25 signatures reached
To: Iain Duncan Smith
Government Theft of State Pensions
Reinstatement of original pensionable age, for all who have paid in , ie Men 65 years, Women 60 years.
Why is this important?
I firmly believe that the Government have unfairly increasing State Pensionable age and that if when you started work your state pensionable age was that of 60 or 65 then it should be reinstated. What is happening in todays current climate is nothing but theft.
If you calculate the future invested value of £2500 per year
(yours & your employer's contribution) at a simple 5%
interest (that's less than what the govt. pays on the money that it borrows from overseas), after 49 years of working you'd have
If you took out only 3% per year, you'd receive £26,787.60 per
year and it would last better than 30 years (that means until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit!
If you bought an annuity with the money and it paid 4% per year, you'd have a lifetime income of £1976.40 per month.
They call the old age pension an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money, unless it is for international aid. This is money that has been paid to the Goverment and therefore should be used for our pensioners who worked to make this country what it is today.
Why did the government borrow from it in the first place?
It was supposed to be in a securely locked box, not to be used as part of the Government's general funds.