Spending Review: Millions face cut in value of workplace pensions
25/11/2020 | news | business | 1,324
Women and new retirees likely to be hit hardest by the planned change - but not before 2030.
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
3
25/11/2020 15:52:38 22 9
bbc
What a load of twaddle. Get a life
4
as
25/11/2020 15:52:40 18 3
bbc
If you can't say anything sensible and accurate, why don't you try saying nothing?
8
25/11/2020 15:53:51 14 3
bbc
Stop using that idiotic term "boomer". Really makes you look like an imbecile
10
25/11/2020 15:54:40 15 3
bbc
What an extraordinary, uninformed and bigoted outburst.

But at least your username shows a certain self-awareness...
13
25/11/2020 15:55:13 6 3
bbc
Dry thi eyes, get some work done.
20
25/11/2020 15:58:34 3 4
bbc
At least the triple lock will soon be on its way down the Sunak plug hole.
28
25/11/2020 16:00:06 4 5
bbc
You mean those of us who spent a lifetime keeping the country running, while taking lower wage settlements in exchange for a final salary pension, only to find it revised down in 2016 at the end of a 7 year pay freeze, with state pension entitlement reduced also because we contributed to an occupational pension?
No to Brexit.
29
25/11/2020 16:00:07 5 4
bbc
None of what you said makes sense.

The final salary pensions is not the same as their working salary, it is a lot less, bu based on their final income. Had it occurred to you that some people remain at the same salary level for quite a while ?

How is it their pension gives more than they did at work ?

How it is they are bleeding everyone else dry ? if the pension is from a private company ?
37
25/11/2020 16:01:34 3 3
bbc
Final or money purchased pensions are just that , pensions from paying in . The money was robbed by Gordon Brown ,who incidently never touched the Public sector pensions . Shame on you massivegit for all your bitterness directed at productive people and not the gold plated civil servants who are on a gravy train .
54
25/11/2020 16:05:48 3 6
bbc
To be fair the baby boom generation is the most self-entitled and the most worthless in history. They have been living off the backs of their parents with what they did during the war, but when it comes to the next generation they want to take away the chances that they were given and call them snowflakes. All the while enjoying the final salary pensions that their parents fought for them.
72
25/11/2020 16:10:29 1 4
bbc
As I began my career in a public utility in the late '80's, retirement parties for 55/56 year old colleagues were a frequent occurrence, some even involved overnight hotel stays ( on expenses of course ). The lump sum and pension derived at 55 has been sufficient to maintain a very comfortable lifestyle for the now 70-80 somethings so I don't think massivegit is too far off the mark.
2
25/11/2020 15:50:33 941 15
bbc
Pension saving is a life long decision, yet politicians fiddle with the rules every year, perhaps we need to have their pensions set at the same level and subject to the same rules as everyone else?
35
25/11/2020 16:01:06 786 16
bbc
Pension agreements should be legal documents that future politicans can't steal from
96
25/11/2020 16:18:23 77 6
bbc
politicians don't need pensions, they have their fingers in enough public-private contracts to trivialize them
326
25/11/2020 17:27:28 30 35
bbc
You mean when your told you will receive your pension at 60 like millions of women were then the date is increased by 6 years disgusting. Yet Mps , unions and the so called workers party the Labour party just sit back and let it happen.
424
25/11/2020 18:02:00 0 2
bbc
"Every year"?

Not true at all.
556
25/11/2020 19:05:33 5 4
bbc
I have said same to various Tory party MPs. The response - tough luck. But hey ho - I am not going to give up my tax payer funded gold plated pensions. The claim? Set by an independent body outside their control. Presumably the bunch of self serving leaches will not be constrained by a pay freeze on public servants ( most forget they are servants ) either. Convenient?
558
25/11/2020 19:07:04 2 2
bbc
Pension? Isn't that when you give your savings to a bank which then charges you to give it back?
691
25/11/2020 19:49:33 0 2
bbc
Problem is that governments fund and backstop pension schemes so they do have a say. One option is to delay the pension age to say 70 or 75 years to make it cheaper?
739
25/11/2020 19:48:23 2 2
bbc
unfortunately there is no certainty in live others than death and taxes

if u were fool enough to trust governments aka politicians aks people just like you, then fool it is

now think about how to protect your ISA money before that is attacked....
and your home! (if it isn't a free one provided to u by working people)
752
25/11/2020 20:15:01 2 2
bbc
What? You mean it's one rule for those *womans genitals* and another rule for everything else?
847
25/11/2020 20:53:04 1 1
bbc
Absolutely
993
25/11/2020 22:19:00 0 3
bbc
For many feeding the family is a life long decision, maybe saving a few quid for a childs wedding, they can't afford to put 25% of income into a fund like you, or work in public sector where the country is ripped off to give you old blue rinse brigade a lovely retirement. So in short do one with your pension bleets got no time for you
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
3
25/11/2020 15:52:38 22 9
bbc
What a load of twaddle. Get a life
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
4
as
25/11/2020 15:52:40 18 3
bbc
If you can't say anything sensible and accurate, why don't you try saying nothing?
11
25/11/2020 15:54:52 5 1
bbc
Are you addressing that question to Nigel Farage?
12
25/11/2020 15:55:04 4 4
bbc
What have I said that isn't sensible or accurate?
5
25/11/2020 15:52:52 190 22
bbc
Nobody is adept at stealing as the State - nice one. Don't forget if someone loses out, someone else gains - who might that be?
338
25/11/2020 17:30:03 50 93
bbc
The state pension and the contributions necessary to fund it via NI was based on average life expectancy many decades ago. People who will "miss out" by not receiving their pensions until later, gain by receiving pensions for longer since on average, they live longer nowadays. So it cancels out. But in any case, it's what the country can afford that counts. The State doesn't benefit by stealing.
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
Removed
7
25/11/2020 15:53:51 3 23
bbc
Well there is shock tax the kids they won't moan. I hope they leave you dribbling in your over priced care home. Sod the future when you can rob the future generation. Shameful.. they won't keep taking it and when they say enough is enough I hope you are alive to witness it!
Most of the generation you talk about worked and paid taxes which helped the generation before. Had they know their kids would have made comments like yours, they should have drowned them at birth! Removed
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
8
25/11/2020 15:53:51 14 3
bbc
Stop using that idiotic term "boomer". Really makes you look like an imbecile
17
25/11/2020 15:56:56 5 4
bbc
But I am talking about Baby Boomers, it is an actual thing. Did you think it was a recently invented term like the (also often appropriate) "Gammon"?
44
25/11/2020 16:03:29 2 2
bbc
That’s because he is an imbecile.
9
25/11/2020 15:54:06 23 5
bbc
They are the same people who are vulnerable to covid and look how difficult it has been to get a quarter of people in the UK to modify their behaviour slightly in an attempt to protect vulnerable oaps.

Few care until it directly affects them.
33
25/11/2020 16:00:49 14 13
bbc
Cheer up, could always have cut pensions 20%, just like those who have had their income cut in order to protect those vulnerable OAP's. All that's actually happening is in 10 years time, if you're still around, you 'may' get a slightly smaller increase. Given the real terms cut many workers will be get over the same period, you've still come out on top.
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
10
25/11/2020 15:54:40 15 3
bbc
What an extraordinary, uninformed and bigoted outburst.

