Quote:
Originally Posted by mrmistoffelees
Why shouldn’t they?
If you want to have a decent standard of living in your retirement then plan for it. (The you is not personal btw)
The tax/ni etc payments made during your working life are not contributions towards your pension at the point of your retirement. They’re paying the pensions of people who receive them at the point in time the deduction is made from your pay
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While I accept that’s true - do you think the average person thinks that or thinks there’s an “I’ve paid in all my days” side pot?
Successive Governments - of both colours - likening the macroeconomics of the state to a household budget will not have helped in this regard either. Both my parents got hit by state pension age increases, and while they didn’t rely on getting it on time since they retired early with a lump sum, it’s very easy to see how working class people in low paid jobs reasonably expect a pension and budget for it.
I’m at the front of the queue to argue for transparency around this, and costs of both health and social care. We’d very quickly see the erosion of opposition to wealth taxes and acceptance of tax avoidance as fair game if the average person saw it in plain sight.