Pension changes soon to happen

[stevewool]

Well what do you think of the soon to be changed Pension plans, will it be better do you think for each of us,

Just quickly looking through some of it it could be life changing for many if you think sod it I am off, yes its not going to happen for another year they say but best to start planning sooner then later I am thinking

[Michael Parnham]

I never understood what the new pension system is about, all I know is that I don't think it's anything to do with State Pension, is it? :Erm:

[grahamw48]

Is it more than 15 quid a week now ? :Erm:

[stevewool]

Could be more than the £15, and its the private pension Michael

[grahamw48]

I must get on to the Civil Service sometime and ask them when they're going to start paying my thruppence a week. :Erm:

[stevewool]

:icon_lol::icon_lol::icon_lol::icon_lol::icon_lol::icon_lol::icon_lol: Not heard that for ages. Thruppence, what about a tanner instead?

[grahamw48]

Well arf a dollar would be nice...or two and a kick. :biggrin:

[Michael Parnham]

Could be more than the £15, and its the private pension Michael

It won't affect me then. Thanks Steve! :xxgrinning--00xx3:

[Michael Parnham]

:icon_lol::icon_lol::icon_lol::icon_lol::icon_lol::icon_lol::icon_lol: Not heard that for ages. Thruppence, what about a tanner instead?

Two Bob or thruppence three farthings! :xxgrinning--00xx3:

[imagine]

A peneth of chips with scraps wrapped in newspaper

[Slip]

Well I have two frozen pensions, one was a private one I was only paying £40 a month into for about 5 years.... Then I hit a rough patch and stopped it. The other was through my old company that got frozen when I got made redundant, that had about £25 a month paid into it for around 6 years.

I have just started this new one with my current job, I pay 4% of my monthly wage before tax, and my company match it, so 8% of my monthly earnings gets paid. So hopefully when I retire I may have a bit of cash to fall back on!

[tiger31]

I just hope I live long enough to collect one lol

[tiger31]

In another 15 years my father will have been retired longer than he had worked lol no wonder the country can,t afford to pay pensions in the far off future, because we are all living longer so quite unsustainable really .

[fred]

Government Pensions in Australia are getting tougher to get with the constant new rules being implemented..

Many Aussies that are about to start receiving pensions will have to live in Australia (resident status) for at least two years before or two years after qualifying to have pension portability (in other words, they can be pensioners where ever they like).. a lot of pissed off Aussies having to leave their homes and families in the R.P to qualify.

I have a feeling that similar rules could be applied in the U.K in coming years.

Nothing sacred about old age pensions anymore.

[grahamw48]

I just hope I live long enough to collect one lol

Haha....well said. :icon_lol:

[Michael Parnham]

Well I have two frozen pensions, one was a private one I was only paying £40 a month into for about 5 years.... Then I hit a rough patch and stopped it. The other was through my old company that got frozen when I got made redundant, that had about £25 a month paid into it for around 6 years.

I have just started this new one with my current job, I pay 4% of my monthly wage before tax, and my company match it, so 8% of my monthly earnings gets paid. So hopefully when I retire I may have a bit of cash to fall back on!

I have a small private pension of £195 per month, the way I obtained it was back in the late seventies I took out a pension at £60 per month but only paid two payments because I couldn't afford it, it was frozen and after that I forgot it existed. Then later in life when I was 65 the pension company contacted me, hence a monthly pension for the rest of my life, not bad for a total of £120! :xxgrinning--00xx3:

[tiger31]

I have a small private pension of £195 per month, the way I obtained it was back in the late seventies I took out a pension at £60 per month but only paid two payments because I couldn't afford it, it was frozen and after that I forgot it existed. Then later in life when I was 65 the pension company contacted me, hence a monthly pension for the rest of my life, not bad for a total of £120!:xxgrinning--00xx3:

Blimey, can you imagine what you would have got if you,d carried on with it lol. Who was it with?

[Michael Parnham]

Blimey, can you imagine what you would have got if you,d carried on with it lol. Who was it with?

Don't I know it Brian, can't remember the name of the pension company, but a very well known one. My financial adviser had it moved to Prudential when I was due for my pension as they offered the best deal at the time, just remembered Brian, it was Zurich! :xxgrinning--00xx3:

[Terpe]

....I have a feeling that similar rules could be applied in the U.K in coming years.

Nothing sacred about old age pensions anymore.

I don't think so Fred. The UK and Australia pension structures are totally different and not comparable.

The UK pension is contribution based.

[fred]

I don't think so Fred. The UK and Australia pension structures are totally different and not comparable.

The UK pension is contribution based.

Yes,I realize that Peter.. I think what I'm trying to say is that it doesn't really matter where the money comes from if it has already been spent or can no longer finance future pensions.
I see the UK pension scheme as a bit like a long running Ponzi scheme.. The ones that got in early will have had a wonderful pension and a wonderfully long retirement but the ones there after not as good,and the ones after that...:cwm25:
Part of the Aussie pension system (Superannuation) made many Australians feel that they were millionaires
as they threw everything and the kitchen sink into their index linked Government pension pot.
Of course..they all felt like proper mugs after the financial crash a few years ago and found that they were not rich at all and would need a plan B and C in order to ever have enough to retire at all.
Of course they still have their tax financed pension schemes and it is the rule changes to this pension and what I was referring too.. In reality,something has to give when past projections go pear shaped for pensioners now and in the future and it usually comes in the form of the Government shifting fundamental,set in stone and so called sacred goal posts.. Sacre bleu!!

Mean while..In the UK..

The £5 TRILLION burden of state sector pensions: Laid bare for the first time, £180,000 bill facing every family in Britain

Read more: http://www.dailymail.co.uk/news/article-2136404/The-5trillion-burden-state-sector-pensions-Laid-bare-time--180-000-facing-family-Britain.html#ixzz38Rmf5dGU
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Sounds like a Ponzi scam to me!!