Actually the UK National Debt Clock clicked up £3 Trillion worth of debt on 4th July ironically & has continued to rise at an average rate of at least £5187 per second ever since.
Same here pal 👍 I left school at 15 and have worked all my life and have never claimed benefits,at 68 I’m still working and paying taxes because my state pension is not liveable.
How dare they call pension a benefit , a cost to younger people being taxed to support pensioners. We actually worked from leaving school, paying towards a pension until retiring at 66. Pensions were bought and payed for, not given to us as a benefit. Totally insulting. Government after government, squandered and pilfered the payments, and dare to pretend their giving us a pitiful pension to live on ,compared to other countries.
You worked and paid taxes to cover the govt budgets. Not your pension specifically. They are totally a benefit and you only get them because people now are getting taxed to cover the costs. Any claims about how " I paid for my own pension" is simply delusional from a generation responsible for every crisis hitting people now - falling public services, skyrocketing inflation and energy costs, need we mention brexit and blatant tory corruption and giving away billions to their friends.
@nathijomac You need a reality check- it is not a benefit if you've contributed required amount NI - how the Government invest the money "should" be for our "benefit" but not only do they raid the kitty but then move the goal posts by introducing laws to "extend" pension age!!! No different to "asset" stripping which is deceitful!!!
@nathijomac if it's a benefit why do we pay for dentist full rates and can't go to food bank because they ask are you on a benefit because state pension is not a benefit only if you are on pension credit it's a benefit
I’ve worked all my life from leaving school on the Friday starting work on the Monday I’ve paid all my dues to the country the pension is what I paid into all my working life I’ve lost out once with the government not telling us they where altering the pension age the government owe us lady pensions a great deal of money when are they going to sort that out I’m 72 are they going to wait till we are all dead or get us with stopping our winter fuel money pensioner’s are feed up as well ❤️🇬🇧
Am in my 51st year off full time work. I have paid my national insurance and taxes for 51 years. I can't afford to stop work because of the cost of living. I believe I will drop dead at work. Shame on all are governments and party's for putting so many of us in this position
I’ll be 79 in November and still have to work. Plus we’ve had the winter fuel payment removed, to be given to people that haven’t paid a penny into our economy.
Keir Starmer has actually fixed his own pension so that he cannot be taxed on it. "I could actually scream," talk about double standards, I am a pensioner by the way.
State Pension ISN'T a benefit. If people have paid in all their working lives, then surely it should be classed as getting a return on what was invested? Pension credit is a benefit, paid to those who have only the state pension to live on, but the pension itself is not.
The UK state pension is classed as a benefit. Its been that for decades. But it was recently reclassified and now the government, DWP, can, or will be able to shortly, secretly without your knowing access your bank accounts. Why? A tiered pension system. Your state pension will depend upon your personal assets. Property value, cash savings and public or private pension. Coming in the next five years
The UK state pension is around 38% of that paid in other European nations. National Insurance must be the worst return on an investment ever. Remember that the thousands you’ve paid in was supplemented by employer contributions. Successive governments have squandered billions on handouts but not to the British people. Gordon Brown was one of the worst offenders.
@@helenpixels I get the full state pension and am not entitled to pension credit US iam 2or3 pounds over the limit,STARMER is a toerag he gets his heating allowance,I don't get mine,he needs locking up period.
I lost 40% of my small pension private in the 2008 crash, now I'm also being taxed 20% on whats left....total amout I now recieve, per year, is £405, that's per YEAR...thank you banks and government...
@nathijomac In my world I pay 90% tax on 3 policies = 50% on 1 & 40% on 2 policies as they cannot tax u on Government pension or 100% so they will take 90% from any private policies you receive!
I want to know why MP are keeping there winter fuel allowance, if the elderly are losing their, the MP should also lose their it's only fair. But let's wait and see if this government can be trusted, to do the right thing. I hope they do.
@@theresawinchester3834 YOU MUST BE JOKING ,RACHEL REEVEs,also know as RACHEL THEIVES. GETS 3500£ HEATING ALLOWANCE ,DO YOU REALLY THINK SHE WOULD GIVE THAT UP,CUS,I WOULDNT.
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The people making pensioners poorer are those inflating fixed income value away, the biggest benefit of this is the tiny parasite class, accumulating wealth through unearned passive income streams
Where in Law does it say that? Just to help you it doesn't, I am afraid you are incorrect however much you would like it to be a right! it is classed as a benefit and the comes from the Social welfare Budget and the rate is set at whatever the Government wants.
