Hedgecutter Posted February 5 Share Posted February 5 (edited) 15 minutes ago, Shadow Play said: Regardless of all this I remember reading an article that looked at how the UK Governemnet could pay off all debts. Effectively we can’t. The increase in taxes required over an extended period of 30-50 years would result in a very significant recession. I think we should all try this one with our bank / payday lender / mortgage provider / council. "I would settle up, but I'd need to make some significant cuts to my lifestyle to do that, so..." Edited February 5 by Hedgecutter 0 Quote Link to comment Share on other sites More sharing options...
Salt n Vinegar Posted February 5 Share Posted February 5 I'm due to get my state bung early next year. If I was told I couldn't get it until I was 71 I'd be EXTREMELY pissed off. I've got 2 kids around 30. They'll do their nut when they hear about this.... 0 Quote Link to comment Share on other sites More sharing options...
Inanimate Carbon Rod Posted February 5 Share Posted February 5 If this is the way the state pension is going to go id prefer to keep my money now and invest it elsewhere. 1 Quote Link to comment Share on other sites More sharing options...
Derry Alli Posted February 5 Share Posted February 5 This is why I have 33 mini retirements throughout the year. 0 Quote Link to comment Share on other sites More sharing options...
tamthebam Posted February 5 Share Posted February 5 A common football chant is "where's the money gone". I was 2 when North Sea Oil started trickling ashore as would my Norwegian counterpart Olaf the Bamm would have been As I pointed out in another thread Olaf the Bamm will benefit from Norway's trillion pound oil fund and can retire on a nice pension at an earliesh age. I might have to work until I'm fucking 70 for not much while the country is ruined by millionaire spivs. This is nothing new. They were talking about a pension gap when I was at school in the 1980s. Government actuaries will have worked this all out decades ago. It's just, as usual, successive short sighted Governments have done damn all about it until it's too late. Germany faced similar problems with an aging population. When Merkel's government took in Syrian refugees I thought it was a clever way to get younger workers in from a country that was fairly advanced and who would stay in Germany and help their economy (like the Turkish and Yugoslav gastarbeiters of previous generations). Unfortunately in the good old UK the people get prejudiced against the brown and Islamic by the right wing press and gits like Farage (who will have grifted a nice fat pension for himself over the decades) 12 Quote Link to comment Share on other sites More sharing options...
TxRover Posted February 6 Share Posted February 6 9 hours ago, Newbornbairn said: My retirement plan. Finish work at noon on the Friday. Draw every penny out the bank in the afternoon. Blow the lot on fine wine, hookers and ching in the evening I don’t expect to see Saturday morning. So a couple of baggies, a bottle of red from Aldi and some tart from Grangemouth? Sounds about as far as my fortune would go. 0 Quote Link to comment Share on other sites More sharing options...
101 Posted February 6 Share Posted February 6 13 hours ago, Cyclizine said: It's not just the state pension itself, but those of us in the many of the public sector schemes have pensions that are linked to the state pension age. Yes, you can withdraw before then, but you take a reduction. My plans were to retire once mortgage was paid off and then use savings to bridge the gap before I could claim my pension a few years early so the reduction wasn't too acute. Will now have to run the numbers again. No way can I work until my late 60s in the NHS. Exactly this. How can they expect prison officers to keep working until 71? When in effect they will have to as they can't access their pension penalty free before the pension age. It does seem odd that they can change it when you have already started working, it's not like they don't know the demographics of the UK, you could be half way to retirement now and have the carpet pulled from under you as they stick the age up in 5/10 years. 2 Quote Link to comment Share on other sites More sharing options...
Salt n Vinegar Posted February 6 Share Posted February 6 Given the stare of the public services and now this story about the state pension age, the Chancellor of the Exchequer's response appears to be tax cuts. I'll just leave that there. 0 Quote Link to comment Share on other sites More sharing options...
hk blues Posted February 6 Share Posted February 6 19 minutes ago, Salt n Vinegar said: Given the stare of the public services and now this story about the state pension age, the Chancellor of the Exchequer's response appears to be tax cuts. I'll just leave that there. Aye, somebody needs to take a long, hard look at that. 3 Quote Link to comment Share on other sites More sharing options...
btb Posted February 6 Author Share Posted February 6 Quote The proposals Under the current law, the State Pension age is due to increase to 68 between 2044 and 2046. Following a recent review, the government has announced plans to bring this timetable forward. The State Pension age would therefore increase to 68 between 2037 and 2039. That is the current government proposal which was due to be voted on last year but it's been put back to 2025, after the next GE probably because the Tories reckon the poison chalice will then be Labours, not quite as alarming as yesterday's headlines so no doubt when the proposed SP age is only 69 by 2050 it'll be announced as a triumph (shades of 1984 and the increase in choco rations - doubleplusgood). 0 Quote Link to comment Share on other sites More sharing options...
