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State Pensions

I thought I might do some hard number crunching this morning on the latest pension news.
I am just amazed that this huge tax increase has slipped through with no outrage.
So I started by looking at (and getting depressed at)
GAD - Government Actuary's Department life tables.

Simply the government will increase your pension by a small amount if you don't retire for a three extra years, and pay more tax.
But if you don't retire until 68 you don't draw down 3 years of pension which is about 15% of what you would have done - so that is a huge amount added to the pot without the need for extra tax. You also will have paid in for an extra three years, and of course a significant number of you will fall off your perch in those three years. So just by raising the retirement age the public pension pot is increased by about 20% but the government couldn't resist dipping its fingers into our pockets as well.
But all further research is off now as the red mist is coming down as I look at this graphic from The Telegraph of how our lords and masters have looked after themselves in their old age.. I'm off to kick something very hard.




1 for you and the rest for me springs to mind. Someone ought to show this lot that they are they're at our whim and for our benefit and not to lord it over us.

I'll hold them you kick them


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