Will You Get a State Pension?

Labour is conducting a comprehensive pension review, and people are concerned that state pension reforms may be imminent. Today, I will look at how that might work.

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Timestamps:
00:00 - State pension
01:06 - Two big problems
04:18 - Sponsor
04:52 - Who is responsible?
06:40 - Means testing
08:12 - Increase the age
10:36 - 4 stage plan

[jayde]

Shocking!! It’s not a benefit people pay into it for 35 years
If you can’t pay state pensions then pay me my contributions back and i will make my own provisions
😢

[mrmeldrew]

Genuinely worried about having this stolen. Really feels like if you do 'the right thing' and do moderately well for yourself, you get punished relentlessly.

[noelhanna]

Damien, our UK state pension is one of the lowest in western Europe.
It's anything but generous, triple lock, or no triple lock.

[liveroom]

Unfortunately the benefit system in the UK works in reverse, the less you pay in the more you get out. If you work hard and pay a lot of tax expect to get bugger all.

[mrscreamer]

I didn't want to opt in. I didn't want to pay national insurance. I would have far preferred to sort my own pension. But they took my money. You can't take the money and then turn around and say you won't provide the service it was meant for because you are prioritising spending that money on other things. That's just theft.

[TheSilvercue]

I have gone without things to save for my future whilst people around me waste money left, right and centre. If this pension is stolen from me After paying in all my life, I will be utterly fuming

[DomS]

If a government got rid of the state pension, I feel they wouldn’t be in power for much longer at then next election…

[progressivebusiness]

If I can’t be expected to get the state pension, I can’t be expected to contribute to it

[nealeTH]

I’ve spent 3 decades funding current pensioners to have a minimum level of income. I expect the workers behind me to do the same when I reach that stage. If the government rips up the social contract, I expect them to back date and return all I have contributed, including all the growth I have lost that I would have got so I can make up for a significant hole loosing the state pension will create.

[sunwaymas]

The only way to get everything from the government is to not work a single day in your life.

[Katherine-or]

I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has done so.

[maxodidily]

Jokes on them, I was planning on working until I die.

[santasmooth]

Just don't vote for any government that pulls a stunt like this. Job done

[djp]

Making state pension means tested will mean retirement saving will plummet.
For example if the government made it so for every £2 over £18, 000 a year your state pension went down by £1 it will mean people think. "I can either save an extra £100 per month for retirement and have the government take £50 away, or I spend that £100 on a nice dinner and have nothing taken away"

[pataleno]

The French wouldn't accept their pensions getting taken away. They would bring the country to a standstill. This affects everyone not just the ones nearing retirement. If they plan to remove pensions for the young they need to come up with a plan, and supplement their private pensions with additional contributions,

[bobbyboyderecords]

As a blackpool man I probably won't get to that age anyway. Hope you are safe over there accross the sands.

[gary]

Think we should stop child benefit first. People don’t choose to grow old but they do choose to have children, why should this be funded by the state? £12.5billion encouraging people to have something they can’t afford.

[SteveB-nmxb]

I’m in my early sixties now and have made my retirement plans based on getting the SP at 67. I’ve already paid 42 years contributions so I would be mightily annoyed if they means tested it and removed it because I have a private pension (also paid in for 42 years) - income is already taxed so the government will recoup money from people with private pensions. Despite what governments say, there is still massive waste in spending and they really should look at priorities and I’m certain they can find literally billions.

Stealing from pensioners isn’t the way forward and Labour will come to regret it.

[spec]

I live in an area in the UK with a predominantly older population - This theoretical resentment from those who save vs people who don't is already being felt. Not via pensions, but through elderly care. The system effectively punishes those who save, as they have to liquidate all of their assets to pay for care services (many of which are both inadequate & extremely expensive). The same care is free for those under a certain savings threshold.

It's a great situation for the care providers who can employ cheap under-qualified labour. Then invoice the state with over-inflated costs.

Fingers crossed we can get it right for state pensions, but I wont be holding my breath.

[grizmiz]

State pension make up 50% or more of peoples retirement. Im saving hard but without it im screwed tbh 😢