means testing = punishing exactly the people who worked hardest, saved and invested diligently and contributed the most into the pension and general taxation revenue. While who will benefit are exactly the people who never cared.
Its always the same the harder you work, save and invest the less you get. Those never contributing will receive the most benefits. It never takes into consideration lifestyle choices of those that waste money.
Means Testing = Civil service job creation scheme. It save no money because administration costs are astronomical. Just what the country needs, more highly paid civil service jobs on gold plated pensions. The Whitehall Civil servants are pushing the means testing agenda because theres a gravy train of thousands of jobs. Yes minister politics of jobs for the boys .
Means Testing = Civil servants job creation scheme ..Just whatwe. Need thousands of highly paid Civil servants to investigate 13 million pensioners bank accounts & lifestyle . Yes Minister politics to spend billions on what Michael gove calls the blob & this will save money lol lol.. No it will just inflate the Government payroll. Jobs for the boys
@@rowanjohnstone9524 wrong. Our payments may have been used to pay older people’s pensions because previous governments were helping themselves to the pot. But essentially we were told it was for our pensions. Plenty of billions for Ukraine and illegals but nothing for us. We are the highest taxed country on the planet and the revenues are mind boggling but the problem is our governments are spending far beyond their means like gambling addicts who keep coming back for more and more.
I saw that too. Means testing would mean not everyone gets the pension, or it could reduce benefits if you have other income. It’s like they’re saying if you’ve worked hard, saved up, or have a private pension, you may not be entitled to as much
That would be a huge shift. Right now, so many people rely on their state pension just to cover basics, and the idea of losing that, or having it cut down, could leave people really vulnerable.
Especially when a lot of people built their retirement plans around that pension. It’s not easy to pivot at this stage. And you know, even those with savings or a private pension could be impacted, especially if things like inflation eat into their other income.
Absolutely. This is why a lot of people are looking for expert advice now. I mean, state pensions are helpful, but they were never intended to make you rich.
They’re there to keep you afloat. An advisor like ERIC PAUL ELMER -who’s guided everyone from everyday people to celebrities and high-net-worth folks-can really help map out a backup plan.
The problem was created when North Sea oil along with the peace time dividend revenues and defence spending cuts savings were not partly directed into a sovereign wealth fund which could have enabled a well funded pension scheme. The decisions of governments many pensioners now voted for created this problem. Numerous governments since the 80s have been aware of the situation. Yet they have raised public spending to facilitate the spending gap. The problem now is snowballing out of control. Unfortunately a tough and harsh reality check needs to happen. Unfortunately our politicians do not have the balls to do it. So id rest assured, despite most pensioners taking out way more than they ever contributed, despite the voting record of many pensioners which in part led us to this point and despite that millions of young people can’t afford to rent let alone have a family and are burdened with ever increasing taxation and costs. You pensioners will still get your free money, paid for by generations whom will probably never retire. Enjoy it! You really didn’t earn it! But thanks for the mess countless generations have inherited!
The Civil Servants who are discussing these changes won't face any hardship. They are amongst the highest value Gold Plated pensions available in the UK.
This is why they are desperate to means test pensions . Brand new department with thousands of jobs to spy on pensioners bank accounts.. Jobs for the boys .
@@Cassp0nk i do assume most of us pay less than 8 million on income tax every year :D maybe these pennies could be ignored by his majesties revenue and customs?
@@PoseidonOilRig Thousands on the skive now claiming that cant work & choose not to . Gen Z are all on the sick claiming mental health ya Numpty . You think all the people claiming now ain't getting a state pension ? It's more likely these will get the state pension but people that work wont because they have money from working. So the obvious conclusion would be dont work & get everything for free like the dolescroungers.
@@sandradavies7804 What like the Government stops the lazy workshy now lol lol lol . Yeah we all see people choose life on benefits everyday .This will make it 10 x worse
Absolutely right I’m to the point where I don’t know if I’ll put anymore of MY hard earned cash into a private pension in case they take MY state pension off me. Why give up your own money to have it taken off you because you want to manage your finances. Doh get real LABOUR or any government trying to thief hard working people savings/pensions. Too many benefits given out stop hitting easy targets motorists and pensions/savings.
hang on a minute, most people in their 70s now I’ve paid an average of 49 years into the system and we’ve All the previous kept all the previous pensioners, It is the way the governments have not put aside funds which is main is the problem to pay for our present situation
Seems pointless saving for retirement unless you can save a lot, otherwise buy gold and do not tell the government so you can get the pension you paid for.
Gold & bitcoin are not means tested so is none of the Government's business. It would be impossible to track & this is why they don't do it . Perfectly legal though & worth doing if its means tested.
Real slippery slope these government parties . You will never be forgiven if you take from pensioners to pay for your badly handled management over the last 40 years.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
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Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
I take guidance from an advisor ‘Kathie Daisy Bosco’ To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Thanks for putting this out, curiously inputted Kathie on the web, spotted her consulting page and was able to schedule a call session, she actually shows a great deal of expertise.
Unfortunately, not all of us were financially literate early, I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but l'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling! Thanks Wendy Stewart.
As we all know it is not a benefit the state pension. I've paid 47 years NI well over the min. Take it away and I want a refund plus interest thank you
@@clivegeary4587 In fact it's *ALWAYS* been a benefit ever since retirement was identified as a need requiring a benefit by the Beveridge Report in 1942 and the National Insurance Act that actually implemented it in 1946. Nothing has changed.
@dabe1971 You can look it up on the government website. Annoying, I know. But the state pension has for some years now been classed as a benefit. Fact.
Can you imagine the governments in, say, France, Spain etc trying to bring this in? There’d be absolute anarchy! Here in the UK we’d probably allow it to happen though.
I agree with your analysis Carl but.... 1. What percenatge of GDP is used to pay for civil service / govt employee pensions. Is that sustainable ? 2. For 40 years polititions have told us that NI was not Income Tax ... we all knew it was. Their "lie" is not undoable.
They're gonna treat our N.I. contributions just like our income tax funds those on benefits. We have to contribute - but might not ever benefit. They're treating the state pension as a benefit
@@Andeecee That's what happens with Ponzi schemes like NI.Madoff went to prison for his scheme....something unlikely you can do with the whole political establishment for the last one hundred years.
Eliminate gold plated public service final salary pensions and it becomes very affordable for the hard working people who have paid in for their whole life. The system is biased in favour of public servants
What final salary pensions? They went over ten years ago. Do try to keep up. It's Career average revalued pension now...btw plenty of jobs in public service if you think pensions are good. Teaching, prisons, NHS, social workers, armed forces all recruiting
Our state pensions are by no means generous compared to other countries and represent only half of what a person actually needs to live above the poverty line. I would struggle to live and pay my bills on my DB and DC pensions that I have built up over 50 years of hard work and I would starve and/or freeze if I only had my state pension to live on. I need the state pension. My current income with DB, DC and state pension is under the minimum wage. I also pay tax on this income as well as council tax, vat and other costs such as insurances and utilities. Energy costs are eyewatering. 30% of my income evaporates before I buy food or heat.
