Author Topic: Baby Boomers Pensions.  (Read 969 times)

brian54

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Baby Boomers Pensions.
« on: Aug 11, 2017, 09:07:18 PM »

http://www.msn.com/en-gb/money/personalfinance/private-pension-income-gap-widens-figures-show/ar-AApHMjg?ocid=spartandhp


I just thought you would be interested in this as a lot of you on this site would be from the Baby Boom. I am an early baby boomer and consider myself as being part of a lucky era.
I was however born in 1948 but I noticed a few weeks ago July 1954 was the best time to be born.

minniemouse

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Re: Baby Boomers Pensions.
« Reply #1 on: Aug 12, 2017, 11:07:33 AM »
July 1954 not the best time for women, state pension at 65 for them now whereas 1948 and thereabouts it was 60.
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brian54

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Re: Baby Boomers Pensions.
« Reply #2 on: Aug 12, 2017, 11:29:15 AM »


July 1954 not the best time for women, state pension at 65 for them now whereas 1948 and thereabouts it was 60.


I think it would have been ok for my late wife.
She contributed to a final salary pension which was a lot more than the state pension.
She was born in 1947 and I got half of her pension as she died in service.
There was still rationing in 1947 but this finished in 1954 and most of the other problems of the war were over.

StephenM123

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Re: Baby Boomers Pensions.
« Reply #3 on: Aug 12, 2017, 06:01:21 PM »
 The problem is that this report is based on averages with massive variations behind it. A lot of my peers are retiring now. The best off are those who worked in the public sector all their lives. One went straight from school and retired in his early fifties with the bonus of a large (3 x annual salary) and his salary enhanced to the equivalent of forty years’ service. The other did nearly forty years (after university) but was again given three years’ salary and the full pension. At the other end of the scale one person was never in a pension scheme, never brought a house, smoked and drank, and now gets quite a decent pension with all the add-ons including rent and rate rebates. Others fall in-between the two extremes but sometimes wonder why we bothered. Having paid into various schemes – the majority money purchase – we now find we are far worse off than the first two and little better off than the last person mentioned. In reality for doing the right thing we have gained little compared to what we did without in our working lives. There is no easy answer but if hunting was brought back I would replace foxes with IFAs!

brian54

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Re: Baby Boomers Pensions.
« Reply #4 on: Aug 12, 2017, 09:04:17 PM »

The problem is that this report is based on averages with massive variations behind it. A lot of my peers are retiring now. The best off are those who worked in the public sector all their lives. One went straight from school and retired in his early fifties with the bonus of a large (3 x annual salary) and his salary enhanced to the equivalent of forty years’ service. The other did nearly forty years (after university) but was again given three years’ salary and the full pension. At the other end of the scale one person was never in a pension scheme, never brought a house, smoked and drank, and now gets quite a decent pension with all the add-ons including rent and rate rebates. Others fall in-between the two extremes but sometimes wonder why we bothered. Having paid into various schemes – the majority money purchase – we now find we are far worse off than the first two and little better off than the last person mentioned. In reality for doing the right thing we have gained little compared to what we did without in our working lives. There is no easy answer but if hunting was brought back I would replace foxes with IFAs!
As far as I am concerned everybody should buy a house or rent in  the private sector and pension credit should be abolished.
Everybody should only get the pension they have paid for so if you only paid in enough to get £5 per week that is all you should get.
Pension credit and all other rebates should be abolished,


StephenM123

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Re: Baby Boomers Pensions.
« Reply #5 on: Aug 12, 2017, 10:17:42 PM »

As far as I am concerned everybody should buy a house or rent in  the private sector and pension credit should be abolished.
Everybody should only get the pension they have paid for so if you only paid in enough to get £5 per week that is all you should get.
Pension credit and all other rebates should be abolished,


Sometimes I wonder if you are a sociology student researching pensioner attitudes by throwing things into the pool that is the forum and watching the ripples!


