you to draw out and spend your own pension ASAP.

The 55 limit is to stop you spending it on cokes + hookers too soon.

Then they're going the wrong way about this. AFAIK untapped private pensions aren't used in calculations for benefits, pushing the age up only protects this further. We'll be our own social security soon enough anyway as people move over savings towards lifetime ISAs  (no bankruptcy protection either here).

 

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Feck, I'm 45 in a few months. I'm bound to get shafted (again - I seem to narrowly miss out on the all of the taxpayer funded goodies).  

Looks like I'm right to work on the assumption of getting no state pension.  As long as they don't muck about with the age you can take your private pension...

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2 hours ago, Frank Hovis said:

I'm already regarded as a semi-boomer because I was one of the last to receive a grant to go to university rather than having to take out a massive loan.

Now I will be granted the privilege of being able to retire at 67 whilst this is being funded by younger people who will have to work to 70 to get the same.

It doesn't sit right with me.  I'm now going to get benefits (state pension 67 - 70) which are being denied to those whose taxes will be funding it.  That's wrong.

At least the 30- and 40- somethings have some notice and time in which to plan, unlike us. 

Edit to remove stray apostrophe! (Damn predictive text!)

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1 hour ago, Bossybabe said:

At least the 30- and 40- somethings have some notice and time in which to plan, unlike us. 

I disagree, how much time do you need to plan to stay in your job for a few extra years? There's no fairness in delaying it. If they jacked it up now the money saved could mean they stop at 68 rather then carrying on to 70, but no, we'll let the younger generation carry the biggest part of the burden. Given how in the early 90's I was being taught at secondary school geography about the radical change in the future decrease of workers supporting dependents due to a big increase percentage wise in the retired age group I feel the people in power (and those who voted them in) for the last 30 years are responsible and it is this same group now wanting exempting from the increase. Collectively we've all made our bed, and we should all collectively lie in it now. 

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3 minutes ago, Save me from the madness! said:

I disagree, how much time do you need to plan to stay in your job for a few extra years? There's no fairness in delaying it. If they jacked it up now the money saved could mean they stop at 68 rather then carrying on to 70, but no, we'll let the younger generation carry the biggest part of the burden. Given how in the early 90's I was being taught at secondary school geography about the radical change in the future decrease of workers supporting dependents due to a big increase percentage wise in the retired age group I feel the people in power (and those who voted them in) for the last 30 years are responsible and it is this same group now wanting exempting from the increase. Collectively we've all made our bed, and we should all collectively lie in it now. 

Well,,, Gordon Brown made the bed, p1ssed in it, and now your kids have to lie in it whilst the current batch of OAPs are sunning it in Spain, spending their winter fuel payment on an apartment.

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3 hours ago, longtomsilver said:

People who are performance managed out of their jobs after 50 as they are now, will find it increasingly harder to reenter the workforce at the same level if at all. Cheaper to pay out of work benefits.

Have an uncle who was performanced managed out of his job at 52 - he's been whooping it up for the last 18 years on a nice fat company pension.

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Just how is this news to anybody? I seem to recall the equalisation of women's pensions took place ages ago - about 15-20 years. IIRC it was due to kick in around 2026.

Is this story about something else?

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34 minutes ago, davidg said:

Have an uncle who was performanced managed out of his job at 52 - he's been whooping it up for the last 18 years on a nice fat company pension.

Then he is lucky.  For most of us oldies it doesn't always work out that well. The 'managing out' of older workers is scandalous and I am hoping that HR people will be the fourth category up against the wall when the day of reckoning comes (clearly we will have to start with Politicians, then bankers followed by Estate Agents).

Like so many things in the 21st Century UK, this current Pension change seems ill thought through and rather reactionary.  These demographic changes have been known about for decades and as is often the case these changes seem to be desperate and unfair.  I wonder what will happen to this country when there is no more change under the sofa?

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47 minutes ago, the gardener said:

Just how is this news to anybody? I seem to recall the equalisation of women's pensions took place ages ago - about 15-20 years. IIRC it was due to kick in around 2026.

Is this story about something else?

Yes, it's the equalised pensions being proposed to now start at 70 if you're currently under 30.

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