THE VANISHING PENSION

I still think state pensions should be paid out regarding years worked and contributions.
I'd have no problem with someone getting a higher state pension than me if they had paid more in.

I do however have problems with people getting the same state pension as me who have only contributed for 35 yrs.

The trouble with state pensions and pensions in general are that you are at the mercy of the whim of whichever government is in power at any particular time.

 

I recall going on a Gov website, a good few years ago, mainly to see about the state pension with a view to pre-planning my situation, and noting that my pension age would arrive at the age of 68 years old.
Now, I know where I lived at that time because I can still envisage myself, at the computer, in a dining room ... and I have moved house twice since then! It was a different Government in power at that time but I knew that was my pension scenario.

I don't believe this is *new* news? Admittedly, the credit crunch hit like an ill wind soon after my induction into the ever expanding pension age; so, it may have flown under the radar in terms of "news worthy-ness", but this really isn't any surprise to me. Gordon had already done his maths

 

How does that equate to women who take time out to bring up a family?

 

Well up till recently women could claim 5yrs earlier than men.
And women tend to live longer than men.
So I can see there are some things that need sorting out but as with a private pension I still think it should be based around what you actually contribute.

 

They are Pete as I found out a few years ago. Only having worked part time here and there down the years since the birth of my three children my NI (National Insurance) contributions are way under what I need for a full pension. Luckily I'm in a position not to worry about the small amount I will receive, having a husband who is willing to feed and clothe me. However, I will only receive a token amount of my husbands pension should he pop his clogs before me.

While women still have children in full time education their NI contributions will be paid by the government. Thereafter they will have to work to keep those contributions up to date or pay a lump sum before retirement to gain a full pension. My daughter has recently made enquiries about this as she now can't work full time because of health issues.

 

Over here there is no difference in how genders are treated with one exception.

What you pay in directly impacts what you get back. There is an adjustment for maternity leaves. The parent accessing the time off is given allowance for time lost from wage earning. But it is for maternity leave periods only.

A lot of single parents here are grateful for this small compensation.

 

The pension pot is getting smaller because goverment keep dipping there dirty fingers into it for things that waste money

@ARMANDII it's not Vanishing they know what they have spent the money on

 

Always!


Thank you for explaining the details; interesting!

 

When I stated 35 yrs of contributions I was really saying that after you have contributed for 35 yrs, it doesn't matter how many more years you work you will still only get the same pension, so any contributions after that time are a total loss to those that pay it.

That is how I understand it to be, but I'd like to be proved wrong as I'm looking at contributing for 51 years, if I live that long.

Over the years I've been moved from one pension scheme to another due to government meddling, up to the point, when I more or less gave up trying to come up with a private pension.

For the last few years I've paid the bare minimum into private pensions because I dont trust governments.

Many years ago I was told to contract out from serps, (wonder where serps went? down the drain I guess), then told to contract back in.
Anyway, any money that contracting out is likely to pay me is going to be deducted from my state pension.
So what a complete waste of time that was.

 

For me pensions should be related to how long one has paid in.

It is grossly unfair to keep raising the age we receive.

Yes Some are living longer but the under 60 death rate from heart disease cancer dementia and so on is far greater than ever before and it's rising. We as the lemmings are fed a fraction of the truth.

This raising of the age does not give ANY consideration to manual workers like farm or construction workers who are in the short life grouping anyway.

We have paid in plain and simple. They have frittered away the money and continue to do so. HS2 for a start. Pay and honour the pensioners first !!

 

65 years, 9 months, 16 days to be precise, for anybody reaching their 63rd birthday on the date of your post.

 

You can never win with pensions.
I've recently had an investment mature, a cash ISA.
Looking for guidance I had a meeting regarding reinvestment in a stocks and shares ISA.

The outcome was I was told I should put it in a pension scheme as I would immediately get 20% from the government, but be able to take out 25% tax free.

I really suspicious about any investment that has the title "pension" in it.
I know pension schemes do, do far better than the stupid interest rates these days, but I just dont like the fact that the government can change pension laws basically overnight.