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Increase in contributions to works pension

Community Veteran
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Registered: ‎06-11-2014

Re: Increase in contributions to works pension


@Jonpe wrote:

I dread to think what will happen when tattoos are no longer popular; there won't be enough dermatologists in the kingdom to remove them all.

 


 

I've got a potato peeler, I'll do it for free... Evil

Aspiring Legend
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Re: Increase in contributions to works pension

@Jonpe

Tattoo removal on the NHS? Roll_eyes


Compare yourself to who you were yesterday, not who somebody else is today
Dabbler
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Registered: ‎11-04-2018

Re: Increase in contributions to works pension

Correct Aneurin Bevan.  

Dabbler
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Re: Increase in contributions to works pension

We are on about two different pensions here Jonpe.  The State pension is paid for by the Tax payer when and as one pay taxes.  You do not contribute to future Pensions.  The Workplace pension as I understand it is saved as a pot of money to buy an annuity.  As such the pot is invested, and this is where the fact of Compound interest comes into play.   

With the State pension there is no pot of money allocated to any individual, so any increases are paid for out of immediate Taxes.  

 

If you have heard of the chap Warren Buffett who is reputed to be one of the richest men in the world, he made his do$h from investing in Companies who paid regular increases in dividends.  This is what your workplace pension is aiming to do.  

 

When I was on the ropes financially bcak in 2008/09 my 2 small pensions were put on hold with regards to any payments made into them.  One of them just scraped into 5 figures and in the 4 years to 2013 it increased 69%, without any additional funds being added, now call me Mr. Impressed but I think that is a good return considering that inflation was around 17% in total for the whole period.  My other smaller pension with just £4,641.34 in 2008 in 2013 was £9113.52 which I work out at 96% 

In fact it is a quite good illustration of why Free Trade/Laissez Faire which some call Capitalism works so well.  It is not directly to do with Government, it is to do with people getting on with thier lives and being able to make profits and consequently increase wealth and wages.  

 

Note the difference in accumulation of the 2 Pensions is to do with what they are set to achieve with regards to risk, but also the biggest factor 'Manegement charges' which in UK are the highest in Europe.  Although some of this is due to the fact that we have a smaller Private pension industry in UK, due to 'All' post war Governments not giving savings a higher priorty? 

Hero
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Re: Increase in contributions to works pension

@johnashtone  Yes, I understand the difference between the State Pension and a private one, but you just said "stop spending", not "stop spending and invest with the same skill as I do".  I know for a fact that if I were to invest in anything that involves even the slightest risk, I would go broke very quickly; that's how unlucky I am.

@Minivanman Yes, being unfashionable causes anxiety, stress, and depression, therefore the NHS will be left to pick up the tab when tattoos become unfashionable.

Aspiring Legend
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Re: Increase in contributions to works pension

Some tattoo, some tab.

The world and his wife seem to have them these days and not just the one or two of old so I don't see how the NHS will remove them without a GP recommendation or request. 

Not going  to happen except maybe for the minority poor lambs. Wink


Compare yourself to who you were yesterday, not who somebody else is today
Hero
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Re: Increase in contributions to works pension

Of course a GP referral is required to see a specialist, but is ten minutes enough to assess someone adequately?  All the unfortunate 'dermatologically decorated' patient needs to say is, "I really don't know how long I can carry on like this", and no doctor will take the risk of leaving them 'untreated'.

Community Veteran
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Re: Increase in contributions to works pension

@Jonpe

Whilst it is true a GP might not want to take the risk of leaving them untreated all he can do is make a referral to a dermatologist.

We all know the pressure the NHS is under, hospitals are likely to prioritise work and I suspect removal of such things is a low priority.

I have no idea how much removal costs but if you can find the cash to get them done in the first place perhaps you should find the cash to get them removed......perhaps the costs for removal should be shown prior to getting one done.

Aspiring Legend
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Re: Increase in contributions to works pension

Well this 'dermatologically decorated' pensioner had his done over fifty years ago and it's been stressing him out ever since.....so can I have an appointment to see a specialist please?   

