The state pension is the cornerstone of savings for most working people. The latest Co contribution SIP ‘s replaced the DB pensions and are not as good. Maximise the savings you have, SIP and ISA and even LISA if you are young enough. The e reason to pay into an ISA or LISA is so you have access to the savings if you need them. Take care all and start early! M.
Take my hard earned pension 50 years I’ve paid in and saved and you will be in trouble I’ve earned every penny and saved never claimed a fcuking penny from the state my pension is mine not the governments
@crisb3631 know exactly what your saying us oldies worked bloody hard and like you never claimed paid the stamps paid the insurance and this is the thanks we get.
Scrap the index-linked pensions for MPs they should lead from the front, stop MPs expenses over a certain amount stop illegal migrants receiving benefits, if you don't pay in why should you receive, scrap the House of Lords and school ties network to give mate a 400 quid attendance allowance, stop their subsidised food and quaffing of the free wines and spirits. The best way to go as stop all the handouts and get the MPs and Lords noses out of the trough
@@OldhamSteve52 Not true. Our state pension is the lowest in the entire OECD, and almost exactly half the National Living Wage (the lowest someone is supposed to earn without being in poverty). If you dig into claims that our pensions are OK, you'll find that what they've sneakily done is to add public sector pensions in with the state pension and taken the average. We have some of the most generous public sector pensions in the world, all funded by the taxpayer.
What is the minimum wage now? around £10.40 an hour! so on that basis,Pensioner's are on £5 to £5.50 an hour!! around half of the minimum wage! Pensioners have put into the system for fifty years! and deserve not to be targeted! and get a fair deal.How about not sending £15 billion abroad every year! how about not giving everything free to illigal immigrants! (£15 million a day) Hoe about manning the borders and sending the boats back! Stop all immigration for a period of time, and deport all the foreign criminals.
That means illegal immigrants who've never done a days work will be entitled to a full state pension while British workers could be left to freeze or starve to death
I’m not entirely sure that’s how it will work. Remember you have to put in 35 years NI to get a full state pension, so if you’ve never worked I can’t see how you would qualify for it.
@@kevinsyd2012 I WAS TO;LD IT WAS MY STATE PENSION I WAS PAYING INTO WHEN I Got my Employment NI Stamp Book to prove you paid it every week, aged 15 ,, in 1967 they said it paid my State Pension when I Retired @ 65
If the government does scrap the state pension i would argue that i would want my 35 years of national insurance back. The original contracted out state pension (serps) clearly states that you need to pay in 30 years of full national insurance to receive a full state pension.
The fact they can decide to move the goal posts such as the 30 years to 35 years contributions, and then the age they actually pay it out shows nothing is guaranteed that’s for sure.
But, I am sure they will. The only lesson is, and it's too late to learn for me also, that you must never believe any politician about anything! Most are born liars, and the rest (mostly those who were properly brought up) achieve it, unfortunately, through custom and practice and rubbing shoulders with the 'gifted from birth' variety.
One way the government can save money would be to stop the boats crossing the channel and returning the illegal immigrants back to where they came from
Without a doubt, illegal immigrants are a drain on the states finances. Hopefully they can get a handle on things soon, but if i had to make a prediction, i honestly think its only going to get worse when your look at things on a global scale. But hopefully im wrong! Thanks for watching, i really appreciate it!
If the government does that then they will need to pay back all the NI contributions the working population of this country have made together with all the interest that would be owed.
It’s hard to know how seriously to take them, but it’s still a scary thought. For so many people, the State Pension is their main source of income in retirement.
It’s a real concern. I mean, even if they don’t scrap it completely, they could still make major cuts. And with the cost of living going up, how are people supposed to get by without that safety net?
Exactly. A lot of us have been paying into the system for decades, expecting that support when we retire. It feels unfair that it could all just disappear or be reduced drastically.
I’m really worried about it too. My parents rely heavily on their State Pension, and I’m nearing retirement myself. The thought of it being taken away or cut is almost too much to handle.
I think what’s frustrating is that we don’t have control over what the government decides to do. It’s all very uncertain, and that makes it hard to plan for the future.
That’s true. It’s why my wife and I have been focusing on building up our own savings and investments outside of the State Pension. But even that has its challenges, especially with the markets being so unpredictable lately
Should we be looking at Starmer's DPP pension which is protected from tax by a law specific to him. Then following that the disproportionate Civil Service and MPs pensions.
The reality is that the poorest people in the UK are still incredibly wealthy on any kind of global scale and while being poor in a wealthy country can't be fun you aren't going to face the same challenges as (most) of the recipients of foreign aid. Chances are most people in the UK are within the top 3-5% of global wealth and still get some benefits of our welfare state on top of that. Yes it isn't right that nurses need to use food banks, but that isn't really the same as children dying from preventable illnesses and lack of clean water. £1,000 goes extremely far for addressing problems for the bottom 5% of the world (even when used inefficiently), but not that far for the top 5%. Couple this with the fact that foreign aid is already a small part of the government budget it makes me question why is this the part that is for frequently looked to as a way to solve our problems. This amount wouldn't even made a dent in UK inequality so why does it seem to be the first thing people want to cut? (It is extremely good value for money.) The fact that the top earners should support those less fortunate is almost universally accepted when talking domestically, but as soon as we broaden the lens it becomes extremely controversial. I assume I am not the only person who finds that shocking?
If your that bothered about it you pay the bottom 5% out of your own pocket and leave the UK citizens to draw upon what us theirs by rights and contract
I worked for 50 years and paid a significant amount into National insurance, if the state pension goes, then I will want all the contributions I paid in over the years back in a lump sum.
I’m not entirely sure it matters who is in power, both parties would still be looking at changes to pensions going forward as in its current format it simply isn’t sustainable. Thanks for watching!
This is speculation, nothing more. The winter fuel allowance wasn’t scrapped. It’s only being given to those on means tested benefits that’s not scrapping it entirely.
@@JacobBurchell Labour took my winter fuel allowance soon as it got in! Labour London Mayor took my pre 9 am weekday use of Freedom pass away, that Conservative Boris Mayor gave! Labour Council and Labour London Mayor, doubled my council tax!!!!!
Telling people if they work too much & save for retirement they get no state pension must be the Dumbest thing that can happen in a capitalist country. Clearly not to save money as it will put people off working to gain wealth. This I believe is being done because there's billions to be made by Big Pension Companies when pensions contributions are mandatory. Life expectancy is dropping , not raising. You need to do your research.
I agree, it does seem like a pretty backwards thing to bring in, but other countries have already do it so I wouldn’t be surprised to see it happen. Life expectancy right now for a man is about 83, significantly older than the state pension age of 67, and unless our current lifestyles change dramatically, that number isn’t going anywhere close to 67.
@@rogerro54 IT will get much much worse if it's means tested because pension contributions would be mandatory. This means pension companies could charge whatever they like & people have no choice to pay it . This is why it's being pushed as Billions to be made out of compulsory private pensions. What needs to be investigated is do any of the politicians & civil servents pushing this absurdity have vested interests to pension companies.
@@JacobBurchell It's a complete absurdity giving pensions to people that don't work & don't save & taking pensions off people that do work & save for retirement. How telling people if they work too much they lose their pension is going to be good for the economy is a mystery. The only logical conclusion is the side hustles of politicians linked to big pension companies who will make BILLIONS when private pensions are mandatory.