It is not a benefit . We paid in for years. People are dieing younger now. A lot of my family paid in and died before they got a state pension. Where is that money.
Yes! Dont believe the bullshit about it being a benefit. If you don’t pay in throughout your life, you don’t get it. Therefore, NOT a benefit. Monsters rule our world, wake up before its too late.
Technically it IS a benefit, because NI, though used as a measuring stick for state pension entitlement, is not a ringfenced fund for the state pension.
The term "benefit" has been used in legislation to describe the state pension since the 1946 National Insurance Act. The Pensions Act 2014 also classifies the new state pension as a benefit under Section 1(1)
Yes, the UK State Pension is considered a benefit. It is a regular payment from the government that most people can claim when they reach State Pension age
I have 49 years of contributions taken out my pay weekly I and millions more have paid theirs so why are our pensions going to be means tested . The government has had our money invested in the private sector and taken the profits from our contributions .
If any government tries to means test the state pension there will not only be an outcry but litigation. Payment made to a state pension through national insurance contributions demand a pension in line with contributions made. Imagine a private scheme deciding to means test it's distributions. Means testing would be tantamount to theft on a grand scale. Court actions would follow and the public would win.
I was informed that i had to have 33 years of contributions to receive a full state pension I had 49 years so they have taken 16 years of my contributions to pay for other people to have a pension and now they have the cheek to want to means test our pensions . We now live in a dictatorship and democracy is dead and buried and they killed Sadam Husain and Gadaffi because they were called dictators.
I don't think so. I work on a medical ward. Considering I care for those who are not the healthiest in old age. Most of my patients are in their 80s/90s and increasingly, we see 100 year olds. These are not the fit and active elderly.
This is crystal ball stuff. General health is reducing and people are dying younger. Who decides what is wealthy,? This could also kill what little there is left of a saving culture. I doubt the Govt would reduce individuals tax burden so the money would just be wasted elsewhere.
People would be Working & saving to deliberately deprive themselves of the state pension. The harder they worked. The less pension they would get . This. Clearly isn't gong to fly , people aren't stupid enough are they ?
@@Stuart-f2mthat's how should be. Australian system ab immigrant who arrives and works 5 years say will get a full pension as long as they don't have too many assets. U don't have to have payed tax for 20 30 years
Gee 5 years only & they get a full pension. Maybe this is why the 3rd world are arriving on dinghy s daily. UK citizens have to work a minimum of 10 years to get anything at all & 35 to get the full state pension. I need to get to France & join the boat people ASAP.
That means people who have never done a days work in their life will receive the state pension and those who have worked all their lives and saved will not. Is that fair?
Its already means tested to some extent. Anyone with a private pension over £12500 will start paying 20% income tax when they receive the state pension and 40% with a private pension over £50270.
Im only 55, but will retire now, and live off my savings for 12 years...when i get to 67, I'll have very little savings, and the savings i do have leftover, will be in hiding.. Therefore i will be entitled to full state pension....People will be forced into doing the same..
@@worldofameiso5491 what a lovely person you are, contributing to all the future doctors and surgeons coming across from France on a daily basis...Mr Starmer says Thank you 😂
Yes, certainly. If you've paid in £120,000 you'll get it back in 10 years or less when you retire, because the State Pension is almost £12,000 a year. Live longer than 10 years in retirement and you will be quids in. At your age none of this is going to affect you.
Bitcoin is up 300% over the past 2 years and will double again (minimum) in the next 12 months. 10 years from now it will be approaching 1 million per coin. Even if you only buy a fraction of a coin get some or you'll regret it later.
@@ParcBlondel - 28.6% is the current local authority pension contribution, funded by Council Tax payers who will be lucky to get 10% paid by their employer into their private pension.
My children have been paying tax for 20 years so far I will be so angry if they stop their pensions. If they are going to stop the pensions , they will have to let the people know so that they can start saving up for thereself But they cannot stop if you already been paying tax . If they stop it , they will have to refund all the tax money that they have been paying in to it.
Means testing would reduce the incentive to work or to contribute to a private pension. Why pay into a private pension if that means that you would lose your state pension?
that's the case in Australia but we have no choice. The government makes sure the 11.5% is taken from our wages before we get them, even though that money goes into private super. Then when we retire, they reduce our pension based on the amount we have in super and what assets we've accumulated over a lifetime, except the family house, but if you have a house, the asset limit is lower, so there is a financial penalty for owning your own home.
@@Stuart-f2m in Australia they already do but if you don't provide for yourself there is no guarantee that by the time you get there that state funded pensions will even exist.
Well how can the working population be declining with immigration being at the level it is, so we are importing pensioners. It would be totally unfair to those of us who have paid NI and serps for 50 years and been careful with our money saving into a private pension.
Totally agree at 73 I am still working part time and paying tax on both my salery and my pension. I was one of the WASPI women who didn’t receive my state pension at 60 as I had always been led to believe I would. I have lost my winter fuel payment because I have always worked so can’t claim pension credits. At 75 I will not receive a free TV licence , I pay the full amount for my dentist and opticians fie the same reason while I see others in my age group and younger who have all these things handed to them free because they never paid into the system. This government seems to have it in for the pensioners and the hard working people of this country.
This is a problem any government will face. Hence, eligible age has gone up already. NI has always been ridiculous as it is just income tax, but no government has been prepared to really sort it out for obvious political reasons. I think it's unlikely means testing will come in for some time.
@@RobCLynch I think this is so big a deal it will become a poll tax moment. Personally I am preparing to go to prison as I cannot predict my actions. Paid in for 48 years.
Hi I’ve been living in Australia since 1986 it’s different over here with the pension system. We don’t pay into a government pension fund not like the uk. The employer over here pays into your superannuation scheme while you are employed with the company. The government over here taxes you for a Pension but if you are over the amount of the means test limit. You get nothing off the government. Even thou you have paid taxes to support a pension that you will never get. In my case I’ve paid for my uk pension every year I’ve been over here in Australia. Through transfers from my bank to the Department of works and pensions and they excepted my money towards my uk pension.
People forget that state pensions are not a burden on taxpayers - they are an inter-generational transaction where one generation supports the one before. It was Thatcher who broke that concord and drove the rise of self-funded individual pensions.
There was a time when saving into a pension was encouraged. Is that still valid if state pension ever got means tested, I'm in a DB pension and no flexibility.
What Annoys me is the State pension is already sort of means tested in that I cannot now get the winter fuel allowance as I am over the level for pension credit, and also I am taxed on it so it would be very unjust to take even more away from us.
Silly boy saving your own money for a better future . You shouldof wasted all your money or lived on benefits. & you would get both winter fuel , pension credit & every other benefit known to man .
People who have paid into the system to receive one of the lowest pensions in any country the only way they can stop paying is to remove the need to pay into the system,this would take decades to achieve,if you are insinuating that they could means test people’s income,savings in the next few years would lead to civil war,because the government is giving money to other countries they need to fleece pensioners,this would also lead to no one paying into a private pension,it’s not happening soon if ever.
