Department of Work and Pensions

[steamdaveParticipant @steamdave]

Although the expected life expectancy is rising at the moment, I wonder if it will continue to do so.

Think of the poor diet for most people (processed foods, places like YukDonalds) and lack of exercise amongst the majority in the Western world, and the headlong rush of people in Asia to copy us. That leaves the major parts of Africa which seem to be a lost cause anyway.

Maybe nature will take care of the aged population and with it the Pension crisis. That's if we don''t all get blown up in a nuclear war.

Dave
The Emerald Isle

[Mike PooleParticipant @mikepoole82104]

In 1971 the pension was £6 so the increase was just over 4%, today that would take the basic £125.95 pension to £131.11. Better than a poke in the eye with a burnt stick and it would buy you a pint if you don't live in London.

Mike

[Gordon WParticipant @gordonw]

I still remember asking why we had pension deductions of my wages (£3 /week) Was told " by the time you retire you could be getting £20 a week " Heady times indeed.

[SillyOldDufferModerator @sillyoldduffer]

Posted by Bazyle on 21/04/2018 08:56:02:

Those of us not yet retired are unlikely to receive even this paltry sum. With the increase in people reaching 80 and the massive increases in population there just won't be any money to the extent that those who are saving for a private pension probably won't be getting a state one or will be taxed to remove most of it.

Edited By Bazyle on 21/04/2018 08:56:35

Never mind the possibility you won't get paid a state pension if you have a private pension. Quite a few private pensions already apply the delightfully named 'clawback' and many more are likely to join in. Clawback is when your private pension reduces payments when you reach state pension age so you don't get any extra money. People relying on the state pension to top up their finances are getting hurt. It appears to be completely legal.

Pensions are a mess. I have no idea what to recommend to my kids.

Dave

[Philip RoweParticipant @philiprowe13116]

Posted by SillyOldDuffer on 21/04/2018 11:12:51:

Posted by Bazyle on 21/04/2018 08:56:02:

Pensions are a mess. I have no idea what to recommend to my kids.

Dave

Money stuffed under the mattress?

Phil

[Mike PooleParticipant @mikepoole82104]

My recommendation to my boys is to put as much as you can from as early as possible into their pensions. When you are young it doesn't seem like a priority when you are trying to manage a mortgage and student loan repayments but every pound is going to work harder for longer if you get it in early.

Mike

[Rik ShawParticipant @rikshaw]

“put as much as you can from as early as possible into their pensions”

With savers interest rates as low as they are I think that investing in candy floss might be a realistic option

[Speedy Builder5Participant @speedybuilder5]

What would be a better bet, investing in a pension, or investing in gold and keeping it in a lock box at the bank? Would gold always keep its value? Has it been a good investment over the last 50 odd years ?

BobH – Ps, I don't have hoards of gold.

[Martin DowingParticipant @martindowing58466]

Posted by SillyOldDuffer on 21/04/2018 11:12:51:

Posted by Bazyle on 21/04/2018 08:56:02:

…Pensions are a mess. I have no idea what to recommend to my kids.

Dave

25 years ago I have realized that money transferred to finnancial institution as "savings" are in fact money stuffed into dog ass.

So no bank savings, no life insurance, no private pension etc.

Paid attention to investment in business, land, property, private investments in shares etc. Hopefully it will keep its value.

My son have made a little fortune out of crypto. He is a skilled shorter.

Martin

PS. Should get partial state pension due to "lenght of service" but if state have elected to default and cheat me I don't care. Come in – nice, if not – can do without.

Edited By Martin Dowing on 23/04/2018 09:12:32

[Ady1Participant @ady1]

Get as much state stuff as you are possibly entitled to, it's the only thing close to a guaranteed income you will ever get from a third party

I know a couple of private pension folk where it simply goes belly up and the government guys take over and you get about 25% of the original amount, if you're lucky

The old ombudsman was great but the new one gives you the run around

The government discontinued state pension top up stuff about 10 years ago because it was turning into the only thing that was any good and safe for pensions

You can check your current state entitlement under the current system via your passport info, give the page a while to collect the data together, mine took 10 minutes to reload

GL

Edited By Ady1 on 23/04/2018 10:09:13

[Russell EberhardtParticipant @russelleberhardt48058]

Posted by Speedy Builder5 on 23/04/2018 06:55:41:

What would be a better bet, investing in a pension, or investing in gold and keeping it in a lock box at the bank? Would gold always keep its value? Has it been a good investment over the last 50 odd years ?

BobH – Ps, I don't have hoards of gold.

Perhaps invest in helium. There is a very limited supply and wide use added to which it is bound to go up

Russell

[Brian WoodParticipant @brianwood45127]

I think Russell has introduced just the right degree of levity into this thread to sum it all up.

It was after all introduced as an amusing example of the nonsense of the present policy of Government pension provision and having run it's course now in my view, I suggest we let die a peaceful death before it has to be stamped on.

I am though little wiser as to how to enjoy the 'extra' money, it is really too trivial to be of any value! Thank you to all those who read and participated in it, I hope you enjoyed a smile, that was what was intended.

Regards

Brian

[Author]

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