Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
heapsy wrote:I hope I'm wrong, but something tells me the government might just nudge the state pension age up another year, in order to help pay for COVID.
That's always possible, but the main reason given for raising state pension age was because life expectancy was going up. However according to this article, those increases have not only stalled but actually gone down.
If true, would any government be able to justify any further increases to SPA?
In my opinion, if current pension rules are to be changed to help pay for Covid-19, then the triple lock and higher rate tax relief are more likely to face the chop.
heapsy wrote:I hope I'm wrong, but something tells me the government might just nudge the state pension age up another year, in order to help pay for COVID.
That's always possible, but the main reason given for raising state pension age was because life expectancy was going up. However according to this article, those increases have not only stalled but actually gone down.
If true, would any government be able to justify any further increases to SPA?
In my opinion, if current pension rules are to be changed to help pay for Covid-19, then the triple lock and higher rate tax relief are more likely to face the chop.
I agree.I do think the government will change the pension, let's face it, protests haven't stopped them doing what they want. The rich will always be able to put money into S&S ISAs instead of pensions, plus obviously, property. I've also read somewhere about the life expectancy stalling. I did read not long ago that across all types of work and taking sex into consideration, the average worker from the age of 50, has only 9.5 years of good health left. this is an average, but it should make people think a bit more.
heapsy wrote:I hope I'm wrong, but something tells me the government might just nudge the state pension age up another year, in order to help pay for COVID.
That's always possible, but the main reason given for raising state pension age was because life expectancy was going up. However according to this article, those increases have not only stalled but actually gone down.
If true, would any government be able to justify any further increases to SPA?
In my opinion, if current pension rules are to be changed to help pay for Covid-19, then the triple lock and higher rate tax relief are more likely to face the chop.
I agree.I do think the government will change the pension, let's face it, protests haven't stopped them doing what they want. The rich will always be able to put money into S&S ISAs instead of pensions, plus obviously, property. I've also read somewhere about the life expectancy stalling. I did read not long ago that across all types of work and taking sex into consideration, the average worker from the age of 50, has only 9.5 years of good health left. this is an average, but it should make people think a bit more.
Yes I read that as well and as I have worked nights for the last 21 years, I have ended up with 2 stents. So 59 years and 10 months will do for me and hopefully I will have at least 10 years of retirement.
heapsy wrote:I hope I'm wrong, but something tells me the government might just nudge the state pension age up another year, in order to help pay for COVID.
That's always possible, but the main reason given for raising state pension age was because life expectancy was going up. However according to this article, those increases have not only stalled but actually gone down.
If true, would any government be able to justify any further increases to SPA?
In my opinion, if current pension rules are to be changed to help pay for Covid-19, then the triple lock and higher rate tax relief are more likely to face the chop.
Because Pension age is based on life expectancy, I am guessing that with Covid 19 the age of average death has gone down.
Therefore, this government will be making plans to announce the lowering of the retirement age today...
Oh I forgot we have a Tory government, so they will probally raise it, no matter what!
heapsy wrote:I hope I'm wrong, but something tells me the government might just nudge the state pension age up another year, in order to help pay for COVID.
That's always possible, but the main reason given for raising state pension age was because life expectancy was going up. However according to this article, those increases have not only stalled but actually gone down.
If true, would any government be able to justify any further increases to SPA?
In my opinion, if current pension rules are to be changed to help pay for Covid-19, then the triple lock and higher rate tax relief are more likely to face the chop.
Because Pension age is based on life expectancy, I am guessing that with Covid 19 the age of average death has gone down.
Therefore, this government will be making plans to announce the lowering of the retirement age today...
Oh I forgot we have a Tory government, so they will probably raise it, no matter what!
Tbh I think they all in it together. They just want people to work until they drop. Look at the facts. The virtual destruction of the pensions system means people will have to work on, unless they are proactive and make their own arrangements. Even Labour have been at it. I think it's the only way. Who wants to work until they are knackered?
heapsy wrote:I hope I'm wrong, but something tells me the government might just nudge the state pension age up another year, in order to help pay for COVID.
That's always possible, but the main reason given for raising state pension age was because life expectancy was going up. However according to this article, those increases have not only stalled but actually gone down.
If true, would any government be able to justify any further increases to SPA?
In my opinion, if current pension rules are to be changed to help pay for Covid-19, then the triple lock and higher rate tax relief are more likely to face the chop.
Because Pension age is based on life expectancy, I am guessing that with Covid 19 the age of average death has gone down.
Therefore, this government will be making plans to announce the lowering of the retirement age today...
Oh I forgot we have a Tory government, so they will probably raise it, no matter what!
Tbh I think they all in it together. They just want people to work until they drop. Look at the facts. The virtual destruction of the pensions system means people will have to work on, unless they are proactive and make their own arrangements. Even Labour have been at it. I think it's the only way. Who wants to work until they are knackered?
