Giddy Osborne has slipped some changes to the pension under the door while nobody was looking. It all begins April 6th; in the third week of their Easter Holiday. It’s all part of his Single-Tier, simplified, state pension. By ‘simplified’ Giddy just means ‘reduced’.
The Pensions Policy Institute has followed through the airy-fairy ideas out of the backside of Giddy and calculated just how many will lose out and by how much. They have worked out that 75% of those currently in their 20s will lose out an average of £19,000 over their retirement. The odd part is the other 25% are likely to be £10,000 better off!
Two-thirds in their 30s will lose out on some £17,000 but, again, the other third look to be £10,000 better off.
With the Banks, that Tax Payers money was used to save from extinction, offer next to bugger-all by way of interest rates then the prospects of saving for your old age look just about the crappiest they have ever been. Thanks Giddy – dope head.