Britain's state pension age review sparks media frenzy

[Grouse]

British Pension Provider Warns Of "Death Of Retirement"

http://www.zerohedge.com/news/2016-03-02/british-pension-provider-warns-death-retirement

British workers will have to work until they are 81 if they want to build up savings that guarantee their parents' standard of retirement, according to a new study by pension provider Royal London. Without significantly higher levels of engagement in pensions, the report concludes rather ominously, "we may be witnessing the death of retirement."

As AP reports: The research released Wednesday comes as the British government embarks on a review of pensions that has prompted speculation it will raise the retirement age to compensate for a burgeoning older population. The retirement age for men and women is already set to rise to 66 between December 2018 and October 2020.

Royal London says changes in workplace pensions mean workers aren't saving enough to ensure they have the same kind of retirement their parents expected.

Royal London notes that changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. Unless todays workers begin to save significantly more for their later life, many will find that the quality of later life enjoyed by their parents will be unattainable unless they work well beyond traditional retirement ages.

For many people, continuing to work to these much higher ages may simply be beyond their physical capability. Without significantly higher levels of engagement in pensions, we may be witnessing the death of retirement.

It's gonna all be o k though. The Old Etonian and Oxbridge old boy's and gals networks who are clawing their way back to running Britain will make sure the return to Victorian values includes the return of the Workhouses.

That most despised and shameful of establishments will be portrayed as offering the poor masses some sort of dignity in working for their meager life basics in old age until they die.

That's the price we will all pay when politicians and their parties sell out to the banks, financiers and big business. Forget free health care, education and equality. It will be just basic enough to get by - unless you have the money to pay.

A related issue is that the UK state pension is less than 30% of average wages. Compare that to 100% in Greece and 75% in Italy, Spain and Portugal

[ourmanflint]

Any Tory that votes for this should be executed in the forthcoming revolution.

[trogers]

It is time to change the name from State Pension to State Funeral Fund. Reduce the quantum of payout and add in a 21-gun salute plus State flag.

[GeorgesAbitbol]

Welcome to unregulated capitalism!

[MUSTYJACK]

Compare that to 100% in Greece and 75% in Italy, Spain and Portugal

3 bankrupt countries begging for handouts.

[KarenBravo]

I don't know at what point people got duped into turning their safety and well being over to governments...

Those that naively believe socialism is the only way will usually end up embittered, envious and impoverished to some degree and dependent on the government for support.

Tell that to the Scandinavians.......

[gandalf12]

I felt aggrieved having to wait another 10 years or so, when I will be 66. Doesn't feel so bad now, but for the youngsters of today, it will be a case of 'work until you drop' for a lot of them. Not a nice thought.

Come on there are a lot in Liverpool that dont want to work so it wont affect them

[northernphil]

I was a window cleaner until I retired to LOS when I was 58. I cant imagine an old boy of 80 saying " do you want yer windows cleaning gov.I am retiring next year but don't know how much longer my arthritis in my fingers will be giving me gip in this cold weather " As for climbing a ladder......................................................

[osiboy]

British Pension Provider Warns Of "Death Of Retirement"

http://www.zerohedge.com/news/2016-03-02/british-pension-provider-warns-death-retirement

British workers will have to work until they are 81 if they want to build up savings that guarantee their parents' standard of retirement, according to a new study by pension provider Royal London. Without significantly higher levels of engagement in pensions, the report concludes rather ominously, "we may be witnessing the death of retirement."

As AP reports: The research released Wednesday comes as the British government embarks on a review of pensions that has prompted speculation it will raise the retirement age to compensate for a burgeoning older population. The retirement age for men and women is already set to rise to 66 between December 2018 and October 2020.

Royal London says changes in workplace pensions mean workers aren't saving enough to ensure they have the same kind of retirement their parents expected.

Royal London notes that changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. Unless todays workers begin to save significantly more for their later life, many will find that the quality of later life enjoyed by their parents will be unattainable unless they work well beyond traditional retirement ages.

For many people, continuing to work to these much higher ages may simply be beyond their physical capability. Without significantly higher levels of engagement in pensions, we may be witnessing the death of retirement.

It's gonna all be o k though. The Old Etonian and Oxbridge old boy's and gals networks who are clawing their way back to running Britain will make sure the return to Victorian values includes the return of the Workhouses.

That most despised and shameful of establishments will be portrayed as offering the poor masses some sort of dignity in working for their meager life basics in old age until they die.

That's the price we will all pay when politicians and their parties sell out to the banks, financiers and big business. Forget free health care, education and equality. It will be just basic enough to get by - unless you have the money to pay.

A related issue is that the UK state pension is less than 30% of average wages. Compare that to 100% in Greece and 75% in Italy, Spain and Portugal

not suprised so many want to leave the EU, how is this fair ?

[elgordo38]

Ok make the rules across the board it also should apply to Government employees and politicians.