But at least your username shows a certain self-awareness...
4
as
25/11/2020 15:52:40 18 3
bbc
If you can't say anything sensible and accurate, why don't you try saying nothing?
11
25/11/2020 15:54:52 5 1
bbc
Are you addressing that question to Nigel Farage?
4
as
25/11/2020 15:52:40 18 3
bbc
If you can't say anything sensible and accurate, why don't you try saying nothing?
12
25/11/2020 15:55:04 4 4
bbc
What have I said that isn't sensible or accurate?
23
as
25/11/2020 15:59:44 6 3
bbc
Just about all of your rant actually!
32
25/11/2020 15:58:52 4 3
bbc
All of it, however I hope you are working and paying for my massive pension. And whilst I bleed you dry, I can do it in the understanding that I and many others made a massive contribution to your safety and the safety of this country.
43
25/11/2020 16:02:52 1 2
bbc
Everything between Boomers and Romanians...
47
25/11/2020 16:03:52 3 2
bbc
All of it?
65
25/11/2020 16:08:40 3 2
bbc
Dear massive git. Everything. I know many, many “boomers” who didn’t vote for Brexit, weren’t “frit of Romanians,” produced plenty of benefit to the country, and have pensions far less than they earned when working.
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
13
25/11/2020 15:55:13 6 3
bbc
Dry thi eyes, get some work done.
14
25/11/2020 15:55:57 119 9
bbc
Our private scheme increases are CPI, and have been for a number of years, if we went to CPIH for our increases, it would be better than it is now. But most members are happy with CPI, and there aren't that many schemes that haven't already changed to CPI, so perhaps this isn't quite the story it seems.
190
25/11/2020 16:47:11 14 3
bbc
Yes, we went to CPI years ago. iirc some annuities are linked to RPI (a v. epxensive option to buy but worth it)
224
Ed
25/11/2020 16:58:59 5 1
bbc
correct - most of what's on here is unintelligent ranting
327
25/11/2020 17:27:51 1 1
bbc
Until early 90s there was no pensions law requiring any minimum increases in pensions ... so when I retire part of my pension will be defined benefit from my first job - but as the scheme is in deficit the Trustees say it will not make any increases that are not legally required so about half that pension has had no increase for 10+ years and will likely never in the future either.
442
25/11/2020 18:10:04 0 6
bbc
10 milllion .... 80,000 in BT alone !!
being wronged in 2010 with Inflation fraud does not make it right to do it to others.

Its a story of class war ...... and its now nuclear ...
669
25/11/2020 19:44:55 3 2
bbc
That was what I was thinking too.

But the Beeb love to over dramatise and in true modern media fashion a story isn't worth pushing if they cannot panic people.
704
25/11/2020 19:53:51 1 1
bbc
My experience is the majority of db schemes do still use RPI for pension increases in payment, and in most cases its the wording of the scheme rules that drives things, often the schemes have little choice in the matter.
750
25/11/2020 19:53:19 0 1
bbc
My pension is based on RPI every December. 40000 members.
25/11/2020 23:21:22 0 0
bbc
It's the same with all the local government pensions. Swapped to CPI years ago and that's millions of members across the country. Agree that the story feels exaggerated.
15
25/11/2020 15:56:25 11 30
bbc
Perhaps pensioners will want the government to further raid the overseas aid budget or maybe cut defence spending to subsidise their baby boomer lifestyles?
46
25/11/2020 16:03:49 6 1
bbc
baby boomer lifestyle on £8,500 a year! Then they reduce your tax allowance by the same amount to make it tax free!
88
25/11/2020 16:15:50 4 1
bbc
The overseas aid budget - £ 80M last year to China . That's really well targeted . The idea of a set percentage of national income is grossly inefficient with a lot of it disappearing and not helping anyone. The aid budget should be targeted with diplomacy according to need and global crises and not be a national virtue signalling project. It should exclude the world's richest countries.
25/11/2020 23:15:58 0 0
bbc
Aren't you planning on living long enough to be a pensioner then?
16
25/11/2020 15:56:50 193 55
bbc
The whole UK pension scheme is one big Ponzi rip-off
59
25/11/2020 16:04:20 106 18
bbc
Include... Housing being 10x average wage; Student loan being an additional 9% tax; No state pension by the time anyone under 50 retires.
206
25/11/2020 16:54:01 9 12
bbc
Private pensions are an investment scheme.
Yes, they rely on the general increase in value (e.g. Stocks/Shares) - but as the warning goes, investments can go down as well as up - as has recently happened with C19.

Ah, I see - you are confusing *state* pension with *private* pensions ?
NOPE - it is people living longer and the younger generation rather spend every penny than save for their future.
220
Ed
25/11/2020 16:57:34 9 1
bbc
Define UK pension scheme - if you mean the State Pension then yes it could be called a Ponzi scheme, current workers paying tax and NI to fund retired people's income - that's called a tax system. If you mean DB or DC schemes then you're just wrong
472
25/11/2020 18:18:47 2 3
bbc
Indeed. The whole scheme of currency and finance in the UK is also a giant Ponzi rip-off. It is illegal if I set up a Ponzi for good reasons. Our governments?
817
25/11/2020 20:38:49 1 1
bbc
Yes because this country is run by idiots for idiots
8
25/11/2020 15:53:51 14 3
bbc
Stop using that idiotic term "boomer". Really makes you look like an imbecile
17
25/11/2020 15:56:56 5 4
bbc
But I am talking about Baby Boomers, it is an actual thing. Did you think it was a recently invented term like the (also often appropriate) "Gammon"?
18
25/11/2020 15:57:03 58 8
bbc
If my company pension becomes worth less I'll be paying the state for the privilege of having it!
19
Pso
25/11/2020 15:58:02 12 17
bbc
So those on pensions now are unaffected while younger people have to pay with their pensions - nice one.

Can see that the average age on HYS is probably 70.
48
25/11/2020 16:03:56 12 3
bbc
Can't you see we are in this together, regardless of age, colour or creed? The state relies on division and discord to retain some control - please stop falling for the oldest trick in the book.
53
25/11/2020 16:05:47 0 1
bbc
Many company pensions and public sector pensions already are linked to CPI rather than RPI. This was done by George Osborne win his first budget as Chancellor around 2015
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
20
25/11/2020 15:58:34 3 4
bbc
At least the triple lock will soon be on its way down the Sunak plug hole.
21
25/11/2020 15:58:43 70 15
bbc
In my experience most defined benefit pensioners don't have the faintest idea about the size of 'pension pot' they have been promised.

The whine about how those with savings should be taxed but don't comprehend that you need savings of at least half a million pounds to buy a remotely equivalent annuity.

Then they point out that they 'contributed' £50 a month ... which doesn't come close.
94
25/11/2020 16:17:54 27 8
bbc
If you are going to make up figures at least get somewhere near the correct figures, £50 a month is for a salary of just under £6000 a year in my scheme where the employer contributes much more than me with an annual pension of £3000.
A £ half million pension should give £20,000 a year pension
22
Dex
25/11/2020 15:59:00 82 17
bbc
Another kick in the Albert halls.
Get your money in off shore accounts like some piticians do. Apparently!
45
SP
25/11/2020 16:03:49 55 17
bbc
What's a pitician and how can I get one?
56
25/11/2020 16:06:09 12 6
bbc
Well Brexit was sold to the uneducated to save their off shore accounts.
139
25/11/2020 16:30:06 8 1
bbc
If you mean a patrician they left Britain around the 4 th century AD Roman Nobility.
Most Britains were slaves then and their lives were too short to enjoy retirement.
511
25/11/2020 18:46:12 0 4
bbc
or buy Bitcoin
12
25/11/2020 15:55:04 4 4
bbc
What have I said that isn't sensible or accurate?
23
as
25/11/2020 15:59:44 6 3
bbc
Just about all of your rant actually!
39
25/11/2020 16:01:55 2 4
bbc
OK so care to counter any specific element of it? I am aware of plenty of teachers who retired at 55 on an inflation linked FSPS who have lived into their 80s earning 6 figure incomes when all they ever did was teach a generation of idiots like me.
24
xlr
25/11/2020 15:59:46 2 5
bbc
I told you this would happen.
7
25/11/2020 15:53:51 3 23
bbc
Well there is shock tax the kids they won't moan. I hope they leave you dribbling in your over priced care home. Sod the future when you can rob the future generation. Shameful.. they won't keep taking it and when they say enough is enough I hope you are alive to witness it!
Most of the generation you talk about worked and paid taxes which helped the generation before. Had they know their kids would have made comments like yours, they should have drowned them at birth! Removed
68
25/11/2020 16:09:17 2 1
bbc
If you are going to make a comment advocating drowning kids at birth, you have no business criticising anyone elses comment on any moral stance whatsoever.
111
25/11/2020 16:22:13 2 2
bbc
I'm not condoning the petulance of the comment before yours, however most previous generations worked hard to ensure the next generation have a better quality of life. This trend seems to have stopped completely circa 1970s onwards. Housing crisis, total political and economic instability, rising sea levels, crippling student debts. Let's just throw in a cut to pension value into the mixer as well
26
25/11/2020 16:00:02 4 16
bbc
How dare the BBC frighten the pensioners with this story? They're just settling down with a cup of coffee and a biscuit to binge on teatime quiz shows.
38
25/11/2020 16:01:39 5 3
bbc
how dare the BBC relort the news?
27
25/11/2020 16:00:04 10 3
bbc
Looks like we will be paying for COVID deep into our retirement
55
25/11/2020 16:06:01 21 10
bbc
And Brexit. COVID is really convenient for the Government in hiding the economic damage done by Brexit.
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
28
25/11/2020 16:00:06 4 5
bbc
You mean those of us who spent a lifetime keeping the country running, while taking lower wage settlements in exchange for a final salary pension, only to find it revised down in 2016 at the end of a 7 year pay freeze, with state pension entitlement reduced also because we contributed to an occupational pension?
No to Brexit.
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
29
25/11/2020 16:00:07 5 4
bbc
None of what you said makes sense.

