New Pension age 68

[grrclark]

hello, i think your right, makes you wonder how many poles have now left to work in other countries,

A few years ago I worked for a business that had factories all around the world.

 

We had more Polish workers in 2 UK factories than we had in our 3 sites in Poland. At that time we had about 1,100 workers in the UK and 600 in Poland.

 

The Polish business was around 30%-40% Ukranian workers.

 

Oddly enough the German factory was predominantly German employees, albeit mostly ex Eastern Germany based staff and the Romanian factory was pretty much all Romanians.

 

The Spanish factory was principally staffed by Iberian workers, but with a fair north African contribution.

 

The UK was the most multicultural by far.

[clakk]

Our factory has about 65% Poles/20% English,the rest a mix of French/Spanish/Latvians /Slovakians and Africans a melting pot But most of the Poles ship money home .And house share to minimise bills so they have property at home or save for 5/10 years then buy a house .So agree Poland is in for a big slump when we Brexit properly ,visas etc to come here the goose will stop laying the golden eggs and Poland is in for a shock as the money dries up

[spanj]

I work in one of those 'tie jobs' thingies (even though I tend not to wear one most days), and pay around 20% of my salary into my pension as I've got no intention of working until I'm 68. Pay more in now, get more out later.

Hmmm, this may or may not be the case. Its all a matter of luck, approach to risk and timing !

[kyska]

Hmmm, this may or may not be the case. Its all a matter of luck, approach to risk and timing !

It is, I've paid far more than 20% into my university pension for 22 years, it was considered safe, but there is a uni black hole too.

[clakk]

Paid nearly a £1000 a few years ago to "top up" my works pension ,21 years in <60,000 members >and thanks to slimy Gordon Brown,s tax of the money we,ve already paid tax on it cost me more money.How can saving for your retirement end up costing even more the =man called Gordon wants wrapping in nettles and every pensioner in Britain is allowed 1 slap each

[JohnfromUK]

One reason for this is that politicians are nervous when people have true financial independence - they risk loosing control.

 

Despite the Tory party saying we should take more financial responsibility for our own futures and starting PEP and ISA (which was maintained and added to by the 'new' Labour) - all politicians have 'dipped into' pensions, or reduced pension tax reliefs from time to time. What Gordon Brown did was relatively minor compared to what John MacDonnald may do.

 

The current incarnation of the Labour party would like full state control of everything - in other words everyone on the same state pension (apart from the political elite of course). This would be achieved by heavy taxation on those with better incomes (including private pensions) and savings/investments/property, then 'redistributed' by the state to 'the many, not the few'. Politicians would of course be a special case and retain their state funded parliamentary pensions (which by the way are VERY generous). Classic socialism.

[grrclark]

Pension contributions have tax relief at source, that is why pension payments my be subject to tax.

 

If you recal about 3 years ago George Osbourne started to talk about changing it so pension contributions would come after tax, but the pensionable payments would be tax free.

 

My recollection was the arithmetic stacked up to do that, but the political cost would have been far too high.

[Lloyd90]

 

Niether family owned firm, money was good when I was I training, then next generation let it go, now for sale, no pensions,sick pay etc, the old style company that won't go forward.

You could have put money into a private pension when you were making good money.

 

You could have left that company when things went bad and taken your years experience elsewhere.

 

You could have retrained in a "tie job" and had it "easy" for the last many years.

 

YOU could have done lots of things. Many manual and trade skills jobs pay very well.

 

Nurses doing a degree are coming out of uni on around £22k a year. Police officers starting on £17-18k these days.

 

I've seen tradesmen making very good day rates and many of them self employed so have great perks and tax benefits. Yet people who haven't saved any of it now complain that the government hasn't adequately prepared for their retirement.

 

It's going to be a hard fact in the future - YOU have to prepare for your own future. Especially as the national debt climbs and climbs.

[Konnie]

As has been said i'm moaning i'm not it's a observation.

 

I used my good money and live mortgage free for 10 yrs.

 

I have 2 private pensions

 

and have rainy day money

 

SO not moaning just have the ability to step out the box and look in, NOT everything in life we accept is correct.

[blackbird]

Just spare a thought for the 18~30yr olds they are going to pay all that national insurance & no way on earth are they going to get a state pension by the time they retire if they do retire

[Lloyd90]

Just spare a thought for the 18~30yr olds they are going to pay all that national insurance & no way on earth are they going to get a state pension by the time they retire if they do retire

Surely we must remember that NI isn't JUST used to pay pensions?

 

Some people think how lucky they are to live in a country where if you become unemployed you would receive benefits to keep yourself going (despite all their pitfalls).

 

Many counties they have no such securities in place.

[AVB]

As has been said i'm moaning i'm not it's a observation.

 

I used my good money and live mortgage free for 10 yrs.

