Dons_1988 Posted July 30 Share Posted July 30 Taxing people in the form of national insurance to pay into a state pension fund, then denying them the benefit of it at retirement because they earned too much money would be suicide. Won’t happen. Theres plenty of ways to f**k people over without being so brazen. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted July 30 Share Posted July 30 There’s no doubt that Labour are giving off the record briefings to their friends in the MSM as to what to expect in the Budget. Pretty standard practice for years. Paint a bleak picture then maybe when it comes along it’s slightly less bleak in reality. One thing is certain, after hammering the Tories for some time about the U.K. having its highest tax burden that burden is going to increase. The blatant dishonesty will hopefully help the SNP in the Scottish Parliament elections in a couple of years. 0 Quote Link to comment Share on other sites More sharing options...
Michael W Posted July 30 Share Posted July 30 3 hours ago, MONKMAN said: With people living longer and getting their state pension later, at what point will they look to increase the number of years contributions? It went from 30 to 35 in 2016. Not that it wouldn't go up again. 1 hour ago, DeeTillEhDeh said: Any government that did that would be out on their ear the next election. It'll be something for more subtle, stealth taxes being my bet. For now, yes. I doubt I'll be receiving one when I retire. By that tike there will be enough pensioners already receiving the pension who will be content enough with the ladder being pulled up and they'll probablyget away with it. Wouldn't be surprised to see them restruct relief on pension contributions. Capital Gains Tax being raised seems the obvious point although they'll be coy on that or everyone will sell before the increase to take advantage of the lower rate. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted July 30 Share Posted July 30 I do not see a situation where the state pension will be abolished. Firstly, it is such a significant move it would need to be a manifesto commitment and any party putting that in their manifesto would not get elected. Secondly, people could not be asked to contribute to NI over their working lives only to be told they’re not getting a pension. 0 Quote Link to comment Share on other sites More sharing options...
Bonksy+HisChristianParade Posted August 1 Share Posted August 1 (edited) On 30/07/2024 at 20:11, Dons_1988 said: Taxing people in the form of national insurance to pay into a state pension fund, then denying them the benefit of it at retirement because they earned too much money would be suicide. Won’t happen. Theres plenty of ways to f**k people over without being so brazen. Agreed it won’t happen, but it should. There are well over 3 million pensioners in the UK who are millionaires. Why are we paying each of them 12 grand a year when there are far more pressing issues facing the country? There’s your 20 billion black hole right there, and then some. Tiny violin required for the millionaires not getting their benefits any more please. Edited August 1 by Bonksy+HisChristianParade 0 Quote Link to comment Share on other sites More sharing options...
carpetmonster Posted August 1 Share Posted August 1 On 30/07/2024 at 16:02, Granny Danger said: I do not see a situation where the state pension will be abolished. Firstly, it is such a significant move it would need to be a manifesto commitment and any party putting that in their manifesto would not get elected. Secondly, people could not be asked to contribute to NI over their working lives only to be told they’re not getting a pension. To be fair, they wouldn’t have to worry about decrepit auld b*****ds storming the Commons, they’d be easily enough distracted and headed off by a pot of soup and some bingo. 0 Quote Link to comment Share on other sites More sharing options...
Dan Steele Posted August 1 Share Posted August 1 2 hours ago, Bonksy+HisChristianParade said: Why are we paying each of them 12 grand a year Because they paid the requisite amount to legitimately have this pension paid to them? 2 Quote Link to comment Share on other sites More sharing options...
Pocketman Posted August 1 Share Posted August 1 for all that is good and holy, can we please change the name of this thread. 10 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted August 1 Share Posted August 1 3 hours ago, Bonksy+HisChristianParade said: Agreed it won’t happen, but it should. There are well over 3 million pensioners in the UK who are millionaires. Why are we paying each of them 12 grand a year when there are far more pressing issues facing the country? There’s your 20 billion black hole right there, and then some. Tiny violin required for the millionaires not getting their benefits any more please. What’s your source for this? 2 Quote Link to comment Share on other sites More sharing options...
Leith Green Posted August 1 Share Posted August 1 9 minutes ago, Granny Danger said: What’s your source for this? It's broadly true, based on ONS stats from 2019. However, the figure doesn't mean these people have £1m in the bank. It also includes any pension pot and their home (which, in the SE of England could be worth a packet on its own). House price inflation could easily see lots of people who are asset rich and cash poor. 0 Quote Link to comment Share on other sites More sharing options...