The DWP are doing their best to keep up with pensions as it is. If you increase the work load and complexity it will come to a complete standstill. Interfering with a system that impacts the majority of voter’s is political suicide.
This government spends fortunes on immigrants who really should not be here, funding dubious wars, sending money to "third world countries",handing out masses of money to the idle. I worked as a nurse from 1970 until 2020, I drew my NHS pension out in 1977 as we were struggling financially.I receive a state pension which I worked hard for. Perhaps I am one of the lucky ones.
You’re right, there is certainly a lot of ways our government could save money without cutting our pensions. I hope you’re enjoying your well earned retirement! 😁 thanks for watching!
No government would survive scrapping the state pension, although it will probably eventually be linked to being claimable "X" number of years before the average age of death, which ironically is coming down at present.
Your right, I don’t think for one second it will be scrapped completely. But I think in the near future we will see some big changes to the state pension as we know it today. Thanks a lot for watching and commenting! 😁
YES life expectancy is dropping since 2020 . Why people are pushing the false narrative that people are living longer is a mystery ? Maybe vested interests.
I'm in my mid 40s. I don't think the state pension will exist in its current form by the time I get to retirement.. already known the state pension is currently unsustainable
Life Expectancy is Dropping in the U.K. ! Has been since 2014! People are dying YOUNGER! Wake up and do check the government ONS data ! Fewer Children have been born from 1990’s because of austerity. We need to Pay parents more.
I checked the data and it specifically says 'The current life expectancy for U.K. in 2024 is 81.92 years, a 0.18% increase from 2023. The life expectancy for U.K. in 2023 was 81.77 years, a 0.15% increase from 2022.' Thanks for watching!
The ONS themselves have declared 20-23 abnormal statistically because of Covid because of course the weakest elderly people suffered more deaths. Meaning of course that millions fewer people survived to draw their pensions thus saving millions £’s Now because of Government failure to manage the energy sector everybody is paying 300% more for fuel, pensions haven’t increased 300% , which is why more people are becoming homeless & dying from Hypothermia. Personally I think it’s cynical to increase these Hypothermia deaths to save money on the state pensions but that’s exactly what government are doing . You are correct to highlight the Demographic Crisis . Government are ignoring.
I completely get what you mean, but don't forget to look after yourself, you don't want to be left with nothing if they do pull the state pension rug out.
paying into any form on pension now is utter madness private or state after 2030 it wont matter the wolrd system is gonna completly change by then all those resources we be taken by the state.
We should be asking whether the benefits bill for the "can work but won't work" shirkers is sustainable. Pensioners have already paid for possibly 40 years in the expectation of receiving recompense, whilst those who refuse to work have done absolutely nothing for their handouts
No it's not sustainable & its blatantly obvious it will rise 10 fold when pensions are means tested as zero incentive to work . People have the choice of an easy life with an income for life or work like a dog for 40 years to be told you get no pension because you've worked too hard.
OMG 😧 Just disincentivize people to work hard and save for the future. Balance the fact that people are living longer with the same people having to work longer. The Pensioners today actually paid for our parents and grandparents and never grudged them a penny. Don’t blame Pensioners blame the Government for not investing for our State Pensions. We were born in 1951 and worked since age 14 to 66 our wages were low and we paid into a private pension all I got was £25,000 my husband paid into his Mine workers Pension which the Government took over and took a 50% split which has given the Government Billions. My husband get’s a £400 Mine workers Pension from which the Government takes tax. We have no debt and try to save we cleared our mortgage by sacrificing holidays and luxuries and our car is a 2016. Our savings are planned for a new roof and to have our home rewired. We are in our 70s why can’t this Government allow us to live out our days in peace?😢
Nothing, but it seems unlikely. State pension is funded from tax payer money, private pension is funded by the individuals money so they have no claim to it other than any tax that may be due 👍🏻
Unlikely for anyone over the age of 30 as in five years time Labour would be consigined to the political dustbin. But more likely for anyone earning over £100,000.
The pension will cease no doubt, I retired last year and just getting used to not having to answer to anyone ha ha, the government will save money in one hand and then waste money in the other. I am hoping to enjoy what time I have left without polititions helping to shorten the odds.
If they are going to scrap it, it needs to be done gradually to allow people to set up private pensions. It’s a bit late for those of us who have contributed all our working lives. They seem to have billions to spend on everyone other than their own people.
If they scrap it they need to reduce NI considerably or scrap it . We pay taxes & Ni for things like pensions. Government can't just take take take take & not supply any services or rewards for working 50 years. Just what on earth do we pay taxes for ? Once upon time a basis pension would be regarded as the very very minimum after a lifetime of work & paying taxes .
Winter fuel allowance is a drop in the ocean compared to a full state pension. The government will have to be very careful how they go about any changes to the state pension. I’m 51 and intend to retire at 55 using my own savings and private pension to achieve that. I won’t get my state pension until I’m 67 but imagine if I find out I won’t be getting it when I’m 60 and don’t work any more. It’s a very controversial topic.
I was having a conversation with my father-in-law today about this exact scenario... he retired at 52 (hes 57 now) on savings and a private pension, however is counting on having his state pension when he reaches 67 to prolong his retirement ... however if something was to change between now and then, and let's face it 10 years is a long time so anything could happen, he's worried he may not be able to sustain himself if he was to get a reduced state pension or something of that nature.
@@JacobBurchell exactly, and there’ll be many people in the situation your father-in-law and I are in. I would like to think that anyone who has already paid their full stamp would be exempt from any changes but suspect it might be anyone who is already claiming their state pension. It is quite worrying.
As with all changes, there has to be a cut off. I just hope whatever they do decide to do it ends up being fair for as many people as possible, any for whoever ends up with the short straw is compensated in some way to make up for it.
Dont worry, the new workers have arrived on the boats , the doctors and mechanics. And no reaspn why the govt couldnt give those that have paid in for forty years ten years off state pension. Then review their financial situation. Seems unlikely if as a pensioner you never had a penny in the bank the govt would not give you another benefit. I also think the day pensions get stopped the social contract will have been broken and the govt will face real trouble. And will the mps still get their pension? Totally unfair.
I think realistically if the government were to have a state pension cut off, they would have to give pay outs to those who don’t receive anything for the money they have paid in over the years. Who knows what they will end up implementing, but changes are coming somewhere down the line for sure.
Already ‘means testing’ winter fuel payments, Pension Credit only!! Except Pension Credit claimants get the same pension as me, I made provision for my pension, however PC is a gateway to other payments and exemptions from council tax etc. why is that considered fair and reasonable???
The last work house closed in 1948 . The fact that doing away with state pension is even mentioned confirms my opinion society is reverting back to Victorian times with safety nets slowly but surely been eroded .. well on reflection not slowly at all .
Said this for years pay it on the Friday and people collect it on the Monday, no investment in between. You are responsible for your own life dont rely on anyone or anything
Why are they prioritising this over sorting out the social care crisis and not sorting out a proper affordable system for old age and nursing home funding.
Scrap it? Fine - give me all my contributions back that I have paid over the last 40 years, plus the amount it would have grown if invested in a stock market tracker. Anything else is theft of MY money !
