Pension Triple Lock proposed suspension

[The Wino]

Totally agree, however, when we were younger we saved and put money away, some colleagues when it was bonus time came in with a new car....... I was branded a tight bar steward, however, when we were all faced with closure and redundancies I was then the rich so and so who never spent earlier..... to be honest we have enjoyed life since, but still get the comments about how lucky we are............... 'you make your bed and lie in it"

We we're similar all our friends changing the car shopping in Waitrose new clothes quite often etc when we kept the cars 7 years or so shopped at Aldi fun holidays but not flashy etc . We retired earlier and probably have more disposable income but can't get out of the habit of not spending.

 

[Casper46]

So having worked full time since I was 17, went self employed at 30 paid all my required NI contributions for a full state pension , never claimed any sickness or other benefits, when at 65 In 2013 I only received the £137.00. If I had retired in 2016 I would have received £174.00. (Born 3 years later)
I have never been able to work that one out apart from discrimination !
Thankfully I had the foresight to make additional private arrangements which of course I paid for. Yes I would like to see Politicians adhere to their manifesto promises.

If you manage to fathom out the logic of why there is a difference in the rates of pensions please let me know. We both worked for over 45 years but for some reason we receive £40 plus a week less pension than people who retired after 2016. Whether we need the money or not it makes little sense.

 

[The Wino]

If you manage to fathom out the logic of why there is a difference in the rates of pensions please let me know. We both worked for over 45 years but for some reason we receive £40 plus a week less pension than people who retired after 2016. Whether we need the money or not it makes little sense.

I suspect it was all part of the pension changes including the increase in age before the pension could be claimed. There are other changes like the age increase for bus passes to the state pension age. I think they ought to have had equal pensions but a slower increase and an equalisation of all other benefits

 

[Griff097]

The goodwill equipment trading name stock etc etc. Even if you had just a good trading history and an online business selling advice you could sell the goodwill.

If your a self employed plumber etc, the goodwill is your repetition, quality of service and guarantees, none of that is saleable when you retire as the good will revolves around you.

 

[The Wino]

If your a self employed plumber etc, the goodwill is your repetition, quality of service and guarantees, none of that is saleable when you retire as the good will revolves around you.

Don't know about that but even window cleaners used to sell their "rounds" and how many medium sized businesses now have anyone in charge with the same name as over the door (assuming there is one) probably very few. I agree goodwill is worth more where premises are involved as a lot are likely to just keep going to the same place but I suspect there are calculations in most trades on what goodwill is worth. I think ours worked out at about 2 1/2 years profit. Look at this website it obviously has a value as a business and yet if it were run in a way that p*****d everyone off it could dissapear very quickly the value would be largely in the goodwill it's then up to the incomer to retain it.

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[Odd-no-more]

If your a self employed plumber etc, the goodwill is your repetition, quality of service and guarantees, none of that is saleable when you retire as the good will revolves around you.

Not so, apart from good will your phone number is an asset. A number of retiring trades people have the new guy work with them for a while so customers get used to a new face. The hardest part of starting a new business is getting your name known, buying someone else's name is a good way to go.

My old firm took over the customer database from a sole trader who was retiring, we wrote to all the customers and explained they could count on us for the same standard of care they were used to, and most are still customers to this day

 

[Griff097]

Not so, apart from good will your phone number is an asset. A number of retiring trades people have the new guy work with them for a while so customers get used to a new face. The hardest part of starting a new business is getting your name known, buying someone else's name is a good way to go.

My old firm took over the customer database from a sole trader who was retiring, we wrote to all the customers and explained they could count on us for the same standard of care they were used to, and most are still customers to this day

Interesting as in over 20 years I only know of one small firm selling its books to a sole trader, no sole traders sold their books out of all the people I have met and speak to in merchants, I am sure there will be the odd exception though.

 

[The Wino]

Not so, apart from good will your phone number is an asset. A number of retiring trades people have the new guy work with them for a while so customers get used to a new face. The hardest part of starting a new business is getting your name known, buying someone else's name is a good way to go.

My old firm took over the customer database from a sole trader who was retiring, we wrote to all the customers and explained they could count on us for the same standard of care they were used to, and most are still customers to this day

We did the same years ago when an optometrist retired. His premises were worth so much that it made no buisness sense to buy the practice. He sold the premises separately and his records to us we doubled our turnover in one of our practices overnight. As I said you then have to look after people to retain the goodwill.

 

[Odd-no-more]

Interesting as in over 20 years I only know of one small firm selling its books to a sole trader, no sole traders sold their books out of all the people I have met and speak to in merchants, I am sure there will be the odd exception though.

Possibly they didn't think of doing it, if you have enough customers to keep you in work, you have something to sell, and for a company something worth buying, the return for us was far better the the radio adds we ran. As the The Wino said, you still have to work to keep the customers you have bought, most will only give you one chance, but if that's OK they will keep you.

 

[BASA47]

If you manage to fathom out the logic of why there is a difference in the rates of pensions please let me know. We both worked for over 45 years but for some reason we receive £40 plus a week less pension than people who retired after 2016. Whether we need the money or not it makes little sense.

Totally agree with Casper46 I understood the thinking behind it but would have thought it should of included everyone receiving a state pension at the time as well as those in the future.
This is why I am against the Government reneging on the triple lock, they already reneged on the NHS pay increase which was agreed in Parliament, they reneged on over 75's free TV licence, Bus pass age has been raised and now they are looking at free prescription changes. With the triple lock they are using the Pandemic to justify not paying it, saying it would be unfair to the rest of society. Yet The annual adjustment to MPs’ basic pay for 2020-21 saw an increase of 3.1%, bringing the overall salary from £79,468 to £81,932 from 1 April 2020 plus increase in their expenses they can claim. So who's unfair

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[The Wino]

Totally agree with Casper46 I understood the thinking behind it but would have thought it should of included everyone receiving a state pension at the time as well as those in the future.
This is why I am against the Government reneging on the triple lock, they already reneged on the NHS pay increase which was agreed in Parliament, they reneged on over 75's free TV licence, Bus pass age has been raised and now they are looking at free prescription changes. With the triple lock they are using the Pandemic to justify not paying it, saying it would be unfair to the rest of society. Yet The annual adjustment to MPs’ basic pay for 2020-21 saw an increase of 3.1%, bringing the overall salary from £79,468 to £81,932 from 1 April 2020 plus increase in their expenses they can claim. So who's unfair

I think there's a fairly simple solution. Peg MPs pay pensions etc to average earnings. We are really then all in it together. It won't work as everyone generally hopes theyre going to get a slightly bigger bit of the GDP cake. The unions would largely once the level was set lose one of the biggest benefits of membership (wage negotiation) the politicians wouldn't be happy as there would be no review body pensioners wouldn't like it because the triple lock would go and of course if average incomes reduced so would everyones pay pensions etc as well. But we would genuinely all be in it together and any decisions affecting the overall economy would impact everyone.

 

[Grianan]

Totally agree that MPs should lead by example. I spent most of my working life contributing to a pension scheme on the basis of a retiral age of 60 but will now not receive most of my pension until I’m 67. I will still retire at 60 but will have to find the first 7 years out of savings. I think there are many ‘unfair’ aspects to society at the moment, many caused by cronyism and the wealthy protecting themselves snd their friends and families.

 

[BusyBuilder]

What ever happens,I have a private pension and could retire now. I don't get my state pension till I'm 66 so 3 years for me. Will I stop work ? I doubt it as I mostly work now for the social side of work. I work all over Inverness area, and lots of recurring business. Can't exactly see me selling up.