New flat rate pension on the way

Will this work?
http://www.bbc.co.uk/news/uk-20996912

How many different governments have messed about with the pension system and it's contributions, as far as I am aware the only system that works correctly is the original one.

Quote: phil wrote in post #2

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How many different governments have messed about with the pension system and it's contributions, as far as I am aware the only system that works correctly is the original one.

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evening all, as i reaped the ripe old age of 65 on the 27th december i got a letter to tell me my UK pension will start in 4 weeks, although I left the uk when i was 23 i have paid my yearly nat contributions every year, here we dont pay anything into the pension system, if fact we have a superanuation system - lets say you earn a $1000 a week your employer has to pay a further 7% of that into your super scheme, there are private schemes, union schemes, you can even run your own as long as u stay within the rules. if you elect to extra into your scheme it comes out before your nornal tax - so if you put $20 of the $1000 away its taxed at 15% rather than your standard rate which can be between 20 and 45% depending on your income. this system started about 20 years ago i think, so i think in 45 years time the old age pension will disapear completly. I think the problem lies in the fact that theres not enough working people to carry the retired ones as we all live much longer. so what ive gleened from what ive read is that where your headed also, our super started at 3% then 5% then 7% i understand we are aming to get it to 12%, of course employers dont like it as it really a pay increase as every time we get a wage rise we get a bit extra in the super, we have from memory during each year the fair wage commossion meets to decide if the base wage should increase union and government and employers put in subbmissions then the commission decideds, the low wage workers usually get an increase so it works quite well. sorry im rambling - time for bed

Doubt I will ever see a pension the way they keep putting it back.

Denise

Do women still get the pension at 60? or is it 65 now?

Depends what year you were born.I was 54 so have been told I draw pension at 63..........maybe longer now.