FabSwingers.com forum: Rise in state pension age

By (user no longer on site) OP
over a year ago

For fucks sake I’ll have to work until I’m nearly 70!

http://www.bbc.co.uk/news/business-40658774

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By (user no longer on site)
over a year ago

"For fucks sake I’ll have to work until I’m nearly 70!

http://www.bbc.co.uk/news/business-40658774

I'm afraid it's essential if we want to keep the state pension. It might well have to go higher.

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By (user no longer on site)
over a year ago

Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

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By (user no longer on site)
over a year ago

Most people I know will be working until the day they die, so my sympathy is lacking.

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die"

we can all retire at 55

some can retire earlier due to ill health

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die"

Going on 2014 figures average life expectancy is 81.06 years so you'd have to be unlucky not to make it. Also the pensionable age was origanally set at a time when average life expectancy was only around 70 years so it's only fair.

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By (user no longer on site) OP
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Well as this affects anyone between 39-47 you may have just got away with it, so you would say that

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Well as this affects anyone between 39-47 you may have just got away with it, so you would say that"

Not the point, i fully intend on working until i'm at least 70.

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die"

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

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By (user no longer on site)
over a year ago

I honestly don't see the big deal.

The Government, just like everyone else, has to balance their books.

They can't just pay out more because people are living longer, so they start paying later instead.

You can retire at any age you like, so long as you can afford it. You just can't draw on your state pension until a specific age.

At least you younger generation are being given fair warning to allow yourselves time to take alternative action (i.e. personal pensions) in good time.

My sympathies are with the females who have been dramatically affected by the sudden rise from age 60 to 66 at short notice for their state pension.

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe"

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

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By (user no longer on site)
over a year ago

I had to retire at 49 because of medical and I can tell you it's not fun at all, I hate it. People think it is fun all the way, it's not fun when all your mates are working in the day time and your left siting thereon your own. Someone said go to some of the clubs out there well OK if your over 70, you go there and thay just go on about how luck I am. Van

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds."

Haha its a TV debate...sorry

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

Haha its a TV debate...sorry"

Fuck off

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By (user no longer on site)
over a year ago

they reckon anyone born after 2025 will have it increased to 75

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By (user no longer on site)
over a year ago

"they reckon anyone born after 2025 will have it increased to 75

Quite possibly though i have heard that average life expectancy is starting to level out.

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By (user no longer on site)
over a year ago

"they reckon anyone born after 2025 will have it increased to 75

Quite possibly though i have heard that average life expectancy is starting to level out."

Well if you go back to when it was introduced. ...I think you'll find the average life span of the working man was not much longer then retirement age.

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By (user no longer on site) OP
over a year ago

"I had to retire at 49 because of medical and I can tell you it's not fun at all, I hate it. People think it is fun all the way, it's not fun when all your mates are working in the day time and your left siting thereon your own. Someone said go to some of the clubs out there well OK if your over 70, you go there and thay just go on about how luck I am. Van"

That’s kinda the point, I’m in descent enough health right now, but that’s bad going to be less and less the case as I get older. I want to have some time to do stuff I want to do now but can’t cos I’m working. I want to be healthy enough to enjoy it.

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By (user no longer on site)
over a year ago

It will get even worse with brexit lol. On the radio the police said to those that retired they have to come back to work.

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By (user no longer on site)
over a year ago

"they reckon anyone born after 2025 will have it increased to 75

Quite possibly though i have heard that average life expectancy is starting to level out.

Well if you go back to when it was introduced. ...I think you'll find the average life span of the working man was not much longer then retirement age."

I mentioned that in an earlier post.

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By (user no longer on site)
over a year ago

"they reckon anyone born after 2025 will have it increased to 75

Quite possibly though i have heard that average life expectancy is starting to level out.

Well if you go back to when it was introduced. ...I think you'll find the average life span of the working man was not much longer then retirement age.

I mentioned that in an earlier post."

I do apologise for that dear chap

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By (user no longer on site)
over a year ago

"they reckon anyone born after 2025 will have it increased to 75

Quite possibly though i have heard that average life expectancy is starting to level out.

Well if you go back to when it was introduced. ...I think you'll find the average life span of the working man was not much longer then retirement age.

I mentioned that in an earlier post.

I do apologise for that dear chap

No worries.

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By (user no longer on site)
over a year ago

"they reckon anyone born after 2025 will have it increased to 75

Quite possibly though i have heard that average life expectancy is starting to level out.

Well if you go back to when it was introduced. ...I think you'll find the average life span of the working man was not much longer then retirement age.

I mentioned that in an earlier post.

I do apologise for that dear chap

No worries.