I'm certain it will become means tested, when is the question. I'd gladly give up my gov pension in return for a rebate for money paid into the state pension. Then that paid into my private pension which would be then a tax free income set to a max or whatever your working income was.
We should be able to receive it when we have paid in irrespective of your financial position. Otherwise a lump sum should be given to those who have paid in. They tax us enough. Australia means test theirvstate pensions BUT THEY DONT HAVE INHERITANCE TAX why should we be punished twice?
Trade description violation NI (National Insurance) If a private insurance company removed some of the benefits initially signed up to mid term - the book would be thrown at them.
Absolute disgrace… so as a higher earner you already pay more in NI contributions (% of a higher salary), lose your tax free allowance and you now don’t even get the same basic pension but get penalised for good life choices like investing in your private pension and saving all your life?
I think they will ive said it for years now, iam now retiring early because of the way this country is run, blow my cash come 67 will make sure they give me MY MONEY
No don't Retire , YOUR life Savings you've worked 50 years for are needed to pay for all the dolescroungers as you can be dam sure they will get the state pension. Saving for Retirement would be officially dead ...RIP
Wonderful insight that changes would take years to implement if means testing introduced, so would have small political benefit but huge political costs for the current govt. never thought of that before!
Hi Carl, thank you so much for taking the time to make videos for your YT channel. Have found them incredibly helpful. Some I take a few days to watch because there is so much to digest and understand. Thanks to you, my partner and I had a civil partnership recently, to keep our affairs in order. This state pension malarky does worry us. If and when it does go ahead, there likely to be a mass exodus of pensioners (living in 3rd world countries supposedly a lot cheaper than UK). Maybe that is what the Govt wants! Afterall, if pensioners relocate abroad, it will result in less demand on the health service, and care sector and frees up homes.
In Canada, what they do is tax back ( or claw back) the OAS pension based on your previous years income tax return. If your income exceeds approx $80k per year, your OAS gets clawed back in the next year from the maximum amount ( currently about $713 / month) at the rate of 20% (?) for every dollar above $80k. So if you had income over approx $123 k/yr, you get zero OAS next year. I suspect this is how UK could handle it since it is fairly simple to implement.
Where has all the money we paid into NI for retirement gone then.? It should have been put aside but like every thing else it has been spent I presume.And look how much tax they rake in with amount of cars on the roads.
I have been saying that this will happen for some time. As we know there is not pot. NIC deductions today are used to cover the cost of pensions today. The way to make this change is to scrap NIC and add the same percentage to income tax. Then the government can say that there is no longer a link between what you pay in and the state pension. At this point they can means test the state pension, so the only people who take something out are those who put nothing in! It doesn’t matter which party is in power, the reality is that the country simply cannot afford to continue as is.
You have to remember that yes Australia means tests the state pension but all retirees have access to superannuation which was paid for by their employer at 11% per year of salary. The UK would need to bring in something similar
I urge all the younger generations to watch what government do to people who have put their hard earned cash into a private pension. If they at some stage do means test state pensions then I urge all those he younger generations to not put their own money into a private pension as you would be paying not get a state pension.Why would anyone do this? . Anyone with a good private pension knowing that they won’t get a state pension because it’s means tested I know what I’d do. Start reducing your private pensions at 55/57 years of age. Stop work as there would be little point in working. Stop work Use up your private pension and collect a state pension. But as yet government has not gone down this route but consider what I said fight back.
Means testing would result in less tax take for the reasons you covered here . I agree fully but the real agenda here is creating thousands of Civil Servant jobs to do the means testing .
So if your works pension is rubbish say 5k but you went without when you were working to put savings aside for retirement to pay for house repairs ,possibly a car and a holiday etc.. and you then find out you are expected to live off those savings who pays for the things that your savings were supposed to cover. It’s just ridiculous!!
When the state pension was introduced in the UK in 1946, the life expectancy of a 65 year old was 13 more years. Today, the life expectancy is about 19 more years at 65. In the UK the state pension age is 66 and due to change to 67. It seems the qualifying age is too low and should be 71 to cover today’s life expectancy.
Would be interesting to know how UK gov could or how e.g. Aus gov does: prevent someone close to retirement gifting all savings & investments to a trusted younger relative such as an adult-child & then receiving regular gifts back from that person. Seems like an obvious get-out for families that have good relationships.
I’ve already paid enough years in contributions to entitle me to a full pension, yet I still have a further 12 years almost until I can claim it. Why should I continue to pay my contribution?????
if you smoke drink don't work and live of the government and council you will get a state pension. if you work hard save and don't waste our money, you will get nothing, HA HA Ha
Only fools fall for the lie that NI is a separate tax to pay for state pension, NHS, disability benefits etc. It just goes into general taxation to be squandered with the rest. They say it's a special payment to make you feel better about paying income tax twice.
So it sounds as though my contribution into the Natural Insurance system for the best part of half a century was all a waste of time. The solution is clearly to cross the Channel in a rubber dinghy and then you are accommodated comfortably and don't have to worry about being robbed of your fuel allowance or your savings and investments over many years!
I would riot. I have been paying NI for nearly 40 years on the sole premise I will be given a state pension at the end of it. If they took my pension away, there will be blood
Funny that. I paid NI not just to get a small state pension, but also to help fund a 'free' health service, unemployment benefit if I lost my job, and sickness benefits if I got ill. I don't expect my car insurance company to give me my money back if I don't crash my car, so why should anyone expect their NI money back? It is National INSURANCE, after all.
It makes sense to change the system for people who have not retired yet...... with a ten year overlap to allow for adaption for those approaching retirement age. But most working people based their retirement planning on their works pension AS A SUBSIDY to bulk out the State pension. It is not right to muck around with existing ex-working pensioners
When the state pension was first implemented the average life expectance for a man was 58. So the majority of men died before getting it. Thanks in part to the NHS and better healthcare, the average life expectancy for a man is now 79 - so the vast majority now get it. What people have to realise is that we cannot afford the current pension system plus the NHS plus everything else that is funded by the tax payer. Something has to give or we pay much higher taxes. I am 57 and I think the state pension should be pushed to 70. That means on average a man still gets it for 9 years. This, in my opinion, if much better than higher taxes for peoples whole lives - let people save for their own retirement when they can. Means testing is easier than the video suggests and quicker to get savings. All the governments needs to do is to remove entitlement to the state pension for the super rich and very rich to start with; ok thats small savings on day one, but then taper this in for "quite rich" after a number of years. I will let everyone else comment on the threshold for this and after all, the removal of winter fuel allowance was a great idea, its was just the threshold that was wrong. Nobody could deny that removing it for billionaires and even millionaires wasnt a good idea. So if we started taking state pension away from Richard Branson, Alan Sugar etc, would anyone care? In 5 years we could say no state pension if you have a second home, £2M in savings, other income worth over £1M etc. Us taxpayers cant afford to pay for everything, we need to make a choice. A friend of mines father recently died in is mid 90s. He joined the armed forces as a boy. Just the sort of person who deserves s a state pension - if he needs it. He actually retired at a very high rank and then worked for the civil service after that. His two workplace pensions meant an income of over £5000 per month. Plus his state pension and his wifes state pesnion. They had a house fully paid off and now massive outgoings. Not rich, but very comfortably off!
