[Misc] Retirement

[Javeaseagull]

And they get higher pensions than us.

Everyone gets higher pensions than us!

 

[A mex eyecan]

And they get higher pensions than us.

not sure, but isn’t their tax about 50%?
you can afford much more if tax is much more

 

[Daddies_Sauce]

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.)

 

[banjo]

39 years of full contributions. Not planning on working anymore now. 10 years till I can get my state pension.

 

[Weststander]

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:

 

[sparkie]

Wrong thread

 

[Nicks]

Gotta hand it to the French. They are striking over there because their Government want to increase the retirement age to 64! I do admire them.

I agree but apparently there rates of Tax are a lot higher than ours I've been told.

 

[dazzer6666]

I agree but apparently there rates of Tax are a lot higher than ours I've been told.

Taxes are similar, but they pay much higher ‘social welfare’ contributions - which funds the more generous pensions.

 

[East Staffs Gull]

The state pension in Austria is currently €2,000 per month, payable from age 62. Taxes and social security contributions are very high and there is very little private pension provision. Country comparisons are not straightforward.

 

[Doonhamer7]

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]

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.

 

[boik]

not sure, but isn’t their tax about 50%?
you can afford much more if tax is much more

Its always the same. Everyone always envies countries with better social support but then selfishness kicks in at election time and most people refuse to vote for higher taxes.

 

[nicko31]

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

Budget: Pensions to get boost as tax-free limit to rise

Persuading workers to work longer is part of plans to boost growth, but critics say very few will benefit.

www.bbc.co.uk

 

[Papa Lazarou]

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

Budget: Pensions to get boost as tax-free limit to rise

Persuading workers to work longer is part of plans to boost growth, but critics say very few will benefit.

www.bbc.co.uk

Phew. We're all saved. Thanks Jeremy

 

[erkan]

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

Budget: Pensions to get boost as tax-free limit to rise

Persuading workers to work longer is part of plans to boost growth, but critics say very few will benefit.

www.bbc.co.uk

You literally couldn't make it up. Would be unbelievable.

 

[nicko31]

You literally couldn't make it up. Would be unbelievable.

So that's another 800k the rich can leave with zero inheritance tax. We need a friggin revolution in this country....

 

[banjo]

So that's another 800k the rich can leave with zero inheritance tax. We need a friggin revolution in this country....

Bring it on.

 

[sparkie]

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

Budget: Pensions to get boost as tax-free limit to rise

Persuading workers to work longer is part of plans to boost growth, but critics say very few will benefit.

www.bbc.co.uk

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.

 

[papachris]

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

Budget: Pensions to get boost as tax-free limit to rise

Persuading workers to work longer is part of plans to boost growth, but critics say very few will benefit.

www.bbc.co.uk

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!

 

[A mex eyecan]

Its always the same. Everyone always envies countries with better social support but then selfishness kicks in at election time and most people refuse to vote for higher taxes.

isn’t that the truth.