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

Haha its a TV debate...sorry"

some very tough "TV's" around, some may be embarrassed when they come face to face

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds."

if you have a company pension you do not pay commission, you pay AVC's and if in the higher tax bracket the government pays £400 for every £600 you pay in

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By (user no longer on site)
over a year ago

"It will get even worse with brexit lol. On the radio the police said to those that retired they have to come back to work."
that is right the met are calling some back that took early retirement, some voluntary and some will be forced back

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By (user no longer on site)
over a year ago

"It will get even worse with brexit lol. On the radio the police said to those that retired they have to come back to work. that is right the met are calling some back that took early retirement, some voluntary and some will be forced back

"
That is right, it is the brexit effect, not nice to be forced back into work.

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By (user no longer on site)
over a year ago

Now that will be a very interesting court case

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By (user no longer on site)
over a year ago

My death in service benefit will see my family and loved ones through. Not expecting to see pensionable she personally

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By (user no longer on site) OP
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

if you have a company pension you do not pay commission, you pay AVC's and if in the higher tax bracket the government pays £400 for every £600 you pay in"

What’s AVC’s and what’s classed as higher tax bracket.

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

if you have a company pension you do not pay commission, you pay AVC's and if in the higher tax bracket the government pays £400 for every £600 you pay in"

It's also the way they divide the pot....I think you will find you will have to live at least to a 100 to get it all back

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By (user no longer on site)
over a year ago

Now that will be a very interesting court case"
Yes it will be and that is if they decide to sue them.

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

if you have a company pension you do not pay commission, you pay AVC's and if in the higher tax bracket the government pays £400 for every £600 you pay in

It's also the way they divide the pot....I think you will find you will have to live at least to a 100 to get it all back

you are aware, I take it, that when you retire, you can take all your paid in AVC's as a "Lump sum" of which you can take when you retire, this can be as early as 55 or in your case as late as 100, which ever you choose

AVC = Additional Voluntary Contributions

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By (user no longer on site) OP
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

if you have a company pension you do not pay commission, you pay AVC's and if in the higher tax bracket the government pays £400 for every £600 you pay in

It's also the way they divide the pot....I think you will find you will have to live at least to a 100 to get it all back

AVC = Additional Voluntary Contributions"

When you say higher tax bracket do you mean 40% or that one that starts at £150k

And do people really put £600 a month AVC into their pension

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By *rincessvenusCouple
over a year ago

Hull

if all those women of the right age who marched on downing st would of voted labour pensions would be safe now as may and co would not be there

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By (user no longer on site)
over a year ago

Ill be long time dead

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By *effrey45Man
over a year ago

Lytham

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

if you have a company pension you do not pay commission, you pay AVC's and if in the higher tax bracket the government pays £400 for every £600 you pay in

It's also the way they divide the pot....I think you will find you will have to live at least to a 100 to get it all back

AVC = Additional Voluntary Contributions

When you say higher tax bracket do you mean 40% or that one that starts at £150k

And do people really put £600 a month AVC into their pension "

With my payments and other contributions from employers etc my pension contributions are close on £1200 a month

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

if you have a company pension you do not pay commission, you pay AVC's and if in the higher tax bracket the government pays £400 for every £600 you pay in

It's also the way they divide the pot....I think you will find you will have to live at least to a 100 to get it all back

AVC = Additional Voluntary Contributions

When you say higher tax bracket do you mean 40% or that one that starts at £150k

And do people really put £600 a month AVC into their pension "

I was putting in £1200 from my net wage for a few years which meant £2k a month into AVC as the tax man pays the other £800.

You can also pay in your annual bonus, so if you pay in £6000 of your bonus, £10,000 actually goes into your AVC pot

this is for 40% tax payers, lower tax band can also pay in but rewarded lower tax incentive

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By *iss_tressWoman
over a year ago

London

I retired last year at 56. I can't draw on my state pension for another 11 years.

Don't quite see the problem. I could afford to retire early, my other half will probably have to work to 70 as he didn't plan/earn enough.

The government has to balance its books.

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By (user no longer on site)
over a year ago

"I retired last year at 56. I can't draw on my state pension for another 11 years.

Don't quite see the problem. I could afford to retire early, my other half will probably have to work to 70 as he didn't plan/earn enough.

The government has to balance its books."

indeed the government does have to balance its books

how else could we pay for Trident and £31 billion nuclear subs, not to mention paying the French to build a nuclear power plant, oh and of course overseas aid and all the corruption & back handers that go hand in hand with overseas aid

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By (user no longer on site)
over a year ago

"I retired last year at 56. I can't draw on my state pension for another 11 years.

