Mandatory Ponzi scheme enrolment

platypus said:
No you are not. You are saving 1% of your salary, along with tax relief and so make money on it, in order to facilitate paying for your retirement.

Or are you happy being a burden on the state?
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I think your explanation falls upon deaf ears, Groen is a numpty.
 
National insurance a ponzi scheme lol... what the hell do you think services like NHS, fire service, teachers and more just work for magic fairy dust.

Some people in this country (UK) really need better education rather than just making wild accusations.
 
Theophany said:
The derp is strong in this one.
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Damn straight. Wait, was there a groen thread where it wasn't? :confused:

groen said:
Putting money in a ponzi scheme is not saving, its waste of money. As inflation will destroy the value. There is no benefit from throwing money away in to a ponzi scheme every month. Yes i will try to opt out, thanks for pointing that out, my employer never mentioned that i can opt out.

If i could opt out of the national insurance i would as well. Unfortunately that ponzi scheme is not opt out-able.
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If you don't like it, why are you still here? Surely there's better countries with tax regimes you could live under? With better living conditions? Friendlier neighbouring countries?
 
groen said:
Putting money in a ponzi scheme is not saving, its waste of money. As inflation will destroy the value. There is no benefit from throwing money away in to a ponzi scheme every month. Yes i will try to opt out, thanks for pointing that out, my employer never mentioned that i can opt out.

If i could opt out of the national insurance i would as well. Unfortunately that ponzi scheme is not opt out-able.
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CHEESE IS NOT A VEGETABLE, SO WHEN CARLA ASKED ME IF SHE COULD SEE MY HOLIDAY PHOTOS DR. SMITH INVESTIGATED MY PROSTATE. SEVEN DAYS LATER, THE DISHWASHER BURST INTO FLAMES AND A MUTANT DOG CAME OUT OF IT.


See how much sense you're making?
 
Hey Groen!.....









You're a Ponzi.

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Considering the growth from a pension pot comes from stock markets, that's the difference. Plus your company gives you free money as well.
 
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation. The Ponzi scheme usually entices new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. Perpetuation of the high returns requires an ever-increasing flow of money from new investors to keep the scheme going.[1]

The scheme is named after Charles Ponzi,[2] who became notorious for using the technique in 1920.[3] Ponzi did not invent the scheme (for example, Charles Dickens' 1844 novel Martin Chuzzlewit and 1857 novel Little Dorrit each described such a scheme),[4] but his operation took in so much money that it was the first to become known throughout the United States. Ponzi's original scheme was based on the arbitrage of international reply coupons for postage stamps; however, he soon diverted investors' money to make payments to earlier investors and himself.
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A pension is a contract for a fixed sum to be paid regularly to a person, typically following retirement from service.[1] Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.

The terms retirement plan and superannuation refer to a pension granted upon retirement of the individual.[2] Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions. Called retirement plans in the United States, they are commonly known as pension schemes in the United Kingdom and Ireland and superannuation plans (or super[3]) in Australia and New Zealand. Retirement pensions are typically in the form of a guaranteed life annuity, thus insuring against the risk of longevity.

A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions. Occupational pensions are a form of deferred compensation, usually advantageous to employee and employer for tax reasons. Many pensions also contain an additional insurance aspect, since they often will pay benefits to survivors or disabled beneficiaries. Other vehicles (certain lottery payouts, for example, or an annuity) may provide a similar stream of payments.

The common use of the term pension is to describe the payments a person receives upon retirement, usually under pre-determined legal or contractual terms. A recipient of a retirement pension is known as a pensioner or retiree.
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Enjoy reading.
 
Money put aside for a 'rainy day' so to speak (rainy day being when your old).

Surely its better to have a decent pension when your older than having that 1% right now.

When that money may mean difference between a comfortable retirement or barely living.
 
Adsta said:
National insurance a ponzi scheme lol... what the hell do you think services like NHS, fire service, teachers and more just work for magic fairy dust.

Some people in this country (UK) really need better education rather than just making wild accusations.
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Tbh, 'National Insurance' is closer to a ponzi scheme than an insurance scheme.
groen said:
The government is forcing me to join a ponzi scheme. I don't want to lose 1% of my salary every month.
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Workplace pensions are provided by an actual provider that isn't using a ponzi scheme.
 
groen said:
Putting money in a ponzi scheme is not saving, its waste of money. As inflation will destroy the value. There is no benefit from throwing money away in to a ponzi scheme every month. Yes i will try to opt out, thanks for pointing that out, my employer never mentioned that i can opt out.
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Google what pension scheme your company is using, you'll see that they actually invest the money, so inflation won't destroy it.


Of course, pensions schemes can go terribly wrong, and inflation might outstrip growth </FuelonTheFire>
 
Ponzi scheme the money that is taken from new "contributors" is used by the entity that runs the scheme to invest and make money for themselves. So like a ponzi scheme the pension scheme provider sits on massive load of money that they then can use at no substantial benefit to the "contributors" to make loads of money for themselves. Just like a ponzi scheme we have to hope that they don't blow all the money on the wrong thing. Obviously the real reason ponzi scheme exists is for the "pension pot" so that the entities that run the scheme can make money using other peoples money. As long as when the individual scheme mature they can pay out to meet their demands that's all that matters. As long as new people are signing up.

Ok so the main difference is that with a ponzi scheme your employer won't match your contribution. Fair enough.
 
Hell, why only put in 1% when you can put in up to 5% and your employer will match it!

It's also taken off before tax so you're making money there too.

Not sure what the problem is here - especially when the very link they gave you in the emails first paragraph reads:

Workplace pensions and automatic enrolment - how you're affected, how pensions are protected, what happens if you move job or go on maternity leave and how to opt out
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Sounds to me like you're the ponzi...
 
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