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An Abundance of stealth taxes have cost pension funds over 100 billion pounds leaving them vulnerable when the stockmarket crashed. Pensions are in crisis, firms are scrambling to close final salary schemes.

 

Millions of people who looked forward to a comfortable old age now face stark futures.

 

Never fear, New Labour to the rescue. Trumpeting its politically correct credentials they promise to outlaw ageism. If anyone wants to work until 70, thats fine! Is it though?

 

While politicians have awarded themselves platinum plated protected pensions, endless amounts of people who have worked hard for the whole of their lives in the expectation of half decent retirement pensions at 65 are now left in a limbo of unsureness.

 

In my opinion this is a betrayal of the honest people of this country, having wrecked pensions, New Labour is preparing you for one of the only policies it has left. Work till you drop!

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You damn right, and if anyone wants to work until there 70 then they are sad.

The retirement age should be lowered so our young people can have jobs.

How many people work until 65 and drop dead at 66, thats got nothing to do with boredom its a fact of life we work all our life to live then 'Boom' ya numbers up.

We should all retire at 60 so then at least we can all get some benefit from our twilight years before its to late.

When was the last time anybody on there death bed said i wish i'd spent more time in the office.

Many people want to work till they drop, the cemeterys are full of them.

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Originally posted by Lickszz

An Abundance of stealth taxes have cost pension funds over 100 billion pounds leaving them vulnerable when the stockmarket crashed. Pensions are in crisis, firms are scrambling to close final salary schemes.

 

Millions of people who looked forward to a comfortable old age now face stark futures.

 

Never fear, New Labour to the rescue. Trumpeting its politically correct credentials they promise to outlaw ageism. If anyone wants to work until 70, thats fine! Is it though?

 

While politicians have awarded themselves platinum plated protected pensions, endless amounts of people who have worked hard for the whole of their lives in the expectation of half decent retirement pensions at 65 are now left in a limbo of unsureness.

 

In my opinion this is a betrayal of the honest people of this country, having wrecked pensions, New Labour is preparing you for one of the only policies it has left. Work till you drop!

 

It's the tories fault!

Well, I suppose I could try and start a party political argument by pointing out that the Conservative government effectively permitted the mis-selling of millions of pension schemes to people in the late 80s.

 

Pensions are all doomed now!

The economics of the day lead to a situation where the tories realised that they wanted to give virtually all responsibility for pensions to the private sector. The government basically realised that it would never be able to pay annuities to the growing number of people who lived long, long, beyond retirement age

 

Thanks to the tories

The tories immediately turned to the financial services and then suddenly everyone could sell a brand name pension to you with 3 days training, a cheap suit and a clipboard.

 

"yes sir, opt out of serps sir, much more money, that's right sir, sign here sir" [collects handsome commission that is paid with every pension contribution made by the 'customer']

 

But Labour are justa buncha clowns...

So I'm not going to bother with the party political thing because its a bit like arguing about your least favourite kind of dog turd.

 

[edited - bold, caps, quotes, usual]

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Of course a natural counter argument is to blame the Tories, both colours are to blame IMO. For twenty years now, the markets, banks, and pretty much every financial institution you care to metnion have been warning everyone about decreasing pension funds coupled with a sharp increase in people of pensionable age. More pensioners, living longer means pension crisis. This scenario was originally highlighted two decades ago. Who was in power for the majority of this time and chose to ignore the warning...of course it was Maggie and then Johnny.

 

During the 80s there was a short window of opportunity for early retirement because the stock market was artificially booming. Even then all the right minded people and institutions warned that this was going to be a short term ride causing more trouble in the long term. In 1987 Kinnock apparently warned that the credit driven boom would end in a sharp crash and the main losers would be pensioners in 10 to 20 years time; Of course Kinnock was labelled a doom mongered and told that he was suffering from so called "Labour Envy".

 

Well all the blue rinses and middle class 50 something’s went out and voted Tory. You were warned.

 

The fact that this government under Blair seem prepared to address the pension issue is very good indeed, because if the Tories were in power their heads would probably be firmly in the sand on the pension issue. Why, because the Pensions problem affects the less well off in society distortionally to the more well off. However, while labour are supposed to be addressiong this situation all they really seem to be doing is Fanny Adams.

 

Blair appointed Frank Field to look at pensions and "think the unthinkable"? And what happened he sacked Field for doing just that.

 

Then Brown raised OAP taxes, Now how much was it 60p? Then he abolished tax relief on medical insurance, throwing hundreds of thousands back into the NHS which is still unable to cope, and then he taxed pension dividends of the Insurance and Pension Funds.

