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Thread: State Pension

  1. #49
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    I don't believe there will be a state pension for me when I reach retirement age in 12 years time. The system is already bust, people are living way longer than was expected when the welfare state was implemented.

    I have a private pension, albeit modest, but my main plan is my smallholding which I am working to make as productive and easy to work as possible.
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  2. #50
    Heavenly Creature
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    Best of luck with the smallholding; something we've always yearned for, along with half of UKH!

    You're right about the state pension system here, but it doesn't have to be that way. Norway, Denmark, Sweden, Germany, France Etc all have far better state pensions than we do. All it takes is the political will to redistribute resources to give everyone a fair deal.
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  3. #51
    Me gone,bye bye.. NomadicRT's Avatar
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    Originally Posted by oldkeith
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    Best of luck with the smallholding; something we've always yearned for, along with half of UKH!

    You're right about the state pension system here, but it doesn't have to be that way. Norway, Denmark, Sweden, Germany, France Etc all have far better state pensions than we do. All it takes is the political will to redistribute resources to give everyone a fair deal.
    Which neither Torys or Labour will or have ever committed to because it reduces what they have out of annual exchequer income to waste on subsidising private industry either directly or through paying private companies to provide public services....and on other wasteful schemes like Trident.They dont want to find 30billion a year to fund pensions and welfare but theyre hsppy to spend 10 times that on crusades in Iraq and Afghanistsn and if theyd had a chance,in Syria too.
    Its a myth that private companies are more efficient its just more politically acceptable if governments money is being pumped into private companies rather than subsidising state sector to provide the same services.It keeps the right wing media mafia happy.

    I dont think a government of either party dare run out of money to provide pensions because they know damn well half the country will be marching on London and MPs homes and offices and the scandal would bring down the government.

    Despite all the handwringing and austerity bullshit Britain isnt a poor nation its the fifth richest in the world and can easily afford to provide a sum annually to build a pension fund fir current and future generations.It simply chooses not to....just as it chooses not to fund an NHS properly.
    Last edited by NomadicRT; 18-02--2017 at 04:20 PM.
    Hebridean at heart..everywhere else is just somewhere on the way back there...
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  4. #52
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    RT, I agree with most of what you wrote, but just because we have the 5th largest economy it doesn't follow that the state has enough money. We have many very wealthy businesses here, but our public sector is hugely in debt, as are a large number of our citizens.

    There is another thread about the Citizens Wage, if everyone received a no-questions-asked living wage for life we wouldn't have to put money into private investments and company pension schemes to be stolen by the Philip Greens. People claim that the savings in admin costs would cover this, but I haven't seen proof.

  5. #53
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    The State doesn't have the cash for pensions, NHS, and much else besides, because it is not taxing big businesses realistically.
    And because corrupt state politicians and business operators are very closely linked in seeing that this doesn't happen, all the way down the line from the top corporate table to small contractors.
    So we need a political party that is uncompromisingly honest, straight-forward, and tough. And, the big fail point, it has to be run by humans....
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  6. #54
    Me gone,bye bye.. NomadicRT's Avatar
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    Yest the state can find 46.5Billion for HS2 205billlion for Trident 7 Billion simoly to refurbish westminster...and loads more I could dig up....debt in itselfis not important.The total debt for the uk including everyones personal.debt is something like 1.5 trillion but a lot lesd than other EU countries who still fund their services properly but dont do cosy deals with corporates and let them get off with chucking a few quid in the petty cash.

