My point is not that defined benefits got more or less generous but that you don’t really get them anymore and they are more generous than for example auto enrollment
They might have more than they need in those local government funds but you don’t know how long the people will live and what the actual liability is
Final salary only in nationalized industries and public sector that still a lot especially nationalised you say it wasn’t generous in amounts but if you living till your 80 90 100 it is even if it’s a low amount per year because your salary is low
She said he was slow to act but she doesn’t seem to have justified it it’s not even his department. It was her area. He was the guy who prosecuted these sort of people I am sure he acts as quickly as he can no one wants people to abuse kids or women
Propper word salad that post mate.My point is not that defined benefits got more or less generous but that you don’t really get them anymore and they are more generous than for example auto enrollment
They might have more than they need in those local government funds but you don’t know how long the people will live and what the actual liability is
Final salary only in nationalized industries and public sector that still a lot especially nationalised you say it wasn’t generous in amounts but if you living till your 80 90 100 it is even if it’s a low amount per year because your salary is low
Would you like another go at providing a coherent response ?My point is not that defined benefit pensions are more or less generous now it’s that defined benefit are more generous than for example auto auto enrollment nest stop miss repenting what I am saying
i don’t buy that property prices have gone up loads.
Choice.I mean furlough was pretty helpful. I’d say that alone is more than anything Labour has done but feel free to list anything that trumps leaving millions on the dole.
Yes so previous generations had it better which is my point and why the state pension needs reform as you have the youth with no money no assets paying for richer pensioners pensionsFinal salary pensions have overwhelmingly been replaced by average salary. This has stopped the old trick of promoting senior management just before they retire to boost their pensions. The police were the main culprits.
No it’s notPropper word salad that post mate.
I have the fact you don’t pay attention isn’t my problemWould you like another go at providing a coherent response ?
Hopefully the govt will rake in all the furlough and bounce back loan cheats in the coming year or so.I mean furlough was pretty helpful. I’d say that alone is more than anything Labour has done but feel free to list anything that trumps leaving millions on the dole.
Not all.Yes so previous generations had it better which is my point and why the state pension needs reform as you have the youth with no money no assets paying for richer pensioners pensions
Yes so previous generations had it better which is my point and why the state pension needs reform as you have the youth with no money no assets paying for richer pensioners pensions
Our whole pension system needs looking at. But that absolutely doesn’t mean impacting on those who need it. Just those that don’t. Those who have ‘paid in’ and therefore ‘deserve’ full whack. Like nothing ever changes. Like the social contract was never broken.I don't see what's wrong in what you are proposing if you're proposing means testing the state pension, maybe raise the state pension for those that need it most?
What figure are you talking about when you remove or start to decrease the state pension?Our whole pension system needs looking at. But that absolutely doesn’t mean impacting on those who need it. Just those that don’t. Those who have ‘paid in’ and therefore ‘deserve’ full whack. Like nothing ever changes. Like the social contract was never broken.
A group of people who have benefited like no other in British history by appreciation of their capital assets. And yet everything is shite apparently.
And whose fault is that?
I honestly don’t know, but my post was more aimed at the capital assets that many elderly people hold, principally in their property. To find a workable and humane solution to this will not be easy but the reality is that the present grotesque imbalance in asset ownership between the generations will require radical and uncomfortable thinking if we are going to find a solution to this chasm, which will inevitably be incredibly controversial.What figure are you talking about when you remove or start to decrease the state pension?
I have no issue with taxing the rich based on assets but for me means testing the state pension is a no no both morally and practically.I honestly don’t know, but my post was more aimed at the capital assets that many elderly people hold, principally in their property. To find a workable and humane solution to this will not be easy but the reality is that the present grotesque imbalance in asset ownership between the generations will require radical and uncomfortable thinking if we are going to find a solution to this chasm, which will inevitably be incredibly controversial.
There is a fundamental truth at the heart of this. The prodigious growth in residential housing prices has benefitted one generation at the expense of those who followed it. They like to take personal credit for this capital appreciation (I know my dad does, for example) but the reality is that it was something over which they had no real influence or control, and even if they had I don’t think my view would be materially different. This is because whatever the cause, the effect is devastating upon under 35s, to the extent that it is unquestionably making our society materially worse in a number of ways.
So something radical needs to happen, and whilst I don’t have the time, resources or wherewithal to devise a particular scheme, at its heart it will mean the seizing of capital assets from elderly people while they are alive in some form or other (as much as taxing people is a form of seizing money) in order to distribute that capital to younger generations.
Obviously this would not apply to elderly people who have little or no capital assets and could, in fact, theoretically fund a higher state pension. People should be able to live in dignity and comfort in their twilight years, however the right to those things is not necessarily in accordance with living in a million pound house.
I expect it is a view that will appal some, especially those who will be affected, but I don’t see any other workable solution to this huge national and generational issue.
I really think you underestimate the impact of going from "I want my chidren to have what I never had" to "I wish my children could still have what I had".Not all.
Life is a grind no matter which generation you were
What about subjecting it to the actuarial calculation used to buy an annuity from a pension pot? The richer you are, the longer you're more likely to live - so the poorer pensioners should get more because they're not going to live as long... A sort of life expectancy testing. (But the rich will have paid more in tax before retiring.)I have no issue with taxing the rich based on assets but for me means testing the state pension is a no no both morally and practically.
The notion that todays pensioners had it easy (which is what I responded to), I cannot agree with.I really think you underestimate the impact of going from "I want my chidren to have what I never had" to "I wish my children could still have what I had".
My father was poorly paid - but he'd been able to save and pay cash to buy his first house, a semi-detached for £350 - maybe the equivalent of a year's earnings. My first house cost about twice my annual salary.
"Longevity is killing us."
From wikipedia (edited a bit):
In the UK, the expression "grey pound" is used in the context of marketing and or retail sources and refers to the purcasing power of elderly people as consumers. For example, it has sometimes been used as a label for movies aimed at an older audience.
Saga, a company whose products and services target the over-50s, estimated the value of the grey pound at £320 billion a year as of 2020. The grey pound is especially important in countries where older people hold disproportionate levels of wealth; in the UK, over-50s hold over three quarters of the financial wealth.