Many people like those that serve you coffee, ring up your groceries in the supermarket, empty your bins, etc. are on minimum wage. Their take-home for a 40 hour week would barely cover the private sector rent for a one bedroomed flat in many areas. So how are they meant to save for a decent pension? You have been lucky so don't despise those less fortunate. How would you like it if they suggested that the part of your gold-plated  pension subsidised by the taxpayer be stopped!




zoony

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Re: Baby Boomers Pensions.
« Reply #6 on: Aug 12, 2017, 10:37:46 PM »
I'm afraid you're beating your head against an impervious dead horse there Stephen..
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StephenM123

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Re: Baby Boomers Pensions.
« Reply #7 on: Aug 12, 2017, 10:40:37 PM »

I'm afraid you're beating your head against an impervious dead horse there Stephen..


Time for a large glass of red me thinks! And a few treats for MyCat and friends...

zoony

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Re: Baby Boomers Pensions.
« Reply #8 on: Aug 12, 2017, 11:08:35 PM »
Enjoy..All of you..
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Dying isn't the worst thing that can happen. Being kept alive is.
A Freudian slip: When you say one thing but mean your mother.

brian54

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Re: Baby Boomers Pensions.
« Reply #9 on: Aug 13, 2017, 02:48:16 AM »


Sometimes I wonder if you are a sociology student researching pensioner attitudes by throwing things into the pool that is the forum and watching the ripples!


Many people like those that serve you coffee, ring up your groceries in the supermarket, empty your bins, etc. are on minimum wage. Their take-home for a 40 hour week would barely cover the private sector rent for a one bedroomed flat in many areas. So how are they meant to save for a decent pension? You have been lucky so don't despise those less fortunate. How would you like it if they suggested that the part of your gold-plated  pension subsidised by the taxpayer be stopped!


I worked in the private sector. My pension is not subsidised by the taxpayer.

Bee

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Re: Baby Boomers Pensions.
« Reply #10 on: Aug 13, 2017, 08:09:39 AM »

Sometimes I wonder if you are a sociology student researching pensioner attitudes by throwing things into the pool that is the forum and watching the ripples!


Many people like those that serve you coffee, ring up your groceries in the supermarket, empty your bins, etc. are on minimum wage. Their take-home for a 40 hour week would barely cover the private sector rent for a one bedroomed flat in many areas. So how are they meant to save for a decent pension? You have been lucky so don't despise those less fortunate. How would you like it if they suggested that the part of your gold-plated  pension subsidised by the taxpayer be stopped!


Brian comes across as having no understanding of people worse off than himself or any compassion for those people that due to various circumstances have to rely on the state and unfortunately there are millions out there that have no choice but to rely on the state, I would never condemn them for it as Brian seems to do because I do not know the circumstances which led them there.

brian54

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Re: Baby Boomers Pensions.
« Reply #11 on: Aug 13, 2017, 08:20:08 AM »


Brian comes across as having no understanding of people worse off than himself or any compassion for those people that due to various circumstances have to rely on the state and unfortunately there are millions out there that have no choice but to rely on the state, I would never condemn them for it as Brian seems to do because I do not know the circumstances which led them there.


The state has no money. The money is paid from my tax and I pay more tax than what I get in state pension which I have paid for during my working life when income and council tax is combined.


Bee

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Re: Baby Boomers Pensions.
« Reply #12 on: Aug 13, 2017, 08:40:43 AM »
Thanks for confirming my point........no understanding......no compassion

sparky

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Re: Baby Boomers Pensions.
« Reply #13 on: Aug 13, 2017, 08:51:33 AM »

Brian, To amass the massive fortune you seem to have managed together with your lucrative, private pension by working in the private sector.  Judging by your posts, whatever job it was, you were being paid way above you abilities, so somebody was losing out, clients, customers, or whoever.

brian54

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Re: Baby Boomers Pensions.
« Reply #14 on: Aug 13, 2017, 10:31:12 AM »


Brian, To amass the massive fortune you seem to have managed together with your lucrative, private pension by working in the private sector.  Judging by your posts, whatever job it was, you were being paid way above you abilities, so somebody was losing out, clients, customers, or whoever.


In a market demand and supply governs salary and pensions etc.
I was in demand till 58 when I was made redundant and pensioned off.
Yes along with a few of the people I worked with I had a dispute with the company over the fact I wanted to be paid my London weighting on my pension when I did not retire in London.
The facts were I paid in to my pension at the London rate so I wanted to be paid out at the London rate.
I also wanted the half of my late wife's pension which I was entitled to.
The pension's department replied my wife had been dead for 12 years and I should have got married again so I would not need it.
In the end my wife's employers paid up.