Absolutely! The likelihood is the first thing they will do is push the age back another year or 2… doesn’t mean it’s scrapped, but it means that’s another year or 2 people have to wait for it, and it’s another year or 2 some people won’t live long enough to receive it. We have to look after ourselves, the only person you can rely on is yourself 👍🏻 Thanks for watching!
I think, as has been suggested, they might well introduce NI contributions on state pensions from this autumn, meaning you and I when we start drawing our state pension in a year or 18 months' time will have it reduced by an additional tax effectively on top of the income tax already payable on such old age pensions.
@@phyllisbiram5163 that could be a possibility, wouldn’t be a popular one but I’m sure they’ll spin it to make it acceptable in some fashion. Thank you very much for watching and commenting! 😁
The way its going there will not be a UK by the time you retire , never mind a pension. So if it's 30k cut off and you have 100k just spend 70k, or put it abroad.
Official stats say different: “The current life expectancy for U.K. in 2024 is 81.92 years, a 0.18% increase from 2023. The life expectancy for U.K. in 2023 was 81.77 years, a 0.15% increase from 2022. The life expectancy for U.K. in 2022 was 81.65 years, a 0.15% increase from 2021.”
@@stuartregan1627 it’s well documented that life expectancy dropped in 2020, but official stats show since then it is steadily increasing again, therefore if that continues to be the long term trend then the average person will be living longer.
According to OECD data, UK still has one of the worst state pension among the developed nations. Even worse than countries like Mexico, Latvia, Chile, South Korea, etc. Even with the increase, UK still lags behind badly.
I've said for years state pest control pensions will be cut off! No surprise at all! They need to finance these things, however, if you don't earn enough for part time jobs and have to have several jobs to survive, so my age group is scared!
I think they'll raise the pension age again first. If they do then scrap the state pension then the fairest thing to do would be to give many years notice, so that it only affects young people who've a) paid very little in and b) gives enough time to make alternative arrangements. If this doesn't happen it' will be politically too controversial and all the opposition has to do - whichever party it is - to win the election is say they will re-instate the state pension. The other concern is that there will be an increasing number of people who haven't been able to afford to buy a home and thus will be renting until they die. So if not the state pension, they will presumably need to claim housing benefit, otherwise they will be plunged into abject poverty or, worse - homelessness.
Any moves whatsoever to scrap the state pension would have to be a phased process regardless. Political turmoil would ensue in the face of an abrupt cessation, given that, unlike any other benefits, the SP is accompanied by a social contract of sorts. That being you paid in under the assumption those NI payments would result in the SP. I don't know whether there is a misperception that most people have considerable private pension pots. The actual average pension pot is less than £50k. This isn't even enough to replace the SP for more than 7 years or so even with the most basic of living standards. Even if the SP were to be means tested, only around 7% (IFS) of pensioners would effectively fall into a cohort that could be considered as having enough to be self reliant in retirement without SP. I am always aghast when these conversations come about. It's as though pensioners are at fault for having survived.
The average pension pot is less than £50k? … wow, that’s a shocking statistic. If the government has any kind of plan to phase people off the SP it’s gonna have to incentivise Private Pensions a lot more by the sounds of it. Thanks for watching! 😁
@@JacobBurchell Yes. But note, this is the average. Anyone who knows statistics knows that this is heavily skewed by the higher value pots. If we look at the median, we fall down to about £33K. However, I should acknowledge that the median for over 55s - which I suppose is closer to what most people will actually retire with - is about £105k. Still, is this enough on its own to support you for 20 years plus in retirement, even with some SP?
Sometimes governments do good things, like the national minimum wage. Look up who did that. While you are there, look up who introduced the Winter Fuel Payment. Until recently your adult life has been under a conservative government. While there is a lot to repair and making good to do, it is likely the state pension issue, while I agree it needs solving, it can be done in a way that is fair and good by the new government. You are right it’s a contentional subject. I agree with your suggestions for protecting yourself for the future. I am about to retire. Thank you for your contribution to it 😁
You’re absolutely right, governments do good things and bad things, and depending on your age and situation at the time is kind of what determines if it’s good for you or not. Looking after yourself is the best thing you can do to protect yourself from any unwanted changes. You are more than welcome, I hope you have a long and happy retirement! 😆
I reached state pension age last year so i hope I'm ok, but for younger people i do think they wil scrap it, i would imagine a system whereby the government will give a minimum pension guarantee if your pension provider goes bankrupt, but this amount would be lower than a state pension, i think one must also factor in there is employee pressure to work only 4 days, and to work from home most of the time for those who work on computers
People who already get a public sector pension at 55 like the armed forces, NHS, the police and civil service will probably not get the full state pension, they'll get a reduced amount.
Why do they get a defined benefit pension paid for by the taxpayer ? These pensions were abolished decades ago because they were too expensive for everyone else .
That is certainly a possibility, I would imagine anything that raises extra money will be up for discussion. Thanks for watching, I really appreciate it!
New Zealand is the same as UK .The pension is paid irrspective of your other Income .You are correct about Australia who have Asset and Income tests to determine entitlement to the state pension.
Incorrect. There are 2 types in NZ. The one that I'm on is no longer available. Applications stopped a couple of years ago. If my wife and I earn more than $160 a week from other sources, our pension decreases by 70 cents for every $ over that $160 until it has decreased to zero. The wife is now only 60, but piggy backs in my pension, and will do so until she qualifies for her own one by age. Hers started 6 years ago. Maybe too many old codgers getting 'mail order brides' has overloaded the system. We are both well qualified, but it's pointless working any more. Had we been stupid enough to join the Kiwi Saver scheme, we'd be worse off. Sounds like the UK has the same employer contributed scheme.
There's also talk of changing pension contributions, ie get rid of salary sacrifice but gov tops up pension contributions by say 25% to stop higher rate payers saving so much
Yeah I think it’s very safe to say changes are going to happen to the way pensions are currently set up, the only thing we don’t know is what changes 👍🏻
Don’t worry I think you’ll be fine for quite some time yet, but for younger people like me at 31, it’s most likely going to impact our future in a big way. Thanks a lot for watching!
I would like to make a few comments on this video. Firstly it seems that government and their friends in big-business want their cake and eat it. Most of the average manuel labour jobs in this country now only pay minimum wage or just above as the hourly rate of pay. The majority of blue collar workers in these jobs would certainly not have enough income spare in which to finance their old age through private pension providers, that's why a lot of these people have opted out of alto-enrollment. When the new system of the basic state pension was brought in from April 2016 the government website stated the following: To qualify for the full basic state pension entitlement under the new system, you will need to have paid in 35 years of NIC. Obviously the keywords in this statement were to qualify and entitlement, it certainly seems like a contract from the government to the workforce as far as I can tell. With regards my own situation I am now retired and receiving a state pension. I actually get an enhanced basic state pension, due to the fact that I deferred it for four years after my retirement date before I claimed it. I did this because I was still fit and healthy so I carried on working and paying additional income tax into the system during those years. To be honest it is a bit of a gamble on my behalf as I am betting on living for quite a long time. If I die in the next few years then I will have lost my bet with the government, but if I live for an additional twenty years then I have won the bet. As far as I am concerned I have already placed my accumulator and the race has already come under starter's orders, so it's too late for the government to welsh on the bet now. To carry on using this analogy of a bookmaker, if a bookie felt that a bet such as this left him too exposed then he would lay off part of the bet with another bookmaker to cover the bet. You would think that any government with foresight would have used some of the millions that have been paid into National Insurance over the years, would have been able to come up with a similar system to protect their book also.