The UK state pension is classed as a benefit. Its been that for decades. But it was recently reclassified and now the government, DWP, can, or will be able to shortly, secretly without your knowing access your bank accounts. Why? A tiered pension system. Your state pension will depend upon your personal assets. Property value, cash savings and public or private pension. Coming in the next five years
A pension is not a benefit if you have worked and paid into it. The individual who has paid into it has every right to it. The government helping themselves to pensioners funds is, in fact, reality. Bad management has caused this problem in the first place. One of the biggest crimes committed daily is the theft of other peoples time and money. Anything that has been paid for should indeed be honoured. If funds have been squandered elsewhere????? Who has caused the problem? Therefore, caused and responsible for that problem. What about people who died and never even claimed a pension?
The UK state pension is classed as a benefit. Its been that for decades. But it was recently reclassified and now the government, DWP, can, or will be able to shortly, secretly without your knowing access your bank accounts. Why? A tiered pension system. Your state pension will depend upon your personal assets. Property value, cash savings and public or private pension. Coming in the next five years
I’ve worked for over fifty years they better not even think about touching peoples pension they will come unstuck it’s my entitlement that I’ve paid into
@colinturner4158 They've already touched it - giving pensioners an "increase" claiming it's 8.5% (but giving tax back to HMRC? - how is this increase 8.5%?
@@PauletteCheyne That was what the triple lock was for. Uk pensions were so far behind the rest of europe so the triple lock came in. But let's just look at that yes it's an increase but it comes off a very low base plus whatever inflation happens to be. I gleefully tried to decide what I would do with my increase of £8. Another point was that the triple lock can push you into paying more tax. Whoever works out these payments and benefits is a very clever person as I don't qualify for ANY benefits and am just over the threshold to get anything. Problem with pension credit is that it is a cliff edge benefit so you only need to be a £ or two over the threshold and you get nothing and that now includes winter fuel payments. Labour know this so don't be fooled by the push to get more people to apply for pension credit. If you and your partner have combined incomes that exceed the threshold even slightly you will get nothing. We often hear the phrase"Rich Pensioners". Labour have decided that you must be rich if you have £13k a year coming in for a couple.
The UK state pension is classed as a benefit. Its been that for decades. But it was recently reclassified and now the government, DWP, can, or will be able to shortly, secretly without your knowing access your bank accounts. Why? A tiered pension system. Your state pension will depend upon your personal assets. Property value, cash savings and public or private pension. Coming in the next five years
I'm too young to confirm this, but my Dad says Labour have never done anything worthwhile. "They take money from people who get up at five, and give it to lazy buggerds who get up at noon".
@@richardleonard1848 Actually you are correct that they were in power when the NHS was founded, but it had actually been proposed by the previous Tory government.
Im in my 70's and still doing a part time job so i can keep my house maintained - literally - because theres nothing left from state pension to do this after paying essential bills. I spoke to a co worker just last night who is also a pensioner and who voted labour. He was moaning that the winter fuel allowance was being ripped away. I laughed. He is old enough to have lived through several labour governments and he still voted for them. He's reaping what he sowed now.
Exactly. I’m worse of than all on pension credit and I worked all my life, brought up three kids and never claimed a penny in benefits - I can tell you, I was on the bread line for years - at one time I had three part time jobs ….
FAIR? My private pensions were devalued by roughly 40% during the 2008 crash as they were linked to the FTSE. If I'm now eligible to claim a small amount of pension credit, plus the other actual benefits that entitles me to, then I'm only getting back some of my own money I paid in over my entire 50 yr. working life.
The big problem is, too many people refuse to work. They spend their lives, scrounging from the state, then, us the working people, pay our taxes to pay for their pensions.
@@jamieakahenry Find a better job that pays well. I went to University ( I have zero O levels) for the first time in my late 40’s. Went on to run my own BI company. Made enough money to retire at 65. ( For pension I only have my state pension)I am still a director of the company and take Emoluments from it. I am still paying more tax than my state pension by a long way. I just don’t pay NI.
I worked from the age of 15 until the age of 70 and paid my pension national insurance and the more overtime I worked the more I paid in I don’t see why we should penalised
Five years time. The way it's panning out, you won't be allowed to vote. There will be no pension, despite us all paying in for 4 decades. And everything in Arabic.
We funded the older people’s pensions while we worked. It’s how it works. We also paid for the education and health services for the current younger persons.
The boomers were the largest generation of workers ever. The funded the elderly care of a smaller generation who did not have high expectations.. Now the boomers are the elderly. They expect a smaller generation of workers to fund their elderly care, and have a much higher expectation of what that should be.
