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[Finance] Rachel Reeves to reveal £20bn shortfall left by Conservative Government



Thunder Bolt

Silly old bat
Less tax relief.

Whilst the public purse effectively bankrolls 3x these %ages.
Still not enough for the average firefighter to actually retire. A friend is retiring this September and looking for work. He has an HGV licence from driving the tender.
 






Thunder Bolt

Silly old bat
Aren't those days over for later entrants, dealt with in 2010? Much to the anger of various bodies, but the public purse simply can't afford to bankroll 40 year final salary pensions.
The Fire Service did win their case because the new pension scheme required fighters to be active right up to 67 with no back office work available.
Basically hoping that many would just be thrown out as unfit.

Too many stations are on retained service already.
 


Thunder Bolt

Silly old bat








jcdenton08

Offended Liver Sausage
NSC Patron
Oct 17, 2008
15,023
I thought I read it was any benefit. That article mentions carers.
Only means-tested benefits and pension credits. They earn too much by a couple of quid to qualify for pension credits, and aren’t receiving any means-tested benefits. Attendance Allowance isn’t means tested.
 






Thunder Bolt

Silly old bat
Only means-tested benefits and pension credits. They earn too much by a couple of quid to qualify for pension credits, and aren’t receiving any means-tested benefits. Attendance Allowance isn’t means tested.
That’s a real shame. Maybe the ruling can be tweaked somehow.
The alternative is pensioners living in Spain etc still receive it, and lots like me don’t really need it.
 


Weststander

Well-known member
NSC Patron
Aug 25, 2011
69,897
Withdean area
Still not enough for the average firefighter to actually retire. A friend is retiring this September and looking for work. He has an HGV licence from driving the tender.

I've met firefighters over the years who took their earlier fantastic pension as soon as they could, then took another job. One was during on a ski trip in 1999. How on earth could the public purse finance 30 year occupational pensions? Remember that the employee contributions are small post tax relief.

The bottom line that few ever talk about, is that we live so much longer than at the inception of the welfare state. Actuarially this blows conventions experienced for the second half out of the 20th century out of the water. The sums simply don't add up. The same applies to state pensions.

It's easy to demonstrate this. The 1992 firefighters pension scheme gave 2/3's final salary for 30 years service. Setting aside wage inflation.
Age 20 to 50 salary earned £28,500 x 30 = £855k.
Age 50 to 78 (average male life expectancy) £18,500 x 28 = £518k. Less employee contributions.

These gilt edged pensions weren't truly funded to take in account the fact that people live so much longer.
 
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jcdenton08

Offended Liver Sausage
NSC Patron
Oct 17, 2008
15,023
That’s a real shame. Maybe the ruling can be tweaked somehow.
The alternative is pensioners living in Spain etc still receive it, and lots like me don’t really need it.
As I said, they should either means-test the winter fuel allowance or raise the cap. £11k is absolutely not enough to afford to live AND have heating.
 




Thunder Bolt

Silly old bat
As I said, they should either means-test the winter fuel allowance or raise the cap. £11k is absolutely not enough to afford to live AND have heating.
Actually this thread is going in circles. Five pages previously it was stated the allowance to expats was stopped in 2010.
My apologies.

I agree the cap is too low.
 














sparkie

Well-known member
Jul 17, 2003
13,322
Hove
It's not just current pensioners which lose this fuel allowance. It is those who will one day be pensioners as well. You and me.

It is obvious now it will be one tinkering tax rise after another.

They should have not ruled out raising income tax, VAT, NI.

One increase on one of those and done. Spread the load. Rather than targeting the unlucky ones who happen to be currently in the crosshairs.
 


Weststander

Well-known member
NSC Patron
Aug 25, 2011
69,897
Withdean area
It's not just current pensioners which lose this fuel allowance. It is those who will one day be pensioners as well. You and me.

It is obvious now it will be one tinkering tax rise after another.

They should have not ruled out raising income tax, VAT, NI.

One increase on one of those and done. Spread the load. Rather than targeting the unlucky ones who happen to be currently in the crosshairs.

Comfortable pensioners of any future generation don't need the winter fuel allowance.
 


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