Government thinking of cutting State pension in half.

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Government thinking of cutting State pension in half.

Post  Tess on Fri Oct 17, 2014 12:06 pm

I can't call up the article, it's in the Telegraph and they want a subscription, but it says that a government Economic think-tank has suggested cutting the State pension in half and lowering taxes. A way to increase their flagging vote maybe? Don't know. But at the same time I read in the Express of an immigrant and her daughter who've been living in an expensive hotel for the past four years - paid for by the taxpayers of course.

Turning to other news outlets I hear that there are more than 100 terror threats a week being dealt with by the police force, who are under strain to keep up. So while they're dealing with constant terrorism attempts by young muslims (most of who are probably also living at taxpayers' expense,) they can't be dealing with crimes against the people, burglaries, robberies etc

Add all this to the lack of school places, housing and GPs struggling under the burden, I've come to the conclusion that immigration really has brought this country to the point of collapse. But who's to pay for this? The immigrants? No - the PENSIONERS!The people who've worked all their lives and contributed so that they have security in their old age. Just fucking disgusting.
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Re: Government thinking of cutting State pension in half.

Post  Guest on Fri Oct 17, 2014 12:30 pm

You don't need a subscription to read it Tess ..... here is the article in full



The state pension should be cut in half and taxes lowered so savers can invest more money privately, a report has suggested.
The Institute of Economic Affairs, a right-leaning think tank, said the Government was "overstretched" in trying to fund "unsustainable" retirement payouts for Britain's ageing population.

It said the Government should abandon its plan to pay around £155 a week "flat-rate" amount to future pensioners who have a full national insurance record.

The payout should be cut in half, it said, to around £75, and workers given annual tax rebates that vary according to age
A worker aged 40 would receive around £3,000 a year as a result of paying lower national insurance, the think thank said.

The money could be paid instead into a private pension pot. Under reforms next April, savers will be able to treat such plans like bank accounts, withdrawing money from age 55 as they please.

Philip Booth, author of the report, said: "The current state pension system risks under-delivering for future generations and overstretching the public purse.
"By incentivising private saving, millions would benefit from greater financial freedom to save for retirement."
He said the rebates scheme would be similar to the process of "contracting out" of the state pension, which has been in place for many years. Currently, workers can opt to pay lower national insurance contributions if they agree to sacrifice top-ups to the basic £113.10 a week.

However, contracting out is being abolished under the new state pension, which takes effect in 2016.
Mr Booth said: "It would be reasonable for the Government to borrow to finance the payment of rebates if necessary (or run lower budget surpluses) given that ... it lowers future pension liabilities."

The radical proposal follows a report by the Centre for Policy Studies that claimed younger generations would receive a "derisory" state pension and face tax rises because the cash reserves that funded payouts were running dry next.
As a result, the Treasury would be forced to raid income tax receipts to ensure old-age payouts continue, the think tank said.
State pension costs are predicted to quadruple to £420 billion by the 2060s, as the population ages.

The Department for Work and Pensions has said state pension funding "remains strong".
Tom McPhail, a pensions expert at Hargreaves Lansdown, said: "For the millions who have had career breaks or who have been on low incomes, the state pension will continue to be a vital element of their retirement incomes.
"We do urgently need to boost the amount saved into private pensions however this should take priority over cutting the state pension. We can’t treat this as an either/or question; for now we need to do both and until we have boosted private pensions it would be madness to even think about cutting the state pension."

http://www.telegraph.co.uk/finance/personalfinance/pensions/11167433/Cut-state-pension-in-half-and-lower-taxes-says-think-tank.html

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Re: Government thinking of cutting State pension in half.

Post  Tess on Fri Oct 17, 2014 12:54 pm

Hi Costa. Thanks for copying that. I can't access it though; you can view ten articles a month, after that it asks for a subscription. I'll have to be more selective in what I look at in future. But again thanks. I also read recently that the State pension pot was nearly empty. I worry about my kids when they get old! Yet at the same time the Government gives away billions a year in foreign aid, more proportionately than any other country in the world!
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Re: Government thinking of cutting State pension in half.