Not anymore because the ratio of working people vs older people is declining so fast that it becomes unsustainable. You should ask yourself why the immigration skyrocketed 3X after Brexit. Changing demographics have everything to do with it but sadly enough most people do not understand this detail and make life too simple like you do and prefer to listen to charlatans like Farage and Johnson who give you comforting alternative reasoning.
@@johnrussell3961they were also the luckiest with a degree of opportunity never gifted to a generation. Largely because their parents learned the hard way spilling their blood in wars and poor working conditions.
We weren’t told that. We were told we were paying into our pensions. Now it’s a benefit. They change the rules to suit and people actually fall for it. May I add my old pay slips say x £ deduction pension payment (not benefit).
@@qeitkas594 I see your another tossers who thinks I am lead my other people. What you say is besides the point, unless you are saying the thinking of Bojo, Farage and others in the Tory party is correct. That is the NHS should become private, no more State Pensions should be paid. When the State Pension and the NHS was created the money to pay it was from Taxation. That is current tax payers pay the bill. Some people who are retired like myself pay more in tax than they receive from my State Pension still. I started paying over 55 years ago and still pay. The only thing I don’t pay is NI. As for Brexit, have we left the EU. I don’t think so. The only way to leave was on WTO terms, This never happened.
Just put your pension 100% in global equities tracker, over time no active funds ever beat this and they charge far higher fees. DO NOT let the government choose your investments 🤯
Where do you think money comes from lol… The government print the money and the people make it worth something. You don’t have money without the government and you don’t have wealth without demand driven by people which is massively impacted by the decisions of the government.
It's a common misunderstanding of the UK state pension. The UK state pension is classed as a benefit. Its been that for decades. But it was recently reclassified and now the government, DWP, can, or will be able to shortly, secretly without your knowing access your bank accounts. Why? A tiered pension system. Your state pension will depend upon your personal assets. Property value, cash savings and public or private pension. Coming in the next five years
It’s a Ponzi scheme, South Korea is finding out that without a constant supply of new wage slaves born, the whole thing will fall apart in a not so distant future
@@Human_Herbivore and when you give it to the 1% they funnel it offshore and reduce the actual monetary transfer between people and businesses in the UK.
@@chatham43 youtube austerity, the history of a horrible idea, mark bylth, an professor of economics, he explains it better then anyone could. and he sounds like the donkey from shrek so its easy to listen to dry stuff.
I’ve been a pensioner for over 2 years now and receive State Pension When I first started working the law was that if you had not worked for a company for 5 years then the company had to make payments to the government pension scheme etc and then reimburse you with the extra you had paid into their company scheme. This happened to me a number of times. I left my job when I started a family as my husband regularly worked away from home and refused to support my return to work. After my divorce I worked supporting my children and again paying into a company pension scheme but now the law was that pension contributions must be left in situ. I did work at one company for a number of years but was unable to afford to pay into the company pension scheme as I had to support my children as their father avoided paying any maintenance. I had worked sufficiently to be entitled to the full State Pension, however I was shocked to learn that those who have made no contributions at all receive the same amount of money paid as Pension Credit.
Yes I agree this does seem not to be fair. If you don't work enough years to pay in for a full pension you get Pension Credit which tops things up and a gateway to other benefits. Bit of a joke when many others have worked all those years! My sister with no children worked 47 years but gets nothing for extra years worked and N.I. paid in.
So did i. I worked part time while my 2 children were small. I paid a full stamp even though i could have pai the married womans reduced amount. I also paid into the company pension scheme AND paid an equivalent amount into an Additional Voluntary Contribution Scheme as if i was working full time which at the time was £4 a week. That small payment then now pays me back at £197 a month and rises each year by a %. Im SO GLAD i did this. I needed the money then - but I need it even more now
Already paying tax on a small works pension ,and every year the rise on it all is taken in tax with the threshold froze . All people on a lower income would be far better off with the threshold increasing
Question: the winter fuel allowance is being ripped away. Pensioners will have to find that money from somewhere else. I have a quite small private pension ive delayed in receiving for 5 years for just such a situation. Ive decided i'm going to start receiving it in September. No doubt many others will do the same. This will reduce the amount of money in 'pension pots'. Will this affect the economy and the amount of money the 'government' will be able to pilfer out of them and ultimately off us?
I started work at 16... retired at 66, never out of work, never claimed benifits, paid my taxes, paid my NI contributions. My generation paid the Pensions of the generation before us (including those of poLIEticians) so this generation can pay for mine. If they believe they cant afford to, they should hold the Government responsible, not pensioners.