    The UK rsn continuosly in deep debt from 1945 to the mid 90's owing the US for bankrolling the second world war for us.
    The debt isnt importsnt,its the cashflow that is as any corporate will agree and some are themsrlves running continuously in mega debt.The UK income in GDP is just shy of 400 billion a year and that doesnt include the billions the treasury allows corporates to not pay in tax.
    Theres more than enough income to fund services properly.They choose not to for political purposes and while telling us all we need to cut back and expect less from the stste they continue to subsidise corporates and run up masdive debts doing do.Its not the countries income vs expenditure that are bankrupt its the political reckless mansgement of them thats bsnkrupt from both parties.For all the austrtity forced on us the government has successfully managed to double the countries debt in their time in power and despite selling off huge chunks of services and assets.Thats not just reckless its criminal.
    Hebridean at heart..everywhere else is just somewhere on the way back there...
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  7. #55
    wandering wanderingwill's Avatar
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    we have all been shafted by uk goverment .. look at the benefit cuts by the tories and now they are going to cut pip to disabled ...and when they chopped the state pension people just accepted it with out question.. does that make sense..
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  8. #56
    TO OLD TO DIE YOUNG NOW

  9. #57
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    65 in may 2019 but not get pension till jan 2020 at earlyest forcast said about 155 will be nice to get something back

  10. #58
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    I'm no where near pension age but I did a pension forcast before I left for Spain. I'm not that shy of a full pension as I've worked consistently since I left school and even when I went to Uni. Then the DWP wrote to me in Spain asking if I wanted to 'top up' my contributions - I have a friend that works in policy and she told me the DWP have been prosecuted for this misconception.
    I am a real planner - I do not trust the British government at all and have since taken pension advice (for free with the Spanish equiv of the DWP). I have now been told that I can claim my pension from Spain as long as this is where I worked last.
    If I do that then I am set to be so much better off than under the British system.
    Of course all this might change by the time I get to pension age (i'm about 23 years in waiting) but I live in hope.
    In the meantime i've got an investment portfolio on the go.
    I think if you want to live outside the system then you need to be more financially savvy in the long run.
    Years may wrinkle the skin, but to give up on your dreams and ideals, wrinkles the soul.
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  11. #59
    Shed Junkie alices wonderland's Avatar
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    I had a forecast. I owe several years. I should be contributing now but I'm on the skankiest of pensions and well below the baseline for a unemployed person income in the U.K. I do have a private pension that I took out almost 30 years ago. I've watched that build to 10k net then fall to just over 3k with various stock market crashes and recessions. Last two years it climbed back to its original value 10k
    with the retirement age goalpost shifting further and further away, we really need to consider if our family/parents lived long enough and likelihood of ourselves doing so, to consider paying in more to the state pension scheme. To invest another 10k to get back 25k over 20 years beyond retirement age will mean a potential increased profit of 5k if the same money was invested in a cash ISA for the period upto retirement. Worrying about living long enough to get profit out of a pension investment isn't how I want to live.
    Also why does the Government refer to it as a Pension benefit? It's not a benefit it's a right. It's money both me and my employer paid in over many years. The gov only held the money and used it without my consent. They haven't paid a penny into it, but they call it a benefit as if they are giving me something? It's my money to start with.
    even a gypsy caravan is too much settling down.

  12. #60
    Shed Junkie alices wonderland's Avatar
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    If you're a woman aged 64 or a man aged 66 or older, you should urgently investigate whether it's worth topping up your state pension – because the ability to do so closes on the Wednesday 5 April. For some, topping up will mean increasing their pension by 10,000s over the years.
    even a gypsy caravan is too much settling down.

  13. #61
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    Maybe worth reading

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    Not all who wander are lost

  14. #62
    Shed Junkie alices wonderland's Avatar
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    I read it and that's what prompted my post. We are not going to be that wealthy on retirement, but is it wise to hold any capital if they take it off us from the other hand?
    even a gypsy caravan is too much settling down.

