4 Sep
12:15pm, 4 Sep 2024
32,769 posts
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macca 53
….should say will have been….
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4 Sep
12:17pm, 4 Sep 2024
6,350 posts
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paulcook
Give with one hand, take away with the other.
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4 Sep
12:20pm, 4 Sep 2024
27,345 posts
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Bazoaxe
rf_fozzy wrote: I see pensions are going up significantly again. Which will more than offset the removal of winter fuel allowance from those who don't need it. At some point, just like council tax being broken, someone is going to have to accept that the triple lock is unsustainable. And now unnecessary. Wait until you get to state pension age...unless you have one of these gold plated ones to keep you going ! |
4 Sep
1:29pm, 4 Sep 2024
22,967 posts
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rf_fozzy
The state pension is paid for people working now - so it will be *much* less in future - even if it exists in 2050, which I strongly doubt. The gold plated pensions died - some of you oldies might be on final salary schemes (which of course are not state pensions), but for anyone under about 50, they most definitely are gone. Even defined benefits schemes are rare I understand. |
4 Sep
1:31pm, 4 Sep 2024
29,169 posts
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richmac
Getting towards my mid 50's and income after retirement is becoming a bigger focus for me. This does not mean I'll turn into someone who will vote against the young btw. Just that I'm more focused on clearing the mortgage and window payments asap so I can get every penny I can into savings. |
4 Sep
1:38pm, 4 Sep 2024
4,440 posts
|
Cheg
rf_fozzy wrote: The state pension is paid for people working now - so it will be *much* less in future - even if it exists in 2050, which I strongly doubt. The gold plated pensions died - some of you oldies might be on final salary schemes (which of course are not state pensions), but for anyone under about 50, they most definitely are gone. Even defined benefits schemes are rare I understand. What is the difference between a final salary scheme and a defined benefits scheme? Final salary schemes are gone for under 50's? In the private sector. Do public sector workers still have final salary schemes? Yes. Are they are as good as they used to be? No. Are they still vastly superior to anything in the private sector? Yes. 25 years there will be no state pension? No. Much less? By then the triple lock may have gone, but I still think it will be tied to inflation. I was listening to a podcast and was it Denmark tied their state pension age to life expectancy. I can see that coming in. |
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4 Sep
1:41pm, 4 Sep 2024
22,968 posts
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rf_fozzy
That's the other point about the state pension being low - yes, I realise this is a generalisation and not everyone owns their own house, but many pensioners also do own their own house and have no mortgage, so a comparison of a £25k wage to £12k pension isn't a totally fair comparison. Anyway, I realise this is off topic, I have a question since Rich has brought up savings accounts - what happens if I have a savings account that pays interest annually and I want to move the balance to another account (because rate is better) - do I have to keep the account open with a nominal amount until it's paid in March or can extract it all and transfer now? AFAIK, interest on the account is calculated daily - just paid annually. |
4 Sep
1:41pm, 4 Sep 2024
45,927 posts
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SPR
Do public sector still have final salary pension schemes? Where?
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4 Sep
1:45pm, 4 Sep 2024
22,969 posts
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rf_fozzy
"What is the difference between a final salary scheme and a defined benefits scheme? " Final salary - linked to your final salary Defined benefits - a defined annual/monthly amount that may or may not be related to you final salary, but also could be linked to average salary or something else. "Do public sector workers still have final salary schemes? Yes. " Erm. Not that I'm aware of in academia. We're all on defined contribution schemes. "25 years there will be no state pension? No. " How will it be paid for? With an ageing population and an increase in the pensionable population, if it keeps increasing at 2.5%, it's going to be unaffordable in 10 years, never mind 25. There's a strong argument that it's unaffordable now - those drawing the state pension are of course, the biggest takers of benefits in England. (not sure about the other parts of the UK) |
4 Sep
1:53pm, 4 Sep 2024
17,733 posts
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jda
It is clear that there are a lot of poor pensioners - I think I’ve read that the UK state pension is one of the worst in the developed world - and also a lot of hugely rich ones, with about 25% of pensioner households having a million quid in assets. Generalising about pensioner wealth is difficult. |
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