Soapy FFC Posted August 1 Share Posted August 1 (edited) 13 minutes ago, Granny Danger said: What’s your source for this? Possibly this https://www.if.org.uk/research-posts/3-million-pensioner-millionaires-identifying-the-numbers/ The headline is "pensioner millionaires", the article is "living in millionaire households". A slight difference Edited August 1 by Soapy FFC 0 Quote Link to comment Share on other sites More sharing options...
tamthebam Posted August 1 Share Posted August 1 30 minutes ago, Dan Steele said: Because they paid the requisite amount to legitimately have this pension paid to them? I've paid my requisite amount to legitimately have a state pension paid to me at 65 as it stood. I now won't get a state pension until I'm 67 as they changed the rules and I'm by no means a millionaire. 5 Quote Link to comment Share on other sites More sharing options...
Bonksy+HisChristianParade Posted August 1 Share Posted August 1 46 minutes ago, Dan Steele said: Because they paid the requisite amount to legitimately have this pension paid to them? Oh no. People pay tax all the time for things they don’t get the benefit of. It’s called living in a fair society. Will I get access to the same level of state pension at the same age as people retiring today? If not, why not, given I’ve paid the requisite amount to legitimately have this pension paid to me? My generation’s life expectancy isn’t expected to be higher than my parents’. House worth a million quid that you can’t afford to service? Sell it. Giving 12k a year to millionaires isn’t my priority, frankly. Scrapping millionaires receiving £40 odd billion in benefits per annum could actually help redistribute some wealth in this country. But nah, let’s cut public services instead! -1 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted August 1 Share Posted August 1 42 minutes ago, tamthebam said: I've paid my requisite amount to legitimately have a state pension paid to me at 65 as it stood. I now won't get a state pension until I'm 67 as they changed the rules and I'm by no means a millionaire. Not exactly the same thing though. On a related point, any announcement from Labour on the WASPI payout? 0 Quote Link to comment Share on other sites More sharing options...
Jacksgranda Posted August 1 Share Posted August 1 On 30/07/2024 at 21:52, Michael W said: It went from 30 to 35 in 2016. Not that it wouldn't go up again. I had 41 years contributions. I don't think it got me anything extra. Can't understand why somebody starting work post university at say, 21 and retiring at 65 wouldn't have 40 + years contributions. 30 - 35 for a full pension seems generous to me. 0 Quote Link to comment Share on other sites More sharing options...
sophia Posted August 1 Share Posted August 1 1 hour ago, Bonksy+HisChristianParade said: Oh no. People pay tax all the time for things they don’t get the benefit of. It’s called living in a fair society. Will I get access to the same level of state pension at the same age as people retiring today? If not, why not, given I’ve paid the requisite amount to legitimately have this pension paid to me? My generation’s life expectancy isn’t expected to be higher than my parents’. House worth a million quid that you can’t afford to service? Sell it. Giving 12k a year to millionaires isn’t my priority, frankly. Scrapping millionaires receiving £40 odd billion in benefits per annum could actually help redistribute some wealth in this country. But nah, let’s cut public services instead! Paying into a pension isn't a tax so the rest of your piece is irrelevant 0 Quote Link to comment Share on other sites More sharing options...
Bonksy+HisChristianParade Posted August 1 Share Posted August 1 1 hour ago, sophia said: Paying into a pension isn't a tax so the rest of your piece is irrelevant National Insurance is a tax. It isn’t ’paying into a pension’. 1 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted August 1 Share Posted August 1 10 minutes ago, Bonksy+HisChristianParade said: National Insurance is a tax. It isn’t ’paying into a pension’. https://www.gov.uk/national-insurance You pay National Insurance contributions to qualify for certain benefits and the State Pension. -1 Quote Link to comment Share on other sites More sharing options...
Bonksy+HisChristianParade Posted August 1 Share Posted August 1 8 minutes ago, Granny Danger said: https://www.gov.uk/national-insurance You pay National Insurance contributions to qualify for certain benefits and the State Pension. Yeah, it’s still a tax and isn’t ’paying into a pension’. -1 Quote Link to comment Share on other sites More sharing options...
sophia Posted August 1 Share Posted August 1 6 minutes ago, Bonksy+HisChristianParade said: Yeah, it’s still a tax and isn’t ’paying into a pension’. Why is it not paying into a pension? 0 Quote Link to comment Share on other sites More sharing options...
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