 

I have 2 private pensions

 

and have rainy day money

 

SO not moaning just have the ability to step out the box and look in, NOT everything in life we accept is correct.

 

In your first post on this subject you said you will still be working at aged 70+. Clearly you won't need to! So why the whinge?

[blackbird]

Surely we must remember that NI isn't JUST used to pay pensions?

Some people think how lucky they are to live in a country where if you become unemployed you would receive benefits to keep yourself going (despite all their pitfalls).

Many counties they have no such securities in place.

Totally agree with you 100% but a big slice of your national insurance does go towards state pension my argument is why would you have to pay into something which you are not going to receive.

[Lloyd90]

Totally agree with you 100% but a big slice of your national insurance does go towards state pension my argument is why would you have to pay into something which you are not going to receive.

To expect things in 50 years time to be what they were like 50 years ago is probably a bit unwise.

 

One way to boost pension income is to bring in lots of working age immigrants, yet the country has voted that they don't want to have lots of immigration from the EU (or elsewhere).

 

I'd love to have a pension like people I know who are now retired. Final salary, guaranteed to go up 5% yearly, large payouts on retirement date, retirement at 55 and pension starts.

 

Unfortunately times have changed and it's not going to happen. That's why I've started to look into other options. I hope to god I don't spent the next 40 years working and end up penniless. I've got 40 years until I reach 68!

[AVB]

To expect things in 50 years time to be what they were like 50 years ago is probably a bit unwise.

 

One way to boost pension income is to bring in lots of working age immigrants, yet the country has voted that they don't want to have lots of immigration from the EU (or elsewhere).

 

I'd love to have a pension like people I know who are now retired. Final salary, guaranteed to go up 5% yearly, large payouts on retirement date, retirement at 55 and pension starts.

 

Unfortunately times have changed and it's not going to happen. That's why I've started to look into other options. I hope to god I don't spent the next 40 years working and end up penniless. I've got 40 years until I reach 68!

 

 

I mostly agree with you Lloyd other than the point regarding bringing in immigrants. Research shows that you need to earn £40,000 to be a positive contributor to the state coffers. Below that, the amount of 'benefit' you receive (state benefits and tax credits, as well as 'benefits in kind' such as state education and the NHS) exceeds the amount you pay in tax and NI. The average immigrant does not earn £40K i suspect.

[oldypigeonpopper]

To expect things in 50 years time to be what they were like 50 years ago is probably a bit unwise.

 

One way to boost pension income is to bring in lots of working age immigrants, yet the country has voted that they don't want to have lots of immigration from the EU (or elsewhere).

 

I'd love to have a pension like people I know who are now retired. Final salary, guaranteed to go up 5% yearly, large payouts on retirement date, retirement at 55 and pension starts.

 

Unfortunately times have changed and it's not going to happen. That's why I've started to look into other options. I hope to god I don't spent the next 40 years working and end up penniless. I've got 40 years until I reach 68!

hello, why do you think the best way for this country is to allow in far more foreign nationals, (not including illegal immigrants) when it has destabilized the economy and jobs, put so much pressure on the NHS/housing/ changed the face of communities, towns and cities/shops the list is endless, Mrs May is to allow those who reside in the uk to stay so that means as happened in the past more family members will come, not sure if child allowance has been stopped as many claim for children not even in uk, we now have about 65/70 million in the united kingdon, another few million wont hurt, lets wait and see. oh and i expect that all those MPs and Lords and Ladies oh and teflon tony who do not want brexit employ many foreign nationals at such a basic rate they have to sleep 8/10/12 to a local house, you only have to go back a few years and see what happened in Morecombe Bay, 23 chinese,led by a gang master (chinese) drowned working for £1 per hour cockle picking, only 1 survived, yes we want our economy to grow and hopefully employ our own citizens but not go back to the1930s

[Konnie]

In your first post on this subject you said you will still be working at aged 70+. Clearly you won't need to! So why the whinge?

I will take into account inflation and the pension age will be at least this I have over 20 yrs to go it's moved twice in the last 10

[MirokuMK70]

Not having a dig here but I have a few mates who lay tarmac, are groundworkers or brickies etc. who usually rib me for being a pencil pusher etc. I've worked manual down at my old mans scrapyard before turning 16 and he worked me to the bone to instil hard work into me.

 

If there was a lack of jobs i'd find or make one before he made me strip tyres by hand for the rest of the day, hated it at the time but glad for it now.

 

ANYWAY i digress...

 

I know manual labour my dad wanted me to avoid it which is why he gave me the **** jobs all the time. But just cause you have a desk job doesn't mean it isn't demanding, maybe not on the body but mentally it can be very demanding.

 

I was up at 4am this morning, walked the dog and in the office for 5am. Got home at 7pm had dinner, spent an hour with my girlfriend before firing up the laptop and I'm working until 4am having a shower, walking the dog and driving to work to get a deadline out even though my holiday should start tomorrow and i've had to delay it.