I am going at 59 years and 10 months of age, whatever. I have had enough. RM is not going to be a nicer place in the future. I know some with two pensions, working lots of overtime, with what appears to me as very few outgoings, who just won't leave. I can understand those with a poor pension staying or complicated circumstances, such as divorce etc. But some who have done very well, won't be happy, till they are carried out in a box. Let the young have a job. There should be a compulsory retirement age, but with a decent pension as in Germany. The average state pension there is £16000, a lot better than the UK.
heapsy wrote:I hope I'm wrong, but something tells me the government might just nudge the state pension age up another year, in order to help pay for COVID.
That's always possible, but the main reason given for raising state pension age was because life expectancy was going up. However according to this article, those increases have not only stalled but actually gone down.
If true, would any government be able to justify any further increases to SPA?
In my opinion, if current pension rules are to be changed to help pay for Covid-19, then the triple lock and higher rate tax relief are more likely to face the chop.
Because Pension age is based on life expectancy, I am guessing that with Covid 19 the age of average death has gone down.
Therefore, this government will be making plans to announce the lowering of the retirement age today...
Oh I forgot we have a Tory government, so they will probably raise it, no matter what!
Tbh I think they all in it together. They just want people to work until they drop. Look at the facts. The virtual destruction of the pensions system means people will have to work on, unless they are proactive and make their own arrangements. Even Labour have been at it. I think it's the only way. Who wants to work until they are knackered?
I am going at 59 years and 10 months of age, whatever. I have had enough. RM is not going to be a nicer place in the future. I know some with two pensions, working lots of overtime, with what appears to me as very few outgoings, who just won't leave. I can understand those with a poor pension staying or complicated circumstances, such as divorce etc. But some who have done very well, won't be happy, till they are carried out in a box. Let the young have a job. There should be a compulsory retirement age, but with a decent pension as in Germany. The average state pension there is £16000, a lot better than the UK.
I understand deductions for the German Public Retirement Insurance System are 18.6% so three times the amount we pay.
heapsy wrote:I hope I'm wrong, but something tells me the government might just nudge the state pension age up another year, in order to help pay for COVID.
That's always possible, but the main reason given for raising state pension age was because life expectancy was going up. However according to this article, those increases have not only stalled but actually gone down.
If true, would any government be able to justify any further increases to SPA?
In my opinion, if current pension rules are to be changed to help pay for Covid-19, then the triple lock and higher rate tax relief are more likely to face the chop.
Because Pension age is based on life expectancy, I am guessing that with Covid 19 the age of average death has gone down.
Therefore, this government will be making plans to announce the lowering of the retirement age today...
Oh I forgot we have a Tory government, so they will probably raise it, no matter what!
Tbh I think they all in it together. They just want people to work until they drop. Look at the facts. The virtual destruction of the pensions system means people will have to work on, unless they are proactive and make their own arrangements. Even Labour have been at it. I think it's the only way. Who wants to work until they are knackered?
I am going at 59 years and 10 months of age, whatever. I have had enough. RM is not going to be a nicer place in the future. I know some with two pensions, working lots of overtime, with what appears to me as very few outgoings, who just won't leave. I can understand those with a poor pension staying or complicated circumstances, such as divorce etc. But some who have done very well, won't be happy, till they are carried out in a box. Let the young have a job. There should be a compulsory retirement age, but with a decent pension as in Germany. The average state pension there is £16000, a lot better than the UK.
I understand deductions for the German Public Retirement Insurance System are 18.6% so three times the amount we pay.
But the actual pension is on average £16000, where the new one here is £9,100. You get what you pay for.
Yes, totally different systems, plenty of information on the net about rising poverty rates in Germany.
Biggest issue is the growing inequality between the young and the retired. Flat wages, no more DB pension schemes and massive house price inflation has in my opinion meant that the average pensioner is better off than the average worker.
Not just a UK issue, it’s the same all over Europe, USA and Australia. The politicians know it’s an issue but there are no easy answers. Also pensioners tend to vote more and the population is aging. There is some talk of making pensioners pay NI in retirement or merging NI into income tax so that pensioners pay more tax.
Yes, totally different systems, plenty of information on the net about rising poverty rates in Germany.
Biggest issue is the growing inequality between the young and the retired. Flat wages, no more DB pension schemes and massive house price inflation has in my opinion meant that the average pensioner is better off than the average worker.
Not just a UK issue, it’s the same all over Europe, USA and Australia. The politicians know it’s an issue but there are no easy answers. Also pensioners tend to vote more and the population is aging. There is some talk of making pensioners pay NI in retirement or merging NI into income tax so that pensioners pay more tax.
Properties generally get bequeathed to the next generation and monies swallowed up by taxation gets squandered by governments and Pensioner spending is reduced as a result and so affects the economy