Your private pension that you paid into could be stolen by your employer, like a person called, Robert Maxwell who robbed his entire workforce, as I remember back a few decades ago.
That’s true and it has happened many times throughout history, my own grandad had this happened to him. I guess it’s a gamble, but it’s also a big gamble not to save into a private pension too. Thanks for watching!
As said this goverment does not care about todays pensioners, so a means test state pension is highly likely at some point. And that is if you live long enought to be able to claim it, given that they will increase the age that it is paid from. Then we wonder why todays younger generations despise the older ones, working until you drop is no way to live.
Your so right. For someone like me who is 31, the pension age will probably be 70+ by the time I make it there… IF I make it there. Which means it’s solely up to me to make sure I put provisions in place to allow me to retire earlier than that or else I’ll be forced to work seemingly forever. Thanks for watching, I really appreciate it! 😁
@@JacobBurchell The days of been able to rely on any goverment to care about you in old age is long gone. You can see where this is all going, save as much as you can whilst you are young and healthy. I hope it all worlks out for you.
I reside in Ireland. I only get a proportion of the British Pension as I lived in S.A for 30 years. Therefore I would I be means tested on £5,245.80 per annum which is what my pension amounts to. Just for the record I am a British Subject and was born there.
Then they need to phase it out and not just cut it off, the people who have contributed all of their lives and did not contribute to a private pension should still receive it but maybe people who have been in a private pension scheme should have what they have paid in a state pension put into their private pension then it would be phased fairly. This is so scary hopefully a more understanding and fair government will be voted in like Reform.
I think what you have described is a good solution, atleast it would be a fair result for everyone moving forward. It certainly is a scary prospect, especially for someone of my age (31). We really have to start taking our private pensions seriously to make sure we can support ourselves. Thanks for watching! 👍🏻
The state pension is classed as a benefit and paying tax isn’t the same as saving into a bank account, to mess with it will ensure who did so would lose an election for it but it wouldn’t change things.
Do away with my State Pension and I will simply claim other benefits to compensate as our income will be severely depleated,meaning less money a lot less money to buy food or pay the bills.🤔
The idea of a means-tested pension would be that only the ‘wealthy’ would miss out, most normal people would still get it. But what qualifies as ‘wealthy’ is the worrying part as it would probably be a lot lower than people would think.
@JacobBurchell in Australia where I live. It's not just the weathly that miss out. It's the middle class working people who have worked all life. I am actually paying voluntary contribution in the uk because I won't get the means tested aussie one
Not all pensioners get 300 for hearing allowance , many have partners not even working because they are carers only but age is let's say 5 or 10 years younger than pensioner so the pensioner does not even qualify for pension credit ethier , just pension for one keeping two people ,
We have paid for our pensions. It's the politicians who have wasted the money
The state pension is the cornerstone of savings for most working people.
The latest Co contribution SIP ‘s replaced the DB pensions and are not as good.
Maximise the savings you have, SIP and ISA and even LISA if you are young enough.
The e reason to pay into an ISA or LISA is so you have access to the savings if you need them.
Take care all and start early! M.
You can guarantee that the MPs will protect their pensions!
MP's have an incredible gift of always implementing things that protect them don't they...
Kier Starmer has done this with a specdific law just for his pension!
Starmer already has passed a law to protect his oension from being taxed!
The mps pension is exempt from tax under the rules invented by mps. Now there's a surprise NOT !
Hypocrites the lot of them!!
Take my hard earned pension 50 years I’ve paid in and saved and you will be in trouble I’ve earned every penny and saved never claimed a fcuking penny from the state my pension is mine not the governments
The Government says the State Pension is an benefit & not a entitlement so can reduce or stop a benefit!!!
@@chrispack3131 Yes, they changed it to being a benefit, which it was never classified as previously. It assisted them with their financial agenda.
Too late pal, have you got your tax demand for that pension you already paid tax on yet?
Pensioners will March, and anyone younger should go so too as they will be hit too
@crisb3631 know exactly what your saying us oldies worked bloody hard and like you never claimed paid the stamps paid the insurance and this is the thanks we get.
Take away the high parliamentary pensions and pay them the same as everyone else. And stop giving away British tax payers money.
What about Starmer, no tax on his CPS pension, exempt from tax, by a law, introduced by Blair.
@@robertadams1054 make the country know that. Reply to every comment and get the word out there.
End of your sentence should read'to the rest of the world'!!! Which is the main problem!
Scrap the index-linked pensions for MPs they should lead from the front, stop MPs expenses over a certain amount stop illegal migrants receiving benefits, if you don't pay in why should you receive, scrap the House of Lords and school ties network to give mate a 400 quid attendance allowance, stop their subsidised food and quaffing of the free wines and spirits. The best way to go as stop all the handouts and get the MPs and Lords noses out of the trough
@@rogerro54 illegal immigrants do not receive benefits.
Funny how Gold plated Public pensions are never unsustainable. Funny that eh ?
Don't forget the gold plated civil service pensions.
WE HAVE THE LOWEST PENSIONS IN EUROPE
Trust me, you don't. Lol
25th lowest pension.
@@OldhamSteve52 Not true. Our state pension is the lowest in the entire OECD, and almost exactly half the National Living Wage (the lowest someone is supposed to earn without being in poverty). If you dig into claims that our pensions are OK, you'll find that what they've sneakily done is to add public sector pensions in with the state pension and taken the average. We have some of the most generous public sector pensions in the world, all funded by the taxpayer.
What is the minimum wage now? around £10.40 an hour! so on that basis,Pensioner's are on £5 to £5.50 an hour!! around half of the minimum wage! Pensioners have put into the system for fifty years! and deserve not to be targeted! and get a fair deal.How about not sending £15 billion abroad every year! how about not giving everything free to illigal immigrants! (£15 million a day) Hoe about manning the borders and sending the boats back! Stop all immigration for a period of time, and deport all the foreign criminals.
Looking at latest details, we are 15 on list, still very low down check for yourself.
That means illegal immigrants who've never done a days work will be entitled to a full state pension while British workers could be left to freeze or starve to death
I’m not entirely sure that’s how it will work. Remember you have to put in 35 years NI to get a full state pension, so if you’ve never worked I can’t see how you would qualify for it.
No it doesn’t
Over my dead body !!!
Not sure where you're getting your information from but I can guess.
@@JacobBurchellthey will get some other benefit. In this country, the less you put in, the more you get out
We have worked hard and saved this money over the years it’s our money.
If it was your money, why don't you have it
As soon as they changed it's title to a 'Benefit', you knew is was gonna be stolen & given elsewhere.
30 yr being used to clear off State Debt. which was almost @ zero during Thatchers Rein .
The state pension has been defined as a benefit since 1946...
@@kevinsyd2012 I WAS TO;LD IT WAS MY STATE PENSION I WAS PAYING INTO WHEN I Got my Employment NI Stamp Book to prove you paid it every week, aged 15 ,, in 1967 they said it paid my State Pension when I Retired @ 65
@@kevinsyd2012 They're now calling it the state pension benefit.