 

I can't remember the last time I worked 9-5 infact my employer would probably be in trouble with the modern slavery act if my timesheet truly reflected the hours I sometimes do to meet project/client deadlines.

 

It sounds petty but my back and eyes do no good sat still for double figure hours most days i'll be glad to retire at 55-60 and won't feel bad for it, i'll have made the relevant sacrifices to justify it.

 

I literally have to periodically give myself 5mins every few hours to read something as i feel like my head is going to explode at times and just need that short break to forget about the impossible deadlines I'm working to.

 

Back in a few hours I guess, must crack on.

 

 

This is my experience of a "desk job' in the design industry. It's no good being of sound body at retirement age if you've had a nervous breakdown due to the pressure.

[grrclark]

I will take into account inflation and the pension age will be at least this I have over 20 yrs to go it's moved twice in the last 10

 

It has moved for people within different age groups though, not all. So those born before 6 April 1970 will not be subject to the change of age to 68, for those of us born after that age I guess we still have 20 odd years to plan around the change.

 

As a slight aside what are the feeling towards the current triple lock for pensions, should it stay or should it go?

[Mice!]

Pensions, I've got a frozen one and another running but only payed into each for about 4 years, I understand everyone says start early but my focus has always been on the mortgage hammer that then you can begin to relax a little.

 

If the age stays at 68!! Most folk who don't drive a desk probably will be knackered, couple of old boys where I am who are 65 and still working, I'm not sure if this is because they do nothing outside of work or if there pension plans got shafted along the way somewhere, but how long will they last once they finish?

 

But I don't believe that when I come to official retirement age, probably be mid 70s by then there will be a government pension scheme, its hard to imagine no matter who is in control not having changed everything again.

 

The other thing folk forget is there are a lot of people who probably only just scrape by week to week so there never going to even think about putting money away into a pension.

[Lloyd90]

hello, why do you think the best way for this country is to allow in far more foreign nationals, (not including illegal immigrants) when it has destabilized the economy and jobs, put so much pressure on the NHS/housing/ changed the face of communities, towns and cities/shops the list is endless, Mrs May is to allow those who reside in the uk to stay so that means as happened in the past more family members will come, not sure if child allowance has been stopped as many claim for children not even in uk, we now have about 65/70 million in the united kingdon, another few million wont hurt, lets wait and see. oh and i expect that all those MPs and Lords and Ladies oh and teflon tony who do not want brexit employ many foreign nationals at such a basic rate they have to sleep 8/10/12 to a local house, you only have to go back a few years and see what happened in Morecombe Bay, 23 chinese,led by a gang master (chinese) drowned working for £1 per hour cockle picking, only 1 survived, yes we want our economy to grow and hopefully employ our own citizens but not go back to the1930s

I personally don't think it is good. I just recall seeing something about Germany being in a very similar position regarding them having huge amounts of citizens in retirement and low numbers of young people in work and some claiming the huge influx of young migrant workers was to help ease this problem.

[ph5172]

I was under the impression that some of my NI contributions go into paying the retirement benefits of those retired now, same as my children and grandchildren will go into paying mine and as such whilst i am building a 'pot' its a virtual pot

[oldypigeonpopper]

I personally don't think it is good. I just recall seeing something about Germany being in a very similar position regarding them having huge amounts of citizens in retirement and low numbers of young people in work and some claiming the huge influx of young migrant workers was to help ease this problem.

hello, unemployment is most at a all time low in germany but still not enough working to cover those retired just like the UK, it was unfortunate that many of the foreign nationals that were allowed to stay were asylum seekers or refugees not like the uk where many young EU citizens came to work here in all industries paying taxes and NI. now it seems germany has paid the price of an open door policy if you read the reports of the immense problems this country now has.

[oldypigeonpopper]

hello, unemployment is most at a all time low in germany but still not enough working to cover those retired just like the UK, it was unfortunate that many of the foreign nationals that were allowed to stay were asylum seekers or refugees not like the uk where many young EU citizens came to work here in all industries paying taxes and NI. now it seems germany has paid the price of an open door policy if you read the reports of the immense problems this country now has.

hello, all i will hope for is that the younger generation of our country will be able to have some form of a decent pension and retirement years

[Lloyd90]

hello, unemployment is most at a all time low in germany but still not enough working to cover those retired just like the UK, it was unfortunate that many of the foreign nationals that were allowed to stay were asylum seekers or refugees not like the uk where many young EU citizens came to work here in all industries paying taxes and NI. now it seems germany has paid the price of an open door policy if you read the reports of the immense problems this country now has.

What reports are they please?

 

Genuinely interested in taking a look at the effects of the policies they had. Hopefully from reputable sources though.