The final salary pensions is not the same as their working salary, it is a lot less, bu based on their final income. Had it occurred to you that some people remain at the same salary level for quite a while ?

How is it their pension gives more than they did at work ?

How it is they are bleeding everyone else dry ? if the pension is from a private company ?
30
25/11/2020 16:00:17 9 12
bbc
How can a Chancellor make a change set for 10 years in the future?
You'd never guess today's pensioners tend to vote Tory, not so much the 50 year olds.
31
25/11/2020 16:00:22 49 15
bbc
We have to tighten the purse strings. Thiere will be a whole lot more to come. It has to.
66
f
25/11/2020 16:08:46 65 18
bbc
WeeJohn please try to see the bigger picture rather than accepting the spoon fed nonsense from the media. The financial system is broken. We live in a society where £1000 worth of deposits is turned into nearly £10,000 of debt through fractional banking. This is not sustainable. It is not a matter of spending less. It is a matter of educating people to understand what is broken in order to fix it
448
25/11/2020 18:14:17 2 2
bbc
its private money being stolen !!!!

like them taking from your deposit account ..
543
25/11/2020 18:56:10 1 1
bbc
so now to campaign to stop CPIH rigging (see council tax weighting - try shopping around on that ).

The UKSA are complict ... they know it under states inflation and massively under states PENSIONER (low income) inflation..

Mr Norgrove we will test the UKSA- as the people trust the Royal Statistical Society NOT the UKSA .. infaltion is rigged to reduce living standards through menu inflation
629
25/11/2020 19:33:11 8 2
bbc
Yes, Brexit makes most of us poorer
All for Boris to become PM, we have all paid and will pay for this for a long time to come.
858
25/11/2020 20:59:03 3 2
bbc
You are absolutely right. Anyone who has paid into a pension scheme is about to be completely shafted...its a ponzi scheme that sooner or later will collapse...at some point in the not too distant future the treasury will pull up the drawbridge leaving a lot of people high and dry...you can see it coming a mile off.
25/11/2020 22:55:01 0 0
bbc
It's never been cheaper for a government to borrow. A sensible government would borrow to invest and encourage growth and recovery via spending and getting money into people's hands. Instead, this government is retreating into their failed comfort zone of austerity.
12
25/11/2020 15:55:04 4 4
bbc
What have I said that isn't sensible or accurate?
32
25/11/2020 15:58:52 4 3
bbc
All of it, however I hope you are working and paying for my massive pension. And whilst I bleed you dry, I can do it in the understanding that I and many others made a massive contribution to your safety and the safety of this country.
9
25/11/2020 15:54:06 23 5
bbc
They are the same people who are vulnerable to covid and look how difficult it has been to get a quarter of people in the UK to modify their behaviour slightly in an attempt to protect vulnerable oaps.

Few care until it directly affects them.
33
25/11/2020 16:00:49 14 13
bbc
Cheer up, could always have cut pensions 20%, just like those who have had their income cut in order to protect those vulnerable OAP's. All that's actually happening is in 10 years time, if you're still around, you 'may' get a slightly smaller increase. Given the real terms cut many workers will be get over the same period, you've still come out on top.
485
25/11/2020 18:35:11 1 1
bbc
2 wrongs dont make a right ...
a teacher on 25k will get no pay rise (again) and Inlfation will reduce that 25k by at least 2% in April 2021 ...

Its wrong on all fronts .... and Capitlaism is stealing from future tax payers and robbing the workers of today !!
892
BBB
25/11/2020 21:17:16 1 0
bbc
They will not make it too bad for pensioners as, apparently, they are more likely to vote tory
34
25/11/2020 16:01:04 7 10
bbc
State organised corruption
2
25/11/2020 15:50:33 941 15
bbc
Pension saving is a life long decision, yet politicians fiddle with the rules every year, perhaps we need to have their pensions set at the same level and subject to the same rules as everyone else?
35
25/11/2020 16:01:06 786 16
bbc
Pension agreements should be legal documents that future politicans can't steal from
147
25/11/2020 16:32:44 44 11
bbc
I'm sure there are plenty of miners who will agree with you, Gov has taken millions from their pension scheme
160
25/11/2020 16:37:36 45 26
bbc
Defined Benefit pension agreements are legal documents. The problem here is RPI. If the Government change how RPI is calculated (or get rid of it all together) then the pension Scheme will automatically adopt that. This article is mis-leading. All the Government has done is change how RPI will be calculated (which is long overdue!)
193
Ed
25/11/2020 16:35:27 26 67
bbc
Politicians don't steal from pensions, what a childish thing to suggest. They do adapt laws and policies to alter the future position of things and granted, not always in the way we like, but they don't steal from your pension
288
25/11/2020 17:18:49 5 9
bbc
Are most private sector schemes not a "done deal" per the rules of the scheme you join and changes could only hold good for the benefits accruing to future contributions after any rule change ..? Bit confused as to how anything can affect benefits already accrued ... hmm.
572
25/11/2020 19:12:16 2 5
bbc
since mad maggie pensions have been something workers pay into so big business can use as personal funds to pay to fat cat directors and shareholders then suddenly claim the pension is in deficit time tories and big b usiness paid back what they stole from us
693
25/11/2020 19:50:22 0 1
bbc
So I assume that if they are legal documents that you personally will pay for any shortfall?
722
25/11/2020 20:00:47 2 1
bbc
Politicians don't actually break in and steal the money from your pension

They just change the meaning of the words so you don't get what you thought you had been promised

Ask George Orwell to translate newspeak
848
s4i
25/11/2020 20:53:09 3 1
bbc
Problem with legal things is that the law they are based on can be changed by parliament.
868
25/11/2020 20:54:32 2 1
bbc
The trouble is the pension pot was spent before i was even born. We are all paying the prices for unsubstantioally low taxes
25/11/2020 22:57:27 0 0
bbc
My wife's company pension would have given her a pension of 66% of her final salary. As she would have not had to pay NI and other expenses like travel after retirement she would actually have been better off than in work! It was obvious to both of us that it was unsustainable and would eventually be scrapped.
36
25/11/2020 16:01:10 13 10
bbc
Only the Beeb could turn a story about women living longer into something negative!

How about people on a Mediterranean diet will also be negatively affected as they live longer too apparently!?
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
37
25/11/2020 16:01:34 3 3
bbc
Final or money purchased pensions are just that , pensions from paying in . The money was robbed by Gordon Brown ,who incidently never touched the Public sector pensions . Shame on you massivegit for all your bitterness directed at productive people and not the gold plated civil servants who are on a gravy train .
26
25/11/2020 16:00:02 4 16
bbc
How dare the BBC frighten the pensioners with this story? They're just settling down with a cup of coffee and a biscuit to binge on teatime quiz shows.
38
25/11/2020 16:01:39 5 3
bbc
how dare the BBC relort the news?
23
as
25/11/2020 15:59:44 6 3
bbc
Just about all of your rant actually!
39
25/11/2020 16:01:55 2 4
bbc
OK so care to counter any specific element of it? I am aware of plenty of teachers who retired at 55 on an inflation linked FSPS who have lived into their 80s earning 6 figure incomes when all they ever did was teach a generation of idiots like me.
40
25/11/2020 16:02:13 5 8
bbc
the cashed up are the inter war children
50k a year for an 84 year old
41
jo
25/11/2020 16:02:24 303 17
bbc
Any reduction in my pension will mean the chancellor will get even less tax from me so I am not loosing as much as it may first seem.

