mad_manx Posted February 24, 2023 Share Posted February 24, 2023 5 hours ago, GD4ELI said: Here's what a Ponzi scheme is. larger numbers of people, see Pyramid scheme. A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.[ Exactly what my NI contribution is doing. Pays off part of the state pension to those who paid in earlier. Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted February 24, 2023 Share Posted February 24, 2023 1 minute ago, mad_manx said: larger numbers of people, see Pyramid scheme. A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.[ Exactly what my NI contribution is doing. Pays off part of the state pension to those who paid in earlier. But it’s not a fraud as there is no intentional deception per the fraud link above. It is transparent that the state pensions currently being paid are derived from previous contributions and that current contributions will pay for future pensions Quote Link to comment Share on other sites More sharing options...
mad_manx Posted February 24, 2023 Share Posted February 24, 2023 (edited) 7 minutes ago, The Voice of Reason said: But it’s not a fraud as there is no intentional deception per the fraud link above. It is transparent that the state pensions currently being paid are derived from previous contributions and that current contributions will pay for future pensions So are you saying that the change in state pension age for those who have paid in for years( decades for some ) is not deception? They do that as the incoming contributions are not enough to cover future contributions. Edited February 24, 2023 by mad_manx Quote Link to comment Share on other sites More sharing options...
Asthehills Posted February 24, 2023 Share Posted February 24, 2023 31 minutes ago, mad_manx said: So are you saying that the change in state pension age for those who have paid in for years( decades for some ) is not deception? They do that as the incoming contributions are not enough to cover future contributions. How is it deception when they have publicly announced it? Quote Link to comment Share on other sites More sharing options...
Roxanne Posted February 24, 2023 Share Posted February 24, 2023 6 hours ago, Non-Believer said: Precisely my experience too. Not next time. And for many other northern residents too. They are already talking about who they would like to stand next time - and it's not Hooper. 1 Quote Link to comment Share on other sites More sharing options...
wrighty Posted February 24, 2023 Share Posted February 24, 2023 2 hours ago, The Voice of Reason said: But it’s not a fraud as there is no intentional deception per the fraud link above. It is transparent that the state pensions currently being paid are derived from previous contributions and that current contributions will pay for future pensions No. I think the point is that current contributions pay current pensioners. This notion that there is a pot that you contribute to, and then draw from on retirement is fiction. Certainly when it comes to large defined benefit schemes or state schemes. So it is like a Ponzi scheme, without the fraud, and without someone running off with it all (except Robert Maxwell) 4 Quote Link to comment Share on other sites More sharing options...
WTF Posted February 24, 2023 Share Posted February 24, 2023 8 minutes ago, wrighty said: So it is like a Ponzi scheme, without the fraud, and without someone running off with it all (except Robert Maxwell) UK government ran off with 5 years worth of pension payments to women who had been promised them and paid in accordingly. 3 1 Quote Link to comment Share on other sites More sharing options...
finlo Posted February 24, 2023 Share Posted February 24, 2023 9 minutes ago, wrighty said: No. I think the point is that current contributions pay current pensioners. This notion that there is a pot that you contribute to, and then draw from on retirement is fiction. Certainly when it comes to large defined benefit schemes or state schemes. So it is like a Ponzi scheme, without the fraud, and without someone running off with it all (except Robert Maxwell) They're "running off" with it now in the name of " balancing the books"! Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted February 24, 2023 Share Posted February 24, 2023 3 minutes ago, WTF said: UK government ran off with 5 years worth of pension payments to women who had been promised them and paid in accordingly. Odd analysis of the situation, how did the UK government 'run off' with payments? To gain a full state pension 35 years of NI payments are required. All that happened is that women now receive the state pension at the same age as men. This was known years in advance. Don't forget that women live longer. An unfair situation has been corrected. 2 Quote Link to comment Share on other sites More sharing options...
mad_manx Posted February 24, 2023 Share Posted February 24, 2023 24 minutes ago, wrighty said: No. I think the point is that current contributions pay current pensioners. This notion that there is a pot that you contribute to, and then draw from on retirement is fiction. Certainly when it comes to large defined benefit schemes or state schemes. So it is like a Ponzi scheme, without the fraud, and without someone running off with it all (except Robert Maxwell) Exactly what I meant.. Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted February 24, 2023 Share Posted February 24, 2023 57 minutes ago, wrighty said: So it is like a Ponzi scheme, without the fraud, and without someone running off with it all (except Robert Maxwell) So it’s not actually a Ponzi scheme as it as been described as being above. 1 Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted February 24, 2023 Share Posted February 24, 2023 1 hour ago, wrighty said: No. I think the point is that current contributions pay current pensioners. This notion that there is a pot that you contribute to, and then draw from on retirement is fiction. Yes that’s right Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted February 24, 2023 Share Posted February 24, 2023 3 minutes ago, The Voice of Reason said: Yes that’s right What you have in the UK is a guarantee in law. Anyone who thinks it's a Ponzi scheme should go back to school and learn to read proper. Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted February 24, 2023 Share Posted February 24, 2023 14 minutes ago, GD4ELI said: What you have in the UK is a guarantee in law. Anyone who thinks it's a Ponzi scheme should go back to school and learn to read proper. That’s nonsense to be honest. Tell the women who get short changed for 5 years pension they had a guarantee in law to retire at 60. 3 Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted February 24, 2023 Share Posted February 24, 2023 8 minutes ago, offshoremanxman said: That’s nonsense to be honest. Tell the women who get short changed for 5 years pension they had a guarantee in law to retire at 60. The law was changed and there was plenty of notice. Happens all the time - tax levels, petrol duty etc. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.