Never happen. Their first in line at the trough. This is the new cradle to the grave philosophy. Work till your dead. Young people will never get a job. The demand for government pensions will dry up saving these b******s a bundle. Its just another big C conservative attack on the workers. Most companies now tell their employees "your on your own as far as pensions go" so in reality they will have to work till they drop dead. You deserve what you voted for. The front men for big business. Anyone in their right mind knows the Conservatives have an agenda a bone for you and the whole hog for big business. Its like the song says "When will you ever learn"

[elgordo38]

Ok make the rules across the board it also should apply to Government employees and politicians.

All the pension rules, salary increases have always applied (been imposed) on government employees the trick has always been that they never applied to MPs.

I was once informed by a very knowledgeable Daily Hail reader that government employees receive two thirds of their final salary as pension and that it was index linked.

My daughter just retired in Canada working for the provincial government and this is exactly what she receives. Only averaged over the last 5 years. Plus benefits.

[elgordo38]

If people want to retire earlier, then all they have to do is start saving and investing earlier, and to help them save more they need to stop wasting money by continually buying lots and lots of useless shiite on credit, most of which is unnecessary and does not improve the quality of their lives.

Save where the stock market? Banks pay you nothing. If your going to invest in the market better to take a trip to Las Vegas. Yes they buy useless <deleted> on credit. Thats how the world inches forward by people buying useless <deleted> on credit. If that stopped the world would come to a standstill. Credit is the only thing that keeps it limping along and that to will dry up in time.

[elgordo38]

The fundamental problem with Social Security in the U.K., and the U.S., is that these systems work as classic Ponzi schemes.

There is no public sector large pot of cash, stashed away for future payments to be made to retirees, whatever age they retire. Money is confiscated from individuals and businesses and used to pay the Social Security commitments on a month by month basis. If you did this in the private sector, you would (hopefully), be locked up for a very long time.

Nobody should be surprised by this. In the U.S., the General Accounting Office is a non-partisan, independent watchdog, working for Congress. They have clearly stated that the level of U.S. Debt and unfunded liabilities is unsustainable, and that Social Security in the U.S., will be bankrupt in the next 10 years.

Thankfully there is enough BS on TV, and little shiny objects being flashed in all directions, to distract the majority of the disengaged general public from issues of real importance. In large part, we are responsible for our own demise, a shrinking sense of personal or collective responsibility, and a hands out entitlement culture and this is the result.

Britain is floating this trial balloon and other countries are watching closely. Somebody had to be first with this asinine idea so why not a big C conservative government. If British citizen let this fly and it grows legs look out the workers in the rest of the world will have to work till they die as well. Thank God I will have passed on by then I will not be here to watch the misery this and other items that governments have in their little bag of tricks.

[sunnyjim5]

Ok make the rules across the board it also should apply to Government employees and politicians.

Jealousy is an evil emotion which can end in an early grave!

Open the link read some easy detail about "Government" NHS pension's, work up a rage, suffer a heart attack then seek treatment from the future "wealthy" pensioners

http://www.nhsbsa.nhs.uk/Documents/Pensions/NHS_Pension_Schemes_An_Overview_(v1)__August_2014.pdf

[elgordo38]

A mistake is for people to rely solely on the government pension in the first place. I feel sorry for anyone who has only this. Few people, even at age 45, really accept the idea that some day they will be truly old and much less do they believe it at age 21. They simply don't prepare.

I didn't truly plan for retirement. Just by my nature I always saved and invested. I wound up with at least a paid for home in the US, some money, and more than one income stream. If I lost my SS check I wouldn't miss any meals.

I don't know at what point people got duped into turning their safety and well being over to governments...

Cheers.

Your in the minority.

[thaibeachlovers]

Ok make the rules across the board it also should apply to Government employees and politicians.

I am American. so I dont know a lot about the UK

But I know this, Some professions can work until a late age, For instance an accountant,or a politician could possible work until a late age, but some other professions take a toll on the body.

True. As a nurse I can certainly state that the idea that a nurse could carry on doing ward work into their 70s, never mind 80s, is just insane. However, if it is true, the new policy has been dreamed up by people that have never done real work in their entire lives- probably lawyers.

[thaibeachlovers]

A mistake is for people to rely solely on the government pension in the first place. I feel sorry for anyone who has only this. Few people, even at age 45, really accept the idea that some day they will be truly old and much less do they believe it at age 21. They simply don't prepare.

I didn't truly plan for retirement. Just by my nature I always saved and invested. I wound up with at least a paid for home in the US, some money, and more than one income stream. If I lost my SS check I wouldn't miss any meals.

I don't know at what point people got duped into turning their safety and well being over to governments...

Cheers.

I don't know how much nurses got paid in your country 40 years ago, but in mine they got a pittance. They were unable to save enough to make a difference now that they are old. The un written contract was that the government ( for whom most of them worked ) would look after them in their old age.

So, if people are expected to look after their old age themselves now, expect to pay a LOT more in tax to pay people like nurses, firefighters and policemen a decent wage they can save on.

[thaiduncankk]

I felt aggrieved having to wait another 10 years or so, when I will be 66. Doesn't feel so bad now, but for the youngsters of today, it will be a case of 'work until you drop' for a lot of them. Not a nice thought.