Its a bit like the NS&I reducing their interest rates, it just means us oldies have less money to spend on those extra things that might have helped the economy recover that bit sooner.
134
25/11/2020 16:28:29 100 189
bbc
"losing" not "loosing".........
173
25/11/2020 16:41:18 10 3
bbc
There won't be a reduction in your pension - it may grow at a slower rate after 2030.
785
25/11/2020 20:22:54 0 1
bbc
You wish,they will just increase taxation to make up for any shortfall
866
25/11/2020 21:05:49 0 1
bbc
Like foreign holidays?
25/11/2020 22:27:14 1 0
bbc
Indeed, I think many dont realise that pension income is taxable. And as you say the less money coming into a home will inevitably mean less spending which in turn affects the whole economy. And so it goes on...
42
jod
25/11/2020 16:02:34 262 58
bbc
Given the kind of index linked pension I have is no longer available to ordinary people I'm not going to lose sleep over a change to the inflation calculation in 10 years. Of course the women who are disproportionately affected actually get a bigger payout than men for the same contributions as they live longer. But pointing out that kind of discrimination isn't politically correct.
192
25/11/2020 16:48:01 69 176
bbc
"Of course the women who are disproportionately affected actually get a bigger payout than men for the same contributions as they live longer. But pointing out that kind of discrimination isn't politically correct."

So you're saying women get a larger payment on an annuity, when the opposite is true, or that living on the exact same for longer is a sexist advantage?

What's the matter with you?
362
25/11/2020 17:26:48 40 15
bbc
Yet another article on BBC News reinforcing that Woman are disadvantaged - when clearly in the circumstances described they benefit more than men as they live longer and pay the same contributions

Come on BBC - we are tired of your Pro Woman/anti Man agenda - jesus - not a day goes by without a story - saying ...look at this hard done by woman/ look at this amazing woman/ here is a bad man story
419
25/11/2020 17:59:18 11 15
bbc
Women don’t get more because they haven’t usually worked for a many years or full time. They also got ripped off when they equated the age of the state pension for men and women.
557
Des
25/11/2020 19:05:41 4 1
bbc
As mentioned above 'bigger payout .. as they live longer' well then obviously .. when you get less, and live longer .. you get to be poorer longer ... !!
592
25/11/2020 19:21:29 5 6
bbc
'Of course......women....get a bigger payout than men.....as they live longer'. Women - all women? Certain of that 'fact' are you? My mum died aged 53 (natural causes). My dad 92 (alcohol related liver problems). You might want to check your self-opinion facts before sounding off.
975
25/11/2020 22:09:08 3 0
bbc
Pension goal posts will be continually moved....until we all die before we get there (well the lower paid workers anyway) many like me have worked since 16 and not due to retire until 68....but I reckon it will be at least 72 (if not dead) by the time I get there ...and for less...instead of blaming those that got a better deal demand better from those in government that took it away!
25/11/2020 22:57:02 0 0
bbc
jod...you sexist Baddie. Women only on the one way street to prosecute further the most persecuted segment in society....White middle aged working class men. Who is going to fight for them?......NOBODY, your on your own son . WMAWCMLM aswell.
12
25/11/2020 15:55:04 4 4
bbc
What have I said that isn't sensible or accurate?
43
25/11/2020 16:02:52 1 2
bbc
Everything between Boomers and Romanians...
8
25/11/2020 15:53:51 14 3
bbc
Stop using that idiotic term "boomer". Really makes you look like an imbecile
44
25/11/2020 16:03:29 2 2
bbc
That’s because he is an imbecile.
22
Dex
25/11/2020 15:59:00 82 17
bbc
Another kick in the Albert halls.
Get your money in off shore accounts like some piticians do. Apparently!
45
SP
25/11/2020 16:03:49 55 17
bbc
What's a pitician and how can I get one?
396
25/11/2020 17:49:06 8 1
bbc
A pitician is a politician with a lot of signatures on it.
15
25/11/2020 15:56:25 11 30
bbc
Perhaps pensioners will want the government to further raid the overseas aid budget or maybe cut defence spending to subsidise their baby boomer lifestyles?
46
25/11/2020 16:03:49 6 1
bbc
baby boomer lifestyle on £8,500 a year! Then they reduce your tax allowance by the same amount to make it tax free!
12
25/11/2020 15:55:04 4 4
bbc
What have I said that isn't sensible or accurate?
47
25/11/2020 16:03:52 3 2
bbc
All of it?
19
Pso
25/11/2020 15:58:02 12 17
bbc
So those on pensions now are unaffected while younger people have to pay with their pensions - nice one.

Can see that the average age on HYS is probably 70.
48
25/11/2020 16:03:56 12 3
bbc
Can't you see we are in this together, regardless of age, colour or creed? The state relies on division and discord to retain some control - please stop falling for the oldest trick in the book.
75
f
25/11/2020 16:11:16 2 2
bbc
Very well said Jinxy. This isn't about public sector vs private, women vs men, or young vs old. This is about a broken system that exploits the poorer to feed the richer through inflation and debt. We need to come together.
49
25/11/2020 16:04:20 12 3
bbc
RPI (up to a maximum of 5%) is written into the scheme rules of mine. Not sure how that is going to work if RPI ceases to be published.
71
25/11/2020 16:09:41 8 2
bbc
In the case of public sector we had the same arguments some nearly 10 years ago but it was changed and upheld by the courts.

also suggested of changing the definition (name) CPIH to become
RPI
83
25/11/2020 16:14:01 1 1
bbc
It will still be published, but will be calculated differently.
26/11/2020 00:26:21 1 0
bbc
Most likely it will move to the new definition of RPI i.e. CPIH (up to a maximum of 5%pa) instead - but sometime between now and 2030 I'm sure your scheme will let you know.
50
25/11/2020 16:04:34 9 9
bbc
This seems fair. Those cuts to DB benefits for the public sector have been in place since 2011. If its fair to level down public sector pay its fair to level down private sector pensions.
79
25/11/2020 16:11:54 7 3
bbc
My (large UK plc) private sector deferred DB pension switched to CPI about 10 years ago. I don't think there are many private sector pensions still using RPI. Not sure where the BBC is getting it's data from.
Also, almost all private sector pension schemes have switched to DC. I'd like the public sector to follow suit if we really are to level things up.
51
25/11/2020 16:04:54 529 81
bbc
Let's not forget Gordon Brown's pension grab when he was chancellor.
73
25/11/2020 16:11:09 390 24
bbc
Which resulted in the end of final salary schemes in the private sector.
159
25/11/2020 16:37:13 27 10
bbc
You mean his 'one off take' that he did twice!
191
25/11/2020 16:32:56 59 29
bbc
Nice deflection. Gordon Brown is ancient history. Sunak is raiding pensions NOW.
218
jb
25/11/2020 16:57:25 14 10
bbc
Brown did not "grab" anything from pensions. He simply continued the policy started by the Tories of making any tax on dividend income unrecoverable. Many larger pension schemes had little reliance on dividend income so the effect on them was minimal.
249
25/11/2020 17:04:14 11 9
bbc
Yes! The crafty toad hid it in an announcement about dividend credits, which meant nothing to most people at the time. Then he squandered the money he raised from us.
261
25/11/2020 17:09:34 3 4
bbc
Gordon Brown also introduced the Post A-Day HMRC Max Tax cash rules. Pension Commencement Lump Sums (or "tax-free" cash) are a lot more generous than as a result.. Where a Scheme would provide a commutation factor of only 9, they increased to 20+ Gordon Brown's Life Time Allowance implementation only affects the wealthy (and still does - just).
280
25/11/2020 17:16:18 13 12
bbc
Brown was the worst hypocrite ever. His personal fortune which he made is over £15 million , yet he punished many of us who had gone without as youngsters to put into savings pots.
The man is truly awful never should have been allowed in the Labour Party.
295
25/11/2020 17:20:09 7 5
bbc
I've not forgotten ........
475
25/11/2020 18:30:29 0 2
bbc
And......
532
25/11/2020 18:38:44 1 2
bbc
we havent
628
25/11/2020 19:32:47 2 2
bbc
Although the end of tax free dividends was a big blow a lot of the closure was down to the change in the accounting rules that made their balance sheet look worse when pension liabilities were taken into account. That had more of an impact because it made it difficult to pay big bonuses and dividends when their pension liabilities decimated their accounts.
865
25/11/2020 21:04:32 0 3
bbc
Tories are terrible with money
907
25/11/2020 21:27:18 0 1
bbc
In the 1990s many company pension schemes were flush with cash. My employer and many others took a long contributions holiday as a result. This course was forced on them by the Thatcher government. All Gordon Brown did was to stop these schemes from recovering the tax they paid on shares and other investments. The chances are that a Tory government would have done the same.
25/11/2020 22:47:56 0 1
bbc
Robert Maxwell should have been a politician.
26/11/2020 00:13:30 0 0
bbc
And there's one if the said Turkeys!
26/11/2020 00:53:21 1 0
bbc
Spoken like a true Tory, blaming anybody else
26/11/2020 01:19:08 0 0
bbc
What a lot of drivel. It reduced pension income by a tiny 4% pa. Final salary/fixed income pensions ending were a result of companies taking pension holidays when the stock market was rising.
26/11/2020 18:37:40 0 0
bbc
He stole all my pension if I could of got near him....................
52
25/11/2020 16:05:13 140 12
bbc
I do love how politicians are so adept at making changes that impact just beyond the time horizon of their time in office, along with target delivery deadlines.