Young people have no opportunities. Right to buy which benefited the current pensioners the most has left the housing market in ruin. The privatisation of our energy sector has led to to a chronic dependency on imported energy and the variable costs associated. Again the current pensioner population voted for the likes of Thatcher to the detriment of current working generations. The nation is crumbling and crippled. The current pensioners have had the very best of the welfare state. Free university, free dentistry, universal child support. The current workers pay the highest burden of taxes, have the lowest access to the welfare state and are subsidising millions of extremely wealthy pensioners we no prospect of retirement for themselves, no prospects of owning there own home and thus the trend of an ever decreasing birth rate will continue, exacerbating the current predicament associated to a ever increasing aging population and declining workforce. I find it strange that many pensioners seem oblivious to the predicament. Means testing is the only option. The current system is strangling the nation and subjugating millions of young people to destitution and poorly funded public services. The end is nigh. We have sleep walked into a gerontocracy and I fear the tough calls that need to happen will be ignored for short term electioneering.
Most Politicians couldnt manage a household budget let alone a nations finances all they do is look for more and more taxation.. As for means testing the state pension if theyve taken the money they need to pay the pension not look at the lowest common denominator as articles like this do.As a nation were already well down the list of state pension payments.
When you have paid into a system for 40 years + you would expect to get it when you retire, this is a right but this Gov. Now call it a benifit is the NHS also a benifit will we also have to means test us to get treatment in the near future.
There's no pot of money for health so they could means test that ? There's no pot for education so could they means test education for your children ? Means testing just means , take money off the people that bothered to work & save . If in the future working & saving is rewarded with your state pension cancelled I can Guarantee that a lot of people won't work or save as the incentives for both are zero . Carl says means testing is a good way to target people who need it , so basically dolescroungers & people that waste all their money get it .
If they don’t give me mine & I’ve paid in over 42 years, then I want my money back! I am entitled to it, there are people who have fond stuff all for it. 🤬🤬 I’ve paid everything for everyone, kids education, job seekers allowance etc etc. If they do this, why would anyone bother??
The more money you give the pensioners the more they spend on local businesses, like Shops, Restaurants, Cafes and Hotels...more tax income for the government?
I take all the millions that have not paid into the system and are getting between £15K and £100K on benefits tax free will not be included will they??
means testing = punishing exactly the people who worked hardest, saved and invested diligently and contributed the most into the pension and general taxation revenue. While who will benefit are exactly the people who never cared.
Thats what socialism is all about, punish those who do the right thing and reward the dregs of society who piss it up the wall for 50 years.
Its always the same the harder you work, save and invest the less you get. Those never contributing will receive the most benefits. It never takes into consideration lifestyle choices of those that waste money.
Means Testing = Civil service job creation scheme. It save no money because administration costs are astronomical. Just what the country needs, more highly paid civil service jobs on gold plated pensions. The Whitehall Civil servants are pushing the means testing agenda because theres a gravy train of thousands of jobs. Yes minister politics of jobs for the boys .
That’s labour for ya …..
Means Testing = Civil servants job creation scheme ..Just whatwe. Need thousands of highly paid Civil servants to investigate 13 million pensioners bank accounts & lifestyle . Yes Minister politics to spend billions on what Michael gove calls the blob & this will save money lol lol.. No it will just inflate the Government payroll. Jobs for the boys
Those of us who have paid into a state pension all our lives should be entitled to receive it. Removing that entitlement is a betrayal
No!
It’s fraud. I want my contributions back.
Anything is probable with Labour !!!
Can’t means test something you have been paying in all your working life this government needs to go
we haven't been paying into anything, we have been paying older people's pensions. There is no pot
@@rowanjohnstone9524 wrong. Our payments may have been used to pay older people’s pensions because previous governments were helping themselves to the pot. But essentially we were told it was for our pensions. Plenty of billions for Ukraine and illegals but nothing for us. We are the highest taxed country on the planet and the revenues are mind boggling but the problem is our governments are spending far beyond their means like gambling addicts who keep coming back for more and more.
it might be something the government considers to save money, especially with rising costs everywhere
I saw that too. Means testing would mean not everyone gets the pension, or it could reduce benefits if you have other income. It’s like they’re saying if you’ve worked hard, saved up, or have a private pension, you may not be entitled to as much
That would be a huge shift. Right now, so many people rely on their state pension just to cover basics, and the idea of losing that, or having it cut down, could leave people really vulnerable.
Especially when a lot of people built their retirement plans around that pension. It’s not easy to pivot at this stage. And you know, even those with savings or a private pension could be impacted, especially if things like inflation eat into their other income.
Absolutely. This is why a lot of people are looking for expert advice now. I mean, state pensions are helpful, but they were never intended to make you rich.
They’re there to keep you afloat. An advisor like ERIC PAUL ELMER -who’s guided everyone from everyday people to celebrities and high-net-worth folks-can really help map out a backup plan.
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SHE'S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME
46 years of contributions, denied my holidays to save. Disgusting. The challenges are mismanagement!
The problem was created when North Sea oil along with the peace time dividend revenues and defence spending cuts savings were not partly directed into a sovereign wealth fund which could have enabled a well funded pension scheme. The decisions of governments many pensioners now voted for created this problem. Numerous governments since the 80s have been aware of the situation. Yet they have raised public spending to facilitate the spending gap. The problem now is snowballing out of control. Unfortunately a tough and harsh reality check needs to happen. Unfortunately our politicians do not have the balls to do it. So id rest assured, despite most pensioners taking out way more than they ever contributed, despite the voting record of many pensioners which in part led us to this point and despite that millions of young people can’t afford to rent let alone have a family and are burdened with ever increasing taxation and costs. You pensioners will still get your free money, paid for by generations whom will probably never retire. Enjoy it! You really didn’t earn it! But thanks for the mess countless generations have inherited!
@@mountbattenstgeorge6008 I won't be getting any free money, they told me so, so, I am shutting my business down.
@ good luck
The Civil Servants who are discussing these changes won't face any hardship. They are amongst the highest value Gold Plated pensions available in the UK.
.......for now, they are part of a two trillion black hole and will be axed also it's unaffordable!?!
This is why they are desperate to means test pensions . Brand new department with thousands of jobs to spy on pensioners bank accounts.. Jobs for the boys .
Why do they get Db pensions if there's no money in the kitty ? 2 taxpayers funded pensions
People will stop paying into private pensions and blow the money on holidays and cars.
Not so much anymore.
MPs have fabulous pensions , I a, sure they will not change that .
When does all the reforms they make ever affect MPs
Open cheque book for public pensions
8 million a day in hotel costs, sod this lot off home.
In the same small boats they came in. That's the only deterrent.
👏👏👏
8 million is pennies in the context of government finances
@@lupin8750well then they won’t mind not taxing me?
@@Cassp0nk i do assume most of us pay less than 8 million on income tax every year :D maybe these pennies could be ignored by his majesties revenue and customs?
Means test it. You remove any incentive for people to contribute into a private or company pension.
