Pension Schemes in the UK

One of our first Meeting, was the Interview with Dave Boothman. He is an independent financial adviser with over 20 years experience.

He gave us a lot information about the pension age, basic state pension, second state pension and other things. He imparted the first impressions about these topics. So it was very important and interesting for us. He told us that in earlier times the life expectation was about 68 years. And in this time, the pension age was adjusted to 65 years. But now the life expectation increase to the age of 80 years. There was no adaptation. In order to that, he introduce the problem of the government to disburse the pensions for more decades. To solve that problem, the government had to realise an incremental rise of the pension age. Dave Boothman predict the new pension age will be 70 years in 2028.

Furthermore, he explained that the government uses taxes to sell the pension. So, if you pay taxes for 30 years you will have the security to get a pension. The weekly payout from the basic state pension is £115. Boothman mentioned the possibility to save money to get the pension earlier. If you don't work for 35 years, there will be a reduction of your pension.

Boothman complains, that the pension is only enough to eat, live and for clothes. But travelling and holidays are not included. Nowadays, the younger people have no worries and thoughts about their own pension age. So at the end of the interview, he appealed to take care about our future, to be more responsible.

All in all, we enjoyed this interview. Mr. Boothman was perfect for a first conversation, because he spoke very slowly and clearly. In addition, he took up all of our questions and answers them in detail.

#Melanie Kretzschmar and Charly Scholze