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Govt plans to save £500bn!!!

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    Govt plans to save £500bn!!!

    Yes, this man shown below will do it!!!



    ...over 50 years.

    "State pension age to be raised to 70 for today's young workers

    George Osborne will use autumn statement to signal new formula linked to life expectancy that could save £500bn over 50 years

    Young people currently entering the workforce will have to wait until they are 70 before they can retire under plans to save £500bn over the next 50 years, George Osborne will signal on Thursday.

    The chancellor will also use his autumn statement to demand £1bn in additional spending cuts in the hope that voters will focus on Britain's "responsible recovery" – the healthy economic growth prospects for next year, slowly restoring public finances and measures to cut youth unemployment.

    In potentially one of the most far-reaching reforms since the introduction of the state pension in 1908, Osborne will say the pension age for men and women will rise to 70 by the 2060s under a new formula linked to average life expectancy. This means that people born in the 1990s, who are now entering the workforce, will have to work until at least the Biblical life expectancy of three score and ten.

    Osborne's statement to the Commons on Thursday will attempt to show that the government is making long-term plans as the economy recovers. David Cameron highlighted this approach when he told the BBC in Chengdu, on the final day of his trip to China: "We have been working to a long-term plan and what you are going to see in this autumn statement is the next steps in that long-term plan, a long-term plan to turn the country around, to get us out of our difficulties with debt and deficit and to secure jobs and recovery for all our people – a recovery for all."

    Source: State pension age to be raised to 70 for today's young workers | UK news | The Guardian

    £500 bln, should be enough for 2 tax free years - a sure way to win next election, massive landslide for Cons!

    #2
    How is people working an extra 5-10 years going to help with unemployment? Surely it's cheaper to pay a pension to someone whose mortgage is paid off and has no dependents than pay to keep a family on benefits.
    Last edited by mudskipper; 5 December 2013, 06:32. Reason: :spel

    Comment


      #3
      This is a bollocks story and badly quoted.

      Young people will have to work to 70 before they can retire. NO! Young people will have to work to 70 to receive a state pension. That's different.

      The state pension is a pittance anyway so if you haven't squirrelled your own money away and retired early & expect the government to bail you out then damn right you should have to wait until 70. With that in mind though when you do reach 70 then if you've paid in all your life like a private pension then I believe you should get a lump sum back from the government AND a state pension.
      What happens in General, stays in General.
      You know what they say about assumptions!

      Comment


        #4
        Originally posted by mudskipper View Post
        How is people working an extra 5-10 years going to help with unemployment?
        That's the kind of problem that will only happen in 50 years - his grand-grand-son will be dealing with it.

        HTH

        Comment


          #5
          Originally posted by AtW View Post
          Yes, this man shown below will do it!!!



          ...over 50 years.

          "State pension age to be raised to 70 for today's young workers"
          How depressing is that. A male in Blackpool life expectancy is 73. Spend the pension wisely boys, all £32.89
          "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

          Comment


            #6
            Originally posted by MarillionFan View Post
            The state pension is a pittance anyway so if you haven't squirrelled your own money away and retired early & expect the government to bail you out then damn right you should have to wait until 70. With that in mind though when you do reach 70 then if you've paid in all your life like a private pension then I believe you should get a lump sum back from the government AND a state pension.
            State pension is the new welfare.

            I've a cluster £@$£ of BTL's for when I retire.
            "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

            Comment


              #7
              Originally posted by mudskipper View Post
              How is people working an extra 5-10 years going to help with unemployment?
              Easy. They will be buying more stuff and services, and thereby creating more work.

              There is no such thing as a finite amount of jobs. Otherwise Germany would have about 40 million more unemployed people than us.

              Comment


                #8
                Originally posted by scooterscot View Post
                How depressing is that. A male in Blackpool life expectancy is 73. Spend the pension wisely boys, all £32.89
                When 65 was decided as the state pension age, not that many people lived beyond 70, so we were funding everyone for 5 years or so.

                Now the average is over 80. Funding everyone for more than 15 years is simply unaffordable.

                If you know of any other viable solution for affording a state pension, let us know.

                Comment


                  #9
                  Whats to stop someone around 60 going on the sick and collecting benefits?

                  Comment


                    #10
                    Originally posted by MarillionFan View Post
                    This is a bollocks story and badly quoted.

                    Young people will have to work to 70 before they can retire. NO! Young people will have to work to 70 to receive a state pension. That's different.

                    The state pension is a pittance anyway so if you haven't squirrelled your own money away and retired early & expect the government to bail you out then damn right you should have to wait until 70. With that in mind though when you do reach 70 then if you've paid in all your life like a private pension then I believe you should get a lump sum back from the government AND a state pension.
                    WMFS +1

                    You can retire whenever you like as long as you have saved up to fund it.

                    If today's young people today ignore this, then they'll have to wait longer for a state pension. Sounds fair to me.

                    Comment

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