UK pensions lowest in developed world!

Yes, that's been corrected by nonnie, Jalima.

Oh right, OK

LG (I cannot call you Lazigirl ) I think you are very right. The 'self-employed', who are the Emperor's new clothes of the employment statistics, will throw up all sorts of issues in the future, pensions being one. The usual Tory short term fame for long term pain.

It does come down to poor choices in many instances but not always. Sometimes it just seems to be sheer bad luck.

Not just sometimes Jalima. It's called "life" and it's why we introduced Universal State Pension among other things.

But there were a lot of people who complained when that was brought in, GracesGran.
Strangely, if people were not paid universal state pension, they would have to claim benefits, so the ordinary tax payer would be paying for it anyway. Makes much more sense to raise the pension.
Those who complain about us all getting winter fuel allowance could ask for it to be subsumed in the pension, where those on large pensions could be taxed on it.

Does anyone really think that those on the lower end of the pay scale, paying full NI, tax and the new (rubbish ) workplace pension will be any better off in the future? For those at the lower end of the pay scale the workplace pension will be a pittance and might even stop them from getting vital benefits, as the pension companies will be happily creaming their profits off first .

Those who complain about us all getting winter fuel allowance could ask for it to be subsumed in the pension, where those on large pensions could be taxed on it

I agree with that dj

I've been really cold this winter; in fact I've kept my heating on throughout the night [something I never used to do] and walk around with my hot water bottle most evenings. I'm so glad that, when I feel guilty about the amount of gas I'm using I know I've got £200's worth in hand.

From the article: The UK is right at the bottom of the scale for pensions (OECD) Is this a bad thing? What is a good pension amount?

Nothing can be fixed if there is no goal? To have a larger pension scheme taxes would go up, is that what people want? I am fine with the idea of higher taxes. The money has to come from somewhere.

Few have saved anywhere near enough to supplement their state pension. And why is that? Should emphasis be placed on living with no wasteful spending on frivolities and saving more as our parents did?

Young people setting out on their working lives today are also facing the prospect of having to work well into their 70s before they can quit. Is this a bad age? We live longer healthier lives now, don't we?

Don't those who are wealthier live longer, healthier lives? It used to be the case.

Of course the wealthier tend to live longer. Stress is a big killer .

I have an underlying medical condition that feeds on stress .

Overall life expectancy is considerably higher in the last century.

Just as well. I'm hoping to see a least a couple of years of my pension whilst I'm still alive enough to enjoy it.

I seem to recall that at one time many employers stipulated that an employee had to work for the organisation for a period of time, often as much as 5 years, before they were eligible to join a company pension scheme. For anyone who changed jobs, either for improvement or by necessity because they had to move, this meant that they may not have had the opportunity to become part of a company pension scheme. I believe the rules were changed to make it much easier for people, including part-timers, to join a company pension schemes.

When my firm was taken over by a much larger firm of solicitors, the pension provider changed. Unfortunately we were moved to Equitable Life which, through bad judgment and decision-making by senior officers, collapsed, significantly reducing the pension of most people in the scheme.

There have also been several cases in which companies have collapsed, leaving under-funded schemes and much reduced pensions for contributors. It hardly encourages people, especially people on low wages who need every penny to pay bills, to put their money into a pension.

I’m with you missadventure I would really like to see at least a years worth ( dare I say two???) of retirement with my DH before the drop dead . I really don’t see a lot of hope though.

Norah Your comment that "we live longer, healthier lives now" is, I think, mistaken.

Whilst it is true that average life expectancy has increased significantly since the 50's/60's, I believe I'm right in saying that various pieces of research have found that we have fewer healthy years.

I thought life expectancy was longer and healthier, I'm sorry if I was wrong. I will look to see what I may find.

How many healthy years past retirement age do we need?

My point was also: what is wanted? UK has lowest pensions, is that bad? What raises in taxes would be good? It will cost something, coming from somewhere to increase pensions.

I think newnanny is spot on when she post : " in many countries the government takes far more in tax but then you get a higher pension. In Sweden I think the income tax is double what we pay in UK.

Our government allows us to keep far more of the money we earn and expects us to to take personal responsibility to pay into a pension. You can't have your cake and eat it too, pay nothing in and then complain you won't get much back.

As it is those who did not make pension provision will be given pension top up but then that money can't be used for NHS or social care, or education, it can only be spent once."

I think it is time we had a huge rise in inheritance tax as we did after WWI. It would do a nice bit of redistributing.

The income tax paid in Scandinavian countries is higher than in the UK but I'm pretty sure it's not double.

As a result of higher taxation, Scandinavian and other progressive countries have a much smaller gap between the rich and the poor. Also, people in those countries report a higher degree of happiness and satisfaction with their lives - even those citizens who, because they are high earners, pay the most tax - than people in low taxation countries.

Income tax is most straightforward and we should also clamp down on tax evaders and in fact on some forms of tax avoidance by the super-rich and on big companies who avoid corporation tax.

I'm not sure about inheritance tax, in general property is paid for from taxed income and there are taxes on purchase etc. If filtered down through the generations, it will help those younger people who are struggling now and unable to buy their own homes.
More of us may need care too, and it will probably need to be funded from the sale of any property we may have.

youtu.be/yOd6zgBDe64

Financial secrecy index, and how stopping financial secrecy will help our pensions and the finances of poor countries everywhere.

If my grandson can understand why we need to pay taxes properly, I don't see why CEOs of multinationals can't understand.

www.financialsecrecyindex.com/introduction/fsi-2018-results

Just in case you want to look at it all.

Graces you said "I am anti thoughtless and rather arrogant remarks" In that case why do you make them about me and others? Can't you see that what you said was really nasty?

There is nothing wrong with being proactive and preparing for our own future, in fact it is a responsible thing to do for the greater good as it means the tax payer is not providing for those who have made sensible provision for themselves. In doing so no one has said that those who couldn't have done anything wrong so why the nastiness? If that is envy then it is a shame. I know there are people who could have made provision and haven't but that doesn't mean that everyone who hasn't is among them.

You said " it sounds as if you have never known, either in your own life or others, the day to day anxiety of not being able to take anything for granted." Please do not make assumptions about me, you have no idea what my life has been like, what I have gone through and how I got through it. I have faced real hardship and I have made wrong decisions but I have come through it without whinging and blaming others. I don't know why you attack like this but it does you no credit.

What was really nasty Nonnie? I will happily apologise if it was nasty rather than the truth.