@@gandreas5936 No they're not. It's still officially called the State Pension.
I'm 73 worked from 15 until i reached 61 and due to health issues I couldn't work. I live on my own so every bill comes out of my account
If the government does scrap the state pension i would argue that i would want my 35 years of national insurance back. The original contracted out state pension (serps) clearly states that you need to pay in 30 years of full national insurance to receive a full state pension.
The fact they can decide to move the goal posts such as the 30 years to 35 years contributions, and then the age they actually pay it out shows nothing is guaranteed that’s for sure.
Plus interest
Its not a benefit its an entitlement from working all life to retirement age
Paid in all my life they better not!
But, I am sure they will. The only lesson is, and it's too late to learn for me also, that you must never believe any politician about anything! Most are born liars, and the rest (mostly those who were properly brought up) achieve it, unfortunately, through custom and practice and rubbing shoulders with the 'gifted from birth' variety.
One way the government can save money would be to stop the boats crossing the channel and returning the illegal immigrants back to where they came from
Without a doubt, illegal immigrants are a drain on the states finances. Hopefully they can get a handle on things soon, but if i had to make a prediction, i honestly think its only going to get worse when your look at things on a global scale. But hopefully im wrong!
Thanks for watching, i really appreciate it!
And this is the 1 thing that they won't do!!!
If the government does that then they will need to pay back all the NI contributions the working population of this country have made together with all the interest that would be owed.
Yes, that is true!
It’s hard to know how seriously to take them, but it’s still a scary thought. For so many people, the State Pension is their main source of income in retirement.
It’s a real concern. I mean, even if they don’t scrap it completely, they could still make major cuts. And with the cost of living going up, how are people supposed to get by without that safety net?
Exactly. A lot of us have been paying into the system for decades, expecting that support when we retire. It feels unfair that it could all just disappear or be reduced drastically.
I’m really worried about it too. My parents rely heavily on their State Pension, and I’m nearing retirement myself. The thought of it being taken away or cut is almost too much to handle.
I think what’s frustrating is that we don’t have control over what the government decides to do. It’s all very uncertain, and that makes it hard to plan for the future.
That’s true. It’s why my wife and I have been focusing on building up our own savings and investments outside of the State Pension. But even that has its challenges, especially with the markets being so unpredictable lately
The recent riots will pale into insignificance if the pension is messed with.
Should we be looking at Starmer's DPP pension which is protected from tax by a law specific to him. Then following that the disproportionate Civil Service and MPs pensions.
Quick way to save money - cut foreign aid?!
The reality is that the poorest people in the UK are still incredibly wealthy on any kind of global scale and while being poor in a wealthy country can't be fun you aren't going to face the same challenges as (most) of the recipients of foreign aid. Chances are most people in the UK are within the top 3-5% of global wealth and still get some benefits of our welfare state on top of that.
Yes it isn't right that nurses need to use food banks, but that isn't really the same as children dying from preventable illnesses and lack of clean water.
£1,000 goes extremely far for addressing problems for the bottom 5% of the world (even when used inefficiently), but not that far for the top 5%. Couple this with the fact that foreign aid is already a small part of the government budget it makes me question why is this the part that is for frequently looked to as a way to solve our problems. This amount wouldn't even made a dent in UK inequality so why does it seem to be the first thing people want to cut? (It is extremely good value for money.)
The fact that the top earners should support those less fortunate is almost universally accepted when talking domestically, but as soon as we broaden the lens it becomes extremely controversial. I assume I am not the only person who finds that shocking?
If your that bothered about it you pay the bottom 5% out of your own pocket and leave the UK citizens to draw upon what us theirs by rights and contract
I worked for 50 years and paid a significant amount into National insurance, if the state pension goes, then I will want all the contributions I paid in over the years back in a lump sum.
With interest. Remember everyone would have lost huge sums due to zero compounding.
Me too 35 years is about £85,000
It will be seen as a benefit. Those that did nothing will get it, the rest can go and sing.
When people realise there's zero point in working this country is screwed .
Thank the clowns who voted Labour.
I’m not entirely sure it matters who is in power, both parties would still be looking at changes to pensions going forward as in its current format it simply isn’t sustainable.
Thanks for watching!
This is speculation, nothing more. The winter fuel allowance wasn’t scrapped. It’s only being given to those on means tested benefits that’s not scrapping it entirely.
@@edpitman7035 Most people will lose the Winter Fuel allowance ….fact.
@@JacobBurchell Labour took my winter fuel allowance soon as it got in! Labour London Mayor took my pre 9 am weekday use of Freedom pass away, that Conservative Boris Mayor gave! Labour Council and Labour London Mayor, doubled my council tax!!!!!
@@edpitman7035 well that means myself as a pensioner won't get it then, as not on pension credit. So it's scrapped for me entirely.
I predict a riot I predict a riot..😮
Telling people if they work too much & save for retirement they get no state pension must be the Dumbest thing that can happen in a capitalist country. Clearly not to save money as it will put people off working to gain wealth. This I believe is being done because there's billions to be made by Big Pension Companies when pensions contributions are mandatory. Life expectancy is dropping , not raising. You need to do your research.
I agree, it does seem like a pretty backwards thing to bring in, but other countries have already do it so I wouldn’t be surprised to see it happen.
Life expectancy right now for a man is about 83, significantly older than the state pension age of 67, and unless our current lifestyles change dramatically, that number isn’t going anywhere close to 67.
@@JacobBurchell I went to work overseas for a number of years and my pension pot was stolen by Prudential
@@rogerro54 IT will get much much worse if it's means tested because pension contributions would be mandatory. This means pension companies could charge whatever they like & people have no choice to pay it . This is why it's being pushed as Billions to be made out of compulsory private pensions. What needs to be investigated is do any of the politicians & civil servents pushing this absurdity have vested interests to pension companies.
@@JacobBurchell It's a complete absurdity giving pensions to people that don't work & don't save & taking pensions off people that do work & save for retirement. How telling people if they work too much they lose their pension is going to be good for the economy is a mystery. The only logical conclusion is the side hustles of politicians linked to big pension companies who will make BILLIONS when private pensions are mandatory.
Yet MPs can still claim winter fuel allowance
The DWP are doing their best to keep up with pensions as it is. If you increase the work load and complexity it will come to a complete standstill. Interfering with a system that impacts the majority of voter’s is political suicide.
This government spends fortunes on immigrants who really should not be here, funding dubious wars, sending money to "third world countries",handing out masses of money to the idle. I worked as a nurse from 1970 until 2020, I drew my NHS pension out in 1977 as we were struggling financially.I receive a state pension which I worked hard for. Perhaps I am one of the lucky ones.
You’re right, there is certainly a lot of ways our government could save money without cutting our pensions.
I hope you’re enjoying your well earned retirement! 😁 thanks for watching!
No government would survive scrapping the state pension, although it will probably eventually be linked to being claimable "X" number of years before the average age of death, which ironically is coming down at present.
Your right, I don’t think for one second it will be scrapped completely. But I think in the near future we will see some big changes to the state pension as we know it today.
