Retirement...

[empip]

Saw This today...

PeterMorris
29 Jul 2010, 9:50AM
The Government makes a big song and dance about the affordability of the state pension but it is all smoke and mirrors. The National Insurance fund which pays out all state pensions has a surplus balance in it of over £45 billion according to the government's own Debt Management Office which manages the investments.

This is confirmed by the HMRC which administers the fund and verfied by the National Audit Office each year.

http://www.hmrc.gov.uk/about/ni-fund-ac-gb-0809.pdf

The Goverment Actuary Department (GAD) prepares a report each year on the affordability of the annual uprating in the state pension and they are forecasting a surplus balance of nearly £90 billion is just a few years time.

It really is a scandal that the government pleads poverty to state pensioners when they pillage the fund that could pay greater increases. Even the GAD states the surplus balance retained is much greater than is prudently needed for operational purposes.

http://www.gad.gov.uk/Documents/Social Security/GAD_Report_2010.pdf

It also exposes the untruth that the uprating of all state pensioners, no matter where they live is not affordable, because these accounts show that the cost of uprating all is £540 million which is easily affordable.

1st document certainly shows excess beyond requirements 'in the bank !'
Currently some £50 bil in the black !

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[Mickymoody]

Saw This today...

PeterMorris
29 Jul 2010, 9:50AM
The Government makes a big song and dance about the affordability of the state pension but it is all smoke and mirrors. The National Insurance fund which pays out all state pensions has a surplus balance in it of over £45 billion according to the government's own Debt Management Office which manages the investments.

This is confirmed by the HMRC which administers the fund and verfied by the National Audit Office each year.

http://www.hmrc.gov.uk/about/ni-fund-ac-gb-0809.pdf

The Goverment Actuary Department (GAD) prepares a report each year on the affordability of the annual uprating in the state pension and they are forecasting a surplus balance of nearly £90 billion is just a few years time.

It really is a scandal that the government pleads poverty to state pensioners when they pillage the fund that could pay greater increases. Even the GAD states the surplus balance retained is much greater than is prudently needed for operational purposes.

http://www.gad.gov.uk/Documents/Social Security/GAD_Report_2010.pdf

It also exposes the untruth that the uprating of all state pensioners, no matter where they live is not affordable, because these accounts show that the cost of uprating all is £540 million which is easily affordable.

1st document certainly shows excess beyond requirements 'in the bank !'
Currently some £50 bil in the black !

-0-

Don't you mean RED? The new government is like a load of toddlers going do this do that..How far away from civil war are we? When the government implements all these cuts, it's local government, local people, all facing losing their jobs. Is the Government mental? YES.

 

[Nige F]

[ . Is the Government mental? YES.

But You`ve got to pay for Their Care in the Community - Because all the Mental Hospitals have been closed

 

[empip]

GAD (Government Actuary's Dept.)
They say in the second listed report...

NIFund 2009-2010 £million
Total receipts £80,514
Total payments £80,438
Balance at beginning of year £50,631
Excess of receipts over payments £76
O/a Balance at end of year £50,707
Balance at end of year as percentage of annual benefit payments 66.6%

In other words the 'fund' was 2/3 in hand, in the black ! And looking quite healthy.

This is an interesting take on the matter http://www.southwark.tv/spag/spagNIFund.asp

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[JohnD]

...Total receipts £80,514
Total payments £80,438...

I would have called that "just keeping our heads above the water"

...Balance at end of year as percentage of annual benefit payments 66.6%

In other words the 'fund' was 2/3 in hand, in the black ! And looking quite healthy...

No, that says to me "got enough savings to keep us going for 8 months if things start to go wrong"

Just a small safety margin then. Thew fact that the numbers are quite big makes it look like a lot of spare money, but it isn't.

If you have your own pension fund, it probably has (needs to have) 20 times as much money in it as your annual pension will be.