Hedgecutter Posted February 6 Share Posted February 6 10 hours ago, Inanimate Carbon Rod said: If this is the way the state pension is going to go id prefer to keep my money now and invest it elsewhere. Is, or will there be a limit to the amount of interest you can gain within a stocks & shares ISA before effectively paying capital gains tax? If you could frequently cash-in and withdraw tax-free amounts, then that could indeed be better than being hit with a tax bill on pension income. That said, it would be a fairly ballsey move to have your 'pension' invested solely in stocks & shares at retirement age. Suppose it's worth mentioning that this whole issue is for the state pension, and that one will (you'd hope) be able to take the private pension, and with the 25% tax free lump, considerably earlier. Even more reason to approach the private pension issue significantly more aggressively? 1 hour ago, 101 said: Exactly this. How can they expect prison officers to keep working until 71? . Brooks managed to run a prison library with nothing other than the aid of a crow. 0 Quote Link to comment Share on other sites More sharing options...
hk blues Posted February 6 Share Posted February 6 3 minutes ago, Hedgecutter said: Is, or will there be a limit to the amount of interest you can gain within a stocks & shares ISA before effectively paying capital gains tax? If you could frequently cash-in and withdraw tax-free amounts, then that could indeed be better than being hit with a tax bill on pension income. That said, it would be a fairly ballsey move to have your 'pension' invested solely in stocks & shares at retirement age. Suppose it's worth mentioning that this whole issue is for the state pension, and that one will (you'd hope) be able to take the private pension, and with the 25% tax free lump, considerably earlier. Even more reason to approach the private pension issue significantly more aggressively? Brooks managed to run a prison library with nothing other than the aid of a crow. Not a 71-year old crow, though. 0 Quote Link to comment Share on other sites More sharing options...
Salt n Vinegar Posted February 6 Share Posted February 6 7 minutes ago, Hedgecutter said: Is, or will there be a limit to the amount of interest you can gain within a stocks & shares ISA before effectively paying capital gains tax? If you could frequently cash-in and withdraw tax-free amounts, then that could indeed be better than being hit with a tax bill on pension income. That said, it would be a fairly ballsey move to have your 'pension' invested solely in stocks & shares at retirement age. Suppose it's worth mentioning that this whole issue is for the state pension, and that one will (you'd hope) be able to take the private pension, and with the 25% tax free lump, considerably earlier. Even more reason to approach the private pension issue significantly more aggressively? Brooks managed to run a prison library with nothing other than the aid of a crow. I have a shares ISA and reinvest dividends. As far as I know ISAs are free of all taxation. 2 Quote Link to comment Share on other sites More sharing options...
resk Posted February 6 Share Posted February 6 11 minutes ago, Hedgecutter said: Is, or will there be a limit to the amount of interest you can gain within a stocks & shares ISA before effectively paying capital gains tax? Suppose it's worth mentioning that this whole issue is for the state pension, and that one will (you'd hope) be able to take the private pension, and with the 25% tax free lump, considerably earlier. Once money is in an ISA all gains are tax-free. Pension access age for pension pots (private or workplace) is 55 but rises to 57 in 2028. It might creep up a bit over the decades, but I can't see it ever being the same as state pension age. 1 Quote Link to comment Share on other sites More sharing options...
Hedgecutter Posted February 6 Share Posted February 6 8 minutes ago, hk blues said: Not a 71-year old crow, though. Don't think you're taking crow-years into consideration here. For all you know it was old and required feeding. A rookie* mistake. *yes, intentional. 0 Quote Link to comment Share on other sites More sharing options...
Hedgecutter Posted February 6 Share Posted February 6 1 minute ago, resk said: Once money is in an ISA all gains are tax-free. Pension access age for pension pots (private or workplace) is 55 but rises to 57 in 2028. It might creep up a bit over the decades, but I can't see it ever being the same as state pension age. Any government basically doing away with the option of early retirement would have to be one aggressively avoiding re-election. That or the entirety of the govt retiring at the same time and no longer giving a f***. 0 Quote Link to comment Share on other sites More sharing options...
btb Posted February 6 Author Share Posted February 6 (edited) 11 minutes ago, resk said: Once money is in an ISA all gains are tax-free. Pension access age for pension pots (private or workplace) is 55 but rises to 57 in 2028. It might creep up a bit over the decades, but I can't see it ever being the same as state pension age. That is just tracking the rise of the State Pension age to 67 by 2028, maintaining the 10 year gap - I'd imagine they'll continue to rise in tandem. Edited February 6 by btb 0 Quote Link to comment Share on other sites More sharing options...
vikingTON Posted February 6 Share Posted February 6 45 minutes ago, btb said: That is the current government proposal which was due to be voted on last year but it's been put back to 2025, after the next GE probably because the Tories reckon the poison chalice will then be Labours, not quite as alarming as yesterday's headlines so no doubt when the proposed SP age is only 69 by 2050 it'll be announced as a triumph (shades of 1984 and the increase in choco rations - doubleplusgood). The 'headlines' yesterday were produced by a single think-tank institute's recommendation, which is not part of the government. The number of people who seem to think it was an announcement of policy is mind-boggling. Similarly mind-boggling is the widespread cognitive dissonance by which people interviewed insists that they and their job could never make it to a later retirement age - but are fine with having a multi-tier system that punt jobs they don't do into a higher retirement age instead. Never underestimate the stupidity and selfishness of the Great British Public. 0 Quote Link to comment Share on other sites More sharing options...
hk blues Posted February 6 Share Posted February 6 17 minutes ago, Hedgecutter said: Don't think you're taking crow-years into consideration here. For all you know it was old and required feeding. A rookie* mistake. *yes, intentional. Fair point - I'll have to swallow my pride there. 0 Quote Link to comment Share on other sites More sharing options...
btb Posted February 6 Author Share Posted February 6 4 minutes ago, virginton said: The 'headlines' yesterday were produced by a single think-tank institute's recommendation, which is not part of the government. The number of people who seem to think it was an announcement of policy is mind-boggling. Similarly mind-boggling is the widespread cognitive dissonance by which people interviewed insists that they and their job could never make it to a later retirement age - but are fine with having a multi-tier system that punt jobs they don't do into a higher retirement age instead. Never underestimate the stupidity and selfishness of the Great British Public. The vote on bringing forward the rise in SP age to 68 by 7 years is already scheduled. 0 Quote Link to comment Share on other sites More sharing options...
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