Come on there are a lot in Liverpool that dont want to work so it wont affect them

Loads of asylum seekers getting handouts too. Somebody has to pay towards all this, glad it ain't me.

[thaibeachlovers]

If people want to retire earlier, then all they have to do is start saving and investing earlier, and to help them save more they need to stop wasting money by continually buying lots and lots of useless shiite on credit, most of which is unnecessary and does not improve the quality of their lives.

Are you *'*** serious?

The banks pay * all on savings, "investments" got lost in the banks subprime scam ( for which no banker has gone to jail ), and shares are just gambling. Now the banks want to go to negative interest. So just WHERE do I make this wonderful pot of money to live on when I retired?

Some people do jobs that they can't save anything on- you do realise that, don't you?

If I want to make real money, I'll have to come back in the next life as a woman with good bone structure that can marry a rich man.

PS, I haven't paid for "credit" for over 30 years since I cut up the bank's scam card.

[thaibeachlovers]

What seems to be completely overlooked by the government with schemes like this is that robots are replacing humans rapidly, and jobs are going to be scarce within 20 years. Already, young people are priced out of the only thing of real value that people used to buy- a house. There is a crisis coming, and those that should be doing something about it are doing nothing, zero, nada.

[sunnyjim5]

What seems to be completely overlooked by the government with schemes like this is that robots are replacing humans rapidly, and jobs are going to be scarce within 20 years. Already, young people are priced out of the only thing of real value that people used to buy- a house. There is a crisis coming, and those that should be doing something about it are doing nothing, zero, nada.

What would you suggest is done ?

Are you a robot smashing Luddite ? (Google the word for an explanation)

[car720]

Well, once upon a time, in Australia the government went to the people and said, "If you allow us to triple your income tax then we will provide you with a Social Security system to make sure that you are covered when you are old or sick or unemployed".

Where did that money go? Now if you are old or sick or unemployed then you are a third class citizen and how dare you want the promised money.

When I was studying marketing there were words such as, 'disposable income, nett savings,'. These words no longer exist. Between government revenue and multi-national companies who pay nothing in tax it has all gone away.

Let us not forget that 3% of the world population own 95% of the wealth.

It's all ok though, just punish the serfs more.

So who said that there is no longer a ducal system?

[thaibeachlovers]

What seems to be completely overlooked by the government with schemes like this is that robots are replacing humans rapidly, and jobs are going to be scarce within 20 years. Already, young people are priced out of the only thing of real value that people used to buy- a house. There is a crisis coming, and those that should be doing something about it are doing nothing, zero, nada.

What would you suggest is done ?

Are you a robot smashing Luddite ? (Google the word for an explanation)

I know what a luddite is.

Up to me, I'd make the people that own the robots pay the equivalent amount of tax as if humans were doing the work. That way there would be money to pay for training people to do whatever jobs were available, and dole for the ones that just couldn't get jobs.

What is your suggestion?

[sunnyjim5]

What seems to be completely overlooked by the government with schemes like this is that robots are replacing humans rapidly, and jobs are going to be scarce within 20 years. Already, young people are priced out of the only thing of real value that people used to buy- a house. There is a crisis coming, and those that should be doing something about it are doing nothing, zero, nada.

What would you suggest is done ?

Are you a robot smashing Luddite ? (Google the word for an explanation)

I know what a luddite is.

Up to me, I'd make the people that own the robots pay the equivalent amount of tax as if humans were doing the work. That way there would be money to pay for training people to do whatever jobs were available, and dole for the ones that just couldn't get jobs.

What is your suggestion?

My suggestion is to starve the hordes of idle benefit scroungers back to work !

Why is it that the immigrants, who the benefit scroungers hate, have no problem with finding in finding work ?

[KarenBravo]

and shares are just gambling.

....and that's where your post lost credibility.......

[thaibeachlovers]

and shares are just gambling.

....and that's where your post lost credibility.......

Tell that to all the small buyers that lost their money in any of the crashes that have happened. I still remember a friend that lost all her money in 1987. Prior to that she was telling everyone how much she was "worth".

It's gambling, whatever the big traders say.

[thaibeachlovers]

What seems to be completely overlooked by the government with schemes like this is that robots are replacing humans rapidly, and jobs are going to be scarce within 20 years. Already, young people are priced out of the only thing of real value that people used to buy- a house. There is a crisis coming, and those that should be doing something about it are doing nothing, zero, nada.

What would you suggest is done ?

Are you a robot smashing Luddite ? (Google the word for an explanation)

I know what a luddite is.

Up to me, I'd make the people that own the robots pay the equivalent amount of tax as if humans were doing the work. That way there would be money to pay for training people to do whatever jobs were available, and dole for the ones that just couldn't get jobs.

What is your suggestion?

My suggestion is to starve the hordes of idle benefit scroungers back to work !

Why is it that the immigrants, who the benefit scroungers hate, have no problem with finding in finding work ?

Immigrants- oh yeah, the guys that live 15 in a room and work for peanuts. I'd really, really like to live like that, NOT.

Having starved all the unemployed, just what work do you think they can do, when there isn't any? Not everyone can be a hairdresser or work in Maccers.