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BLEAK FUTURE FOR 14MILLION WITH PRIVATE PENSIONS

 
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thomas davison
Party Leader


Joined: 03 Jun 2005
Posts: 3229
Location: northumberland

PostPosted: Mon Aug 01, 2011 8:04 am    Post subject: BLEAK FUTURE FOR 14MILLION WITH PRIVATE PENSIONS Reply with quote

'Bleak future' for 14m staff with private-sector pensionsBy Daniel Martin

Last updated at 7:45 AM on 1st August 2011



Almost three-quarters of people working in the private sector would be unable to 'adequately exist' when they retired, a report warned last night.
It said as many as 14million workers would retire with pensions far smaller than those enjoyed by their parents, because they had not saved enough into schemes and because the current system was far too complex.
The report, written by former Treasury select committee chairman Lord McFall, said the 'golden generation' of retirement schemes had come to an end - and that many workers retiring after 2020 should expect a 'bleak old age'.
End of the line: The report said the 'golden generation' of retirement schemes had come to an end - and that many workers retiring after 2020 should expect a 'bleak old age'
The Workplace Retirement Income Commission study said staff should be offered a better deal from pensions if they were to save enough for their retirement.
Lord McFall said: ‘Too many people are stuck in a complex, costly and inefficient system that relegates the consumer’s interest to second place.
‘On top of that, they simply aren’t saving enough to secure a decent retirement. People need to get more bang for their buck, or they’re not going to bother with a pension.


More...Private sector pensions are minefield, finds independent investigation
Working until you drop: One third of over-65s have no idea when they'll retire

‘Instead, they’ll end up spending today, ignoring tomorrow and scraping by in poverty on the state pension. We cannot stand by and let that happen.’
The complacency of many in the pensions industry was alarming, said Lord McFall.
Warning: A report has revealed that almost three-quarters of people working in the private sector would be unable to 'adequately exist' when they retired (picture posed by model)
The commission said fee structures were too ‘opaque’ and too many people were being short-changed by their annuity choice.
Workers in defined-contribution pensions were being left to carry all the risk of funding their retirement and were often ‘at the mercy’ of stock markets, said the report. Trust in pensions was low, it added, and called for a permanent, independent commission to be established to take the politics out of pensions.
Lord McFall said: ‘Sadly, millions of people are being left to navigate a pensions minefield that would puzzle Einstein.

‘We’re seeing less saving and lower trust in pensions, and that’s a vicious cycle that cannot continue.’
Automatic enrolment of staff into company pension schemes – due to begin next year – would help, ‘but it’s a halfway point, not the final answer’.
Lord McFall added: ‘More needs to be done. We hope this report will be a catalyst for discussion about the bigger picture.
‘There’s no point in bringing people into pensions that will erode their savings through high fees.
‘The Government should set a clear ceiling on the charges that will be allowed under auto-enrolment.
‘Annuities stand out as an area sorely in need of a shake-up. People are being short-changed by the current system.’



The Annuities sold by insurance companies is the biggest rip off of our time, give all youngsters a P.A.T. card and within their life time they will not only have a decent pension, home etc but they will end the insurance companies wilfull theft of peoples money.
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2Anne



Joined: 04 May 2008
Posts: 383
Location: Norfolk

PostPosted: Mon Aug 01, 2011 6:01 pm    Post subject: No pensions for private sector. Reply with quote

Most people working in the private sector will get tiny pensions. Just enough to make them not eligible for pension credits. How they are going to pay huge fuel bills and council tax hikes is a mystery unexplained.
My State pension is pathetic. The UK pension being amongst the lowest in W.Europe. Even the Spanish do better than we do. I could not possibly live on just over £400 per calender month.
I am lucky and have property for my 'pension' which I rent out. I know a lot of people are in serious trouble with pensions. I get a small NHS pension and worked 13 years for them. I get £150 pcm. A pittance.
I know teachers who retired young and collect huge pensions. Talk about living off the fat of the land and their salaries are high now too.
The division between the private and public sector pensions needs addressing.
I put money with Zurich life for a pension pot. To cut a long story short after five years I got a lot less back then I put in but Zurich took a big cut on management fees. I felt robbed. Say I had put all my savings with them??
The whole situation is very worrying.
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thomas davison
Party Leader


Joined: 03 Jun 2005
Posts: 3229
Location: northumberland

PostPosted: Tue Aug 02, 2011 10:37 am    Post subject: Reply with quote

UK NEWS
EU MIGRANTS TO GET BRITISH PENSIONS


Wednesday July 13 2011 by Alison Little Have your say(59)
BRITAIN could be forced to pay out millions of pounds a year in pensions to foreigners who have never worked here thanks to the EU, it emerged yesterday.

