New iPhone app - watch your pension scheme

Governments have been complaining for years that many people who could afford to contribute to a scheme by buying less non-essential "stuff" choose not to do so, so why are they allowing this opt-out? Does this mean that there will still be benefits, funded by the rest of the taxpayers, above their OAP entitlement, for those who find they don't have enough to live on?

New iPhone app pension scheme

Obviously, when the state pension was introduced it had to be funded from current taxes, so that those who were already retired or who could only contribute over the short working life left to them could receive it, but I have never understood why contributions were not gradually increased so that, after WW2 at least, a surplus would be generated and invested in a scheme (as with Civil Servants, not under government control) which by, say, 2000 would have resulted in most people receiving their OA Pension from it, rather than from the pockets of current taxpayers - who are reportedly becoming less tolerant of paying the older generation's pensions, while continuing to be feckless in investing in their own.

I really wonder why anyone starting off in their working life would bother with pension planning. The greatest rip-offs for the working man in the late 20th centaury were endowment mortgages and pensions. They made wild promises to draw us in only for the fat cats in the city to cream off our savings under the guise of management fees etc. I advised my own children to make their own plans, hold on to what they earn and to go and live abroad, away from the grasping bankers!

Category: Software Viewing 2115 | Added in May 27, 2013

1 Responses

  1. avatar McTurbanhead Says:
    May 27, 2013

    Completely agree about the appalling state of pension provision we presently have in the private sector.

    The only observation I would make with regards to the article is that the national pensions program (that it mentions people are opting out of) does offer much more generous and more certain returns than pretty much any of the crap that passes for private pension provision at the moment. 

    If people can afford the 4% (which I appreciate many cannot), it looks pretty reasonable.

Add comments:

Your name: Your website Some styles: Add button:
Your comments here:

Category

Sponsors

Wise Words

"When we finally presented it at the shareholders' meeting, everyone in the auditorium stood up and gave it a five-minute ovation. What was incredible to me was that I could see the Mac team in the first few rows. It was as though none of us could believe that we'd actually finished it. Everyone started crying."

- Steve Jobs

Outside of subject

The wrong direction

Although this is the first post about my four hour workweek, it did not just start for me. If you read the about me section, that was almost a year ago. So how did I do? Well, I've made some progress. By falling and standing up. By making decisions and ignoring some. After my breakdown I...

continue reading

Going crazy – doing crazy

I ended up going on a trip to Oxford (UK), visiting some international friends I made by tango dancing, while it also was an opportunity to go dancing in London and Oxford.

Staying over with a friend was very nice and also useful. It made my trip cost way less, while I also had some...

continue reading

What you know about earning on blog posts

Service post on the blog: a dollar sign is the cheesiest - the process of verification of the blog.

Today, every blogger has the opportunity to receive a small remuneration for his work on the blog, write a short message or a review of a web resource, service, or company.

Of...

continue reading

My worry about losing the Queen

My worry about losing the Queen would be that she would still be entitled to take money from the Crown Estates. I hope when negotiations are taking place after the referendum, that the SNP would not go soft on this and on a number of other matters, like being over generous with the entitlement...

continue reading

How to get indoor an orchids to grow and bloom?

The thing which, apart from Climate Gate, really knocked them sideways was that bitterly cold December 2013.

Louise wouldn't remember it because she was with Chris Huhne in Cancun at the time and kept telling us how warm it was poolside — while it was –15ºC here and...

continue reading