I’m sure purely coincidental...
82
25/11/2020 16:13:09 22 2
bbc
The ONS can and will make the change unilaterally in 2030, which is the main driver of the timescale.
758
25/11/2020 20:16:52 0 2
bbc
see if liebour repeal it.....hahahahah
959
Goy
25/11/2020 22:00:23 0 0
bbc
Most policies with that sort of long projection get changed by the next government of the opposing party before they make any impact.
977
25/11/2020 22:10:43 0 0
bbc
True, but I will hold them accountable now for the changes they propose to reduce my pension now or in 2030. By their deeds etc.etc.
19
Pso
25/11/2020 15:58:02 12 17
bbc
So those on pensions now are unaffected while younger people have to pay with their pensions - nice one.

Can see that the average age on HYS is probably 70.
53
25/11/2020 16:05:47 0 1
bbc
Many company pensions and public sector pensions already are linked to CPI rather than RPI. This was done by George Osborne win his first budget as Chancellor around 2015
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
54
25/11/2020 16:05:48 3 6
bbc
To be fair the baby boom generation is the most self-entitled and the most worthless in history. They have been living off the backs of their parents with what they did during the war, but when it comes to the next generation they want to take away the chances that they were given and call them snowflakes. All the while enjoying the final salary pensions that their parents fought for them.
27
25/11/2020 16:00:04 10 3
bbc
Looks like we will be paying for COVID deep into our retirement
55
25/11/2020 16:06:01 21 10
bbc
And Brexit. COVID is really convenient for the Government in hiding the economic damage done by Brexit.
25/11/2020 23:12:38 0 0
bbc
Luckily we will be able to compare with other similar economies, and see how they recover far quicker, and back to business as usual, whereas we will have a long-term hit from Brexit that simply cannot be recovered.
22
Dex
25/11/2020 15:59:00 82 17
bbc
Another kick in the Albert halls.
Get your money in off shore accounts like some piticians do. Apparently!
56
25/11/2020 16:06:09 12 6
bbc
Well Brexit was sold to the uneducated to save their off shore accounts.
57
25/11/2020 16:06:25 5 7
bbc
This was always on the cards.
Long gone are the golden days of old.
There is still a pension black hole.

Retirement age has increased so much in my own lifetime, that it will be in the 90’s by the time I get there and my pension will be worth nothing.

A clear advertisement to live while you can, instead of saving for it to be taken from you when you cannot.
95
25/11/2020 16:18:22 2 1
bbc
Or make adequate pension provisions when you are young
97
25/11/2020 16:18:41 2 3
bbc
Nope, it is a clear advertisement for you to plan your own financial future, as those who invested in *private* pensions schemes have done so. Hint - you nor anyone else is "paying" for them (that is the state pension scheme).

However, I guess you are from the selfish, self-entitled "live-for-today" and "blame-everyone-else" generation.
But hey, you are probably too busy playing your PS to think
131
25/11/2020 16:27:55 0 1
bbc
Sadly Mark I agree these are the current golden days of old age. Just as we got rid of pensioner poverty we change policy to bring it back for the future generations.
58
25/11/2020 16:03:29 3 2
bbc
For people who retired before 1998 there is no requirement to pay them any statutory increases at all if the pension contract provides for discretionary increases
This means those pensioners will find that a substantial amount of their pension will be lost due to inflation.
16
25/11/2020 15:56:50 193 55
bbc
The whole UK pension scheme is one big Ponzi rip-off
59
25/11/2020 16:04:20 106 18
bbc
Include... Housing being 10x average wage; Student loan being an additional 9% tax; No state pension by the time anyone under 50 retires.
121
25/11/2020 16:24:29 28 3
bbc
Very true That’s because our economy is run for the benefit of the few not the many
316
25/11/2020 17:25:51 4 2
bbc
but the price paid at 1% interest in relation to salary earned now is less than that paid when interest rates were 14% then.
394
25/11/2020 17:48:24 5 6
bbc
Yes but people with a degree nearly always earn more than people who leave school and go straight into work.
That was the reason for them to be paying towards the cost of their education.
60
25/11/2020 16:07:09 140 11
bbc
Pension loss plus loss of interest on my savings merely means I spend a bit less on meals out / entertainment etc. My basic lifestyle changes very little..just less cash from me to the local economy.
420
25/11/2020 17:59:54 35 13
bbc
There’s nothing open to spend money on anyway.
517
25/11/2020 18:49:27 4 4
bbc
Your argument suggests that the elderly should be given more money because you'll "altruistically" redistribute it.

If this is true then perhaps it's actually younger people who should be given more money because - as per the tabloid misconception - they'll redistribute that wealth by buying phones and avocado on toast. Both can't be true.
535
25/11/2020 18:42:16 1 1
bbc
they will get when you croak , hook or by crook they will help themselves to your wedge , small or large
593
25/11/2020 19:21:44 6 1
bbc
Meals out .....luxury , we prayed for winter so we could lick the salt off the road .
26/11/2020 09:27:41 1 0
bbc
I would have thought helping your Children/Grandchildren out would be more of a priority than spending a bit less on meals out & entertainment.

Every one of mine bar one are furloughed or have lost thier job. They're far more important than anything.
61
dwb
25/11/2020 16:07:36 3 2
bbc
I have a Teachers Pensions. I don't think there are many state sector defined benefit pensions still linked to RPI. The went onto CPI about 10 years ago. The rise (or flatline in some years) depends on the rate of inflation for September each year, payable from the next April. If I remember, it's 0.2 or 0.5%.
62
25/11/2020 16:07:40 13 4
bbc
My company pension switched from RPI to CPI about 10 years ago. I don't think there are many private sector pension schemes that still use RPI.
76
25/11/2020 16:11:21 8 1
bbc
It’s a bit of a lottery based on the exact wording in the Rules of each scheme but plenty of private sector schemes still use RPI. It overstated inflation though so it doesn’t see fundamentally unfair to update the index used, in line with State pensions and other company schemes.
63
25/11/2020 16:08:31 36 25
bbc
We still have to pay for Brexit yet likely to be significantly more damaging economically than Covid.
103
25/11/2020 16:20:08 16 13
bbc
You could be wrong!
425
25/11/2020 18:03:28 0 2
bbc
While Brexit may have longer term impacts on the economy even the worst case scenarios won't come close in short term impact to lockdowns. If I was being upbeat I'd sat long term drawbacks could be countered by a proactive government looking to maximise the potential benefits but with this lot there's about a 0.00001% chance that happens.
64
25/11/2020 16:08:34 5 1
bbc
If CPIH includes the costs of housing then pensioners may be very happy - the very low level of mortgage interest rates means that inflation can only increase.