  15. #63
    exiled cornishman wandering gypsy's Avatar
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    all those years i resented paying a pension, I sure do not now though, even got a 3% this month
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  16. #64
    Shed Junkie alices wonderland's Avatar
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    Cool, I've managed to just about cover my bases. I'm assuming I will be no worse off than any other pensioner who hasn't paid in to a pension scheme. But more secure as it's can't be denied me, reduced or confiscated. I always thought I would carry on selfemployed when I reached retirement age. I firmly believed I would be hedgelaying for my pin (beer money) not because I would have had to, but because I really do enjoy doing it. Even during the longest of winters. . I can only compare it to people who do lots of knitting and find it therapeutic. I may still be able to retire and do the same. A old landrover, a little terrier dog, but teach volunteers to do the grafting. I can but dream.
    I'm chuffed to see you living on your pension Harry, that's what it's intended for. Spending on stuff you need with a little left over to keep the lights burning and the wheels turning. It goes a lot further when you aren't having to keep a house online for storage and maintenance though.

    I was talking to a plumber a few weeks ago. He said he was on his 4th marriage. 3 divorces had cost him nearly 450,000 during his life. Worst thing about divorce is a ex-marriage partner can claim half the pension and visa versa.
    even a gypsy caravan is too much settling down.
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  17. #65
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    lol.. if an ex -partner can claim 1/2 his pension and he has 3 ex's ???.. hmmm the maths are running here now ( in my head ).. 10 ex wifes with a compatable divorce settelment ( they pay me back 10 % of my pension ).. means i get full pension back plus my 1/2 = 150% pension ???..... only joking !!

  18. #66
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    on a more serious note... you only have to pay in 35 ( full ) yrs NI to get the full payout ( at the moment forecast is 155 a week ).. i have 29 full yrs paid but have 15 yrs to go before collection... my income is virtually nill so i don't pay tax or NI ( income based ).. so i make voluntary class 4 payments ( 145 per yr )... which means i need to make 6 more payments within the next 15 yrs to qualify for full state pension... if i make no further payments from now untill retirement i will get ( forecast 121 a week ).. so it makes sense ( for me ) to make the payments and wait it out ... especially as i am not planning / hoping to be in this country upon retirement and pensions are made to wherever you reside .. ( not like income -based benifits which i would need to top up my miserly income if i didn't get the full entitlement )...
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  19. #67
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    just got a 3 a week increase in mine.

  20. #68
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    I recently enquired,more out of curiosity than anything else,about a state pension,should I retire in this country.Due to my DOB,I am apparently due to retire age 67.By that time,I would'nt of clocked up enough NI contributions.I think I recall them saying I would be short 3 or 4 yrs.Atm,if you want to buy back those "missing"years,its currently around 772 per year.So basically I'm going to have to fork out approx 3,000 to gain a full state pension!
    I do have savings,(not a home owner)so do they take that into consideration for pension benefit or whatever its called?
    Boaty
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    o you seriously think the pension will be obsolete in 12 yrs time???I'm due to retire in 11 yrs,so how are people supposed to support themselves then if they did away with the aged pension?Are we all doomed to be living on the streets?I don't think that would happen.

  21. #69
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    old age pension is not a benefit, its a right provided you have paid enough contributions. you are entitled to it.
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  22. #70
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    Originally Posted by hagrid
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    old age pension is not a benefit, its a right provided you have paid enough contributions. you are entitled to it.
    But the government call it a benefit.
    even a gypsy caravan is too much settling down.

  23. #71
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    Originally Posted by alices wonderland
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    But the government call it a benefit.
    in what way? maybe its added when you claim other benefits but old age pension itself is not a benefit, its yours by right-if you have paid your full NI payments. I get the full pension, wife gets a reduced one because she took time out to have a family, and had low paid jobs.

  24. #72
    Heavenly Creature Cobra's Avatar
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    I disagree Hagrid your wife is only entitled to a reduced pension!For what?staying home to look after her children????Being in low paid jobs?If anything,they should be topping her up.Atleast she WAS working!My Mum who was british (now deceased)emigrated to Australia with my Dad.She was then aged late 30's.She stopped working when she hit 40.When she turned 60,she was entitled to a full aussie state pension!Wtf?And now I have to bloody top up in the UK because by the time I retire,I would'nt of clocked up my whole 35 yrs of NI contributions!

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