Thanks a lot for watching and commenting! 😁
@@JacobBurchell No problem, I enjoyed the video 👍
YES life expectancy is dropping since 2020 . Why people are pushing the false narrative that people are living longer is a mystery ? Maybe vested interests.
Adjust Adjust Adjust that should be the mantra, whatever you do just keep governments all governments at bay.
I'm in my mid 40s. I don't think the state pension will exist in its current form by the time I get to retirement.. already known the state pension is currently unsustainable
I don't think state pensions via state will be available! Within 5 years they will not exist!
Me neither, which is why we all need to look after ourselves and give ourselves as much time to prepare as best we can.
The biggest issue is civil service pensions, the current doctors pay rise gives them an extra 177k to their pensions.
@@marumaru6084 Yeah it's funny how this is never brought up as unsustainable ? Funny that eh ?
Can't they spend less on asylum hotels and paying people money who have not contributed to the country.
I think most would say that would be a good place to start if they want to save money 👍🏻 thanks for watching!
Life Expectancy is Dropping in the U.K. ! Has been since 2014! People are dying YOUNGER! Wake up and do check the government ONS data !
Fewer Children have been born from 1990’s because of austerity. We need to Pay parents more.
I checked the data and it specifically says 'The current life expectancy for U.K. in 2024 is 81.92 years, a 0.18% increase from 2023. The life expectancy for U.K. in 2023 was 81.77 years, a 0.15% increase from 2022.'
Thanks for watching!
The ONS themselves have declared 20-23 abnormal statistically because of Covid because of course the weakest elderly people suffered more deaths. Meaning of course that millions fewer people survived to draw their pensions thus saving millions £’s
Now because of Government failure to manage the energy sector everybody is paying 300% more for fuel, pensions haven’t increased 300% , which is why more people are becoming homeless & dying from Hypothermia. Personally I think it’s cynical to increase these Hypothermia deaths to save money on the state pensions but that’s exactly what government are doing .
You are correct to highlight the Demographic Crisis . Government are ignoring.
Its dropped since Covid
That means those nearing retirement have paid in all their working lives on a false pension promise on retirement.
My point is now, don't give a crap anymore, I'm past caring 😮
I completely get what you mean, but don't forget to look after yourself, you don't want to be left with nothing if they do pull the state pension rug out.
Oh I will totally look after myself 6wirk enough to not pay too much tax!
If everyone work is enough to pays statement per month pension
paying into any form on pension now is utter madness private or state after 2030 it wont matter the wolrd system is gonna completly change by then all those resources we be taken by the state.
The responsible get screwed over & the people that blow all their money get a pension . Why oh why would anybody pay into a private pension ?
Not on my watch i want what ive paid into for 50 years .
We should be asking whether the benefits bill for the "can work but won't work" shirkers is sustainable. Pensioners have already paid for possibly 40 years in the expectation of receiving recompense, whilst those who refuse to work have done absolutely nothing for their handouts
No it's not sustainable & its blatantly obvious it will rise 10 fold when pensions are means tested as zero incentive to work . People have the choice of an easy life with an income for life or work like a dog for 40 years to be told you get no pension because you've worked too hard.
I don’t see this government lasting the term and if they do they certainly won’t get a second term unless it’s rigged.💥💥
OMG 😧 Just disincentivize people to work hard and save for the future. Balance the fact that people are living longer with the same people having to work longer. The Pensioners today actually paid for our parents and grandparents and never grudged them a penny. Don’t blame Pensioners blame the Government for not investing for our State Pensions. We were born in 1951 and worked since age 14 to 66 our wages were low and we paid into a private pension all I got was £25,000 my husband paid into his Mine workers Pension which the Government took over and took a 50% split which has given the Government Billions. My husband get’s a £400 Mine workers Pension from which the Government takes tax. We have no debt and try to save we cleared our mortgage by sacrificing holidays and luxuries and our car is a 2016. Our savings are planned for a new roof and to have our home rewired. We are in our 70s why can’t this Government allow us to live out our days in peace?😢
Thanks for watching and good luck to you in your retirement 😊
Complete disincentives to work so how would encouraging people not to work save money ?
They will be giving a free trip to Dignitus
Let’s hope it doesn’t come to that! 😳
Thanks for watching, much appreciated!
It’s a state ponzi scheme , just hope I’ll get mine before the music stops !
What’s to stop the government dipping into your private pension when they’ve finished with taking all state pensions????
Nothing, but it seems unlikely. State pension is funded from tax payer money, private pension is funded by the individuals money so they have no claim to it other than any tax that may be due 👍🏻
Unlikely for anyone over the age of 30 as in five years time Labour would be consigined to the political dustbin. But more likely for anyone earning over £100,000.
The pension will cease no doubt, I retired last year and just getting used to not having to answer to anyone ha ha, the government will save money in one hand and then waste money in the other. I am hoping to enjoy what time I have left without polititions helping to shorten the odds.
Thanks for watching and good luck to you in your retirement!! 😁
Not going to happen after the new report. 🙏
I've already paid my contributions full 35 years plus. I do own my house that besides the point we have paid in to a pension that we may not even get!
If they are going to scrap it, it needs to be done gradually to allow people to set up private pensions. It’s a bit late for those of us who have contributed all our working lives. They seem to have billions to spend on everyone other than their own people.
If they scrap it they need to reduce NI considerably or scrap it . We pay taxes & Ni for things like pensions. Government can't just take take take take & not supply any services or rewards for working 50 years. Just what on earth do we pay taxes for ? Once upon time a basis pension would be regarded as the very very minimum after a lifetime of work & paying taxes .
My son in law called old age pension a benefit. I was very annoyed with him
Sadly I think the official definition of it is a ‘Benefit’ not an entitlement.
The state pension has been defined as a benefit since 1946...
So, they should pay us back every penny we’ve paid into national insurance with interest.
Winter fuel allowance is a drop in the ocean compared to a full state pension. The government will have to be very careful how they go about any changes to the state pension. I’m 51 and intend to retire at 55 using my own savings and private pension to achieve that. I won’t get my state pension until I’m 67 but imagine if I find out I won’t be getting it when I’m 60 and don’t work any more. It’s a very controversial topic.
I was having a conversation with my father-in-law today about this exact scenario... he retired at 52 (hes 57 now) on savings and a private pension, however is counting on having his state pension when he reaches 67 to prolong his retirement ... however if something was to change between now and then, and let's face it 10 years is a long time so anything could happen, he's worried he may not be able to sustain himself if he was to get a reduced state pension or something of that nature.
@@JacobBurchell exactly, and there’ll be many people in the situation your father-in-law and I are in. I would like to think that anyone who has already paid their full stamp would be exempt from any changes but suspect it might be anyone who is already claiming their state pension. It is quite worrying.
As with all changes, there has to be a cut off. I just hope whatever they do decide to do it ends up being fair for as many people as possible, any for whoever ends up with the short straw is compensated in some way to make up for it.
@@JacobBurchellIt will be men’s tested he may just be ok depends on the BS they will lay on people .. but except it or protest like the French ..
Dont worry, the new workers have arrived on the boats , the doctors and mechanics. And no reaspn why the govt couldnt give those that have paid in for forty years ten years off state pension. Then review their financial situation. Seems unlikely if as a pensioner you never had a penny in the bank the govt would not give you another benefit. I also think the day pensions get stopped the social contract will have been broken and the govt will face real trouble. And will the mps still get their pension? Totally unfair.
