UK pensions lowest in developed world!

Cor! You aim high. I was thinking more of a few tobacco runs over to France!

Nah.... that’s not going to be enough to retire on MissAdventure .
If I’m going to be a criminal I want to make it worth it !

my mum warned me about people like you. I'm easily influenced, me.

I thought with new state pension you only need 35 qualifying years. You must be born after 1951 (men) 1953 (women), but still have to wait for pension age to claim. I might join you on tobacco run MissA.

Well, I hope this thread doesn't end up elsewhere!

Yes, you need 35 years for the full pension, nothing if you have less than 10 years and a reduced amount in between.

I dont get the full pension either,and have never signed on and had stamp paid for me.But did work full time before i had the children and then done part time work.But do get by as have hubby and he has a private pension.

I will have paid 52 years worth of NI before I can get a state pension . How is that fair? Or are they hoping we will drop dead before we get anything?

Think that's the plan gillybob. I can't help but wonder how insisting that everyone works until they're 68 is going to work for those who do heavy, physical and manual jobs. How will a roofer; nurse or builder still be able to physically do there jobs when they're almost 70? And a younger generation who will probably be still working at 70+?

When we started working in the 70s, part time workers were not allowed to join occupational pension schemes.

Ah the arrogance of those who 'contributed to a pension'. They see themselves of sensible while those who, for whatever reason, never earning enough and therefore either contributing very little - possibly to a poor scheme -or, sadly, never getting to a point where they could contribute anything at all.

Keep polishing your halos ladies (I am sure you see yourselves as ladies) and telling yourself how sensible you are while completely forgetting how lucky you have also been - often because of the undervalued and underpaid.

I don't mean to be judgmental and I know not everyone is organised or sensible. I think schools should teach children to manage their money as not children all have parents who will teach them. I think it is really important that young people start paying in their pension early, when they get their first job. I have told my children to pay it right from the start, always pay in additional voluntary contributions and they will not miss what they have never had to spend. I also urged them to pay a lot more when they were single with no children to have to worry about as later they may not be able to afford as much. I think the government is crazy to allow people to withdraw their pensions as when these people have nothing they will need benefits to keep them afloat. Gillybob did you not seek advice from independent financial adviser? Sometimes when you are heavily emotionally involved it is harder to see clearly an independent adviser should have warned you not to risk your pension whatever the reasons/benefits to others. I have also heard of older people drawing out pension and giving it to their children.

Its not always to do with being organised and sensible.

Agreed MissA. I was never in any job where a pension was available for me to contribute to unfortunately and it was too late for me to join the workplace pension when my employers joined the scheme last year. I thought that I'd at least have SERPS to boost my basic state pension but, apparently that's not going to happen now either. But I don't begrudge those who were lucky enough to have a work place pension to contribute to and draw on in retirement; we all do the best we can, with what we have, at the time. Good luck to them.

There are also pension credits for people who have had children. In the past women got pension credits for 16 years and now it is 12 years so even those on low income or who stayed at home and did not go out to work should have some pension credits. Anyone who claimed child benefit was automatically given these credits. Stakeholder pensions are for those that do not have an occupational pension scheme and can be set up on the internet with a direct debit. I would not be at all surprised if those who are 30 years old now did not get to claim a state pension until they were 72+ years old.

The best things in life are free, apparently, Chewbacca just as well, really.

I don't want to be unkind newnanny but just how judgemental do you want to sound? "I know not everyone is organised or sensible". How can you say that about someone who has had to be organised and sensible just to get by in the hope of keeping a roof over their families heads and food on the table and therefore could not afford to pay into a pension if, as others have said there was one on offer.

The problem with careful planning is that the powers that be keep changing the rules. e.g. Serps, Retirement age and Married Womens' NI contributions.

Here is why I have very little pension.

I worked in a high street bank for 8.5 years until I left to have my first child. 1st three years were a probationary period - not pensionable, then I was in the pension scheme for 20 months until I married and was immediately classed as temporary staff so not in the scheme. No pension paid to those with less than 2 years in the scheme so not a penny piece for me.

Went back to work part time, when both DDs were at school. Paid £17 + £5 in an envelope for 'expenses' because £17 was the threshold for paying NI and thereby employers NI, which ultimately left me short of sufficient contributions to get full state pension. Then worked in the voluntary sector part time, later full time and after redundancy part time again. No works pension schemes though full NI paid.

All this time we were paying a considerable sum into self employed DH's private pensions - 1 to pay out when he was 70 the other when he was 65, both had the option to pay out at maturity 50/50 to insured and spouse. Then the DH of a friend, (who was the same age as me) died before reaching retirement age and his pension died, unpaid, with him. All that hard earned money gone, and the widow, in her 50s with two sons at University had to find a job.

That is when I started my own private pension, with a lump sum from my half share of my parent's modest estate which will ensure that I will have just enough income on top of my state pension to be above the level for pension top up.

Apparently, all my own fault for not earning enough, or planning properly.

Pensions seem to have become as risky as betting on which shell the pea is under. You can pay as much as you can afford into your pension for years and still get very little income when you retire. My BIL is still working full time at 80 and just says it is fortunate it is possible to sit down at his job.

80?! Wow!

He is fortunate to be well enough to work at such an age but his circumstances have dictated that he must.

Well, I take my hat off to him, and I'm not even wearing one!

The reason our pensions are the lowest in the developed world is because we pay the lowest tax.
The government is a low tax government and wants it to be lower.
If you don't put much in, you can't expect to get much out.

Oh dj that’s such an unfair comment.

When you work for the lowest wages to keep a roof over your head and feed your children what part of your wage would you consider giving up to a pension? That rubbish new scheme that the government introduced “the work place pension” makes my blood boil. Low paid workers paying small amounts into a pension with the employer forced to match it. Does anyone really think they will see a good return on it? How do they think the scheme managers make money? Yes they live off your meagre contributions and at the end (if indeed there is ever an end) the pot will be so small it will be almost worthless.

Very good luck to those who were fortunate to have good pensions and could afford to pay a decent sum into them. Good luck also to public sector workers who see their contributions topped up by the tax payer. A decent portion of my council tax goes to paying for the pensions of others, sadly no one has ever contributed to mine.

I fear my DH will be working well into his 70’s as he will be 78 when I finally get my state pension. Sadly his is a very physical job so not sure if it will be possible.

I had planned on retiring at 60 when DH was 70 but some of us have been very badly let down.