{"id":412,"date":"2013-12-19T07:39:31","date_gmt":"2013-12-19T07:39:31","guid":{"rendered":"http:\/\/www.asadkarim.co.uk\/?p=412"},"modified":"2013-12-19T07:39:31","modified_gmt":"2013-12-19T07:39:31","slug":"the-state-pension","status":"publish","type":"post","link":"https:\/\/www.asadkarim.co.uk\/?p=412","title":{"rendered":"The State Pension"},"content":{"rendered":"<p>The Institute if Fiscal Studies recently published some figures about a single-tier pension.<br \/>\n[<a title=\"IFS Single Tier Pension\" href=\"http:\/\/www.ifs.org.uk\/publications\/6796\" target=\"_blank\">http:\/\/www.ifs.org.uk\/publications\/6796<\/a>]<\/p>\n<p>I then under took some of my own research, and the cost to the state for just paying state pension, the numbers are vast.<\/p>\n<p><strong>11.58 million pensioners<\/strong> living in the UK. The basic state pension is <strong>\u00a3110.15 a week<\/strong><\/p>\n<p>Thus each year the UK pays <em><strong>\u00a3110.15 x 11,580,000 x 52<\/strong> <\/em>= <strong>\u00a366,327,924,000 a year<\/strong> = <strong>\u00a366,327 million<\/strong><\/p>\n<p>That is <strong>\u00a366 Billion<\/strong>. (if everyone gets a basic pension of the <strong>\u00a3110.15 a week<\/strong>, some obviously get more, due to their higher national insurance contributions or in the State Enhanced Related Pension, known as SERPS), <strong>my number of \u00a366 Billion is a much lower calculation<\/strong>.<\/p>\n<p>The Institute if Fiscal Studies stated that today HM government actually pays <strong>\u00a394,000,000,000<\/strong> a year\u00a0= \u00a394,000 million = <strong>\u00a394 Billion<\/strong> today in state pensions, <strong>the 2nd largest government expenditure after funding the NHS<\/strong>. The issue also is that is paid for by taxation and national insurance. There is no fundamental investment asset yielding an investment return, to pay for the state pension.<\/p>\n<p>People deserve good pensions, the cost to the state is huge. But how huge ?<br \/>\nGovernment expenditure is about \u00a3700 billion.<\/p>\n<p>Thus <strong>13% (at least) of government spending is on state pensions today<\/strong>, and this is only going to rise as life expectancy rises, and also one has to accept that the basic state pension is simply not a living wage. Pensioners deserve good pensions. HM Government have no underlying asset to pay for our pensioners. The tax payer has to meet this payment, and to be honest, \u00a3110.15 a week is <strong>simply not<\/strong> a living wage.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Institute if Fiscal Studies recently published some figures about a single-tier pension. [http:\/\/www.ifs.org.uk\/publications\/6796] I then under took some of my own research, and the cost to the state for just paying state pension, the numbers are vast. 11.58 million pensioners living in the UK. The basic state pension is \u00a3110.15 a week Thus each [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-412","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=412"}],"version-history":[{"count":1,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/412\/revisions"}],"predecessor-version":[{"id":413,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/412\/revisions\/413"}],"wp:attachment":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}