This won't affect pensioners of course - most paid off any mortgage years ago.
12
25/11/2020 15:55:04 4 4
bbc
What have I said that isn't sensible or accurate?
65
25/11/2020 16:08:40 3 2
bbc
Dear massive git. Everything. I know many, many “boomers” who didn’t vote for Brexit, weren’t “frit of Romanians,” produced plenty of benefit to the country, and have pensions far less than they earned when working.
31
25/11/2020 16:00:22 49 15
bbc
We have to tighten the purse strings. Thiere will be a whole lot more to come. It has to.
66
f
25/11/2020 16:08:46 65 18
bbc
WeeJohn please try to see the bigger picture rather than accepting the spoon fed nonsense from the media. The financial system is broken. We live in a society where £1000 worth of deposits is turned into nearly £10,000 of debt through fractional banking. This is not sustainable. It is not a matter of spending less. It is a matter of educating people to understand what is broken in order to fix it
101
25/11/2020 16:19:53 7 5
bbc
the final phase of a failing fiat monetary system playing out right now, under the guise of Covid...
114
25/11/2020 16:23:22 8 9
bbc
"Fractional banking" as you term it is actually a useful mechanism to enable banks to lend more funds to, say, house-buyers for mortgages and to businesses for growth and investment. So it's not "broken" at all. It's actually a driver of growth (obviously it shouldn't be reckless lending by the banks).
137
dan
25/11/2020 16:29:38 9 2
bbc
It is not in "their" interest to fix it.
518
25/11/2020 18:49:43 3 3
bbc
Banks have not done fractional banking for many years. All they do now is create a loan as a credit to your account, and a debit to their account as balance, all electronically. They are not loaning out "your money you have deposited with them" to someone else, it is just created out of thin air - but since it is a credit on 1 side and debit on other, it cancels, so in fact no money is created.
67
25/11/2020 16:08:47 378 24
bbc
Anyone under 50 and not a civil servant will be wondering what a defined pension is.
93
25/11/2020 16:17:24 184 46
bbc
Yes, blame Gordon
100
25/11/2020 16:19:39 6 7
bbc
I'm over 50 and not a civil servant (and never have been) and I'm VERY lucky to have 2 Defined benefit pensions!!! I'll still have to rely on the State Pension as well though
135
25/11/2020 16:28:43 8 5
bbc
Millions of people, including the under 50s still have defined benefit pensions, but have now been moved onto the less generous defined contribution pension. Nevertheless, in the vast majority of cases any defined benefit pension they accrued until they were forced to switch will continue to operate as a defined benefit pension once they retire. Defined benefit is with us for decades yet.
274
25/11/2020 17:13:13 0 3
bbc
Unless you work in DB Schemes :)
275
25/11/2020 17:13:47 0 3
bbc
Unless you work in DB Schemes such as myself
305
25/11/2020 17:22:59 10 6
bbc
and still they clamour for pay rises .... excuse me, just whose taxes are to pay for the pensions that go with such jobs ?? The argument that they are lucky to have a job and should be grateful for it is valid.
325
25/11/2020 17:27:22 8 4
bbc
Defined pension 's are completely unaffordable and just another affront to the young will bear the brunt of the cost.
715
25/11/2020 19:58:19 1 1
bbc
Some of us over 60 too :(
Most of the generation you talk about worked and paid taxes which helped the generation before. Had they know their kids would have made comments like yours, they should have drowned them at birth! Removed
68
25/11/2020 16:09:17 2 1
bbc
If you are going to make a comment advocating drowning kids at birth, you have no business criticising anyone elses comment on any moral stance whatsoever.
69
25/11/2020 16:09:19 121 17
bbc
Bet it doesn't affect the EmPees pensions
265
Ed
25/11/2020 17:10:49 30 10
bbc
yes it does, in fact that scheme already uses CPI
343
25/11/2020 17:30:30 2 3
bbc
Dont go there ....MP salary / pensions/ allowances ...way too generous IMHO ( ha ha , never used it before...v interested to find out today that first use of OMG was by Jackie Fisher ( go and look him up...)...so dating to the Days of Empire! Excellent ...
26/11/2020 00:21:12 1 0
bbc
No - since this reduction was already made to their pensions some years ago
70
25/11/2020 16:09:35 10 4
bbc
Bit of a non story really as most big company “final salary” schemes had a “higher of” clause related to pension increases, like my deferred pension. So the increase will be the higher of RPI or (in my case) 2.5%. So it was win/win. If inflation goes above 2.5% I lose but given we we likely see and have seen low levels it’s not likely to be an issue.
49
25/11/2020 16:04:20 12 3
bbc
RPI (up to a maximum of 5%) is written into the scheme rules of mine. Not sure how that is going to work if RPI ceases to be published.
71
25/11/2020 16:09:41 8 2
bbc
In the case of public sector we had the same arguments some nearly 10 years ago but it was changed and upheld by the courts.

also suggested of changing the definition (name) CPIH to become
RPI
502
25/11/2020 18:42:23 1 1
bbc
yes, public sector pensions were downrated from RPI to CPI about 10 years ago. Yet we paid in for CPI.
Boomers on Final Salary Pensions bleeding everyone else dry. Plenty of them earning more in retirement than they did at work, when they never produced anything of benefit to the country anyway. Then they voted for Brexit and pulled up the drawbridge behind them, all because Nigel got them frit of Romanians... Removed
72
25/11/2020 16:10:29 1 4
bbc
As I began my career in a public utility in the late '80's, retirement parties for 55/56 year old colleagues were a frequent occurrence, some even involved overnight hotel stays ( on expenses of course ). The lump sum and pension derived at 55 has been sufficient to maintain a very comfortable lifestyle for the now 70-80 somethings so I don't think massivegit is too far off the mark.
51
25/11/2020 16:04:54 529 81
bbc
Let's not forget Gordon Brown's pension grab when he was chancellor.
73
25/11/2020 16:11:09 390 24
bbc
Which resulted in the end of final salary schemes in the private sector.
112
25/11/2020 16:23:02 56 4
bbc
And many in the public sector including mine. So this just shows that all politicians are not averse to stealing from pensions
127
25/11/2020 16:26:10 44 9
bbc
Final salary schemes were being closed to new employees long before that. I joined a company in 1992 and was one of the last group to scrape in for the final salary scheme
130
25/11/2020 16:27:42 47 10
bbc
Most companies were closing their final salary schemes before Brown as they were unaffordable anyway, you know people living longer and giving up smoking while having less children to be future contributors.
161
25/11/2020 16:38:10 15 2
bbc
Not all of them. A lot of companies used the excuse of a number of switches "being common practice" to defined contributions as justification for doing it themselves when their funds were quite solvent.
171
25/11/2020 16:40:38 20 20
bbc
Final Salary Scheme's have been in decline way before Gorgon Brown. It was the EU change that forced Companies to carry the Defined Benefit pension deficit on the accounting books.
187
25/11/2020 16:45:26 2 2
bbc
And the public sector.
216
Ed
25/11/2020 16:42:26 21 11
bbc
No it didn't, they were dying anyway as a result of longer life expectancy and the rising costs to employers and employees to provide safeguarded benefits. DB schemes were closing well before the introduction of the Occupational Pension Schemes Regulations 1991. Easy to throw statements, harder to get them correct
243
25/11/2020 17:02:50 4 3
bbc
They’d gone well before this
568
25/11/2020 19:11:15 0 1
bbc
It only ended final salary schemes for some.
25/11/2020 23:54:38 0 0
bbc
They were actually ended by Thatch when her Government deregulated pesnsion provision (removing the legal requirement for companies to provide a pension scheme) and many workers in the private sector took the decision not to invest in their future. Little sympathy for them.
74
25/11/2020 16:11:11 3 3
bbc
I hope I die before I get old = size of pension don't matter
107
25/11/2020 16:21:04 1 1
bbc
Good luck with that.
48
25/11/2020 16:03:56 12 3
bbc
Can't you see we are in this together, regardless of age, colour or creed? The state relies on division and discord to retain some control - please stop falling for the oldest trick in the book.
75
f
25/11/2020 16:11:16 2 2
bbc
Very well said Jinxy. This isn't about public sector vs private, women vs men, or young vs old. This is about a broken system that exploits the poorer to feed the richer through inflation and debt. We need to come together.
62
25/11/2020 16:07:40 13 4
bbc
My company pension switched from RPI to CPI about 10 years ago. I don't think there are many private sector pension schemes that still use RPI.
76
25/11/2020 16:11:21 8 1
bbc
It’s a bit of a lottery based on the exact wording in the Rules of each scheme but plenty of private sector schemes still use RPI. It overstated inflation though so it doesn’t see fundamentally unfair to update the index used, in line with State pensions and other company schemes.
77
25/11/2020 16:11:28 7 22
bbc
If COVID (and Brexit) need to be paid for it should be by the current older people, not those in ten years time. I'm not saying COVID is their fault in any way but the economic shutdown has been to benefit their health more than the under 50s, and it was largely the over-50s who wanted Brexit.
85
25/11/2020 16:14:30 20 4
bbc
They already paid for the school you attended, the hospital you attend, the infrastructure you enjoy. You pay forward in this life, your turn.
105
25/11/2020 16:20:35 3 1
bbc
Ill thought out . You could equally blame those on furlough, as they've benefitted
78
25/11/2020 16:11:33 92 17
bbc
The real problem is we are all living longer
Of course, we still want to retire at roughly the same age as our parents, so this will leave a gap that is only increasing

