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[Misc] Retirement









Daddies_Sauce

Falmer WSL, not a JCL
Jun 27, 2008
878
35 years... This 2022-23 financial year will be my 50th year, which will enable the current maximum of £185.15 (I'm £3.16 short, until 2022-23 gets added to my records.)

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Weststander

Well-known member
Aug 25, 2011
68,966
Withdean area
And they get higher pensions than us.

The UK has a long history of non-state pension provision too eg 18.4m in defined benefit schemes and 25.3m with defined contribution plans. Financed in part by £42b from the public purse each year in tax relief, in addition the public purse pays out £28.5b each year (not from a fund) to today’s retired civil servants, ex armed forces, teachers and NHS staff. It’s a totally different system than others dependent on a state pension elsewhere. Giving:

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Doonhamer7

Well-known member
Jun 17, 2016
1,447
I read an article in the economist about 10years ago on the state of pensions by country. The uk has the second biggest private pension fund total value in the world (behind the USA). The reliance of the likes of Germany / France / Italy has is frighteningly low. they are going to be so reliant on the state there economies could be in trouble. i can’t find the article but the oecd results says we have $3.2 trillion ( 118.5% of gdp). in comparison Germany 330bn (8.1% of gdp) France $72bn, (2.6% of gdp), Italy $ 198bn (9.8%), only really the Dutch are in a good position of the Euro countries.

so unless France raises the age, or taxes it’s economy to death it is in serious trouble. Like a lot of things has the French government actually explained this to the French people

£https://www.oecd.org/finance/private-pensions/Pension-Funds-in-Figures-2021.pdf
 


Weststander

Well-known member
Aug 25, 2011
68,966
Withdean area
I read an article in the economist about 10years ago on the state of pensions by country. The uk has the second biggest private pension fund total value in the world (behind the USA). The reliance of the likes of Germany / France / Italy has is frighteningly low. they are going to be so reliant on the state there economies could be in trouble. i can’t find the article but the oecd results says we have $3.2 trillion ( 118.5% of gdp). in comparison Germany 330bn (8.1% of gdp) France $72bn, (2.6% of gdp), Italy $ 198bn (9.8%), only really the Dutch are in a good position of the Euro countries.

so unless France raises the age, or taxes it’s economy to death it is in serious trouble. Like a lot of things has the French government actually explained this to the French people

£https://www.oecd.org/finance/private-pensions/Pension-Funds-in-Figures-2021.pdf
That’s right, it’s been widely covered for a long time. The Mercer Global Pension Index includes that aspect as Sustainability. Many ageing populations don’t have the demographics and resulting tax revenues in years to come to finance purely state pensions eg Italy, Spain and Austria.

https://www.reuters.com/markets/eur...gent-fix-ballooning-pensions-bill-2022-11-16/

Germany have grasped the nettle with the state pension age increasing to 67, 68 in 2044 and they’re debating 70 after that.

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sparkie

Well-known member
Jul 17, 2003
13,219
Hove
Some good news for the top 5% of earners. An extra cruise looks possible ...

A more interesting take away from that article for me is that MPAA is set to be raised from £4K per year to £10K per year.

This means taking taxable drawdown doesn't stuff paying into a pension again in the future quite so much. A nice incentive for some who have already taken drawdown to 'un-retire' to boost their future pension.
 
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papachris

Well-known member
Some good news for the top 5% of earners. An extra cruise looks possible ...

They really don't live in the real world do they! They are talking about this will get people back to work. But with pension pots this size you are basically a millionaire. It's not ordinary people at all!
 




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