Author Topic: pensions  (Read 763 times)

wetdog

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pensions
« on: April 09, 2016, 04:53:30 PM »
I did not write this

 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

pavillion

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Re: pensions
« Reply #1 on: April 09, 2016, 06:30:51 PM »
wet dog,very well said ,pete

Akatarawa

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Re: pensions
« Reply #2 on: April 11, 2016, 04:12:40 AM »
I think governments spend the money they get from National Insurance or whatever It's called these days as soon as they get it.  I doubt whether it is put aside into a pension fund, in fact it never has been put into "a securely locked box" as far as I know.

So if a person dies before pension entitlement then el tougho for any dependents, whatever has been paid in has already been spent.

We have PAYE for taxpayers, governments have SAYG....Spend As You Get :)

So they pay pensions out of current income, that's why there is trouble brewing as the population ages and lives longer and relative numbers of tax payers decreases

That's how it works in NZ, I expect the same in UK.

Edit: mind you, there is probably enough money salted away in tax havens (including NZ) to pay everyone in the world a decent pension  :o

Phil

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Re: pensions
« Reply #3 on: April 11, 2016, 11:28:42 AM »
The state pension is paid for by national insurance contributions, which come from the wages of people working today.

Effectively, each working generation pays for the older generation above them. However, NI is also used to pay other benefits, such as to the unemployed.

The state pension is paid for by national insurance contributions, which come from the wages of people working today. Since the late 1990s there has been more paid in NI contributions than has been paid out in contributory benefits, including the state pension, so the fund has been running a surplus.


http://www.thisismoney.co.uk/money/pensions/article-2787888/how-state-pension-funded-cash-runs.html





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frederick

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Re: pensions
« Reply #4 on: April 11, 2016, 02:31:21 PM »
So our state pension is classed as a benefit.......... but it has notably avoided interfering with benefits received by the elderly,
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planetmalc

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Re: pensions
« Reply #5 on: April 11, 2016, 02:56:05 PM »
Effectively, each working generation pays for the older generation above them.

That's why single people like me have always paid more tax than married people   -   I haven't sired the kids who'd earn my pension.
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Ian Dalziel

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Re: pensions
« Reply #6 on: April 29, 2016, 02:32:54 PM »
The state pension is paid for by national insurance contributions, which come from the wages of people working today.

Effectively, each working generation pays for the older generation above them. However, NI is also used to pay other benefits, such as to the unemployed.

The state pension is paid for by national insurance contributions, which come from the wages of people working today. Since the late 1990s there has been more paid in NI contributions than has been paid out in contributory benefits, including the state pension, so the fund has been running a surplus.


http://www.thisismoney.co.uk/money/pensions/article-2787888/how-state-pension-funded-cash-runs.html


And I thought Ponzi schemes are illegal