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    We can't afford a pension !

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    papa_umau
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    We can't afford a pension !

    Post by papa_umau on Fri 30 Sep 2011, 1:09 pm

    One in three Brits have quit their retirement fund

    A survey by insurance giants Prudential has reported that more than a third of working age adults in the UK have stopped making pension contributions.

    The research follows a Pensions Trend report from the Office of National Statistics earlier this month which found that 1.2 million people had stopped contributing to personal pensions.

    Many, ( one third of the total missing ), said they did so because of redundancy or unemployment and 27% said it was because they simply could not afford to lay that kind of money aside.

    Many others just did not want to risk their hard-earned wages on pension schemes that they did not trust to perform safely over the long-term.




    It now seems that this austerity drive by the government is taking so much money out of the pockets of the working people in Britain that their flagship policy of people building their own pensions is falling apart.


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    Technician
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    Pension

    Post by Technician on Fri 30 Sep 2011, 3:55 pm

    Hi All,

    Well, what a terrible picture of the state of the pension industry in this country. This country once had pension provision second to none. I am talking about the public sector in particular. In response to working for lower wages many public sector workers had the security of a reasonable pension.

    Under Labour and 'Lets do a pension grab' Gordon Brown we have seen a systematic destruction of our pension industry leaving it in shreds. Of course once the 'private' companies get their greedy hands on it, then we are at the vagaries of the stock market and greedy insurance firms who think only of themselves first.

    Of course on top of this we have a diabolical state pension which leaves the elderly in a state of poverty. It is little wonder people are giving up on the idea considering the rip off contributions and high costs. I suspect they have said 'sod it'.
    Is the government of the day just going to let them die of starvation and neglect ???. I doubt it. Like most things in this broken country those who try and work to do their best and contribute end up with the shitty end of the stick time and time again.

    A classic example is the Endowment rip off. I was one of many who lost out on that, but I took the buggers on and gained redress in the end.

    What a sad day for pensioners.....Many are too proud, but being that does not put food on the table or keep the heating on. If they ever revolt the government will have no choice but to listen if they want the grey vote.

    Technician
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    papa_umau
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    Re: We can't afford a pension !

    Post by papa_umau on Sat 01 Oct 2011, 12:06 pm

    Good comments Technician and even although I am a bit lefty in politics I have no scruples against blaming Brown for that raid on the pensions.

    Many speculators have made millions of personal pounds from playing the markets with our money and now, because these stock markets are so unstable, we just cannot trust them with our private pension pots any more.

    Yes, this IS a sad day as what with the Tory-led government trying their hardest to restrict the amount of state pensions the pensioners get and the fact that all private pensions are now such a risk we find that we no longer have any choices to use to try to save for our dotage.

    Yes Technician, I was one of those civil servants that benefitted from the excellent occupational pension I received on retiral from the Civil Service but as time goes by these pensions are going to be eroded until they too are not worth anything.


    Last edited by papa_umau on Mon 03 Oct 2011, 12:46 pm; edited 1 time in total


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    Re: We can't afford a pension !

    Post by Parliament.... on Sun 02 Oct 2011, 7:33 pm

    Technician wrote:Hi All,

    Well, what a terrible picture of the state of the pension industry in this country. This country once had pension provision second to none. I am talking about the public sector in particular. In response to working for lower wages many public sector workers had the security of a reasonable pension.

    Under Labour and 'Lets do a pension grab' Gordon Brown we have seen a systematic destruction of our pension industry leaving it in shreds. Of course once the 'private' companies get their greedy hands on it, then we are at the vagaries of the stock market and greedy insurance firms who think only of themselves first.

    Of course on top of this we have a diabolical state pension which leaves the elderly in a state of poverty. It is little wonder people are giving up on the idea considering the rip off contributions and high costs. I suspect they have said 'sod it'.
    Is the government of the day just going to let them die of starvation and neglect ???. I doubt it. Like most things in this broken country those who try and work to do their best and contribute end up with the shitty end of the stick time and time again.

    A classic example is the Endowment rip off. I was one of many who lost out on that, but I took the buggers on and gained redress in the end.

    What a sad day for pensioners.....Many are too proud, but being that does not put food on the table or keep the heating on. If they ever revolt the government will have no choice but to listen if they want the grey vote.

    Technician

    Technician. From the 80's under Margaret Thatcher, both Income Taxes and NI Contributions were reduced for the working population, putting onus on the individual and the private pension, and the State pensions link with male average earnings was broken.

    So, while the pensioners have suffered a decline in their State pension this past 30 odd years, the working British have ignored them, and now again, the chickens are indeed coming home to roost
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    zathrus
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    Re: We can't afford a pension !

    Post by zathrus on Thu 06 Oct 2011, 12:43 pm

    Having yet another dig at old Maggie eh ? Twisted Evil

    Mind you it is true that successive British governments have been afraid to put up direct taxes but have put up the indirect taxes instead hoping that we would not notice the difference. I have news for them; WE DID NOTICE.

    It is also true that the state-pensions link with the average wage was broken at that time and since then the pensioners, of which I will be one soon, have been robbed of a pension that could keep up with wage inflation.

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    Re: We can't afford a pension !

    Post by Parliament.... on Thu 06 Oct 2011, 1:03 pm

    zathrus wrote:Having yet another dig at old Maggie eh ? Twisted Evil

    Mind you it is true that successive British governments have been afraid to put up direct taxes but have put up the indirect taxes instead hoping that we would not notice the difference. I have news for them; WE DID NOTICE.

    It is also true that the state-pensions link with the average wage was broken at that time and since then the pensioners, of which I will be one soon, have been robbed of a pension that could keep up with wage inflation.

    I wonder how many people who voted for Thatcher in the 80's, now wish they had not ?
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    papa_umau
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    Re: We can't afford a pension !

    Post by papa_umau on Fri 07 Oct 2011, 12:21 pm

    zathrus wrote:Having yet another dig at old Maggie eh ? Twisted Evil

    Mind you it is true that successive British governments have been afraid to put up direct taxes but have put up the indirect taxes instead hoping that we would not notice the difference. I have news for them; WE DID NOTICE.

    It is also true that the state-pensions link with the average wage was broken at that time and since then the pensioners, of which I will be one soon, have been robbed of a pension that could keep up with wage inflation.

    I hope, for your sake, by the time that your pension comes around Zath' that we will have sorted it out for you. In the meantime your support and the support of all people nearing pensionable age is vital if we pensioners are to get to grips with government.


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