The move, which will enrage millions of taxpayers, comes after the Government received a “threatening” letter from Brussels that the UK should not deny benefits to those from other EU countries.

It came to light after a pensioner who arrived in Britain as an asylum-seeker from Latvia 11 years ago and has never worked here took the Government to court for refusing to top up her tiny homeland state pension of £50 a week to a British one of around £130 a week.



Employment Minister Chris Grayling said last night he was concerned at the way the EU Commission and European Court of Justice were putting pressure on governments to pay benefits to foreign nationals who had never paid taxes in their adopted countries.


We shouldn’t be in a position where we have to pay benefits to people who come to the UK who have never worked here
Chris Grayling


The EU challenge could open the floodgates to massive new demands, said Conservative MP Anne Main, who raised the case at Westminster.

The revelation will fuel support for the Daily Express’s massively popular crusade to get Britain out of the EU.

Mr Grayling said: “We are extremely concerned that what is happening is that the European Court of Justice and lawyers in the European Commission are increasingly forming the view that freedom of movement rules should allow EU citizens much greater access to benefit systems when they move from country to country.

“When member states are having to cut back their budgets at home, this is something that is clearly going to be politically unacceptable to the citizens of those countries.

SEARCH UK NEWS for:

“It would mean a potential cost of hundreds of millions of pounds a year for several member states. It’s becoming an increasing matter of concern for a number of member states.”

Last month Britain led a group of 13 governments to protest to the EU Commission and call for a proper debate to establish “clear and sensible rules” on benefits.

Mr Grayling said: “We all accept that if someone comes here from another country, works and pays tax and National Insurance and loses their job, it is reasonable we should support them. We shouldn’t be in a position where we have to pay benefits to people who come to the UK who have never worked here.”

Recently the German and Dutch governments lost the argument over foreigners keeping benefit payments after retiring to their own countries.

The Department for Work and Pensions confirmed it has received a letter from the EU Commission over foreign nationals’ access to means-tested benefits in other countries.

Mrs Main said she feared Britain’s over-stretched pension resources could come under pressure after the court case of 72-year-old Galina Patmalniece, who came to Britain in 2000 after working for 40 years in Latvia. Her claim for asylum in the UK on the grounds she faced persecution at home as an ethnic Russian was refused but no effort was made to deport her and she reportedly even acquired a council flat.

In what Mrs Main branded a “staggering case of opportunistic lifestyle enhancement”, Ms Patmalniece then sought, after Latvia joined the EU in 2004, to boost her £50-a-month state pension by applying for Britain’s means-tested state pension credit, to top it up to around £130 a week. When this was refused, she took the Government to court, claiming it had breached EU law by discriminating against her on grounds of nationality.

In March Britain’s Supreme Court upheld the Government’s decision to withhold the benefit on the grounds she did not have the right to be here.

But Mrs Main told MPs: “The European Commission may decide that it wishes to challenge this and bring an infringement action against Britain in the European Court of Justice. The Commission has already written to our Government expressing unhappiness over our approach as well as over other restrictions in the access of EU nationals to benefits and I believe the letter was described as being of quite a threatening nature.”

She praised the Daily Express for raising concerns over issues such as paying British child benefit to foreign children who have never lived here if a parent is working in the UK.

She said Britain was seen as “a soft touch” in Europe for the way other EU citizens could get access to our generous benefits. “Can the British taxpayer with a massive budget deficit afford to be so generous with its benefit payments system for everyone who tries to claim it? Are we the benefit pot for the EU or for the UK, and do we through our lax approach encourage benefit tourism?” she said


Says it all really, your a second class citizen in your own country, throw them all out now and while we are on get out of the EU,
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2Anne



Joined: 04 May 2008
Posts: 383
Location: Norfolk

PostPosted: Tue Aug 02, 2011 12:21 pm    Post subject: Latvian womam trying to cheat UK pension scheme. Reply with quote

As far as I understand the UK pension scheme is contributary. There are millions of women in the UK who do not get a pension in their own right as they paid the 'married womans stamp' and did not contribute. How this scrounging Latvian can claim a pension when she put nothing in the pot is beyond my understanding. £130 pw is a lot more than I get and I paid a full stamp all my life. What the hell is going on??
Is there a special pension rate paid to foreigners. It would not surprise me with our stupid,destructive welfare system. The latter is ruining this country and is a magnet to every sciving low life on the planet.
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