Nic Millar

THE UK STATE PENSION - A THREAD You must have known this was on its way .... and here it is! Please spare a second to retweet and add any comments 🙏 1/6

@iancbeavis People can buy qualifying years to top up their state pension if they have gaps. A minimum of 35 qualifying years are currently needed for the maximum. I don't understand your point.

@NJM71 The Government's own website literally uses the phrase 'top up your State Pension', & communications sent to people a year or two ahead of retirement convey a similar message.

There's an argument to be made for means testing the state pension but how does govt manage the cries of 'we paid in' (untrue but understandable). Still, it's unfair to keep raising state pension age instead of looking at immediate reforms like binning the triple lock.

@dualit89 It's not a 'contributory defined benefit pension scheme' even though you seem to say that on all my posts about the state pension.

@NJM71 The State Pension is a contributory defined benefit pension scheme. It is fully funded by contributions paid by workers and their employers. What is the argument to be made for means testing?

@DavidJReed100 @iancbeavis The fact is, the system is not difficult to understand. It's not difficult to understand how qualifying years are earned, or that today's taxes pay for today's state pension. You can't pick one feature of the state pension and use that to justify widespread misunderstanding.

I think the point being made is no matter what the facts, the pension has been received as a "pay in" model. Successive governments have made zero effort to address this and promotions for topping up your NI have amplified this expectation. Contrast that to benefits information, which are presented in small fragments and in a manner which a small dog could grasp. It's pretty obvious which one increases votes and what's wrong with the whole system.

@iancbeavis Buying voluntary NICs to maximise state pension still isn't 'paying in'. It's surprising how many people clearly don't know, or understand, the basic facts.

@NJM71 It's not surprising people have the impression 'we've paid in' when the Government has been telling people they can make voluntary contributions to 'top up their pension pot'.

@nessimmersion @CatoThistlewood The left hasn't gaslit anyone. I'm sure there's a thread on here about public sector pensions - this isn't it.

@CatoThistlewood @NJM71 The problem is the left has gaslit people into debating the basic state pension rather than the far far larger sums due to the minority with nomenklatura pensions iea.org.uk/media/public-s…

@nessimmersion @RoseEdmunds That's not means testing. It's income tax which applies to everyone. People still get 80% of the amount above the Personal Allowance. Big difference.

@RoseEdmunds @NJM71 It's already means tested in effect, any income above personal allowance which is the same as the basic state pension is taxable.

@hselftax I said 10 years notice in another comment but I actually don't think that's enough. It needs to be much more. I'm against means testing, especially because it would once again mean younger people losing out.

@NJM71 I have been fortunate to have been able to save for a private pension, but the State Pension was also a significant part of my planning. Making it means tested (even with 10 years notice) would have been a significant disincentive to continuing to save privately, I think.

@RoseEdmunds Absolutely. Pensioners receiving a triple locked state pension will be all for means testing ... as long as it doesn't affect them - which it probably won't. Such a controversial policy change *will* need a decade's notice at the very least. Even then it's too short notice imo.

@NJM71 Raising the state pension age harms the most disadvantaged people who have lower life expectancy and fewer years of good health. I agree with means testing in principle but those who are well off have the loudest voices (as we have seen with WASPI).

She actually makes some fair comments here. It's so refreshing to see someone on telly talking about the state pension being welfare/PAYG.

@moneychimp No, I loved that TV show 🦁

Am I the only person who remembers this?

@CaltonWMTom He's 6 going on 16 - when he wants to be alone, we know to leave him alone. He's hilarious 😂

@NJM71 Would he not tell you the password? 😔

My 6 year old nephew has had enough .. and we all know the feeling ✋️

@DanNeidle @dontdelay It's a "Ladies Investing Club" on Insta (which I don't follow). I've just looked at some posts and 🫣

@NJM71 @dontdelay Most of that growth is inflation. So a stupid figure. If the pension is invested in equities, they’re not touched for 70 years, and the long term return (after fees) is 5% over inflation then the pot is eventually worth c£400k in today’s money Three big assumptions.

True or not true - Instagram "financial advice" @dontdelay

@jayIFA @dontdelay Thank you both 🙏

@dontdelay @NJM71 I completely agree. I’ve only set up junior pensions for kids (fewer than 5 since they were launched) who will never have to worry about buying property (or anything else financially).

@jayIFA @dontdelay Grateful for all comments, thank you 👍 I just know David 'hates' children's pensions, hence the tag.

@NJM71 @dontdelay Sorry, I know you were asking @dontdelay but I thought I’d share my experience too.

@jayIFA @dontdelay I don't know enough about it and I've been asked if this is true, or should the parent carry on putting £20 pw into an ISA.

@NJM71 @dontdelay The line used to be: max the junior pension (£2,880 net pa) up to age 18 and then leave it. If it grows at around 7% pa it should reach £1m by age 65 (neither fact checked, nor advice)

@SteveW_KBF @QofHearts9627 @joangillon43898 Working people pay for today's state pension, not their own. It's not a requirement to pay NI to qualify for a state pension either.

@SteveW_KBF @QofHearts9627 @joangillon43898 It's been classed as a contributory benefit based on the number of qualifying years on your NI Record since 1946. It's not a new thing, it's a basic fact that far too many people on here seem not to know.

I am the face of Britain. Mother of 2 daughters, grandmother to 3. Wife of a bricklayer, retired teacher. Never claimed a benefit nor my family. So theres the truth Starmer you traitorous cretin. We'll Restore Britai and see you gone.