It is obvious we all need to contribute more into the pension pot. For some that is tough when already on low wages, or for those too intent on spending today and expect someone else to pay for their selfishness, when they need it
332
dan
25/11/2020 17:28:54 68 21
bbc
The real problem is the wealth all goes one way.
359
25/11/2020 17:35:35 1 1
bbc
Completely correct ...whole thing is a nettle that has needed to be grasped for last 40 years but politicians live in a short term world and no votes in advocating what was needed ....only those who individually recognise the action they need to take will avoid the unpleasant surprise that awaits when they realise the pension they will end up with ...do it like the Dutch , all in the one scheme.
503
25/11/2020 18:43:09 4 3
bbc
Life expectancy in the UK has platoed and is actually coming down. But annuities have not gone up.
527
25/11/2020 18:53:32 4 2
bbc
"Of course, we still want to retire at roughly the same age as our parents"

No we don't all want this.

I am quite happy to work .. BUT I'm not going to waste oodles of time applying for jobs when the employer has already got a 29 year old in mind.

Employers to blame, they like wasting peoples time.
536
25/11/2020 18:43:49 4 2
bbc
May as well spend it now as if you dont it will be used against you in one way or another
569
Des
25/11/2020 19:11:43 1 2
bbc
That's only true if you believe you are there to benefit the State. If you happen to believe the State is there to support you, then with a different approach to economics people would live better.. look to Scandinavia.. longer is irrelevant mean mindedness.
692
25/11/2020 19:50:05 7 1
bbc
...and sadly more people are leaving it later and later to start putting money into pensions than ever.

The best advice I received on starting work in 1975 was to pay as much in as I could afford via the Company scheme and preferably with Additional Voluntary contributions. It was hard and I missed out on a lot of 'fun' that some friends were having. But I have reaped the reward now I'm retired
937
25/11/2020 21:47:09 0 0
bbc
Yet this generation is often said to be the first that won't outlive their parents... so someone is lying ...
50
25/11/2020 16:04:34 9 9
bbc
This seems fair. Those cuts to DB benefits for the public sector have been in place since 2011. If its fair to level down public sector pay its fair to level down private sector pensions.
79
25/11/2020 16:11:54 7 3
bbc
My (large UK plc) private sector deferred DB pension switched to CPI about 10 years ago. I don't think there are many private sector pensions still using RPI. Not sure where the BBC is getting it's data from.
Also, almost all private sector pension schemes have switched to DC. I'd like the public sector to follow suit if we really are to level things up.
80
Pso
25/11/2020 16:12:06 3 20
bbc
Well at least those in their 20s and 30s can leave - to New Zealand maybe? Or Singapore.

A dying economy made to serve the wealthy old and fleece the young. Designed by the generation who were formed in the 60s - the most selfish and individualistic decade, topped only by the 80s where they got rich!

Comparing my parents with their parents I see a generation that abandoned 'duty'.
108
25/11/2020 16:21:25 3 2
bbc
Stop whining and get off your a**e and something about it.
115
25/11/2020 16:23:24 0 2
bbc
Trite, uneducated and ill researched response which in no way advances the discussion. Do you just copy and paste your views straight from the Grauniad without filtering them first?
81
25/11/2020 16:12:16 43 4
bbc
pete
16:09

"given we we likely see and have seen low levels it’s not likely to be an issue."

The last time interest rates were this low was 1961 - 15 years later inflation was 25%.

Are we at the bottom of the interest rate cycle?

I suspect so myself.
86
25/11/2020 16:14:52 39 44
bbc
"15 years later inflation was 25%"

I suppose there are some on here also want the return of a Labour gov with corresponding outcome ?
553
25/11/2020 19:03:14 7 1
bbc
Probably but the big elephant in the room now is the shear volume of credit (ie debt) there is. Saving has become an anathema for most because so much money goes on housing. This has got us into the ridiculous situation where a 0.5% rate rise is scaring everyone because it is unaffordable.
The incentives to save are non-existent so at some point the money for credit must run out.
52
25/11/2020 16:05:13 140 12
bbc
I do love how politicians are so adept at making changes that impact just beyond the time horizon of their time in office, along with target delivery deadlines.

I’m sure purely coincidental...
82
25/11/2020 16:13:09 22 2
bbc
The ONS can and will make the change unilaterally in 2030, which is the main driver of the timescale.
49
25/11/2020 16:04:20 12 3
bbc
RPI (up to a maximum of 5%) is written into the scheme rules of mine. Not sure how that is going to work if RPI ceases to be published.
83
25/11/2020 16:14:01 1 1
bbc
It will still be published, but will be calculated differently.
84
25/11/2020 16:14:14 48 18
bbc
Stupid idea, and very short sighted. Doesn't really encourage anyone to take out a pension. As usual the people get hit, changes are never made that benefits them
150
25/11/2020 16:34:05 64 9
bbc
It's nothing like as bad as this article is pointing out, but it wouldn't be newsworthy if they didn't sex it up. On the basis of the current difference between the two indices my reasonably generous company pension would be £3/month less under the new plan - hardly life-changing.
77
25/11/2020 16:11:28 7 22
bbc
If COVID (and Brexit) need to be paid for it should be by the current older people, not those in ten years time. I'm not saying COVID is their fault in any way but the economic shutdown has been to benefit their health more than the under 50s, and it was largely the over-50s who wanted Brexit.
85
25/11/2020 16:14:30 20 4
bbc
They already paid for the school you attended, the hospital you attend, the infrastructure you enjoy. You pay forward in this life, your turn.
118
Pso
25/11/2020 16:24:02 1 2
bbc
Some sort of joke? Given the run down state of all these services for huge portions of the population.
81
25/11/2020 16:12:16 43 4
bbc
pete
16:09

"given we we likely see and have seen low levels it’s not likely to be an issue."

The last time interest rates were this low was 1961 - 15 years later inflation was 25%.

Are we at the bottom of the interest rate cycle?