Don't quite see the problem. I could afford to retire early, my other half will probably have to work to 70 as he didn't plan/earn enough.

The government has to balance its books.

indeed the government does have to balance its books

Do I smell a hint of cynicism there

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By (user no longer on site) OP
over a year ago

"I retired last year at 56. I can't draw on my state pension for another 11 years.

Don't quite see the problem. I could afford to retire early, my other half will probably have to work to 70 as he didn't plan/earn enough.

The government has to balance its books.

indeed the government does have to balance its books

Oh since you put it like that, I voluntarily request my state pension to be put back until I’m 70

It’s the least I can do

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By *abioMan
over a year ago

Newcastle and Gateshead

I work for the state pension part of the civil service (off today before you ask) will try and answer all of the different bits of this thread later......

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By *oachman 9CoolMan
over a year ago

derby

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Well as this affects anyone between 39-47 you may have just got away with it, so you would say that

Not the point, i fully intend on working until i'm at least 70."
And of course if still working at pensionable age after the first 9 days of doing so your state pension is back dated till you decide to call it a day I,ve known people do it only because they can I (might) follow a similar path myself but of course we never know what is round the corner and your body feels it more as the years go by some more than others

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By *oachman 9CoolMan
over a year ago

derby

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Well as this affects anyone between 39-47 you may have just got away with it, so you would say that

Not the point, i fully intend on working until i'm at least 70.And of course if still working at pensionable age after the first 9 days of doing so your state pension is back dated till you decide to call it a day I,ve known people do it only because they can I (might) follow a similar path myself but of course we never know what is round the corner and your body feels it more as the years go by some more than others"
Also as long as you (carry on working) your state pension will get back dated but if you finish there is no second chance of back dateing it you,ll be unworkable..

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By (user no longer on site) OP
over a year ago

"I work for the state pension part of the civil service (off today before you ask) will try and answer all of the different bits of this thread later......"

Appreciated

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By *un and Laughter 2Couple
over a year ago

folkestone

Well I didn't vote for them --- those that did deserve everything they get I'm afraid !!

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By *andm288Couple
over a year ago

oxford

"Well I didn't vote for them --- those that did deserve everything they get I'm afraid !!"

Ah yes let's return to boom & bust under Labour and give people on benefits an extra £20 per month for managing their own financial affairs

Example

Housing benefit paid direct to tenants who SOME decide to piss it up the wall then get evicted welcome to the labour roundabout

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By *ensualtouch15Man
over a year ago

ashby de la zouch

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

This is wrong do not follow this advice xxx

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By (user no longer on site)
over a year ago

can just see we are going to have an aging population claiming job seekers, as they wont get employed too much of a health risk !!!

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By (user no longer on site)
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

if you have a company pension you do not pay commission, you pay AVC's and if in the higher tax bracket the government pays £400 for every £600 you pay in

It's also the way they divide the pot....I think you will find you will have to live at least to a 100 to get it all back

AVC = Additional Voluntary Contributions

When you say higher tax bracket do you mean 40% or that one that starts at £150k

And do people really put £600 a month AVC into their pension

I was putting in £1200 from my net wage for a few years which meant £2k a month into AVC as the tax man pays the other £800.

You can also pay in your annual bonus, so if you pay in £6000 of your bonus, £10,000 actually goes into your AVC pot

this is for 40% tax payers, lower tax band can also pay in but rewarded lower tax incentive"

WOW.. if i put 1200 into my pension, i wouldnt have enough money left to pay the mortgage/rent , eat , clothe my son.. not everyone earns big money so cant afford to pay whats suggested into pension schemes........try paying 1k a month as a single parent (just in rent - forget other bills)- when you only take home 1500 a month !!!

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By *ob198XaMan
over a year ago

teleford

Reality is that people don't create enough wealth in 40 working years to cover their other 45 years of life spent not working, plus their share of maintaining the population that are unable or unwilling to work at all... In my line of work you don't retire until they carry you out in a box... old man is in his late 70s and we moved 1000 small bales of hay this week. These days he has cut back, he now only works a 45hour week and has some weekends off altogether.

By time I am 70 retirement age will be 80!

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By (user no longer on site) OP
over a year ago

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

Don't go through a pension plan...put it into a high interest account...believe me you'll be better off

what high interest account pays you £400 for every £600 you pay into your pension each month

please let me know, I will subscribe

Ok I should have said the highest interest account you can find.

