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State pension age could be raised to 70

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Two separate reports for the government have raised the possibility that millions of people may have to work longer to qualify for a state pension.

An analysis for the Department for Work and Pensions (DWP) has suggested that workers under the age of 30 may not get a pension until the age of 70.

A second report, by John Cridland, proposes that those under the age of 45 may have to work a year longer, to 68.

 

 

http://www.bbc.co.uk/news/business-39352654


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Given that many jobs will be replaced by technology, what will they be doing ?

 

Human population will hit 9 billion by 2035, with about 75 million being in the UK. In a world after Brexit, the UK government has said they will be trading with the world, so more imports from around the world. The UK has to import the raw material it needs to manufacture. Most of what is sold in shops is imported.

 

The pension changes are purely about government budgets and taxation politics. There really needs to be a look forward to what the world will be like in 2025, 2035 etc. We are stuck with a state pension scheme, because many people will not have sufficient private pensions. It will get worse because younger generations are spending greater proportions of income on housing costs. Therefore they are not saving for when they are older. Also the nest egg of a house they own which can be sold later if necessary, will not be there for many currently under 40.

 

I predict that the state pension age will be increased to 70, earlier than the government has previously announced.


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A couple marry very young. The husband works but the wife remains at home, bringing up the children, etc.

Over his working life of 40 years, the husband pays 40% tax and a large amount (around £300 per month) of his salary in NICS.

They unfortunatley separate, (but do not divorce), just before retirement age.

The wife claims a State Pension of just £65 per week due to lack of NICs contributions, and this is topped up by pension credit. She receives, in all, around £600 per month to live on.

The husband's State pension is about 3 times more because he has paid sufficient contirbutions and also has a small private pension. He will receive around £900 per month in all.

Is the wife be entitled to any of the husband's State Pension, so that she no longer needs to remain in the benefits system?

It does seem very unfair that the wife, who had worked equally hard throughout their 40 year marriage, supporting the husband whilst he climbed the career ladder, now she survives on very little.

Whilst the husband does not receive a huge amount to live on, it seems wrong that the wife must rely upon benefits in order to survive, when the husband's NICs should have been enough to provide a State Pension for both of them.

 

TB

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What about those who have never worked throughout their lifetimes... do they get anything at all and if not, how do they survive?

 

TB

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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thery will get benefts that are generally greater then the state pension.

What about those who have never worked throughout their lifetimes... do they get anything at all and if not, how do they survive?

 

TB

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