New Pension Scheme

[Norman Verona]

Great news today. Employees will be signed up for pension schemes and the employer will contribute.

Oh, hang on. Isn't that what National Insurance does?

[pete g]

_haha

[Tom Frankland (T3OMF)]

It is, but when the middle aged people of today come to take their state pension, there won't be enough in the pot because the government have sent it all on their 2nd homes that they all own and paying out to much in bl**dy benefits

:laugh:

[kirkyboy5]

if anybody has been watching The Thick of it... I think it sums up the Govt very well indeed

[Norman Verona]

You mustn't complain about the government, you (as in the population at large) voted them in.

Mind you as they're all the same it wouldn't matter who you voted for, would it.

[pete g]

well i can say hand on heart i never voted in these bunch of tosers.

[Terry Everall]

Not a lot to choose between any of them IMHO

All full of their own self importance and they are never wrong , its always the other party.They can all talk for ever and still never answer the question they were asked with a straight YES or NO !!!!!!

[jeff oakley]

It is a good idea in many ways but NI was always seen as saving for your old age, now the reality is that all the state pension does is keep you from starving and warm. If you want more it is up to you. Now there so many who are seeing that if you save you get nothing from the state if you don't you get everything given.

Whats changed with this is that unless the individual opts out they are enrolled in a pension which the company also pays into. The sad thing is we have offered this for years and less than 20% of the company has joined, and we put in a minimum of 5% of salary which gives life cover as well, at 5 times salary. Already we have had some say they want to opt out of the this new scheme which I find sad.

[Norman Verona]

Jeff, I could agree with if the NI contributions from those in the new scheme were reduced.

This looks like having your cake and devouring it.

[iain m]

The most criminal behavour of pension companies that go bust is that not only have they miss managed and lost your payments they have also lost the government contribution which I consider the government should claim back in return for reduced imprisonment. I worked for Rolls-Royce Motors in the 1970/80s which had a brilliant pension scheme, we were taken over by a British company that plundered the scheme then they were taken over by CAT USA that had refunded the scheme when I had reached 65. This was brillant but marred by the fact my main private pension was brutally reduced by PRUDENTIAL to top up their outrageous profits and Mr BROWN to top up his tax revenue. It is tragic to hear of the many that have lost all their pension investment to late in life to start investing again. Believe me there is no work ( even in the SE ) for men over 65 even the traditional part time jobs have gone. With the dismal investment history of the past few years I can see many youngsters opting out and the reasons why. Got to go the sun has just come out :cool:

[Norman Verona]

Iain, I think pension rules are much tighter now. The biggest loss of pensions is from company schemes where the company controls the fund.

Or have I been misled?

[iain m]

Norman I think misled is too kind a reference. Some one coming up to retirement age now will have been advised every 12 months that their retirement pot is £xxx and they proceed to give examples of what to expect should the fund growth be 6% or 9% or 12%, the actual rate today is around 3% or less, thats fraud everywhere else than financial services!!