There is a BUCKET-LOAD of money in the country! The problem isn't a lack of money, but the lack of money where it is needed! The upper echelon of society has grown massively rich over the last few decades ... whilst, at the same time, the normal guy (by that, I mean anyone earning less than £150k a year) has been losing ground! The solution is REDISTRIBUTION of money! Society CANNOT grow if the general population isn't able to spend! The rich don't spend...they invest...and mostly offshore!
1% of taxpayers, approximately 34000 people pay one third of all tax They pay more than their fair share.Without these people , public services would be in an even worse state Furthermore these people can leave the UK very easily .Be careful what you wish for !
@@neilgibbs3185 the top rate of tax is twice the bottom .If this 34000 are paying the proportion of tax you say then they must be earning far more than twice the bottom.Wealth distribution in reverse which if it continues can only lead to a bust economy.Maybe thats the aim
Pension credit is an unfair and divisive payment for those who did not pay national insurance contributions Stop pension credit and make the state pension fair and not divisive.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I would like the National Insurance Stamp back that I have paid from 1969 until 2016 so then I can spend it as I want. They say in law it is a benefit, look at your letters from DWP when you ask for a quote concerning your pension. To receive your pension, you have had to pay into the scheme for a certain number of years, it is in black & white I am sure with a group action you could challenge it being BENEFIT.
The UK state pension is classed as a benefit. Its been that for decades. But it was recently reclassified and now the government, DWP, can, or will be able to shortly, secretly without your knowing access your bank accounts. Why? A tiered pension system. Your state pension will depend upon your personal assets. Property value, cash savings and public or private pension. Coming in the next five years
HAHAHA! We already found out how Labour is "helping pensioners" - taking the fuel allowance from 90% of them. Someone on £219 a week is "too wealthy" to need it. Gottas find that 15% for train drivers on £70k a year somewhere you know!
@@seamuspadraigsanders431 There is an argument to reconsider our approach to funding national infrastructure. The drive towards profit is the reason our infrastructure has seen minimal investment and the extraction of large profits by investment funds etc.
@@theolddog5129 The issue I have here is a government with 0 experience, 0 track record is pretending to make decisions that are coming from back office, who do have a recorded history of repeated and gargantuan failure.
“The problem with socialism is that you eventually run out of other people’s money.” Margaret Thatcher said this in 1976. I fully appreciate that this name will go down like a wet bag of sick on a buffet table to LBC listeners and viewers.
But she spent our money too, by selling off the infrastructure cheap, that we paid for. Thats one of the reasons we now have a housing crises, and a water, rail and bus crises. In fact Tatcherism otherwise called neo Liberalism is loved by robber barrans.
The are taking away the winter fuel allowance. Pensions are likely to be frozen as is the tax free allowance which im sure they will freeze again. No doubt they will attack ISA's by lowering the amount you can save tax free. Tax free allowance from share Divis shares could be lowered or they will reintroduce the 10% automatic tax they were subject to before. Watch out there could be another recession as people save less and spend less. An lets not forget the cashless 'society'is being forced upon us. 'Big Brother will know exactly how much money you have what you spend it on how you spend you leisure time etc. I was in Sainsburys yesterday. None of the tills were working. Chaos ensued. Imagine the goverment in control of something as simple as that-you cant buy anything at all without their knowledge. And tgey can hokd you to randsome. Dark days ahead...
Hi HMRC Has changed tax code. so pensioners like me are being taxed on two tiny pensions. one is or was £7.74 a MONTH has gone down to £6.34 another pension I get every 3 months. was £51.75 .It now has gone down to £42.55 ? I rang ROTHSAY And the lady said my pension has been reduced because of the new tax code. So the government are giving the pensioners a rise. and taking it away from those piddly pensions. What a scam.
What I cannot understand about UK Pension companies is why it is that the default pensions invest in mainly UK Funds (and a high pc of low paying bonds) which have high costs and poor performance and barely keep up with inflation. Most investors would agree that a low-cost world ETF plus a few others (S&P500, emerging, etc.) and fewer bonds unless nearing retirement age is the best strategy. So why do pension companies not do this? Surely the more our pension pots increase, the more %age the pension companies earn from their charges. So they must be getting 'encouragement' to invest in poorly performing UK stocks - so how does it work? What is the big secret?
The way I see it, if I were to loose my investment, I would still be left with new schools, hospitals,, transport and energy infrastructures. As opposed to the money vanishing into the ether...
