Ha, thanks ;-)Sensible, you don’t belong in this discussion
Extra likeDie, stop the boats, wipe out the pensioners and then when there’s no one else to blame maybe people will look at the super rich and how they are taking the piss. Nobody needs more than £1 billion to live a life and their offspring as well.
Today’s youngsters, take noteHa, thanks ;-)
Was raised by my grandparents who were born during WW1. Think i got my approach off them. They weren't mean with their money, just very careful.
Credit, particularly, for anything non essential was a massive no no.
Your NI contributions do NOT pay for your pension.There will be tens of thousands who have paid into the system and have died before or shortly after retirement and their families lose out which in my opinion is wrong they should be allowed a certain percentage because they could be leaving behind a wife or husband where if they had lived they might have had enough to manage on and now they can’t, that’s not right.
If you had paid into an endowment policy at the same rate that £56k would be considerably more.Some of that money back? If you’d earned £30000 for 40 years from age 25 you’d pay in £56,000. At the current pension, assuming it never rose, you’d take that back every 4 and a half years.
A much better system would be NI of £1 a week and rolling the rest into income tax. That would have the benefit of richer pensioners paying in and no upper limit for the very wealthy. You could move the Income tax threshold in line with the state pension so, if that was all you had to live on, you’d pay no tax.
The state pension is indirectly means testedAgree splitting out National insurance from general taxation when it all lands in the same pot nationally is really a bit of smoke and mirrors but allows a little political flexibility for governments to spin masking the true tax burden and maintains the idea or perception of a contributory principle being in play for pensions and other benefits. Truth the tax system needs an overhaul along with pensions. Inevitably I think will mean a form of means testing and minimum income guarantee set at a fair level that’s sustainable. Think we have a full state pension, if you get it all that is above average living costs but does not leave much for anything else (think we were in the top performers in the European pension index just). There are very few generous state pensions anywhere in Europe apart from Norway and Luxembourg - most aim to just cover living costs and no more.
If they have worked all their life then they deserve somethingYour NI contributions do NOT pay for your pension.
It pays for the current pensioners.
Surely you know that by now!
Actually depending on age the surviving partner can claim up to 80 percent of their dead partners pension.There will be tens of thousands who have paid into the system and have died before or shortly after retirement and their families lose out which in my opinion is wrong they should be allowed a certain percentage because they could be leaving behind a wife or husband where if they had lived they might have had enough to manage on and now they can’t, that’s not right.
What would you do with those who fall short of saving enough for their retirement?The only way to solve this issue is to say from 1 April 2027 there wil be no state pension for anyone born who turns 18 after this date, reduce their NI contributions to counter this but they must provide for their own future. No way should you pay into a system only to be means tested at an old age. Public sector pensions had this done 20 years ago and they only gave 10 years notice.
It paid for the school's colleges universities hospitals NHS that half the whigers on here are moaning about.Your NI contributions do NOT pay for your pension.
It pays for the current pensioners.
Surely you know that by now!
Because its not possible doing it that way, everyone pays into the system because they will get sonething back, being a pedant isn't helpful, people know how it works.Your NI contributions do NOT pay for your pension.
It pays for the current pensioners.
Surely you know that by now!
You might be considered more adept at discussing such a complicated issue if you could use basic grammar, punctuation and sentence structure to relay your ridiculous concerns.Of course it does things have to be equitable for all generations you cannot have current pensioners benefiting from poorer future generations
Why is it not possible to build up a national pot (similar to personal pension pots)?Because its not possible doing it that way, everyone pays into the system because they will get sonething back, being a pedant isn't helpful, people know how it works.
Well they have to live off what they do save, we are already creating a society of what’s the point I’ll just rinse the system, you have 52 years to save, maybe there will be benefits at that age to help but you can’t say you’ve havent had fair warning.What would you do with those who fall short of saving enough for their retirement?
Also as previously posted the pensioners collectively pay massive amounts of income tax.The majority of current pensioners have paid significant amounts in both taxes and NI. Compare what they draw in State Pension to the unmarried single mothers who have never worked, contributed nothing. I lose all compassion when I see them pushing their child around whilst vaping and looking at their high-end phones.