@@PoseidonOilRig What happens when everyone decides not to work ? The incentives to work would be the loss of your state pension. Not very bright .
@@PoseidonOilRig Thousands on the skive now claiming that cant work & choose not to . Gen Z are all on the sick claiming mental health ya Numpty . You think all the people claiming now ain't getting a state pension ? It's more likely these will get the state pension but people that work wont because they have money from working. So the obvious conclusion would be dont work & get everything for free like the dolescroungers.
@@PoseidonOilRig They do at the moment.
@@sandradavies7804 What like the Government stops the lazy workshy now lol lol lol . Yeah we all see people choose life on benefits everyday .This will make it 10 x worse
Absolutely right I’m to the point where I don’t know if I’ll put anymore of MY hard earned cash into a private pension in case they take MY state pension off me. Why give up your own money to have it taken off you because you want to manage your finances. Doh get real LABOUR or any government trying to thief hard working people savings/pensions. Too many benefits given out stop hitting easy targets motorists and pensions/savings.
hang on a minute, most people in their 70s now I’ve paid an average of 49 years into the system and we’ve All the previous kept all the previous pensioners, It is the way the governments have not put aside funds which is main is the problem to pay for our present situation
Seems pointless saving for retirement unless you can save a lot, otherwise buy gold and do not tell the government so you can get the pension you paid for.
Gold & bitcoin are not means tested so is none of the Government's business. It would be impossible to track & this is why they don't do it . Perfectly legal though & worth doing if its means tested.
Great advice .
Real slippery slope these government parties . You will never be forgiven if you take from pensioners to pay for your badly handled management over the last 40 years.
MP's should lose theirs
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
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Thanks for putting this out, curiously inputted Kathie on the web, spotted her consulting page and was able to schedule a call session, she actually shows a great deal of expertise.
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As we all know it is not a benefit the state pension. I've paid 47 years NI well over the min. Take it away and I want a refund plus interest thank you
@peterlloyd6337 Please check. The state pension has been classed as a benefit for some years now (it also really annoys me)
@@clivegeary4587benefit is just a word. The NI act states you would get an array of benefits in exchange of your payment, not might get
@@clivegeary4587just because the corrupt government claim it as a benefit doesn't make it true.
@@clivegeary4587 In fact it's *ALWAYS* been a benefit ever since retirement was identified as a need requiring a benefit by the Beveridge Report in 1942 and the National Insurance Act that actually implemented it in 1946. Nothing has changed.
@dabe1971 You can look it up on the government website.
Annoying, I know.
But the state pension has for some years now been classed as a benefit.
Fact.
Can you imagine the governments in, say, France, Spain etc trying to bring this in? There’d be absolute anarchy! Here in the UK we’d probably allow it to happen though.
I think you'll find the same will happen here if they do that...look what happened with the poll tax introduction
I agree with your analysis Carl but....
1. What percenatge of GDP is used to pay for civil service / govt employee pensions. Is that sustainable ?
2. For 40 years polititions have told us that NI was not Income Tax ... we all knew it was. Their "lie" is not undoable.
Precisely. They'll have to scrap N.I. and just call the lot income tax. State pension becomes a benefit.
I’m fine with a means tested pension. Can I have my NI contributions back please? 🤷♂️
Yes please all NI contributions plus interest.
Zero chance of a refund.
They're gonna treat our N.I. contributions just like our income tax funds those on benefits. We have to contribute - but might not ever benefit. They're treating the state pension as a benefit
Already spent on the chavs and the small boat arrivals
@@Andeecee That's what happens with Ponzi schemes like NI.Madoff went to prison for his scheme....something unlikely you can do with the whole political establishment for the last one hundred years.
Eliminate gold plated public service final salary pensions and it becomes very affordable for the hard working people who have paid in for their whole life. The system is biased in favour of public servants
Public masters, actually.
What final salary pensions? They went over ten years ago. Do try to keep up. It's Career average revalued pension now...btw plenty of jobs in public service if you think pensions are good. Teaching, prisons, NHS, social workers, armed forces all recruiting
Gold plated pensions open cheque book
Yes and MPs pensions are the worst culprits of all
Our state pensions are by no means generous compared to other countries and represent only half of what a person actually needs to live above the poverty line. I would struggle to live and pay my bills on my DB and DC pensions that I have built up over 50 years of hard work and I would starve and/or freeze if I only had my state pension to live on. I need the state pension. My current income with DB, DC and state pension is under the minimum wage. I also pay tax on this income as well as council tax, vat and other costs such as insurances and utilities. Energy costs are eyewatering. 30% of my income evaporates before I buy food or heat.
How about pay MP,s the same pension as everyone else instead of £100k a year,that would save the country millions if not billions.
It is not a benefit . We paid in for years. People are dieing younger now. A lot of my family paid in and died before they got a state pension. Where is that money.
Yes! Dont believe the bullshit about it being a benefit. If you don’t pay in throughout your life, you don’t get it. Therefore, NOT a benefit. Monsters rule our world, wake up before its too late.
Where is that money? Let's start with the billions wasted each year on illegal immigrants.
Technically it IS a benefit, because NI, though used as a measuring stick for state pension entitlement, is not a ringfenced fund for the state pension.
The term "benefit" has been used in legislation to describe the state pension since the 1946 National Insurance Act. The Pensions Act 2014 also classifies the new state pension as a benefit under Section 1(1)
Yes, the UK State Pension is considered a benefit. It is a regular payment from the government that most people can claim when they reach State Pension age
I have 49 years of contributions taken out my pay weekly I and millions more have paid theirs so why are our pensions going to be means tested . The government has had our money invested in the private sector and taken the profits from our contributions .
If any government tries to means test the state pension there will not only be an outcry but litigation. Payment made to a state pension through national insurance contributions demand a pension in line with contributions made. Imagine a private scheme deciding to means test it's distributions. Means testing would be tantamount to theft on a grand scale. Court actions would follow and the public would win.
I was informed that i had to have 33 years of contributions to receive a full state pension I had 49 years so they have taken 16 years of my contributions to pay for other people to have a pension and now they have the cheek to want to means test our pensions . We now live in a dictatorship and democracy is dead and buried and they killed Sadam Husain and Gadaffi because they were called dictators.
Taking money under false pretences is fraud .End of
There really will be riots if they do this, mark my words!
unfortunately all the rioters will be old and easy for the police to vanquish.
I fully agree . The rioters could be sent to Rwanda
I have no problem about means testing the state pension...... as long as I get the money back that I paid in.
8 years is the average people take their pension. the whole thing is a joke
👏👏
Where do you get that figure from? The ONS states that life expectancy at 65 is 18.6yrs for males & 21.1yrs for females.
I don't think so. I work on a medical ward. Considering I care for those who are not the healthiest in old age. Most of my patients are in their 80s/90s and increasingly, we see 100 year olds. These are not the fit and active elderly.
This is crystal ball stuff. General health is reducing and people are dying younger. Who decides what is wealthy,? This could also kill what little there is left of a saving culture. I doubt the Govt would reduce individuals tax burden so the money would just be wasted elsewhere.
