Savings for Retirement

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

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.

"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.

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

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.