As this is still better then paying commissions to pension funds.

if you have a company pension you do not pay commission, you pay AVC's and if in the higher tax bracket the government pays £400 for every £600 you pay in

It's also the way they divide the pot....I think you will find you will have to live at least to a 100 to get it all back

AVC = Additional Voluntary Contributions

When you say higher tax bracket do you mean 40% or that one that starts at £150k

And do people really put £600 a month AVC into their pension

I was putting in £1200 from my net wage for a few years which meant £2k a month into AVC as the tax man pays the other £800.

You can also pay in your annual bonus, so if you pay in £6000 of your bonus, £10,000 actually goes into your AVC pot

this is for 40% tax payers, lower tax band can also pay in but rewarded lower tax incentive

It’s very worrying, do you make yourself poor now in the hope of having enough to scrimp by when your old

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By (user no longer on site)
over a year ago

Exactly the reason I went in the highest amount with my employer pension. 6% they double and add 12% plus a bonus 3% for paying the 7%

So 21% been paying in since I was 19.

Think it's around £240 what Is paid in per month from my wage

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By (user no longer on site) OP
over a year ago

"Exactly the reason I went in the highest amount with my employer pension. 6% they double and add 12% plus a bonus 3% for paying the 7%

So 21% been paying in since I was 19.

Think it's around £240 what Is paid in per month from my wage "

That’s very good, my employer puts in 5% if I put in 2.5% I put in 7% but don’t think that’s going to be enough

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By *VBethTV/TS
over a year ago

Chester

It's a worrying thing but as others have said, the pensions thing used to work when you got your carriage clock or watch at 65 and then pegged it at 70-75. If people are going to live well into their 90s and often past a century then something had to give.

If you work 18-68 that's 50 years of paying in. Unless you pay in a lot then expecting to get 40 years comfortable living back is probably unreasonable.

The costs of people living longer are huge. Not only in pensions but to the NHS in medication as many elderly people live for 30 years purely because of medication.

Sadly I don't think there are any other options than making people work longer....

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By (user no longer on site) OP
over a year ago

"It's a worrying thing but as others have said, the pensions thing used to work when you got your carriage clock or watch at 65 and then pegged it at 70-75. If people are going to live well into their 90s and often past a century then something had to give.

If you work 18-68 that's 50 years of paying in. Unless you pay in a lot then expecting to get 40 years comfortable living back is probably unreasonable.

The costs of people living longer are huge. Not only in pensions but to the NHS in medication as many elderly people live for 30 years purely because of medication.

Sadly I don't think there are any other options than making people work longer.... "

I guess so but it’s the moving of the finish line that gets me

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By (user no longer on site)
over a year ago

"I work for the state pension part of the civil service (off today before you ask) will try and answer all of the different bits of this thread later......"

May I enquire how many years you have to work for your pension stamps to be fully paid up

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By *arry247Couple
over a year ago

Wakefield

"For fucks sake I’ll have to work until I’m nearly 70!

http://www.bbc.co.uk/news/business-40658774

Why not I am 67 and still in full time employment.

It is time retirement age was raised to 80

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By (user no longer on site)
over a year ago

I am already retired. Enjoying life while I am young enough to make the most of it.

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By *abioMan
over a year ago

Newcastle and Gateshead

"I work for the state pension part of the civil service (off today before you ask) will try and answer all of the different bits of this thread later......

May I enquire how many years you have to work for your pension stamps to be fully paid up"

let me start here..... its as good a place as any.....

for any child born after 5/4/2000... they fully come under the new flat rate pension, they will need 35 qualifying years....

for everyone else.... they are going to be known as transitional customers... which mean they get the best of both systems (the old system and the new system) up to april 2016... then contribute under the new system....

its not so much "how many years?" it is "how can we get you up to the maximum amount!"

thats the bit that is going to vary from individual to individual...

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By (user no longer on site)
over a year ago

To be fair anyone relying on the state pension for retirement is going to have a very difficult time retiring anytime, changing the age by a year won't make a great deal of difference.

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By (user no longer on site)
over a year ago

"To be fair anyone relying on the state pension for retirement is going to have a very difficult time retiring anytime, changing the age by a year won't make a great deal of difference."

I am sure you get a similar amount from the age of 60 onwards if you are of ill health or unfit to work, its just classed as a different benefit, I am sure our friend from pensions could advise more on my comment

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By (user no longer on site)
over a year ago

again !!!! i already have to work until im 67

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By *r and mrs sanddancerCouple
over a year ago

BOLDON COLLIERY

"Think I'm going to start pumping extraordinary amounts of money into my pension.

Fuck this, I'd like to retire before I die

comparing the original life expectancy to pension age from when the old age pension came in to today's expectancy you would be 115 before qualifying for your pension

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By (user no longer on site)
over a year ago

Ha, I'm never going to get mine! Or at least 50 years

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