[shina]

Its been on the news about the new state pension. They say that the self employed will be better off as we dont get a so called secondary pension and they are now going to make it up to allow for it.
I dont know anything about a so called secondary pension, and are we really going to be better off.

There must be some on here that are good with the whole pension stuff, I for one am not

[dave0123]

Duno but wouldn't bank on it

[landy2]

the govermet never do any god for the joe blogs always looks good but like they say always look at the small print , example   50 p tax for the rich well if the bankers pay up on there bonus they will be hit high tax ,  but wiyh the small print  wait another couple of months to get bonus pay very little tax 

[Ian Lancaster]

You WILL be better off.  Currently self employed people can only receive the basic State Pension (£107.45 per week).

When the new rules kick in, you will receive £155 per week regardless of whether you are male or female, employed or self employed.

And how long do you think you're going to survive on that? Even allowing for the annual adjustment for inflation, you will still only receive the equivalent of that sum.  Plus you won't be eligible to claim it until you are (in the case of a late teens -early twenties) at least 70 years old.

Do you think you will be able to save enough in your working life to pay you a decent living wage?  You will need in the region of £1/2million plus to give you anything like enough to match your living standard while you were working.

Even with my private pension (which I paid in for over 25 years) my total income from State and Private is just £161.45 per week.

[Granny]

There's still some unexplained factors.
At the moment you need 30 years N.I. contributions to qualify for the full state pension after 2017 I believe you will need 35 years!
You need 1 years contributions minimum to get a state pension (reduced and means tested) after 2017 you will need 10 years minimum contributions.
I have not been able to find out if after 2017 the new flat rate applies to those without enough contributions such as stay at home mums regardless of how many years contributions they have or if they will need the 35 years.
Some are going to be big losers and some winners.
We are being ripped big time - they want us to die working and not pay any pension.
When my wife left Uni she expected to retire at 60 that was bumped up to 65 for equality with men and now it is 68 and expected to rise by another year or two.
8 years in one generation is a lot to lose - o.k. we are living longer but not that much longer !!!!

[Tom White]

I also think the disparity between public and private sector pensions is unfair.  Look at Ian Lancaster's figures.  Private pension schemes are a rip off, yet many public sector pensions are non-contributory (though they say that they take this into account when setting wage levels).

And yes, I will be getting a public sector pension and lump sum at age 60; good for me, but I still don't think it's fair.

[advanced]

Who cares il be cleaning windows till my last breath.

[Tom White]

Who cares il be cleaning windows till my last breath.

Maybe, maybe not.  Maybe you'll get arthritis and be unable to work?  Or possibly lots of other possible stuff.

[dave0123]

Who cares il be cleaning windows till my last breath.

Maybe, maybe not.  Maybe you'll get arthritis and be unable to work?  Or possibly lots of other possible stuff.

Exactly .. who says you will be cleaning windows above 65? my dad is 66 and he needs a new hip has heart problems and few other stuff.. he has done mechanics and 32 years working in a factory, he couldn't possibly work now even if he wanted to be dead by the end of the year... 10 years ago i wouldn't of said that... you get OLD! and you feel it.

[Granny]

Quote - Who cares il be cleaning windows till my last breath.
Exactly, it's ok working into "old age" but it depends on the job you do.
Window cleaning is physically hard work but not too bad if you're healthy enough.
But how about roofing or road digging or climbing telegraph poles or laying blocks all day or spreading concrete or any number of similar jobs when you're in your 80's and not too well?
The ones making these decisions sit at computer screens, attend meetings and drink coffee and munch biscuits all day, on good salaries with expenses and for them that is WORKING so they can't see any reason why doing hard physical work shouldn't also go working into our 80's and maybe 90's.

[Mike #1]

Who cares il be cleaning windows till my last breath.

I will be doing the same stopped paying into pension last year gave up paying £300 a month after last statement saying a would get about £7,500 pension  after paying in for  35 yrs .

I will get more aches and pains but i am sure i can manage 8-16 hrs work a week  and make far more than a pension would pay . Mike

[shina]

So are we all saying then that a private pension is a waste of time. I always think that times are bad now but if you ride the storm, then on the other side i.e in my case 25years time it would have been worth it.
I do worry about getting old. I didnt 10 years ago but now i do, if I dont save in a pension then I think I may be gutted when I come to retire.
Also I have always thought that I would just do windows part time in my old age but we never know how well we will be. My knee is already playing me up

[Ian Lancaster]

So are we all saying then that a private pension is a waste of time. I always think that times are bad now but if you ride the storm, then on the other side i.e in my case 25years time it would have been worth it.
I do worry about getting old. I didnt 10 years ago but now i do, if I dont save in a pension then I think I may be gutted when I come to retire.
Also I have always thought that I would just do windows part time in my old age but we never know how well we will be. My knee is already playing me up

If you wanted to retire on about £500 per week in 25 years time, you would need to start now and save £385 a week, 52 weeks a year to build up enough of a pot to pay that.

[Mike #1]

The money i now dont pay into a pension has allowed us to buy or new home and have a much better and happier life which is worth far more to me and my wife .

Than paying into and pension and hoping i can afford to retire after paying thousands of ££££££ over 30 yrs .

[shina]

So are we all saying then that a private pension is a waste of time. I always think that times are bad now but if you ride the storm, then on the other side i.e in my case 25years time it would have been worth it.
I do worry about getting old. I didnt 10 years ago but now i do, if I dont save in a pension then I think I may be gutted when I come to retire.
Also I have always thought that I would just do windows part time in my old age but we never know how well we will be. My knee is already playing me up

If you wanted to retire on about £500 per week in 25 years time, you would need to start now and save £385 a week, 52 weeks a year to build up enough of a pot to pay that.

Really, Stuff that.

[shina]

The money i now dont pay into a pension has allowed us to buy or new home and have a much better and happier life which is worth far more to me and my wife .

Than paying into and pension and hoping i can afford to retire after paying thousands of ££££££ over 30 yrs .

So have you reduced your pension or stopped.

[landy2]

why worry by the time i retire  you have to take in

1  will there be any money in the pot
2  how many changes to policies with diffrent goverments in
3 have they raised retirement age

so if you are retiring in the next two years i would nt worry

[wightsurf]

Build a few good rounds up and sale  @x10

[robert mitchell]

I have had a company pension in the private sector and in a public sector job .
The private one was less expensive to pay in and worth much more .
The so called disparity in private /public pension is exaggerated and depends on the job .

Mp's do very well with pensions , teachers fire brigade etc dont .

[Ian Lancaster]

I have had a company pension in the private sector and in a public sector job .
The private one was less expensive to pay in and worth much more .
The so called disparity in private /public pension is exaggerated and depends on the job .

Mp's do very well with pensions , teachers fire brigade etc dont .

But as it was a 'company' pension, presumably your employer was required to make a contribution similar to yours?