Post  ALLAKAKA on Fri Oct 17, 2014 12:56 pm

The vast majority of the Indigenous population abide by the Laws of the country , it is part of our culture.

 Our Liberty and freedom is has always been at the forefront of our culture and has directly contributed to  being law abiding ,as we cherish our freedom and do not want to put it in jeopardy by breaking those laws.


 This government think tank need to think again , this idea of robbing pensioners of the funds they have paid for ,for years  is a betrayal and morally wrong.


 In a nutshell we have been indoctrinated to abide by the law from an early age to be given the right to a life of freedom. When you are confronted with the twilight years and are subjected to betrayal by the system , that deterrent of losing your liberty or indeed your life diminishes.
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Re: Government thinking of cutting State pension in half.

Post  Flap Zappa on Fri Oct 17, 2014 1:21 pm

@Tess wrote:I can't call up the article, it's in the Telegraph and they want a subscription, but it says that a government Economic think-tank has suggested cutting the State pension in half and lowering taxes.  A way to increase their flagging vote maybe?  Don't know.  But at the same time I read in the Express of an immigrant and her daughter who've been living in an expensive hotel for the past four years - paid for by the taxpayers of course.

Turning to other news outlets I hear that there are more than 100 terror threats a week being dealt with by the police force, who are under strain to keep up.  So while they're dealing with constant terrorism attempts by young muslims (most of who are probably also living at taxpayers' expense,) they can't be dealing with crimes against the people, burglaries, robberies etc

Add all this to the lack of school places, housing and GPs struggling under the burden, I've come to the conclusion that immigration really has brought this country to the point of collapse.  But who's to pay for this?  The immigrants?  No - the PENSIONERS!The people who've worked all their lives and contributed so that they have security in their old age.  Just fucking disgusting.
its more likely due to the fact that the pensions pot will run out in a few years and then pensions will have to be paid from direct taxation rather than NI. Who ever is in power is going to have to deal with the pensions crisis as there are not enough people paying in to cover the ever increasing number taking out. this is the reason that the retirement age has to rise.

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Re: Government thinking of cutting State pension in half.

Post  Flap Zappa on Fri Oct 17, 2014 1:33 pm

@Tess wrote:Hi Costa.  Thanks for copying that. I can't access it though; you can view ten articles a month, after that it asks for a subscription.  I'll have to be more selective in what I look at in future.  But again thanks.  I also read recently that the State pension pot was nearly empty.  I worry about my kids when they get old!  Yet at the same time the Government gives away billions a year in foreign aid, more proportionately than any other country in the world!
pensions costs about £1billion pounds a week and is rising. that rather dwarfs any aid budget, there are nearly 10 million people drawing pensions there are about 34million people working about 30million of them pay tax. I presume all of them should pay some sort of NI.
so roughly 3 people pay the pension of each pensioner. We can safely assume the majority of those working do not pay more than £100 a week in NI.

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Re: Government thinking of cutting State pension in half.

Post  Tess on Fri Oct 17, 2014 3:57 pm

scrat wrote:Pensions cost 1 billion a week

Tax evasion costs 2.3 BILLION A WEEK

But pensioners are the easiest targets.
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Re: Government thinking of cutting State pension in half.

Post  BigAndy9 on Fri Oct 17, 2014 4:05 pm

I'm afraid this just has to be done - we have millions more mouths to feed these days.

Pensions must be scrapped to pay for the experiments forced upon us.
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Re: Government thinking of cutting State pension in half.

Post  ALLAKAKA on Fri Oct 17, 2014 4:31 pm

The asscociation of OAP's will declare a JIHAD against any government that impliments this.



 DEATH TO THE PENSION DODGERS !   ROFL
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