Mortgage Rate Rises

[Mrwong]

If they can't pay the pension you won't be getting any compensation.


Maybe they will just move it up and up until you're lucky you get it. Technically there is one. But good luck making it there.

We aren't paying our pension. We are paying those pesky boomer inflation adjusted pensions!

Government found an easy way, just kill people now.

 

[Nitefly]

Oof, I went in for a 5 year fixed in August. The rate offered is currently 1.5% higher, that’s the same as £500ish more a month… or around £30k over 5 years

 

[casper_uk]

I've said it before. I cannot see how any UK government reverses the state pension.

Its not the sort of thing you can do on a whim since many would immediately be starving if you did. Civil disorder of monumental level would follow within days.
If you put a longer term strategy in place to do so your almost certain to be hammered at the next general election.

The other thing it would do is to crystalise the wealthy, and everyone else. The wealthy would probably save for a pension since the state is irrelevant.
Everyone else wouldn't bother, just spend it all now and the government will HAVE to give me a standard of living anyway.
Call it welfare if you want, but its state money by another name.
Potentially making the situation worse than paying a state one and people topping up their own.

Some semblance of means testing could happen, but again its as likely to cost money as save it. Getting the point right and not immediately discouraging people to save for themselves is a really tricky balance to strike.

Of course all the above assumes we don't see work houses type things returning. Work till you die environment.

Government of the time says everyone needs X amount of money per month. If you have no other source of private pension, congratulations, you get the state pension. Your private pension covers the required X amount? No state pension for you. I can see it happening in 20 years time etc.

 

[Mercenary Keyboard Warrior]

Government of the time says everyone needs X amount of money per month. If you have no other source of private pension, congratulations, you get the state pension. Your private pension covers the required X amount? No state pension for you. I can see it happening in 20 years time etc.

Like I said cannot see a UK party doing it.
Do that and you guarantee losing next election.

 

[potatolord]

I've said it before. I cannot see how any UK government reverses the state pension.

Its not the sort of thing you can do on a whim since many would immediately be starving if you did. Civil disorder of monumental level would follow within days.
If you put a longer term strategy in place to do so your almost certain to be hammered at the next general election.

The other thing it would do is to crystalise the wealthy, and everyone else. The wealthy would probably save for a pension since the state is irrelevant.
Everyone else wouldn't bother, just spend it all now and the government will HAVE to give me a standard of living anyway.
Call it welfare if you want, but its state money by another name.
Potentially making the situation worse than paying a state one and people topping up their own.

Some semblance of means testing could happen, but again its as likely to cost money as save it. Getting the point right and not immediately discouraging people to save for themselves is a really tricky balance to strike.

Of course all the above assumes we don't see work houses type things returning. Work till you die environment.

There is a pension review scheduled for 2025.

The pensions minister has already said that it is possible pension qualifying age will rise again, for anyone born after 1970. When a minister does that, it is called "preparing the ground".

For comparison, pension reviews were few and far between until recently, when the 2014 act required a review during each parliament. The next one has been moved forward (I think?) a few years. This is a worrying sign. The fact that is is scheduled for just after the next General election is possibly another clear sign of bad news to come.

It is pretty much the boiling frog approach to public policy making.

 

[413x]

I've said it before. I cannot see how any UK government reverses the state pension.

Its not the sort of thing you can do on a whim since many would immediately be starving if you did. Civil disorder of monumental level would follow within days.
If you put a longer term strategy in place to do so your almost certain to be hammered at the next general election.

The other thing it would do is to crystalise the wealthy, and everyone else. The wealthy would probably save for a pension since the state is irrelevant.
Everyone else wouldn't bother, just spend it all now and the government will HAVE to give me a standard of living anyway.
Call it welfare if you want, but its state money by another name.
Potentially making the situation worse than paying a state one and people topping up their own.

Some semblance of means testing could happen, but again its as likely to cost money as save it. Getting the point right and not immediately discouraging people to save for themselves is a really tricky balance to strike.

Of course all the above assumes we don't see work houses type things returning. Work till you die environment.

Maybe getting rid of the nhs over time is the grand plan. It will help the pension time bomb by:

-killing people off earlier
-redirecting funds previously allocated to the nhs.

Something will have to give eventually.

 

[fez]

Something radical perhaps like not allowing people to drain the NHS for the last 50 years of their life due to their awful lifestyle choices eh. The average person in the UK is a physical mess.

 

[Hagar]

Something radical perhaps like not allowing people to drain the NHS for the last 50 years of their life due to their awful lifestyle choices eh. The average person in the UK is a physical mess.

Interesting. How do you calculate whether someone is within the last 50 years of life?

It will also impact unimportant stuff like IVF and nose, backside and boob jobs.

 

[Mercenary Keyboard Warrior]

There is a pension review scheduled for 2025.

The pensions minister has already said that it is possible pension qualifying age will rise again, for anyone born after 1970. When a minister does that, it is called "preparing the ground".

For comparison, pension reviews were few and far between until recently, when the 2014 act required a review during each parliament. The next one has been moved forward (I think?) a few years. This is a worrying sign. The fact that is is scheduled for just after the next General election is possibly another clear sign of bad news to come.