I think realistically if the government were to have a state pension cut off, they would have to give pay outs to those who don’t receive anything for the money they have paid in over the years.
Who knows what they will end up implementing, but changes are coming somewhere down the line for sure.
Already ‘means testing’ winter fuel payments, Pension Credit only!!
Except Pension Credit claimants get the same pension as me, I made provision for my pension, however PC is a gateway to other payments and exemptions from council tax etc. why is that considered fair and reasonable???
The last work house closed in 1948 . The fact that doing away with state pension is even mentioned confirms my opinion society is reverting back to Victorian times with safety nets slowly but surely been eroded .. well on reflection not slowly at all .
Said this for years pay it on the Friday and people collect it on the Monday, no investment in between. You are responsible for your own life dont rely on anyone or anything
Agreed. Look after yourself so you have no reason to rely on anyone in your future.
Thanks for watching! 😁
Why are they prioritising this over sorting out the social care crisis and not sorting out a proper affordable system for old age and nursing home funding.
So spending more money they clearly don't have??
Starmer the dictator will actualy receive his pension TAX FREE!
Such is the hypocrisy of him and his mp's
Scrap it? Fine - give me all my contributions back that I have paid over the last 40 years, plus the amount it would have grown if invested in a stock market tracker. Anything else is theft of MY money !
Absolutely! The likelihood is the first thing they will do is push the age back another year or 2… doesn’t mean it’s scrapped, but it means that’s another year or 2 people have to wait for it, and it’s another year or 2 some people won’t live long enough to receive it.
We have to look after ourselves, the only person you can rely on is yourself 👍🏻
Thanks for watching!
I have paid in the system for 45 years i retire next year better get it 😬
You’ll be fine don’t worry!
Thanks for watching and enjoy your well deserved retirement 😁
I think, as has been suggested, they might well introduce NI contributions on state pensions from this autumn, meaning you and I when we start drawing our state pension in a year or 18 months' time will have it reduced by an additional tax effectively on top of the income tax already payable on such old age pensions.
@@phyllisbiram5163 that could be a possibility, wouldn’t be a popular one but I’m sure they’ll spin it to make it acceptable in some fashion.
Thank you very much for watching and commenting! 😁
i want everything i paid into the system for the last 35 years back. i do not want to pay for illegal immigrants benefits
I think many people feel the same as you.
Thanks for watching!
I don’t want a penny of mine going to illegals
Send the Immigrants back Or not give out our tax money until they have paid into the NI for ten years at least
Sounds like a miss sold pension then, 😮
The way its going there will not be a UK by the time you retire , never mind a pension. So if it's 30k cut off and you have 100k just spend 70k, or put it abroad.
Good point! 🤣
Its s total lie thst we are living longer.
Official stats say different:
“The current life expectancy for U.K. in 2024 is 81.92 years, a 0.18% increase from 2023. The life expectancy for U.K. in 2023 was 81.77 years, a 0.15% increase from 2022. The life expectancy for U.K. in 2022 was 81.65 years, a 0.15% increase from 2021.”
It's well documented that life expectancy has dropped but it don't fit the narrative.
@@stuartregan1627 it’s well documented that life expectancy dropped in 2020, but official stats show since then it is steadily increasing again, therefore if that continues to be the long term trend then the average person will be living longer.
My age 72yr old I paid into the system for 50yr
Good luck in your retirement 👍🏻
According to OECD data, UK still has one of the worst state pension among the developed nations. Even worse than countries like Mexico, Latvia, Chile, South Korea, etc. Even with the increase, UK still lags behind badly.
Starmer would pass the Meany Test with flying colours....
That made me laugh 🤣
I've said for years state pest control pensions will be cut off! No surprise at all! They need to finance these things, however, if you don't earn enough for part time jobs and have to have several jobs to survive, so my age group is scared!
Private pension will be taxed, premium bonds?
I agree if you do not pay in then you don't get to many lazy people getting everything for nowt .
I love how everyone was saying top up, top up. Glad I didn’t.
I think they'll raise the pension age again first. If they do then scrap the state pension then the fairest thing to do would be to give many years notice, so that it only affects young people who've a) paid very little in and b) gives enough time to make alternative arrangements. If this doesn't happen it' will be politically too controversial and all the opposition has to do - whichever party it is - to win the election is say they will re-instate the state pension.
The other concern is that there will be an increasing number of people who haven't been able to afford to buy a home and thus will be renting until they die. So if not the state pension, they will presumably need to claim housing benefit, otherwise they will be plunged into abject poverty or, worse - homelessness.
Any moves whatsoever to scrap the state pension would have to be a phased process regardless. Political turmoil would ensue in the face of an abrupt cessation, given that, unlike any other benefits, the SP is accompanied by a social contract of sorts. That being you paid in under the assumption those NI payments would result in the SP. I don't know whether there is a misperception that most people have considerable private pension pots. The actual average pension pot is less than £50k. This isn't even enough to replace the SP for more than 7 years or so even with the most basic of living standards. Even if the SP were to be means tested, only around 7% (IFS) of pensioners would effectively fall into a cohort that could be considered as having enough to be self reliant in retirement without SP. I am always aghast when these conversations come about. It's as though pensioners are at fault for having survived.
The average pension pot is less than £50k? … wow, that’s a shocking statistic. If the government has any kind of plan to phase people off the SP it’s gonna have to incentivise Private Pensions a lot more by the sounds of it.
Thanks for watching! 😁
@@JacobBurchell Yes. But note, this is the average. Anyone who knows statistics knows that this is heavily skewed by the higher value pots. If we look at the median, we fall down to about £33K. However, I should acknowledge that the median for over 55s - which I suppose is closer to what most people will actually retire with - is about £105k. Still, is this enough on its own to support you for 20 years plus in retirement, even with some SP?
I feel for any relatives I have left in the UK, they are all pension age.
State pension. £11,502 a year so if you got high than that you could get nothing scary though
Sometimes governments do good things, like the national minimum wage. Look up who did that. While you are there, look up who introduced the Winter Fuel Payment. Until recently your adult life has been under a conservative government. While there is a lot to repair and making good to do, it is likely the state pension issue, while I agree it needs solving, it can be done in a way that is fair and good by the new government. You are right it’s a contentional subject. I agree with your suggestions for protecting yourself for the future. I am about to retire. Thank you for your contribution to it 😁
You’re absolutely right, governments do good things and bad things, and depending on your age and situation at the time is kind of what determines if it’s good for you or not.
Looking after yourself is the best thing you can do to protect yourself from any unwanted changes.
You are more than welcome, I hope you have a long and happy retirement! 😆
@johnpeters7003 I think that you must have been one of the naive Labour voters.Welcome to the new communist state.
I reached state pension age last year so i hope I'm ok, but for younger people i do think they wil scrap it, i would imagine a system whereby the government will give a minimum pension guarantee if your pension provider goes bankrupt, but this amount would be lower than a state pension, i think one must also factor in there is employee pressure to work only 4 days, and to work from home most of the time for those who work on computers
European pensioners are paid 5x times more than UK.
