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New Manx Pension doomed to fail wihin 30 years

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Posted (edited)
4 hours ago, Donald Trumps said:

The UK state pension is the worst in the developed world, & the Manx one is on a par with it

https://www.ftadviser.com/pensions/2018/02/13/uk-state-pension-worst-in-the-developed-world/

This is an old chestnut. These comparisons don't stand up because most countries socialise pensions that would be in the private sector in Britain.

I have had a great deal of experience particularly in the Southern European economies through business, personal contacts and chatting with natives while living there. I have no idea what agenda is being driven in that FT link, but I can absolutely promise you that pensioners are not laughing and growing fat there on the state pension systems. It's a hand to mouth existence for most. Take Portugal for instance, with a claimed 94% of average income. I know average incomes are nothing to write home about, but that 94% figure for pensioners is, in general, a joke.

https://www.expatica.com/pt/finance/retirement/pensions-in-portugal-how-to-get-a-portuguese-pension-105266/

Edited by woolley

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3 hours ago, Max Power said:

I tend to agree Gizo but the way that wages and conditions have gone, it would indicate that a lot of people are going to go through life with no other pension provision? Buying property is also going to be difficult for some.

The sooner we get auto-enrolment here the better. Then everybody will be building up their own nest egg.

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1 hour ago, woolley said:

This is an old chestnut. These comparisons don't stand up because most countries socialise pensions that would be in the private sector in Britain.

I have had a great deal of experience particularly the Southern European economies through business, personal contacts and chatting with natives while living there. I have no idea what agenda is being driven in that FT link, but I can absolutely promise you that pensioners are not laughing and growing fat there on the state pension systems. It's a hand to mouth existence for most. Take Portugal for instance, with a claimed 94% of average income. I know average incomes are nothing to write home about, but that 94% figure for pensioners is, in general, a joke.

https://www.expatica.com/pt/finance/retirement/pensions-in-portugal-how-to-get-a-portuguese-pension-105266/

Somebody who should be listened to (but probably won't be).

Hey Ho. Twas ever thus

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Manx supplement is being phased out I believe

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Posted (edited)
16 hours ago, woolley said:

This is an old chestnut. These comparisons don't stand up because most countries socialise pensions that would be in the private sector in Britain.

I have had a great deal of experience particularly in the Southern European economies through business, personal contacts and chatting with natives while living there. I have no idea what agenda is being driven in that FT link, but I can absolutely promise you that pensioners are not laughing and growing fat there on the state pension systems. It's a hand to mouth existence for most. Take Portugal for instance, with a claimed 94% of average income. I know average incomes are nothing to write home about, but that 94% figure for pensioners is, in general, a joke.

https://www.expatica.com/pt/finance/retirement/pensions-in-portugal-how-to-get-a-portuguese-pension-105266/

Also they don't take things such as health care into consideration, you only needs 35 years' contributions to qualify for the full pension.

Add on free bus passes, TV licences and it's not as bad as it may seem.

I'm half a field from the local bus stop. When I hit 65 in ~ 3 years I'll be able to take the mutt and travel around Cornwall all day for free. That's worth a grand at least.

Health care is not as bad as some make out as well.

Edited by GD4ELI
Illiterate author

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Posted (edited)
On 5/8/2019 at 11:20 AM, Donald Trumps said:

Manx supplement is being phased out I believe

Yes. At 5% per year for each year's new pensioner cohort until it is down to zero in 20 years time. You keep the rate you start on though, so if you were in the last year that had the full supplement you will receive it until you die. Totally unfair of course, but that is the situation.

Edited by woolley
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Double space before the second instance of the word now.

No full stop at the end of the sentence.

"Now that I have" instead of "Now I got"

The second "now" is repetitive and superfluous.

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