Work for your pension after you retire!

[Kimbers]

Article today saying that Lord Bichart has recommended that you should work to get your pension, after retirement or risk losing it.

Here's the article:

http://www.bbc.co.uk/news/uk-politics-20044862

Is it just me who thinks that this is a wealthy, out of touch politician talking crap?

I mean, I pay my £400-500 a month in NI fee's to get my measily £120 a week when I retire. I've paid it all my life and just because politicans have mismanaged the pension funds so abysmally, should I be forced to work at 70 years old?

Your thoughts cause I'm friggin steaming!

[Loose Cannon]

So "Lord" whoever he is has been retired since the age of 54 then? Ergo he nicked his civil service pension pot early whilst doing a bit of part time work since to make it up to full pay. What a parasite.

In my experience many relatives who have retired at 65 are quite often caring for their own parents for the next 10 years anyway, never mind anyone elses.

[molemot]

Having been happily retired and unemployed for the past 6 years I forebear to comment. Off to the workshop to polish the wheels..!

[rogerch]

I'm working hard treking through Cambodia,even taking photographs and writing about it for my degree,have mercy, life is tough.

[jonwat]

No doubt he won't be bothered if his £120/week OAP was stopped as he'd be able to get by on his £70,000/year civil service pension so we won't see him volunteering to empty the bed pans at his local dementia hospice. 4R5EHOLE

[B1 RMA]

He is quite obviously an out of touch stupid old fart

[shawty_82]

Short of a wealthy relative dying or a lottery win,I'm looking forward to another 40 years or work,and now to be told i may still have to work til I drop?!? They may as well just make mandatory suicide law at a certain age.....hmm sounds like some old tv show I know

[73JPS]

Article today saying that Lord Bichart has recommended that you should work to get your pension, after retirement or risk losing it.

I mean, I pay my £400-500 a month in NI fee's to get my measily £120 a week when I retire. I've paid it all my life and just because politicans have mismanaged the pension funds so abysmally, should I be forced to work at 70 years old?

Your thoughts cause I'm friggin steaming!

Ok, so let me get this straight: you pay 400 - 500 a month. Let's take that as 450 per month. 104 pounds per week. Sorry, I don't know where the fancy "L" symbol that makes "pounds" is on my keyboard. Aaaanyway... for that contribution over, let's charitably say (charitable to your Lordly friend, I mean) thirty-five years only, you will get back.... 120 pounds per week. Net gain of 16 pounds per week over your contributions. I have no idea how your pension works, but I assumed the high contributions you make cannot be accounted from the age of, say, 25, when perhaps your income, and hence contributions, are much less. So, over your working life, (I assume that Tony is making the MAX contribution at his age) maybe you average 340 pounds per month? I think that is generous... So let's say an average contribution of 220 per month from the age of 25 until 65. Forty years. For that you get 120 pounds per week until, I assume, you die.

Let's say you contribute to your own investment for forty years at a lousy 180 per month, at a lazy rate of return of 3%: this would total roughly 167,000 pounds by age of 65. Suppose you maintain that lousy 3% return in an annuity over twenty five more years of life from 65 until you die at 90. You would receive 182 pounds per week.

So, you invest that money yourself at a lousy 3% per year over forty years and get back 182 pounds per week from 65 until 90. Or your government can take the same amount over the same period of time and pay you 120 per week.

And now, to boot, you should work for it, b*tch.

I am no mathmatician mathamatishun mathamatician math smart guy, but: yeah, I think you should be more than "friggin' steaming". You should be "f**king p**sed".

[arbell9]

But some people pay for those that contribute less, ie the low paid. you will never get back what you put in once you earn a decent salary

[basalte]

Maybe Lord Bichard would like to approach one of the 1000 individuals in the UK who between them have personal wealth of £414 Billion. I am sure they will respond out of sheer generosity, conscientiousness and patriotic duty and the realisation that you can`t take it with you.

Edited October 25, 2012 by basalte

[jonwat]

Sorry, I got his amount of pension wrong, according to the Mail it's £120,000 a year

[molemot]

If you have a private pension plan, then the money you pay in goes to producing a pot of moolah...which then gets "invested" to provide you with a retirement income. This income will depend on how big your pot is and what interest rate you can get on it. Most times, you can't get your sweaty little mitts on the capital sum...nor can your heirs once you shuffle off. It WAS your money, but the pension providers end up with the capital. Great, eh?

Now, the Government provides the State Pension..used to be called the Old Age Pension..and that pays out if you have made sufficient lifetime contributions. However, the contributions do not produce any kind of "pension pot" for the individual...the contributions are taken in by the authorities and used to pay out the pensions of the current pensioners. If you think this sounds a bit like a Ponzi scheme...well...you may think that, I couldn't possibly comment..to quote Francis Urquhart. So...if the workforce are not paying in enough for the required outlay, then the whole thing collapses.

Anyone got any ideas of where we go from here?(!)

[jonwat]

Anyone got any ideas of where we go from here?(!)

How about hanging Gordon Brown for his £17,000 tax raid on private pensions while securing his fat public service pension. We could use the evidence of him selling our gold at it's lowest price as mitigating evidence.

Hanging him from Tower Bridge wouldn't help solve the pension crisis but it would certainly cheer us up & go a long way to telling all of the MPs that they work for us & will be held responsible for their money wasting actions.