Just found this on line.

4 Replies
Kerroux

1449917019

Message

PLEASE PASS THIS AROUND, UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT... THIS IS SURELY SOMETHING WE ALL NEED TO THINK ABOUT!!!! THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE PENSION IS THAT THEY FORGOT TO FIGURE IN ALL THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED OLD AGE PENSION. WHERE DID ALL THAT MONEY GO? Remember, not only did you and I contribute to our Pension, our employer did, too. It totalled 15% of your income before taxes. If you averaged only £15 000 over your working life, that's close to £220,500. Read that again. Did you see anywhere that the Government paid in one single penny? We are talking about the money you and your employer put in a Government bank to ensure that you and I would have a retirement pension from the money we put in, it was not money that the Government had any right to spend elsewhere. Now they've started to call the money we paid in an 'entitlement' when we reach the age to take it back. If you calculate the future invested value of £2500 per year (yours & your employer's contribution) at a simple 5% interest (that's less than what the govt. pays on the money that it borrows from overseas), after 49 years of working you'd have £892,919.98. If you took out only 3% per year, you'd receive £26,787.60 per year and it would last better than 30 years (that means until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! If you bought an annuity with the money and it paid 4% per year, you'd have a lifetime income of £1976.40 per month. THE CROOKS IN GOVERNMENT HAVE PULLED OFF A BIGGER ROBBERY THAN THE GREAT TRAIN ROBBERS EVER DID. Entitlement!!?? My foot !! IT'S MY MONEY!! I paid IN cash for my pension. Just because they borrowed the money to spend on other things, that doesn't make my pension some kind of charity or handout!! Remember MP's benefits? --- free healthcare, outrageous retirement packages, 67 days paid holidays, three weeks paid holidays, unlimited paid sick days. Now that really should be called welfare entitlements, yet they have the nerve to call my O A P retirement payments entitlements?We're "broke" and the government can't help our own OAPs, our ex-service personnel, our orphans or our homeless Yet in the past few years we have provided aid to Haiti, Chile, Turkey, India, Pakistan, etc., etc., etc. Literally, BILLIONS of Pounds !!! But they can't help our own citizens! Our retired seniors living on a 'fixed old age pension have to beg social services to receive additional aid, while our government and religious organizations pour hundreds of billions of £££ tons of food to foreign countries! They call the old age pension an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? It was supposed to be in a securely locked box, not to be used as part of the Government's general funds. Sad, isn't it, that some people won't have the guts to forward this. I'm in the category with guts enough to do it - - - and I just did. I hope some of you will do the same.

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Replies

bartyb 1449917908

This is based on the flawed premis that you pay for your own pension, The UK state pension has never been investment based, what you and your employers pay pays for todays pensions

airpo 1449918182

Bartyb, you beat me to saying that.


It does also mean that our children are screwed when life expectancy rises, therefore more pensioners and there are fewer people working to pay for their pensions.

orme2 1449937667

I don't understand what is wrong with the word 'entitlement' when describing pensions.  Surely an entitlement is something you are entitled to?  To be entitled to something means you have a right to it.  Don't you think people have a right to a pension?

Mickrest 1450048223

"They call the old age pension an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money"


There's a misconception here. The State Pension system in this country ( but not in all European countries) is "hand to mouth" and has always been so since Bevan introduced it. That is to say that workers contributions today are paying for the state pensions of today's pensioners. As the ratio of workers to retirees decreasess, it means that there's not enough money in the kitty to pay the increasing number of pensioners without amending the rules.


So, simply put, it means that the age at which people receive state pension will continue to rise as the ratio of workers to retirees decreases in future years thanks to improved longevity.


It's interesting that, when state pension was first introduced, pension age was 70. This means that, because of life expectancy at that time, very few people had the luxury of a state pension at all.


There is no automatic entitlement to a state pension - you have to have worked for the requisite number of years before you qualify.

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