Where did all the money go . . . . ?

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Where did all the money go . . . . ?

Postby dabthoms » Tue May 09, 2017 10:29 am

Medical science is helping mankind live longer but it seems that we should feel guilty for being a drain on society for taking our pension that we've paid for.

Just to cheer you up……how did a pension we all paid into suddenly become a benefit?????

Worth some thought - Where did all the money go????


The only thing wrong with the government's calculation of available pension is that they forgot(?) to figure in all those who had died before they ever collected their old age pension.


Remember, not only did you and I contribute to our Pension, our employer did, too. It totalled 15% of your income before taxes.

If you averaged only £15,000 over your working life, that's close to £220,500.

Read that again. Did you see anywhere that the Government paid in one single penny ?

We are talking about the money you and your employer put in a Government bank to ensure that you and I would have a retirement pension from the money we put in, it was not money that the Government had any right to spend elsewhere.

Now they've started to call the money we paid in an 'entitlement' when we reach the age to take it back.

If you calculate the future invested value of £2500 per year (yours and your employer's contribution) at a simple 5% interest (that's less than what the govt.. pays on the money

that it borrows from overseas), after 49 years of working you'd have £892,919.98.

If you took out only 3% per year, you'd receive £26,787.60 per year and it would last better than 30 years (that means until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit!

If you bought an annuity with the money and it paid 4% per year, you'd have a lifetime income of £1976.40 per month.


Entitlement !!??

My foot !! IT'S MY MONEY !! I paid IN cash for my pension.

Just because they borrowed the money to spend on other things, that doesn't make my pension some kind of charity or handout!!

Remember MP's benefits ? --- free healthcare, outrageous retirement packages, 67 days paid holidays, three weeks paid vacation, unlimited paid sick days.

Now that really should be called welfare entitlements, yet they have the nerve to call my OAP retirement payments entitlements ?

We're "broke" and the government can't help our own OAPs, our ex-service personnel, our orphans or our homeless.

Yet in the past few years we have provided aid to Haiti, Chile, Turkey, India, Pakistan, etc., etc., etc. Literally, BILLIONS of Pounds !!!

And they can't help our own citizens !

Our retired seniors living on a 'fixed old age pension have to beg social services to receive additional aid, while our government and religious organizations pour hundreds of billions of £££ tons of food to foreign countries!

They call the old age pension an entitlement even though most of us have been paying for it all our working lives, and now, when it's time
for us to collect, the government is running out of money. Why did the government borrow from it in the first place ? It was supposed to be in a securely locked box, not to be used as part of the Government's general funds.

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Re: Where did all the money go . . . . ?

Postby Andere Richtingen » Tue May 23, 2017 1:03 pm

I've only just spotted this post, hence the slow response. These things have exercised my brain, also, although I figured out ages ago in my 20s that the national insurance taken from my salary was actually being used the next week to pay my grandmother's pension.
I bitterly resent being told my pension is a "benefit", like it's a charitable handout I should be pathetically grateful for.
Arithmetic isn't my strong point so I'm trusting your figures. On that basis, I'm wondering what justification there can be for my so called full pension entitlement being less than £6K pa. Do the overpaid, over fed f***wits in government really think it's possible to live (rather than simply exist) on such a sum? Fortunately, due to employment pension schemes, I don't have to but some of my friends are trying to.
If average life expectancy continues to rise, I won't be a bit surprised if future retirees are given a choice: a higher annual pension payment so long as you sign a binding contract to be euthanized after 15, or 10 or ... years.
Cynical? Me? :tantrum2:
There's always another way
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