People would be Working & saving to deliberately deprive themselves of the state pension. The harder they worked. The less pension they would get . This. Clearly isn't gong to fly , people aren't stupid enough are they ?
The Irish state pension for people who have paid in is NOT means tested. It is only means tested for people who have NOT paid it.
Yeah 100% correct .
@@Stuart-f2mthat's how should be. Australian system ab immigrant who arrives and works 5 years say will get a full pension as long as they don't have too many assets. U don't have to have payed tax for 20 30 years
Gee 5 years only & they get a full pension. Maybe this is why the 3rd world are arriving on dinghy s daily. UK citizens have to work a minimum of 10 years to get anything at all & 35 to get the full state pension. I need to get to France & join the boat people ASAP.
That means people who have never done a days work in their life will receive the state pension and those who have worked all their lives and saved will not. Is that fair?
If means testing happens there will be alot more people not doing a day's work as the incentive to work is ZERO
Its already means tested to some extent. Anyone with a private pension over £12500 will start paying 20% income tax when they receive the state pension and 40% with a private pension over £50270.
Exactly spot on
Unless you live in Scotland when you pay 42% 0ver £43600
They need to sort out public pension first
Im only 55, but will retire now, and live off my savings for 12 years...when i get to 67, I'll have very little savings, and the savings i do have leftover, will be in hiding.. Therefore i will be entitled to full state pension....People will be forced into doing the same..
That's what I will do if I make it to 58 or whatever it will be to draw my SIPP.
exactly! people will manipulate the system, wonder why Australia's are not doing the same? I think there must be more to this 🤔
It's certainly not use , using banks, where the government can see what you've got, so they can penalise everyone
Just be careful ,it's 67 now it could be 70 in 12 years time
So you will spend all the money you invested and saved in order to live on £12,000 a year from the state when you get to age 67? Good luck.
I worked out recently how much NI I have paid in the last 46 years: £120,000. Any chance of having that back?
Nope. The jolly chav families have consumed it, and now the money is desperately needed to house the beauties coming in small boats.
@@worldofameiso5491 what a lovely person you are, contributing to all the future doctors and surgeons coming across from France on a daily basis...Mr Starmer says Thank you 😂
Yes, certainly. If you've paid in £120,000 you'll get it back in 10 years or less when you retire, because the State Pension is almost £12,000 a year. Live longer than 10 years in retirement and you will be quids in. At your age none of this is going to affect you.
No incentive to work in the UK, nor to save or invest. If you make good money, buy gold and bitcoin.
Gold up 12% in last 3 months the penny's dropping with people now that government don't have their interest at heart
Silver better as no capital gains tax, Alt coins & bitcoin will do well in this coming bull run!
@@andrewtaylor6737 but vat chargeable on purchase. Gold sovereigns good for same reason though 👍
Bitcoin is up 300% over the past 2 years and will double again (minimum) in the next 12 months. 10 years from now it will be approaching 1 million per coin. Even if you only buy a fraction of a coin get some or you'll regret it later.
No money would be saved as people wouldnt save & if saving was compulsory they wouldn't work either .
They need to stand up to the public sector before this is even discussed
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And cut the red tape that keeps loads of staff in non-jobs, like a lot of the 720,000 admin staff in the NHS.
The public sector pay their own pensions. Teachers (and their employers) pay something like 32% of their wages into the Teachers pensions fund.....
@@ParcBlondel - 28.6% is the current local authority pension contribution, funded by Council Tax payers who will be lucky to get 10% paid by their employer into their private pension.
@@Benzknees Thankyou.
in which case stop paying national insurance now
Why exactly? It also contributes to the NHS and other public benefits like sick pay and universal credit. Don't you want those either?
Reduce Ni for people that want that money directed into a private pension would be a better idea
How about cutting the money we pay to China and India and controlling legal and illegal immigration
@@merlinhotspurs Is there any money paid to China? I doubt that. The Dearest Commonwealth Family is a different matter. :)
It is not a benefit, it is a right
My children have been paying tax for 20 years so far I will be so angry if they stop their pensions.
If they are going to stop the pensions , they will have to let the people know so that they can start saving up for thereself
But they cannot stop if you already been paying tax .
If they stop it , they will have to refund all the tax money that they have been paying in to it.
Means testing would reduce the incentive to work or to contribute to a private pension. Why pay into a private pension if that means that you would lose your state pension?
that's the case in Australia but we have no choice. The government makes sure the 11.5% is taken from our wages before we get them, even though that money goes into private super. Then when we retire, they reduce our pension based on the amount we have in super and what assets we've accumulated over a lifetime, except the family house, but if you have a house, the asset limit is lower, so there is a financial penalty for owning your own home.
Work too much .. sorry no pension. Easy solution , don't work or save & live off benefits & get everything for free like the boat people .
@@Stuart-f2m that's fine if they don't change the rules on you, but since you can't trust them not to, the only thing you can rely on is yourself.
@@warpedweft9004 The trouble with relying on yourself I'd the Government will say you don't need the state pension despite paying in for 50 years.
@@Stuart-f2m in Australia they already do but if you don't provide for yourself there is no guarantee that by the time you get there that state funded pensions will even exist.
What is the point of working hard or at all just live like the dole and refugees and get everything for nowt .this country is fooked
Well how can the working population be declining with immigration being at the level it is, so we are importing pensioners. It would be totally unfair to those of us who have paid NI and serps for 50 years and been careful with our money saving into a private pension.
Totally agree at 73 I am still working part time and paying tax on both my salery and my pension. I was one of the WASPI women who didn’t receive my state pension at 60 as I had always been led to believe I would. I have lost my winter fuel payment because I have always worked so can’t claim pension credits. At 75 I will not receive a free TV licence , I pay the full amount for my dentist and opticians fie the same reason while I see others in my age group and younger who have all these things handed to them free because they never paid into the system. This government seems to have it in for the pensioners and the hard working people of this country.
@@patmartin9727 Labour hate all working class white people, but they despise the elderly, you have my sympathy.
@@kw8757 They hate all white people, not just working class ones.
Exactly!
This is a problem any government will face. Hence, eligible age has gone up already. NI has always been ridiculous as it is just income tax, but no government has been prepared to really sort it out for obvious political reasons. I think it's unlikely means testing will come in for some time.
And since when did politicians worry about any 'backlash' - especially from old aged pensioners.
it wont only be pensioners it will be everybody because it will effect every person in this country what ever age .
@@albeyl3859 Especially does not mean only - does it!!!
Pensioners vote
@@petersimpson633 And how will that affect anything in today's generic politics situation.
Some how the uk government has to pay for a.ll the dingy scroungers & those who choose to to live a life on BENIFITS.? 🤔
The first thing people should do is stop calling the state pension a ‘benefit’. It’s not.
I agree with you 💯% however in 2016 it was reclassified legally. Retrospect means testing will cause a mass uprising. This is not acceptable
@@aficio698I hope so. Because we British tend to just moan about the weather
@@michaelbarton8379 it most definitely is not a benefit. I’ve payed into mine for 50yrs.