 

Private Member Bills have been attempted to enable people to shop around with their annuities, or to defer them as a lump sum but No the Labour party deliberately blocked the Bills.

 

The Pension Fund Partnership shows that one-third of final salary schemes - the gold standard of the industry have been closed. The biggest single factor behind this time bomb was Gordon Brown's decision, in his first year as Chancellor to remove tax privileges which dividend payments made to funds attracted.

 

Initially the cost of this was put at £5billion a year. But calculations recently done by leading City figures put the true price at an astonishing £100billion accounting for the larger part of the £160billion hole that currently exists in British pensions.

 

As with the Health Service, Rail and Road transport, Immigration etc etc, Pensions have now been added to some of the shambolic policies of New Labour.

 

And what do they waste valuable parliamentry time arguing about? The Fox.

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  • 6 years later...
An Abundance of stealth taxes have cost pension funds over 100 billion pounds leaving them vulnerable when the stockmarket crashed. Pensions are in crisis, firms are scrambling to close final salary schemes.

 

Millions of people who looked forward to a comfortable old age now face stark futures.

 

Never fear, New Labour to the rescue. Trumpeting its politically correct credentials they promise to outlaw ageism. If anyone wants to work until 70, thats fine! Is it though?

 

While politicians have awarded themselves platinum plated protected pensions, endless amounts of people who have worked hard for the whole of their lives in the expectation of half decent retirement pensions at 65 are now left in a limbo of unsureness.

 

In my opinion this is a betrayal of the honest people of this country, having wrecked pensions, New Labour is preparing you for one of the only policies it has left. Work till you drop!

 

Congratulations, you were more right than you could ever have imagined.

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When I was just 26, I planned my pension so thet I could retire at 60. I went without all the luxuries my mates were enjoying, kept payin in and going without the fun side of life. Now I am told I am in the age bracket that will probably have to work till 67 !!!!!!

I wouldn't mind if it was MY choice, but to be told that, well. it's a kick in the teeth. Now I am wishin I had not provided for myself and just sponged off the state so I could spend more of my autumn years in luxury. Suppose I should have known better, I saw my Dad retire on a pension he had paid into for donkeys years, only to see others that had ****** their money up against the wall livin in the same street on benefits with new cars and no rent to pay. WHAT A SHAMBLES>

My advice to you, don't work. don't make provision for the future, for gods sake don't save, and don't buy your own home, it will all be taken off you, even though you did the same job, and earned the same wage as a waster all your life, you will get NOTHING BACK.

Of course the next generation (our kids) will have nothin cos it will have all gone, but hey!!!! Don't get me on to those who decide they won't work by choice/

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When I was just 26, I planned my pension so thet I could retire at 60. I went without all the luxuries my mates were enjoying, kept payin in and going without the fun side of life. Now I am told I am in the age bracket that will probably have to work till 67 !!!!!!

I wouldn't mind if it was MY choice, but to be told that, well. it's a kick in the teeth. Now I am wishin I had not provided for myself and just sponged off the state so I could spend more of my autumn years in luxury. Suppose I should have known better, I saw my Dad retire on a pension he had paid into for donkeys years, only to see others that had ****** their money up against the wall livin in the same street on benefits with new cars and no rent to pay. WHAT A SHAMBLES>

My advice to you, don't work. don't make provision for the future, for gods sake don't save, and don't buy your own home, it will all be taken off you, even though you did the same job, and earned the same wage as a waster all your life, you will get NOTHING BACK.

Of course the next generation (our kids) will have nothin cos it will have all gone, but hey!!!! Don't get me on to those who decide they won't work by choice/

 

It's a sad state of affairs, as they say. I met an old mate I used to know from work who'd had a heart attack last year. His wife is in a crap job and although he'd always put into a private pension, it's now worth half what it was 3 years ago . . . so he's had to come out of retirement and she's still stuck in the stress filled job at 65.

 

And what's really annoying is that all this has to do with 30 something investment bankers who'll never have to be concerned about paying the mortgage, or putting food on the table. It's sickening how reliant the whole system is on what occurs in Londons square mile.

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I'm as sick as you lot over this.

I also planned to retire at 60 (this year) as i have seen too many pop their clogs at 66 just after they have finished.

 

I have also gone without to save for the future.

3 years ago i started to get my finances together and it was a very realistic chance that my plan was OK and i could finish and be reasonably well off.

 

Well that's all gone to pot now. My pensions and ISA's are worth just over half of what they was 3 years ago. God knows when i'll be able to finish now. Probably when i drop down dead.

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