Having completed the Proposals for the new Universal Funded Defined Benefit Scheme, the problem arises of how to get it read, understood, noticed and to create demand and I am looking at various options from own web site to petitions on the State one.
I have sent report parts to various Pension Reviews, Committees, Hutton, Trade Unions etc.etc., with little response and the impression that it is “shred, unread” , not understood, just ignored or rejected out of hand.
One also has the impression that the level of mathematics at DWP is lower than the reportedly worst schools. An announcement this week on female retirement saying that compulsory retirement at 65 would be delayed for six months stated that this would affect 245,000 women at a cost of £1bn.
The arithmetic say a third of this,; full basic pension at £5,300 per year gives a six month cost of £650,000; 2008 population shows female numbers at age 64 as 330,000; half of these retire over 6 months with three quarters or less eligible for State pension, then numbers are 123,000 with costs of £325,00.
There appears to be a State policy of misrepresentation and indoctrination, facts are distorted and numbers exaggerated; I have noticed the increased use of the phrase we are all living a lot longer as an accepted fact. The population figures do not support this and question arise on the validity of forward projections.
The over 65’s are projected to double over the next thirty years at five times the rate of the past thirty, the over 90’s will increase tenfold, yet the latest mortality rates show an increase in the proportion of over 85’s. Historical and population figures show much slower changes, giving life expectancy at half current figures.
We are getting hysterical over this, but if you accept the projections, as the Government does, you should be taking the actions outlined in my blogs and proposals. Self sufficiency in pension provision reduces the risk, effects and costs dramatically.
The amount saved by delaying retirement by a year to 66 is small compared with the social cost, whose implications have not been well considered, nor has the quality of retirement life; also at present high unemployment particularly with youth, working longer occupies a badly needed job space.
People retiring at 55 have the best experience with 20 years of travel, leisure activities, new sports and hobbies; free of the burden of children, mortgages and work pressure. At 75 life starts to slow down, one naps in the afternoon and needs determination to do anything physical, at 80 life becomes more passive and personal care needs increase, a return to baby- hood. This continues until one exists not lives, of course, life can still be enjoyed and large variations occur.
There appears little to be gained by delays to retirement, it should be a personal choice not a bureaucratic decision and an added incentive to save for retirement, it follows from the welfare burden attitude to pensions rather than the self-provision and the opportunity of a logical approach and true democracy.
Pension provision needs drastic overhaul, but not in the short term penny pinching approach currently being followed. Pensions need to give value for money with a clear separation of earned and welfare pensions.
The Spending Review appears to be in the same position; targets that have been set but not thought through, resulting in the easy way out, cutting services that were intended to be protected and hitting the worst off. My disabled son who lives alone has had all his care services cut, his needs have not changed, they have just moved the goal posts and not paying for his level of care. He is not alone, the Company who runs his personal alarm system say they are collecting their equipment from many homes, leaving people at risk.
Libraries are closing, bus passes withdrawn, charity support withdrawn and many jobs lost, yet the Prime Minister can still find the odd billion from the savings made to spend on one thing and another.
Savings Annuities Public Sector NHS Teachers Police Local Government Hutton State
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