@@RobCLynch I think this is so big a deal it will become a poll tax moment. Personally I am preparing to go to prison as I cannot predict my actions. Paid in for 48 years.
Just because you say it doesn't make it right. It IS a benefit, fact.
Hi I’ve been living in Australia since 1986 it’s different over here with the pension system. We don’t pay into a government pension fund not like the uk. The employer over here pays into your superannuation scheme while you are employed with the company. The government over here taxes you for a Pension but if you are over the amount of the means test limit. You get nothing off the government. Even thou you have paid taxes to support a pension that you will never get. In my case I’ve paid for my uk pension every year I’ve been over here in Australia. Through transfers from my bank to the Department of works and pensions and they excepted my money towards my uk pension.
My brother went to work abroad years ago and didn't keep up his NI for his state pension....he could have the last laugh yet.
@@kw8757 the best thing for young people is to move abroad and not bother keeping up with NI and put that money into a private pension for themselves.
People forget that state pensions are not a burden on taxpayers - they are an inter-generational transaction where one generation supports the one before. It was Thatcher who broke that concord and drove the rise of self-funded individual pensions.
This will force people with a good retirement pot to take their money from the bank and hide it under the bed.
Yeah or buy non means tested assets like gold , bitcoin or bank it offshore
There was a time when saving into a pension was encouraged. Is that still valid if state pension ever got means tested, I'm in a DB pension and no flexibility.
What Annoys me is the State pension is already sort of means tested in that I cannot now get the winter fuel allowance as I am over the level for pension credit, and also I am taxed on it so it would be very unjust to take even more away from us.
Silly boy saving your own money for a better future . You shouldof wasted all your money or lived on benefits. & you would get both winter fuel , pension credit & every other benefit known to man .
People who have paid into the system to receive one of the lowest pensions in any country the only way they can stop paying is to remove the need to pay into the system,this would take decades to achieve,if you are insinuating that they could means test people’s income,savings in the next few years would lead to civil war,because the government is giving money to other countries they need to fleece pensioners,this would also lead to no one paying into a private pension,it’s not happening soon if ever.
Well, Bharat needs money for their space program! 😅
After paying in, its a right....its not a benefit!.
I fear for my grandchildren. .
It's already clawed back in part via the tax system. This is just speculation
A big number AREN’T living longer though. Most of us won’t even reach retirement age…we will be dead.
In 20 years, the age for retirement will be 85
It won't because old people will just say FU mate.
In 20 years there will be no retirement. Work till you drop.
If there any jobs!@@kevinnorthfield5097
Everybody will be on the sick
I'm certain it will become means tested, when is the question. I'd gladly give up my gov pension in return for a rebate for money paid into the state pension. Then that paid into my private pension which would be then a tax free income set to a max or whatever your working income was.
We should be able to receive it when we have paid in irrespective of your financial position. Otherwise a lump sum should be given to those who have paid in. They tax us enough. Australia means test theirvstate pensions BUT THEY DONT HAVE INHERITANCE TAX why should we be punished twice?
Trade description violation NI (National Insurance) If a private insurance company removed some of the benefits initially signed up to mid term - the book would be thrown at them.
Although it is costing the younger generation now with the fallimg birthrate there will be fewer people of pension age when they retire
There will be a lot of small boat people
@igorsagdeev7881 who will produce a higher birth rate
Get civil servants to pay their own like I do .or get the government to buy mine. I have paid in for 38 years
There would be riots on the streets!
Absolute disgrace… so as a higher earner you already pay more in NI contributions (% of a higher salary), lose your tax free allowance and you now don’t even get the same basic pension but get penalised for good life choices like investing in your private pension and saving all your life?
I think they will ive said it for years now, iam now retiring early because of the way this country is run, blow my cash come 67 will make sure they give me MY MONEY
Good luck living on £12,000 a year.
It’s not your money ! It’s been spent on pensioners !
Spend it before the Government steal it though means testing . Many more like. You I think .
@@TheDavecroft Better living on 12K a year & spending your money how you want than saving for retirement so the Government can steal it all then.
No don't Retire , YOUR life Savings you've worked 50 years for are needed to pay for all the dolescroungers as you can be dam sure they will get the state pension. Saving for Retirement would be officially dead ...RIP
Wonderful insight that changes would take years to implement if means testing introduced, so would have small political benefit but huge political costs for the current govt. never thought of that before!
yeah but that 124 billion goes back into the economy is taxed (fuel duty and vat etc.) and creates jobs paying more tax and n.i. contributions.
Hi Carl, thank you so much for taking the time to make videos for your YT channel. Have found them incredibly helpful. Some I take a few days to watch because there is so much to digest and understand. Thanks to you, my partner and I had a civil partnership recently, to keep our affairs in order. This state pension malarky does worry us. If and when it does go ahead, there likely to be a mass exodus of pensioners (living in 3rd world countries supposedly a lot cheaper than UK). Maybe that is what the Govt wants! Afterall, if pensioners relocate abroad, it will result in less demand on the health service, and care sector and frees up homes.
Thank you so much for your kind feedback.
In Canada, what they do is tax back ( or claw back) the OAS pension based on your previous years income tax return. If your income exceeds approx $80k per year, your OAS gets clawed back in the next year from the maximum amount ( currently about $713 / month) at the rate of 20% (?) for every dollar above $80k. So if you had income over approx $123 k/yr, you get zero OAS next year. I suspect this is how UK could handle it since it is fairly simple to implement.
Where has all the money we paid into NI for retirement gone then.? It should have been put aside but like every thing else it has been spent I presume.And look how much tax they rake in with amount of cars on the roads.
It is already means tested....it is called Income Tax.
I have been saying that this will happen for some time. As we know there is not pot. NIC deductions today are used to cover the cost of pensions today. The way to make this change is to scrap NIC and add the same percentage to income tax. Then the government can say that there is no longer a link between what you pay in and the state pension. At this point they can means test the state pension, so the only people who take something out are those who put nothing in! It doesn’t matter which party is in power, the reality is that the country simply cannot afford to continue as is.
We should not be penalised for last youngsters.
You have to remember that yes Australia means tests the state pension but all retirees have access to superannuation which was paid for by their employer at 11% per year of salary. The UK would need to bring in something similar
They could try....it wouldn't end well
I urge all the younger generations to watch what government do to people who have put their hard earned cash into a private pension. If they at some stage do means test state pensions then I urge all those he younger generations to not put their own money into a private pension as you would be paying not get a state pension.Why would anyone do this? . Anyone with a good private pension knowing that they won’t get a state pension because it’s means tested I know what I’d do. Start reducing your private pensions at 55/57 years of age. Stop work as there would be little point in working. Stop work Use up your private pension and collect a state pension. But as yet government has not gone down this route but consider what I said fight back.
Means testing would result in less tax take for the reasons you covered here . I agree fully but the real agenda here is creating thousands of Civil Servant jobs to do the means testing .
My parents contributed all their lives to the state pension and never got to draw it
As usual. You do the right thing and invest in a works/private pension and you get punished. So wrong.
