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UK---Millions Face Pension Poverty as 'Golden' Era Ends

Business  (tags: news, money, economy, finance, UK, politics, world, society )

- 2455 days ago -
Up to 14 million workers will retire with pensions far smaller than those enjoyed by their parents, a report warns today, as the "golden generation" of retirement schemes comes to an end.

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Rose Becke (141)
Monday August 1, 2011, 12:20 am
It is happening here in OZ as well

Stan B (123)
Monday August 1, 2011, 1:58 am
It's going to happen in every country which has lived above its means because of stupid governments.
The Chinese must be laughing their heads off.

Rachel D (57)
Monday August 1, 2011, 3:00 am
This is where underregulated free trade takes you - theft from the middle class and increasing poverty for the majority

patricia lasek (317)
Monday August 1, 2011, 4:37 am
This is happening all over the "free world" due to the greed of the bankers and politicians.

cecily w (0)
Monday August 1, 2011, 5:14 am
This is happening throughout developed countries. (Those in "less developed countries" never had any illusions about it.) There are several reasons for this.

There are several reasons. One of the least mentioned is population growth. Even in those countries where birth rates have declined, the populations are still growing--albeit very slowly and immigration is adding to the disastrous mix. (All resources have finite limits.)

Another cause is that non-workers and marginal workers reap pension system benefits without having contributed their fair share--even after the worker dies. (In the U.S. we see this as public and private pension benefits to "non working spouses". It affects both public old age benefits and private pensions.)

The main reason is gutless politicians who are bought and paid for, and won't take these issues on. (In all fairness though, they can't really do much either because the system stinks.)


Jane Warren (8)
Monday August 1, 2011, 5:33 am
Darn it. I was hoping for good news when I get to be pension-eligible.

Kath P (9)
Monday August 1, 2011, 6:07 am
The rich get richer and the poor pay.

. (0)
Monday August 1, 2011, 6:54 am
For now we have the unfortunate position of being the unwilling victims of people who govern by their own personal preferences, and they do not care what science says.

Republican (aka stupid person) = "Let's give all the wealth to the top 1% of society, and somehow the economy will continue to function."

Science = "If 99% of America has no money to spend the economy will die."

It is basic math: 1% of American's are rich, and 99% of American's are NOT rich. 1% is less than 99%. If 99% of Americans do not have any disposable income, or no income at all, 99% of the economy WILL FAIL because people who do not have any money to spend will not be able to spend any money. This is not hard for anyone with a functioning brain to understand.

If the economy fails the money/investments of rich people will become WORTHLESS because they only retain their value in a good economy.

You cannot have a successful economy or society based on only taking care of 1% of the population.

. (0)
Monday August 1, 2011, 6:54 am
Artificial Scarcity occurs when the supply of X is controlled to make it scarce on purpose when the reality is that the supply of X is virtually unlimited. This is usually done to make X worth more than it really is, and thus increase profits for those who are the purveyors of X.

The easiest example of this is food. Every year millions of tons of food end up in landfills because the stores that bought it were not able to sell it. They rather throw it away to keep food scarce/expensive than give the food to those who need it for free. By doing so they create an artificial scarcity of food.

The largest example of artificial scarcity is the supply of money. Money is nothing more than metal/paper with fancy pictures on it, and has no intrinsic value accept what we give it. If we are experiencing financial problems we should either print more, or throw the entire concept of money in the garbage.

How morally bereft do you have to be to openly advocate the needless suffering/deaths of millions of people over the artificial scarcity of metal/paper with fancy pictures on it?

Dan Holoman (2)
Monday August 1, 2011, 12:42 pm
Greed isn't limited to the US, I see.

Past Member (0)
Monday August 1, 2011, 12:54 pm
Somehow, I suspect that those who played a major part in creating this mess will not find themselves struggling when they retire.
I also note that the preferred solution is for us to give the same financial institutions even more of our money to take care of. That should come in handy when the bonuses are calculated.
We have elected those that have totally failed to represent us as promised and we have paid those who have totally failed to provide the services that they offered to us.
I believe that the correct word to use in these circumstances is...FRAUD!

sheila F (0)
Monday August 1, 2011, 12:57 pm
Wait a damn minute. What is this "none working spouse thing" ? Do you mean I didn't' draw a pay check for all those years of cooking, washing , ironing, cleaning house, having kids ,walking the floor with sick ones, decorating, painting , doing yard work, replacing flooring and fixing toilets, taking care of him and kids when sick, cleaning up after him,not to mention sex on demand ,struggling to make ends meet and running his errands etc ?you are right I didn't . I also cooked for his clients , entertained his clients, threw parties for his clients? I also worked after he walked out and left me with nothing, at minimum wage jobs. So with all of that I get a measly 700 a month to try and live on. Maybe we should start paying our housewives and mothers. Do you know why we don't ? Cause people that have them couldn't afford them if we did. You think the pension is a lot now for them. HA . Figure out what a wife and mother etc would be worth pay wise and then say we are non working spouses. Or better yet try my job before you criticize. Oh and on top of all that try the humiliation of having to ask for money for every purchase and being looked down on by everyone who thinks you are brain dead because you raised kids and took total care of a home.

Roger G (154)
Monday August 1, 2011, 1:15 pm

reft h (66)
Monday August 1, 2011, 1:49 pm
the future is looking scary

Anne P (174)
Monday August 1, 2011, 4:16 pm
Beware, Americans ... we are next!