But is that where the cash ends up 🫣. New infrastructure requires investment, so let’s say I take your hard earned life savings that’s taken you decades to save and will never live enough time to put it back. So I decide with your money I’m gonna build a school and ‘Big wallet’ PLC win the tender (on a backhander to the government) . It’s gonna cost 2 billion, ah, now it’s 4 billion, no wait 6 billion, . Mr big wallet retires , tax payers pick up the bill, pensions get no return, labour leaves office and blame the tories. WE ALL LOST OUR PENSIONS, but you just approved it 🤬. Leave well alone, if you want to invest in infrastructure you offer the investment to ‘ investors’ you don’t just take someone else’s money and gamble it , end of .
@@johnrussell3961 unless it was a case of the Tories getting a back hander from the contracts they were awarding to in the first place. Look at David Cameron and how much money he trousered from Lex Greensill especially when he he got Sunak to give Billions more of taxpayers money in a phonecall from a Bar in Westminster and not going through the correct procedures. Greensill went bust but Cameron earned 6 Million quid from Lex Greensill. We lost about 27 billion quid (even if that is a slight exaggeration it's not so far out from the figures being mentioned at the time it became public knowledge). Cameron should be in a prison cell for 20 years
The population is aging. It means less working people have to finance more and more older people. It is unavoidable that pensions will become less. You can be angry about it and finger point to immigrants, government or the EU or whoever you like, but the problem remains ours and ours only.
Our pensions become less when they're all ready one of the worst in Europe, and we're still the sixth richest nation on the planet, why should that happen?
@@wamnicho Germany found plenty of people to go and work there. And according to the gutter press there are thousands of people crossing the English Channel hourly, process them and put them to work.
Just remember who paid via tax for 50 years, then its owed, a debt, what is the incentive for younger workers to work for a living and save for old age when Labour just want to give it to immigrants, forging aid ect
I guess I am fortunate to have invested in a private workplace pension for 45 years. If I had to only rely on the state pension, I dont know how I would survive. I worry about my son's futures as pensioners and worry even more if and when they have children.
yep like many others i did this ,giving up on lots of stuff like hoildays etc ,now because my private [paid for by me] plus the state takes me over the tax threshold I now pay tax at 20%,overall tghis means that what i actually get is less than half what the gvts figures say is needed for a minimum standard of living mmm bus and thrown under springs to mind
As if we did not pay for those on pensions before us ! This is not a new thing. The only problem is that politicians have worked over the years to reduce our population through measures against the family, moving our well paid skilled jobs abroad and not building houses.
Cost of living crisis. Yes it affects us poor plebs but not the people who make the biggest decisions. I worked a few hours a week at a takeaway 10 years ago - there were 14 employees. Today that same takeaway with the same management has just 3 because people cant afford them so often now. Thats a massive decrease!
At 67 or 68 you give state pension I do not know if i will be still alive at this year Ive worked like donkey in the care industry carehome residential home with elderly In hospital Am still working at the age of 63 so why governmement not giving state pension Istead of people coming all around uk Not working and never worked Having house money free for shopping also child benefits ect All this should be changed Look at people who Truly working and deserve My husband was sick man Cardiac patient worked till the age of 70 and died at this age He was a working man Very hard working in Hospital as a charge nurse in ITU
My friend’s private pension only just replaces what he would have otherwise received in pension credits if he didn’t have a private pension. However this now means that he isn’t paid the winter fuel allowance as it can now only be claimed if you’re receiving pension credits. He will be over £1 worse off a year. He has stated he won’t be heating his home this winter as a result. This is either cruel politics, or a serious mishap in calculations - the threshold should have been set a lot higher.
Lets be honest first, if you under 30 you are definitely not getting a State Pension IF you even make it to retirement age by then. I would suggest even those under 40 most will never see one and certainly it won't be enough to actually survive on by then.
@@kevinodaly1545 I'm 62 Kevin and my state pension is due in 5 years..... we'll see. My expectation is some form of means testing which means, because I have saved hard all my life, i probably won't get a state pension at all. The state pension in its current form is unaffordable and means testing, whilst unpalatable to people like me, is possibly the best way to address this issue.
@@Grahamponting I’m 63 and fully expecting a state pension and have got my quotes as to how much I’m getting. Am currently planning;g to defer my state and work pension for a year to boost both. I can’t see how they can ch get it now having already quoted my pension to me. So we’ll see.
But when we were young, we also paid for our seniors. Our seniors when they were young, paid for their seniors. In the words of the Mandalorian...It is the way. So why do we In our 60s have to feel ashamed to look forward to our retirement and our pension? Maybe our current young ones should stop whining?
In other words, if you have worked all your life, managed to put a bit aside, then you are a criminal, it all belongs to those who scrounged off the system , or just turn up on the beach.