They've already shown they're the lowest thieves on earth
People who already get a public sector pension at 55 like the armed forces, NHS, the police and civil service will probably not get the full state pension, they'll get a reduced amount.
Public sector pensioners already get a reduced state pension because of SERPS.
Why do they get a defined benefit pension paid for by the taxpayer ? These pensions were abolished decades ago because they were too expensive for everyone else .
It may be that they could introduce national insurance for pensioners. Currently when you hit pension age your NI contributions cease.
That is certainly a possibility, I would imagine anything that raises extra money will be up for discussion.
Thanks for watching, I really appreciate it!
George Carlin told us they would come for our pensions
New Zealand is the same as UK .The pension is paid irrspective of your other Income .You are correct about Australia who have Asset and Income tests to determine entitlement to the state pension.
Incorrect. There are 2 types in NZ. The one that I'm on is no longer available. Applications stopped a couple of years ago. If my wife and I earn more than $160 a week from other sources, our pension decreases by 70 cents for every $ over that $160 until it has decreased to zero. The wife is now only 60, but piggy backs in my pension, and will do so until she qualifies for her own one by age. Hers started 6 years ago. Maybe too many old codgers getting 'mail order brides' has overloaded the system. We are both well qualified, but it's pointless working any more.
Had we been stupid enough to join the Kiwi Saver scheme, we'd be worse off. Sounds like the UK has the same employer contributed scheme.
There's also talk of changing pension contributions, ie get rid of salary sacrifice but gov tops up pension contributions by say 25% to stop higher rate payers saving so much
Yeah I think it’s very safe to say changes are going to happen to the way pensions are currently set up, the only thing we don’t know is what changes 👍🏻
How about scraping MPS subsidised bar and restaurant and all their perks
I think that would be universally celebrated 🤣 but something tells me it won’t happen any time soon!
How about scapping the MPs,they are as much use as a chocolate teapot these days.🤔
Im 67 get a state pension, something i worked till i was 66 for. How long will i get state pension for?
T,
Don’t worry I think you’ll be fine for quite some time yet, but for younger people like me at 31, it’s most likely going to impact our future in a big way.
Thanks a lot for watching!
Cheers.
Anyone under 40 .. will no longer have a state pension .. you will be fine .
I would like to make a few comments on this video. Firstly it seems that government and their friends in big-business want their cake and eat it. Most of the average manuel labour jobs in this country now only pay minimum wage or just above as the hourly rate of pay. The majority of blue collar workers in these jobs would certainly not have enough income spare in which to finance their old age through private pension providers, that's why a lot of these people have opted out of alto-enrollment.
When the new system of the basic state pension was brought in from April 2016 the government website stated the following: To qualify for the full basic state pension entitlement under the new system, you will need to have paid in 35 years of NIC. Obviously the keywords in this statement were to qualify and entitlement, it certainly seems like a contract from the government to the workforce as far as I can tell. With regards my own situation I am now retired and receiving a state pension. I actually get an enhanced basic state pension, due to the fact that I deferred it for four years after my retirement date before I claimed it. I did this because I was still fit and healthy so I carried on working and paying additional income tax into the system during those years. To be honest it is a bit of a gamble on my behalf as I am betting on living for quite a long time. If I die in the next few years then I will have lost my bet with the government, but if I live for an additional twenty years then I have won the bet. As far as I am concerned I have already placed my accumulator and the race has already come under starter's orders, so it's too late for the government to welsh on the bet now. To carry on using this analogy of a bookmaker, if a bookie felt that a bet such as this left him too exposed then he would lay off part of the bet with another bookmaker to cover the bet. You would think that any government with foresight would have used some of the millions that have been paid into National Insurance over the years, would have been able to come up with a similar system to protect their book also.
I don't think I'm in any danger of being above the threshold.
Your private pension that you paid into could be stolen by your employer, like a person called, Robert Maxwell who robbed his entire workforce, as I remember back a few decades ago.
That’s true and it has happened many times throughout history, my own grandad had this happened to him.
I guess it’s a gamble, but it’s also a big gamble not to save into a private pension too.
Thanks for watching!
As said this goverment does not care about todays pensioners, so a means test state pension is
highly likely at some point.
And that is if you live long enought to be able to claim it, given that they will increase the age that it is paid from.
Then we wonder why todays younger generations despise the older ones, working until you drop is no way to live.
Your so right. For someone like me who is 31, the pension age will probably be 70+ by the time I make it there… IF I make it there. Which means it’s solely up to me to make sure I put provisions in place to allow me to retire earlier than that or else I’ll be forced to work seemingly forever.
Thanks for watching, I really appreciate it! 😁
@@JacobBurchell The days of been able to rely on any goverment to care about you in old age is long gone.
You can see where this is all going, save as much as you can whilst you are young and healthy.
I hope it all worlks out for you.
Australia, Age/Disability Support Pension is currently $1, 020.60 or pounds 526.39, per fortnight plus if you rent you are provided financial help
I reside in Ireland. I only get a proportion of the British Pension as I lived in S.A for 30 years. Therefore I would I be means tested on £5,245.80 per annum which is what my pension amounts to. Just for the record I am a British Subject and was born there.
Then they need to phase it out and not just cut it off, the people who have contributed all of their lives and did not contribute to a private pension should still receive it but maybe people who have been in a private pension scheme should have what they have paid in a state pension put into their private pension then it would be phased fairly. This is so scary hopefully a more understanding and fair government will be voted in like Reform.
I think what you have described is a good solution, atleast it would be a fair result for everyone moving forward.
It certainly is a scary prospect, especially for someone of my age (31). We really have to start taking our private pensions seriously to make sure we can support ourselves.
Thanks for watching! 👍🏻
You can always opt out of your auto enrolled private pension. They don't force you to stay in it, although it would be unwise to opt out.
You’re right you can, but I’m not sure why anyone would!
Simple rule of thumb for means testing. Did you pay for it? Yes, well you aint getting it.
Let's hope not! But I fear you may be close to the truth.
Thanks for watching!
UK has the Lowest pensions in Europe, up to 5 times lower.
What happened to all the profits from North Sea oil and gas. I thought that money went into a sovereign fund for the future of the uk population.
Can't agree.
The state pension is classed as a benefit and paying tax isn’t the same as saving into a bank account, to mess with it will ensure who did so would lose an election for it but it wouldn’t change things.
Starmer is the only person in Britain who has a Parliamentary exemption from pension tax....
Do away with my State Pension and I will simply claim other benefits to compensate as our income will be severely depleated,meaning less money a lot less money to buy food or pay the bills.🤔
The idea of a means-tested pension would be that only the ‘wealthy’ would miss out, most normal people would still get it. But what qualifies as ‘wealthy’ is the worrying part as it would probably be a lot lower than people would think.
@JacobBurchell in Australia where I live. It's not just the weathly that miss out. It's the middle class working people who have worked all life. I am actually paying voluntary contribution in the uk because I won't get the means tested aussie one
Not all pensioners get 300 for hearing allowance , many have partners not even working because they are carers only but age is let's say 5 or 10 years younger than pensioner so the pensioner does not even qualify for pension credit ethier , just pension for one keeping two people ,
Hearing allowance should read heating allowance. Sorry. About that ,
Thank you for watching and commenting, I really appreciate it 😁
You can't rely on anything these days