Review of the state pension age.

The reality is though if someone earns £500 a week, that would mean around £40 a week into an auto enrolment scheme - very rarely do people go above this. There is no way that in an investment (unless you get extremely lucky!), that you can turn £40 a week into the same standard of living that you had when drawing what you would off £500 per week.

I tell you where this needs to start - in schools and educating youngsters about these things as opposed to some crap that's on the syllabus at present!

 

Self employed are a significant part of the UK workforce, no? And are eligible for state pension, no?

 

When the state pension was originally introduced, 1909, the retirement age was 70. Life expectancy then was around 50 years.

Today life expectancy is well over 85 years and the state pension commences at 66, rising to 67 next year.

For all the governments backing the triple lock the cost will continue to escalate on a relatively smaller working population.


For those espousing personal pensions, compound interest is an amazing thing but the amounts need to be substantial to put in for 40 years and provide an income for 20.

 

There not on a auto enrolment though. By auto enrolment I took that as a work placed pension.ive been both self employed and employed employed I contributed to a work placed pension. Self employed I had to pay into a private pension.

 

They do save billions by paying comparatively lower wages. I left the private sector to work in the Civil Service. I took a pay cut, but gained better working terms and conditions. I was happy to make that sacrifice on my wages, although the pension scheme I was in was a good one. However, those terms and conditions were eroded by successive Govts, At the time of me retiring I was on about on 20 pence an hour above NMW. For 18 years Service and often being responsible for decision making for folk receiving vital benefits. Got fed up of the Private sector/ Public Sector spiel every time there was a dispute.

 

"If that's the case, auto enrolment isn't working and being opted out of, or it doesn't extend it's scope wide enough."

 

The real issue is housing. As home ownership decreases renters reaching pension age are going to struggle, and the state will struggle to pay for everyone's housing costs. Reduce people's housing costs, let them save more, and have fewer expenses in retirement. Build more houses.

 

How can someone be auto enrolled when their self employed. Clues in the name. I went self employed as I could earn more money than when I was employed it's my responsibility if I pay into a pension now. I still pay my stamp which I have since my 1st job.

 

I refer you to my previous response.

 

Latest ONS data for UK life expectancy
1.Main findings

• The Slope Index of Inequality shows the gap in life expectancy at birth for males widened overall during the past 30 years from 5.6 years to 6.7 years; however, since 1997 to 2001, when it stood at 7.5 years, the gap has narrowed
  
  
• The Slope Index of Inequality in life expectancy at birth for females widened from 3.8 years to 5.3 years and it was widest in 2007 to 2011
  
  
• The improvement in male life expectancy at birth between 1982 to 1986 and 2007 to 2011 ranged from 7.1 years for the Intermediate class to 5.8 years for the Routine class; the Higher Managerial and Professional class gained 6.8 years
  
  
• The improvement in female life expectancy at birth was smaller than that for males, ranging from 4.8 years for the Lower Managerial and Professional class to 3.3 years in the Lower Supervisory and Technical class
  
  
• Despite significant growth in male and female life expectancy at birth across all classes during the past 30 years, the life expectancies of the Routine class in 2007 to 2011 were only similar to that enjoyed by the Higher Managerial and Professional class in 1982 to 1986
  
  
• The widest gender difference in life expectancy at birth in 2007 to 2011 occurred in the Routine class, where females could expect to live 4.2 years longer than males and smallest in the Higher Managerial and Professional class (2.7 years)
  
  
• Men classified to the Higher Managerial and Professional class could expect to live a further 20.3 years from age 65, 5 years longer than in 1982 to 1986; women in the same class could expect to live a further 22.5 years, 2.8 years longer than in 1982 to 1986
  
  
• Men classified to the Routine class could expect to live a further 16.4 years from age 65, 3.5 years longer than in 1982 to 1986; women could expect to live a further 19.4 years, 2.6 years longer than in 1982 to 1986
  
  
• The largest gains at age 65 over the 30 year period were to the Higher Managerial and Professional class for men and to the Intermediate class for women
  

 

Here's another statistic, for every 4 years you dont pay into a pension, you'd need to pay in double the amount for the remainder of it to get the same benefits back at retirement. So if someone started at £50 a month at 18, someone at 22 would have

I take your point, but the harsh reality is that the public sector pensions are costing the tax payer money and the model is unsustainable and for me needs altering and phasing in on new terms going forwards. The big difference with a private sector employee is that the wage they are paid is from a company's money and not the tax payers

 

LET them save more, or MAKE them save more?

If you are reducing social housing costs, then the saving needs to be forced into long-term investment; not optional.

Most of my friends and family who are in social housing would use any saving currently on beers and fags - sounds an old fashioned judgement - but it is true. As a poster says above - education for most people should start at school. Then people like my niece wouldn't be ringing me - after starting her first ever job, at 24 (before deciding benefits paid better) - to say "Uncle Andrew, I'm only 24, they want to talk to me about pension options. Ain't that sumfink for old folk?"

 

A work place pension is different to the state pension. As you as in your 1st post about people opting out I imagine many will as the cost of living has shot up and they need the money for here and now.

 

.

 

That's what "out of scope" means.

 

Quite.

 

It's not though is it many working people have no choice but to do that.

And like I explained the state pension and work place are 2 different things.

 

You're doing your obtuse thing again. I've stated multiple times what out of scope means. Obviously, scope can be changed to enact different patterns and behaviours, no?

There's also the point that those who own limited companies and employ someone else are within the scope of auto enrolment. Though unless it's changed in the last 5 years or so, you had a period to opt out. If you're sole director and employee, you were out of scope.

 

Well, all these immigrants have to be paid for somehow.

 

Where I was employed no one opted out of the wpp. Aswell as paying thousands each year in N.I contributions.