I suspect so myself.
86
25/11/2020 16:14:52 39 44
bbc
"15 years later inflation was 25%"

I suppose there are some on here also want the return of a Labour gov with corresponding outcome ?
199
25/11/2020 16:50:40 15 1
bbc
1970s inflation was primarily due to OPEC pushing up oil prices after the 1973 Arab-Israeli War (and then followed by a big dollop of Stagflation as the UK economy collapsed). I remember it well. What fun.
582
Des
25/11/2020 19:15:40 8 4
bbc
A humanity driven country not one driven by rampant capitalism which most fools identify with believing it's in their interest.? The concept of relative wealth quite beyond them. Yes, why not.
755
25/11/2020 20:16:20 3 1
bbc
How else do Govts get rid of debt, they will do what they did with WW11 dept, inflate it away.
782
25/11/2020 20:25:25 3 2
bbc
Thatcher caused the worst inflation of recent decades with her VAT hike and massive payout to her friends
26/11/2020 08:07:33 3 0
bbc
Well, back then we had a functioning health service, you could catch a train without taking out a mortgage, university education was free and people on an average wage could buy a house. I'd welcome the return of such a Labour government.

Sadly, if we do ever get a Labour government, we'll get a NuBlairite one that emulates this lot of chancers. It's not fashionable to serve the people nowadays.
87
25/11/2020 16:15:47 3 1
bbc
For higher rate taxpayers the benefits from the state via tax relief will still be sizeable and cost all taxpayers massively.
172
25/11/2020 16:41:04 1 2
bbc
The vast majority of higher rate tax payers do not have tax avoidance scheme so will have paid more in tax and NI whilst working. Tax relief is being eroded as are the maximum benefits (not that I will ever be worried by it!!). Tax relief is not a cost but a reduced level of contribution which the treasury budgeted for and has gained more with higher rate pension grabs. Its not all one way...
15
25/11/2020 15:56:25 11 30
bbc
Perhaps pensioners will want the government to further raid the overseas aid budget or maybe cut defence spending to subsidise their baby boomer lifestyles?
88
25/11/2020 16:15:50 4 1
bbc
The overseas aid budget - £ 80M last year to China . That's really well targeted . The idea of a set percentage of national income is grossly inefficient with a lot of it disappearing and not helping anyone. The aid budget should be targeted with diplomacy according to need and global crises and not be a national virtue signalling project. It should exclude the world's richest countries.
89
25/11/2020 16:16:03 4 4
bbc
Its official your on your own, totally expected...
90
25/11/2020 16:16:24 3 9
bbc
An attack on pensions was expected following Covid & Brexit
I don't think this will hurt pensioners too much and in any case, pensioners have ten years to plan for it.
As a pensioner myself, I think this is a fair cop. In fact, I think we could take the hit a little earlier than 2030.
91
25/11/2020 16:16:33 5 3
bbc
I read an article many years ago that said that paying into a pension fund was one the worsrt deal out there and other saving schemes that paid out in full was by far the better option. I work at the Royal Mail in 2012 out final salery pension was capped meaning that my pension will be now based on my 2012 pay I have another 15 years to go, so my pension will be 23 years out of date
158
25/11/2020 16:36:46 11 1
bbc
The article you read was wrong. Consider yourself lucky that you have any final salary pension. Most people don't.
179
25/11/2020 16:43:09 3 1
bbc
I assume you are refering to your final salary scheme being stopped and you have now been switched to a defined contribution pension - so you get two pensions on retirement. Your final salary one remains invested and will still pay out well once you retire.
92
25/11/2020 16:16:36 5 3
bbc
Should it ever swing in favour of people they will only change it again
67
25/11/2020 16:08:47 378 24
bbc
Anyone under 50 and not a civil servant will be wondering what a defined pension is.
93
25/11/2020 16:17:24 184 46
bbc
Yes, blame Gordon
182
25/11/2020 16:43:39 8 9
bbc
Yes I entirely agree. I've criticised this individual twice before on HYS and those are the only two of my posts that have even been removed!
277
25/11/2020 17:14:20 10 4
bbc
They were on the way out long before Gordon's tax changes. It was too big a fiscal risk to most Companies so they switched to the DC model much safer for them.
330
25/11/2020 17:28:15 7 3
bbc
Did Gordon only impact public sector pensions? The private sector had abolished defined pensions way earlier!
21
25/11/2020 15:58:43 70 15
bbc
In my experience most defined benefit pensioners don't have the faintest idea about the size of 'pension pot' they have been promised.

The whine about how those with savings should be taxed but don't comprehend that you need savings of at least half a million pounds to buy a remotely equivalent annuity.

Then they point out that they 'contributed' £50 a month ... which doesn't come close.
94
25/11/2020 16:17:54 27 8
bbc
If you are going to make up figures at least get somewhere near the correct figures, £50 a month is for a salary of just under £6000 a year in my scheme where the employer contributes much more than me with an annual pension of £3000.
A £ half million pension should give £20,000 a year pension
151
25/11/2020 16:34:46 12 1
bbc
"A £ half million pension should give £20,000 a year pension"

Sorry YOU are the one making that number up. If you retire at 68 it may give you about 12K. So if you add in the state pension maybe the total could be 20.

If you know any annuity company giving the return you quote (especially for the knock off at 60 brigade) please post a link .. .we would all very much like to know about it.
170
25/11/2020 16:40:36 10 1
bbc
Not all employers have the same level of generosity. And many self employed are paying just £50 a month (plus govt. tax relief) into a private pension. The sad fact is that as you rightly point out a pension pot of half a million is needed for a good pension, but the average pension pot in the UK is under £50,000 And from that you can look forward to a pension of around £2,000 a year.
372
25/11/2020 17:28:31 10 1
bbc
You need to look at latest annuity rates, £500K would buy you about 15K year at age 65 if linked to inflation. Public sector workers get a fantastic return of what they pay in per year. The rest is funded by the tax payer whose money purchase pension is third rate in comparison.
But we are all in it together apparently!
26/11/2020 09:18:05 0 0
bbc
At 20k a year will take you 25 years to get the value (500k) of your fund back. Retire at 66 and you need to live to 91. Just saying.
del
26/11/2020 12:15:01 0 0
bbc
One of the lucvky ones, my eployer just pays the minimum 3%, i am paying over 20% into my works pension. (I am 61)
57
25/11/2020 16:06:25 5 7
bbc
This was always on the cards.
Long gone are the golden days of old.
There is still a pension black hole.

Retirement age has increased so much in my own lifetime, that it will be in the 90’s by the time I get there and my pension will be worth nothing.

A clear advertisement to live while you can, instead of saving for it to be taken from you when you cannot.
95
25/11/2020 16:18:22 2 1
bbc
Or make adequate pension provisions when you are young
2
25/11/2020 15:50:33 941 15
bbc
Pension saving is a life long decision, yet politicians fiddle with the rules every year, perhaps we need to have their pensions set at the same level and subject to the same rules as everyone else?
96
25/11/2020 16:18:23 77 6
bbc
politicians don't need pensions, they have their fingers in enough public-private contracts to trivialize them
57
25/11/2020 16:06:25 5 7
bbc
This was always on the cards.
Long gone are the golden days of old.
There is still a pension black hole.

Retirement age has increased so much in my own lifetime, that it will be in the 90’s by the time I get there and my pension will be worth nothing.

A clear advertisement to live while you can, instead of saving for it to be taken from you when you cannot.
97
25/11/2020 16:18:41 2 3
bbc
Nope, it is a clear advertisement for you to plan your own financial future, as those who invested in *private* pensions schemes have done so. Hint - you nor anyone else is "paying" for them (that is the state pension scheme).

However, I guess you are from the selfish, self-entitled "live-for-today" and "blame-everyone-else" generation.
But hey, you are probably too busy playing your PS to think
98
25/11/2020 16:12:46 1 2
bbc
Can't have the bun and the penny
99
25/11/2020 16:19:36 2 2
bbc
Even if you are not impacted directly, this is another erosion of the pensions proposition. Those who do have RPI in play will feel this and (to some extent) their financial plans will be impacted. I think more than ten years notice is required for pensions changes.
67
25/11/2020 16:08:47 378 24
bbc
Anyone under 50 and not a civil servant will be wondering what a defined pension is.
100
25/11/2020 16:19:39 6 7
bbc
I'm over 50 and not a civil servant (and never have been) and I'm VERY lucky to have 2 Defined benefit pensions!!! I'll still have to rely on the State Pension as well though
270
25/11/2020 17:12:11 5 45
bbc
If you have ample private provision, you should be denied state benefits.