What the state pension is. Reasons why some elderly people are wealthier than others. Arguments in favour of increasing the level of the old age pension.

The state pension is money given by the government to elderly people. The full basic State Pension for a single person is £ per week in Women have been able to receive the state pension from 60 years of age and men from 65. Although, this is changing – by 2020 the state pension will have increased to 66 for both men an women. THINK – WHY?

NO! It's no secret that Britain has an ageing population and we all can expect to live longer than our predecessors. The number of babies born each year remains constant whilst there are more and more pensioners relying on a smaller and smaller workforce to fund their State pensions. Therefore, it is vital that we all make extra provision for our retirement through some form of savings vehicle. To encourage people to save for retirement, the Government allows very generous tax breaks on pension contributions.

1.What is the state pension? 2.How much is the basic full state pension at present? 3.Explain, in detail, why you cannot rely on the state pension in the future.

The Needs of the Elderly Are the financial needs of the elderly the same? NO! AVOID STEREOTYPING!!!!

There are pensioners who are very well-off when they retire. For a variety of reasons they have a good income.

WOOPIES/GLAMS WOOPIES: well-off older people. GLAMS: greying, leisured, affluent and married.

In groups, discuss the reasons why some elderly people are wealthier than others. Each group member should complete a mindmap to display the results of your discussion. Why some elderly people are wealthier.

They had good jobs with high incomes that enabled them to save a large amount for their retirement. They have a big occupational pension. They have invested in a private pension. They have a wealthy family who can help them out.

Copy and complete the following passage using the words in red. The National Government provides the ____ Retirement pension to all elderly people. An occupational pension is a pension that you pay into whilst ____. A ____ pension is a pension that you pay into through a private ____. company – working – private – State

2001 General KU – QU 2(A) Give two reasons why some elderly people are wealthier than others. (4 marks)

“The government should increase the level of the old age pension.” AGREE? DISAGREE? DON’T KNOW?

£ is too low to provide elderly people with a comfortable lifestyle. Does not reflect average earnings. Pensioners deserve to live in comfort. Many pensioners live in poverty and do not claim the benefits available to them. A higher state pension would help to prevent this.

It is the job of the government to provide pensioners with an adequate level of income. Most people work throughout their lives and pay national insurance and tax. If the government did increase the level of state pension, then individuals would not have to invest as much in private and occupational pensions. This would give people more money to spend on things during their working life.

2002 Credit KU – QU 2(B) Explain, in detail, why some people believe that the government should increase the level of the old age pension. (4 marks)

One reason for the government increasing the level of the old age pension is £ is too low to provide elderly people with a comfortable lifestyle. (1) At present, the pension does not reflect average earnings and as such some elderly people are living in poverty. (2) Another reason is it is the job of the government to provide pensioners with an adequate level of income, as most people work throughout their lives and pay tax. (3) In turn, they deserve financial help from the government when they are retired as they have paid into the system. (4)

What is the state pension? Why are some elderly people wealthier than others? Give two reasons in favour of increasing the level of the old age pension.