Cost me thirty bob to get done by the way. Wink


Compare yourself to who you were yesterday, not who somebody else is today
Community Veteran
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Re: Increase in contributions to works pension

From the date you are referred to the actual date you can have it done following numerous cancellations of your appointment you are likely to run out of time.

Unless you have the cash to get it done privately in which case we can do it tomorrow.

Wink

Dabbler
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Re: Increase in contributions to works pension

No Jonpe, I added investing afterwards.  However stop spending, it really is that simple.  Watch everything you spend your money on and ask do I need that?  Or can I buy better, which isn't always cheaper?  But if you get a grip on spending, you will be amazed, at how much one saves.  I was in serious money trouble, the equivalent of two mrotgages and no income.  

 

I used a two pronged attack, stopped spending, and signed up with 5 temping agencies.  I got a job working weekends, 25 hours and then took 'any' work offered by the agencies, this gotr me a good name for always turning up, or when I couldn't telling the agencies before hand I would let them down?  

 

But the stopping spending amazed me the most, I only bought what I 'Knew' I desparetaly needed, which meant food, My partner went along with this, and we turned the heating down to very low (but not off completely, becuase in winter this uses more fuel heating backing up).  But also restricting what we had warm, two rooms only, the living room and landing, which ensured the bedroom had the chill taken off, likewise the bathroom.  

 

I cut out most alcohol drinking, and neither of us smoke.  

 

The car I drove to ensure work was a Suzuki Swift 1 litre 3 cylinder, of which I got around 60mpg on motorways, and 55 mpg around town.  Plus the insurance was cheap.   After a couple of years hard grind I was offered a full time job at a warehouse logging waggons in and out, but this meant 60 hours (5x12) and travelling 1 hour each way 70 hours a week.  However it paid 90p above min wage, and 60 x 90p was £54 that paid for the travelling?

 

Also I didn't look at jobs as how much tax I paid, but how many bills I paid off.  

 

 

As for once you get on top of spending, you then find you have spare savings, so I had my shoes repaired?  That's the really good pair, I bought back in the early 1990s?  Some of the technique is knowing when to spend more for quality?  

 

But once I was in front with money, there is no looking back. I now pick and choose when I work, and incidentally the company I work for full time, don't mind in the least, because I regularly get them out of the mire, when others let them down.  I am also looking at taking some extended holidays.  Why not I now have the spare do$h?

Aspiring Legend
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Re: Increase in contributions to works pension

We try and use the wants and needs approach when buying and it seems to work - well most times anyway.

Do I need what I am buying or do I just want it?

Bear in mind it though, it's not always good to be austere with your finances, the odd indulgent 'want' can go a long way.  Thumbs_Up


Compare yourself to who you were yesterday, not who somebody else is today
Community Veteran
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Re: Increase in contributions to works pension

@johnashtone

Glad to hear you have done so well, pity more people do not have your work ethic and ability to identify between what is essential and what is desirable.

Amazing the number of people who have no money but have the latest phone or other expensive item.

Hero
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Re: Increase in contributions to works pension

@johnashtone  You really could publish that last post as a self-help guide.  There are too many people who refuse to work and expect those of us who do, to keep them in a comfortable life-style until their pop career takes off, even if they can't sing a note.

I practise much of what you preach, although I've always had steady jobs.  I've always worked hard in those jobs and when I left each of the last two, two people had to be employed to replace me.  I've never been very materialistic but when I 'splash out' I try to get value for money:  For example I was probably one of the last people in the country to get a video recorder, but when I did, it was a top of the range one that lasted some fourteen and a half years!

I don't regard any job as 'menial'.  My friend who works in a hospital once said that if a consultant goes away for three weeks they hardly notice, but if the cleaners turn up an hour late the effect is immediate.  I'm not saying cleaners are more important than consultants but they both have an important, not menial, part to play.

I could go on but you get the gist.

Hero
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Re: Increase in contributions to works pension


@Jonpe wrote:

 

 

...  For example I was probably one of the last people in the country to get a video recorder, but when I did, it was a top of the range one that lasted some fourteen and a half years!

 

 


OT, I remember my first VCR back in the 1970s (so I was probably one of the first) was a Philips N1500 which was huge beast, definitely more of a want than a need.  Cassettes were priced at about £20 per hour of recording time so needless to say I only had a few!