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Legal, pensions and money

Savings for Retirement

(81 Posts)
HUNTERF Fri 01-Mar-13 09:39:56

Just heard over the radio ( I don't know which station as I was in a shop ) that 70% of people over 55 have less than £50,000 saved in a pension scheme for retirement.
I just hope that people who have bothered to save for retirement will not be taxed any more to assist pensioners who have little or no private pension.

Frank

Movedalot Fri 01-Mar-13 09:57:17

Of course we will Hunter. We must assume that some of those who have not saved were not in a position to do so but at the moment I don't think there is any incentive for the young to do so even if they can afford it. I am so glad I won't be around to see what happens when they all retire and the state has to fund them.

HUNTERF Fri 01-Mar-13 10:07:57

Hi Movedalot

It will not be the state funding them. It will be be people like me who joined the pension scheme the first day I started work.
I think if people have not bothered to save for a private pension they should only get the state pension they have paid for and no more.

Frank

janeainsworth Fri 01-Mar-13 10:22:27

"It will not be the state funding them. It will be be people like me who joined the pension scheme the first day I started work."

You've lost me there Frank.
I thought it was the current workers who funded the State pension, out of their taxes.
I'm in the fortunate position of having state pension, occupational pension and a private pension.
I don't actually begrudge the taxes I pay on my income, but I sometimes wish the government would spend it rather better than they do.

Barrow Fri 01-Mar-13 10:28:57

Frank surely it all depends on the state pension being enough to live on.

Like jane I am fortunate in that I have full state pension and 2 private pensions, I pay tax on my income which I would hope would be used to help support those pensioners who were unable to save towards a private pension. However, the state pension should be at the level that those who couldn't save for a private pension were still able to have a reasonable standard of living.

HUNTERF Fri 01-Mar-13 10:39:36

Hi

My view is if a person has only paid in enough to generate an income of £10 a week that is all they should get.

Frank

annodomini Fri 01-Mar-13 10:49:22

Have you tried living on £10 a week, Frank? I haven't and am very grateful for it. My occupational pension is not what it would have been if I had worked continuously full time in education, but I followed my ex-OH's career round the country, getting part-time work when I could. At that time, p-t work in further ed was not superannuable and I (perhaps naively) never expected to be divorced. However, I do have some teacher's pension (due to the first few and last fifteen years of my career) and a full state pension plus a small annuity. I still pay tax and do not begrudge that if it helps less fortunate people but I do begrudge its being spent on armaments like the intended Trident replacement.

Barrow Fri 01-Mar-13 11:08:51

Frank what do you propose for those who "only paid in enough for £10 per week", perhaps re-open workhouses?

There are many who would have not paid very much for various reasons, illness preventing them holding down a regular job, caring for relatives at home (thereby saving the state a great deal of money) or only being able to get low paid work. Where is your compassion Frank?

Ariadne Fri 01-Mar-13 11:41:59

I somehow think Frank would approve of workhouses!

HUNTERF Fri 01-Mar-13 11:43:21

Hi Barrow

Probably charity collections should be set up for people who have not saved for retirement. I do not begrudge people getting some help if they are genuinely disabled from taxation.
I certainly begrudge some people getting help.
We were all on reasonably good salary's where I worked and some people senior to me admitted they were not saving for a pension.
They are now wondering why I am now better off than them in retirement.
I will not be helping them and I don't think I should help them through my taxes either.

Frank

absent Fri 01-Mar-13 11:44:22

Ariadne Just as long as half of the house didn't already belong to him, it didn't employ social workers and, of course, there were no women only activities. grin

Ariadne Fri 01-Mar-13 11:45:18

absent smile

Ana Fri 01-Mar-13 11:46:08

Anyway, if someone did only get £10 a week pension, the state would have to make up the shortfall with benefits of some kind.

Ana Fri 01-Mar-13 11:47:34

I'm pretty sure those people are not wondering why you're better off than they are now, Frank! grin

Barrow Fri 01-Mar-13 11:56:29

Why should anyone have to rely on charity collections? I maintain the basic state pension should be enough to give pensioners a reasonable standard of living without having to top up with private pensions.

Some of us were able to make some provision for our retirement but many live from one wage packet to the next because of low pay - why should they then become second or third class citizens just because the only job they could get was poorly paid!

HUNTERF Fri 01-Mar-13 12:02:12

Hi Ana

A couple of them are complaining it is unfair I am better off than them.
If they had listened to me this situation would have probably not arose.

Anyway I am off to pay a deposit for my daughters mothers day meals and I am in no doubt the grandparents will share the bill on mothers day.
We may extend the generosity to giving our granddaughters some money to buy some flowers nearer the time.
I do pay half as I think it is fair as I am now getting some of my wife's pension.

Frank

annodomini Fri 01-Mar-13 12:08:32

Charity collections! Used to be called alms. Next stop, almshouses.

HUNTERF Fri 01-Mar-13 12:09:24

Barrow

I could only get a low paid job for the last 5 years of my working life.
I did save when I was in a better paid job which paid me an immedite pension when I was made redundant as I was over 50.
I paid nearly half my salary while in that low paid job as I was getting my pension then.
Now people are begrudging council employees their pensions.
I have noticed that pensions paid for through AVC'S etc are included in the councils pension costs.
They are not costs as ex employees paid for them separately.

Frank

HUNTERF Fri 01-Mar-13 12:11:00

anndomini

They were lucky to get almshouses.

Frank

Ana Fri 01-Mar-13 12:12:02

Well, Frank, if they think it's unfair that you are better off than them they must be pretty stupid.

glammanana Fri 01-Mar-13 12:13:15

So true Ana has it occurred to your Frank that a lot of younger people now who are are employed and will be responsible for the taxes towards your State Pension only have part-time hours and do not have the funds to be paying into a private pension,we are fortunate to both have State & Private Pensions and funds from our property sale but not everyone is that fortunate,there is no way at all I would begrudge the lady down the Road her pension and any help she needed via benefits from the taxes that I have paid over the years as I have been the lucky one not her through no fault of her own.Bar-humbug comes to mind.

HUNTERF Fri 01-Mar-13 12:17:54

My daughters and son's in law are contributing to an occupational pension.
I am not getting my state pension yet but I have paid for it.

Frank

HUNTERF Fri 01-Mar-13 12:21:04

Ana

I agree.
One of them has even said that the occupational pension money should be shared between all retired employees regardless of the fact they may have not paid in to the scheme.

Frank

Ana Fri 01-Mar-13 12:24:15

You seem to know a lot of people with some very strange ideas, Frank!

glammanana Fri 01-Mar-13 12:29:18

All the Council employee's here in our Council are easily recognised by the files they carry under their arm walking from one complex to the other,don't seem to do anything else just walk.??