So if your works pension is rubbish say 5k but you went without when you were working to put savings aside for retirement to pay for house repairs ,possibly a car and a holiday etc.. and you then find out you are expected to live off those savings who pays for the things that your savings were supposed to cover. It’s just ridiculous!!
When the state pension was introduced in the UK in 1946, the life expectancy of a 65 year old was 13 more years. Today, the life expectancy is about 19 more years at 65. In the UK the state pension age is 66 and due to change to 67. It seems the qualifying age is too low and should be 71 to cover today’s life expectancy.
Life expectancy has fallen since 2020 . Plain facts .
Would be interesting to know how UK gov could or how e.g. Aus gov does: prevent someone close to retirement gifting all savings & investments to a trusted younger relative such as an adult-child & then receiving regular gifts back from that person. Seems like an obvious get-out for families that have good relationships.
Life expectancy as now reversed with people not! living longer for the first time especially in women because the retirement age has risen
Ready to be deleted ? Hard facts don't fit the narrative.
I’ve already paid enough years in contributions to entitle me to a full pension, yet I still have a further 12 years almost until I can claim it. Why should I continue to pay my contribution?????
if you smoke drink don't work and live of the government and council you will get a state pension. if you work hard save and don't waste our money, you will get nothing, HA HA Ha
What is National Insurance for, and why have governments, past and present, not managed this to provide for future pensions?
Only fools fall for the lie that NI is a separate tax to pay for state pension, NHS, disability benefits etc. It just goes into general taxation to be squandered with the rest. They say it's a special payment to make you feel better about paying income tax twice.
Wasters by the looks of things
Wasters get the get pension , workshy get the pension but if you've worked too hard then no pension.
@@stuartregan1627 It’s called socialism and it stinks.
So it sounds as though my contribution into the Natural Insurance system for the best part of half a century was all a waste of time. The solution is clearly to cross the Channel in a rubber dinghy and then you are accommodated comfortably and don't have to worry about being robbed of your fuel allowance or your savings and investments over many years!
I would riot. I have been paying NI for nearly 40 years on the sole premise I will be given a state pension at the end of it. If they took my pension away, there will be blood
Watch you don't get 3 years jail time for that
Funny that. I paid NI not just to get a small state pension, but also to help fund a 'free' health service, unemployment benefit if I lost my job, and sickness benefits if I got ill. I don't expect my car insurance company to give me my money back if I don't crash my car, so why should anyone expect their NI money back? It is National INSURANCE, after all.
Do you think they will start with final salary public pensions
Lol . The Civil servants milking the well will continue to milk the well of taxpayers money
It makes sense to change the system for people who have not retired yet...... with a ten year overlap to allow for adaption for those approaching retirement age. But most working people based their retirement planning on their works pension AS A SUBSIDY to bulk out the State pension. It is not right to muck around with existing ex-working pensioners
When the state pension was first implemented the average life expectance for a man was 58. So the majority of men died before getting it. Thanks in part to the NHS and better healthcare, the average life expectancy for a man is now 79 - so the vast majority now get it. What people have to realise is that we cannot afford the current pension system plus the NHS plus everything else that is funded by the tax payer. Something has to give or we pay much higher taxes. I am 57 and I think the state pension should be pushed to 70. That means on average a man still gets it for 9 years. This, in my opinion, if much better than higher taxes for peoples whole lives - let people save for their own retirement when they can.
Means testing is easier than the video suggests and quicker to get savings. All the governments needs to do is to remove entitlement to the state pension for the super rich and very rich to start with; ok thats small savings on day one, but then taper this in for "quite rich" after a number of years. I will let everyone else comment on the threshold for this and after all, the removal of winter fuel allowance was a great idea, its was just the threshold that was wrong. Nobody could deny that removing it for billionaires and even millionaires wasnt a good idea. So if we started taking state pension away from Richard Branson, Alan Sugar etc, would anyone care? In 5 years we could say no state pension if you have a second home, £2M in savings, other income worth over £1M etc.
Us taxpayers cant afford to pay for everything, we need to make a choice.
A friend of mines father recently died in is mid 90s. He joined the armed forces as a boy. Just the sort of person who deserves s a state pension - if he needs it. He actually retired at a very high rank and then worked for the civil service after that. His two workplace pensions meant an income of over £5000 per month. Plus his state pension and his wifes state pesnion. They had a house fully paid off and now massive outgoings. Not rich, but very comfortably off!
Young people have no opportunities. Right to buy which benefited the current pensioners the most has left the housing market in ruin. The privatisation of our energy sector has led to to a chronic dependency on imported energy and the variable costs associated. Again the current pensioner population voted for the likes of Thatcher to the detriment of current working generations.
The nation is crumbling and crippled.
The current pensioners have had the very best of the welfare state. Free university, free dentistry, universal child support.
The current workers pay the highest burden of taxes, have the lowest access to the welfare state and are subsidising millions of extremely wealthy pensioners we no prospect of retirement for themselves, no prospects of owning there own home and thus the trend of an ever decreasing birth rate will continue, exacerbating the current predicament associated to a ever increasing aging population and declining workforce.
I find it strange that many pensioners seem oblivious to the predicament. Means testing is the only option.
The current system is strangling the nation and subjugating millions of young people to destitution and poorly funded public services.
The end is nigh. We have sleep walked into a gerontocracy and I fear the tough calls that need to happen will be ignored for short term electioneering.
Means tested…..I’ll support that when Starmer gives up his Tax Free Pension.
The solution is to give the goverment all your savings and your house and live in a tent and hunt for food
Most Politicians couldnt manage a household budget let alone a nations finances all they do is look for more and more taxation.. As for means testing the state pension if theyve taken the money they need to pay the pension not look at the lowest common denominator as articles like this do.As a nation were already well down the list of state pension payments.
When you have paid into a system for 40 years + you would expect to get it when you retire, this is a right but this
Gov. Now call it a benifit is the NHS also a benifit will we also have to means test us to get treatment in the near future.
There's no pot of money for health so they could means test that ? There's no pot for education so could they means test education for your children ? Means testing just means , take money off the people that bothered to work & save . If in the future working & saving is rewarded with your state pension cancelled I can Guarantee that a lot of people won't work or save as the incentives for both are zero . Carl says means testing is a good way to target people who need it , so basically dolescroungers & people that waste all their money get it .
Means testing but those in the Public sector will be exempt 🤬
well said
100% The Civil servants milking the well of public money will continue to milk the well .
If they don’t give me mine & I’ve paid in over 42 years, then I want my money back!
I am entitled to it, there are people who have fond stuff all for it. 🤬🤬
I’ve paid everything for everyone, kids education, job seekers allowance etc etc. If they do this, why would anyone bother??
This would be a great way to start a brain drain in the UK
This would be a great way to get everyone on benefits. Work too hard & you get your state pension cancelled. Errrr pass
The more money you give the pensioners the more they spend on local businesses, like Shops, Restaurants, Cafes and Hotels...more tax income for the government?
Better give it to chavs, they will spend too! 😅
I take all the millions that have not paid into the system and are getting between £15K and £100K on benefits tax free will not be included will they??