Terry King (113)
Monday August 1, 2011, 4:45 pm
Unfortunately we aren't next, we're there!

Rhonda Maness (580)
Monday August 1, 2011, 4:52 pm
Thanks Cal

Suzanne H (81)
Monday August 1, 2011, 4:56 pm
I see the return of work houses in Britains future if the people do not take charge

Mary Donnelly (47)
Monday August 1, 2011, 5:19 pm
Thanks Cal. Interesting post.

In the same way that everything/ everybody else is " pensions" are subject to the laws of naturee.e.g.

1. Life is dynamic;

(a) Just because "we", whoever "we" might be, are experiencing a "Golden Era" of retirement, doesn't mean everyone else will .

(b) Suppose that people are living longer, (provided they are healthier) they should be able to have paid work longer. If they save efficiently, and keep track of their savings, they have a chance at acquiring more and better pensions.

(c) Suppose that people live shorter lives, because ,say, of poor nuitrition. They won't need to be concerned about a lengthy retirement--they won't be here to enjoy one.

2. People seldom learn from history.

(a)Frequently when employers experience cash flow difficulties, they try to borrow from others; if they get into real difficulties they are unable to repay those loans which then become bad debts. One common such loan is borrowing from "pension" or other similar funds. When the firm goes bad, so does the fund. e.g. The Auto Works and GM. When the 'firm' is a nation state, the result is a sovereign debt crisis. Hence the need for bailouts

Moral: don't invest in a "pension" fund, unless you can, and do, monitor its activities, and are prepared to do something about it. e.g. go to court.

3. Most people have no idea how money works--that is why there are so few rich people-- have even less idea how taxation works, and least idea about how pensions work.

(a) Many "pension" funds depend upon taxation and superannuation/insurance/pensions laws; all of which are changing constantly, thus many recipients of their benefits can be pleasantly, or unpleasantly, surprised by what benefits actually result..

(b) If Einstein could not understand taxation, what chance do we ordinary mortals have of understanding "pension" funds?

Ronald N (3)
Monday August 1, 2011, 6:19 pm
Such dire news. I think of England as those who created and perfected system of neo-liberalism. While we had the Bushes, and Reagan, they had Margaret Thatcher! These folks had the same idea. Get rid of the unions, privatize and make it tough for any social reform. What happened in England has happened in the US. The so-called Labor Party in England and the Democrats in the US shifted to the right. Nothing could have been more devastating to the citizens of England as it has in the United States. The English government is actively creating austerity for it's people. We are seeing this happen everywhere and especially the USA. This is something calculated. I cannot see any reason for the governments with the agendas in place to see anything else happen. That is, things won't change unless the grassroots politics rise and the American people change this "welfare to the rich and corporates". I simply think that those on the inside are given preferential treatment and nothing can impress me that the public is not managing their money wrongly. It's rigged and those who managed a healthy lifestyle financially and otherwise are closer to the inside track! If our government doesn't accept the compromise deal, the worst may happen to the stock market. It is the politics of Wall St. and they hold much power in the way government acts. Irresponsibility by government is usually the doings and influence of Wall St. so I won't be surprised if the market reacts drastically. Finally, the real sad part about pension plans is that they were placed into the trust of the Wall St. investment groups. The trust simply went down the tubes and why America doesn't ditch this system should have been reckoned with by now. Instead Americans stick with the system that backstabbed the American people. Without reforms we are bound by a system that is inadequate and it is more likely that we repeat the same mistakes.

Robert B (60)
Monday August 1, 2011, 6:53 pm
We can blame ALL of this on greedy investment bankers and greedy politicians. I hold the Talibagger/GOP party responsible for allowing the rich to gut this country. I am an independent voter and I will not be voting Republican.

Timothy V (4)
Tuesday August 2, 2011, 5:54 am
Damn! I'll have to down-grade to an Aston Martin now.

Danny Wilson (26)
Tuesday August 2, 2011, 12:32 pm
It's all BS here, it's all BS there. It's just the rich gaming the system to their advantage....

Lynne Buckley (0)
Tuesday August 2, 2011, 3:45 pm
No one counts anymore, not unless you're a rich money grabber who governments want to keep happy. It's sickening that governments can find billions to bail out the banks and to fight wars, but they can't take care of the people who pay their wages.

gloria c (7)
Tuesday August 2, 2011, 9:07 pm
just ainet right.

pam w (139)
Tuesday August 2, 2011, 11:31 pm
Sad, isn't it? Reminds me of a visit I made to Russia, about ten years ago. Old people, who had worked and served the government (because they firmly believed it would take care of them in their old age) were reduced to sweeping streets and selling flowers to make a living.

If you're a young person, reading this...take my advice! Save at LEAST ten percent of everything you earn and put it into a non-risk investment plan. DO NOT TOUCH IT===EVER! Nobody will take care of you except yourself! EVER.

patrica and edw jones (190)
Wednesday August 3, 2011, 2:24 am

Past Member (0)
Thursday August 4, 2011, 6:25 am
And at the same time successive governments have spent all of the NI we have been paying before it arrived, and it's not just the complexity and poor value of the schemes that's the problem, it's that they're rarely portable so each time you change jobs you have to start over, and they really need to implement Means tested pension benefits.

patrica and edw jones (190)
Thursday August 4, 2011, 4:07 pm
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