It is pretty much the boiling frog approach to public policy making.

Pension reviews are more frequent now in order to get in asap on expectations of improving life expectancy.
There is kind of a soft lock of not affecting your retirement date less than 20 years before retirement.

 

[potatolord]

Pension reviews are more frequent now in order to get in asap on expectations of improving life expectancy.
There is kind of a soft lock of not affecting your retirement date less than 20 years before retirement.

Heh, that's being charitable. Personally, I put it down to decades of ignoring the burning elephant, with laser eyes, in the room.

Yes, there is some sort of notice rule, but a 2025 announcement for those born in 1970 is around 12 years notice.

Edit; I promise I am not stalking you!

 

[sja360]

Probably more tax to provide state pensions seems logical, and yeah i guess ideally you want people to be naturally healthier to save nhs some money. But that comes down to our own choices at the supermarket and in restaurants/takeaways etc

 

[fez]

Interesting. How do you calculate whether someone is within the last 50 years of life?

It will also impact unimportant stuff like IVF and nose, backside and boob jobs.

Its more of a general statement. The average 20 something is overweight and very unhealthy now. Any middle aged man/woman who isn't significantly overweight is a rarity and a lot of people are on a constant cocktail of drugs to keep them functioning.

Pension reviews are more frequent now in order to get in asap on expectations of improving life expectancy.
There is kind of a soft lock of not affecting your retirement date less than 20 years before retirement.

Life expectancy hasn't changed that much for quite a while. The issue is people are not contributing enough for the amount of health care and general care they need in their later years. Its OK though, the next generation can sort that out. You wouldn't want to **** off the rich older generation who can be counted on to vote for you...

I have no idea how its considered bad form to change the rules when people have less than 20 years of work left yet its absolutely fine to pile that misery on the younger generation. All it does it means that the people who do have to pay, have to pay way more.

 

[Mercenary Keyboard Warrior]

Heh, that's being charitable. Personally, I put it down to decades of ignoring the burning elephant, with laser eyes, in the room.

Yes, there is some sort of notice rule, but a 2025 announcement for those born in 1970 is around 12 years notice.

Edit; I promise I am not stalking you!

Those born post 1970 are currently in the adjustment period from the last review.
I know that specifically since I was born in 1970

Like I said its kind of a soft lock its not a hard rule.
Right now the transition period for those born in 1970+ is they are being phased in for retirement from 67 to 68 so that can easily adjust that phasing.
Which is what I suspect they will do, bring forwards that phasing.
Right now I am still 67 for my date. Could easily change a bit still.

Its more of a general statement. The average 20 something is overweight and very unhealthy now. Any middle aged man/woman who isn't significantly overweight is a rarity and a lot of people are on a constant cocktail of drugs to keep them functioning.




Life expectancy hasn't changed that much for quite a while. The issue is people are not contributing enough for the amount of health care and general care they need in their later years. Its OK though, the next generation can sort that out. You wouldn't want to **** off the rich older generation who can be counted on to vote for you...

I have no idea how its considered bad form to change the rules when people have less than 20 years of work left yet its absolutely fine to pile that misery on the younger generation. All it does it means that the people who do have to pay, have to pay way more.

Its about planning basically. And like I said its not a hard rule its kind of soft.
You have to set it somewhere to give some certainty.

 

[Nitefly]

@fez perhaps it’s just the limited slice of society that I’m subject to but my general impression was that it’s never been more trendy (amongst youngsters) to keep fit and be in shape - probably due to social media.

Being fit is currently more important amongst young adults than perhaps ever, I’d say?

Just speculating though.

 

[GordyR]

@fez perhaps it’s just the limited slice of society that I’m subject to but my general impression was that it’s never been more trendy (amongst youngsters) to keep fit and be in shape - probably due to social media.

Being fit is currently more important amongst young adults than perhaps ever, I’d say?

Just speculating though.

I was thinking exactly the same. In fairness, i've seen no data on it, so it might just be my perception.

 

[Mercenary Keyboard Warrior]

Its why they cannot afford a house
Those gym memberships!!!11!!1

 

[Uther]

Like I said cannot see a UK party doing it.
Do that and you guarantee losing next election.

That's fine until the other parties think it's a great idea too...

 

[potatolord]

@fez perhaps it’s just the limited slice of society that I’m subject to but my general impression was that it’s never been more trendy (amongst youngsters) to keep fit and be in shape - probably due to social media.

Being fit is currently more important amongst young adults than perhaps ever, I’d say?

Just speculating though.

It may well be dependent on where you live and your social circle. Health is highly environmentally influenced, after all.

I live in a fairly poor area and there is a broad distribution here. Many of the younger lads are gym going rugby types, but there are a lot of fatties. The older men and women tend to be on the fatter side. If I head into town, I see a lot of horribly obese people- of the sort you would literally never see in the 70s and 80s.

 

[unwashed potato!]

older men and women tend to be on the fatter side.

Doesn't go against what the user said.

 

[fez]