Expat pensioners discriminated against again by UK Government

[Ivor the Engine]

Have they really raised the pension age to 70? I always thought you were much younger.

I’ve lived life to the full and continue to (hopefully).

When I grow up, I wanna be a dog!

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[Bandersnatch]

I agree with Nick on this: https://en.wikipedia.org/wiki/Pensions_crisis

If I get a state pension at all, it will be a bonus, I can't afford to rely on it. Even though I am still paying into my state pension today, I may get nothing as my contributions are not being invested on my behalf, but are being used to pay current pensioners.

 

[nomad97]

I agree with Nick on this: https://en.wikipedia.org/wiki/Pensions_crisis

If I get a state pension at all, it will be a bonus, I can't afford to rely on it. Even though I am still paying into my state pension today, I may get nothing as my contributions are not being invested on by behalf, but are being used to pay current pensioners.

And thank you for your generosity.

 

[CO-CO]

It would be a desperate economic situation that caused a government to renege on it’s pension commitment.


I have no fears for receipt of my state pension, but I share Bandersnatch’s opinion that it is sensible to view it as a bonus - if you can !

I can immediately think of 30 people in Thailand who would be completely f**ked without their state pension. Generations (particularly ‘unskilled’ workers) have relied solely on state pension, without making separate provision for their retirement.

Any changes to the pension fundamentals should have a long lead in period to allow individuals time to make appropriate arrangements - if some arse in government were to tell me that in 2.5 years time, after making 40 years of contributions, I cannot claim state pension from Thailand, I would be less than amused. They should give min 10 years notice, preferably 20 years, of any plan to raise the pension age to, say, 70.

Not an issue for me as I can claim from the UK but others, of a similar age, who have made their financial plans to live in Thailand (and burned their bridges with the UK) would have serious problems. If such plans were implemented 11 years I imagine that people like Nick would have had to look at returning to the UK at that time.

The problem must be greater for a European if what we hear about pension league tables are correct.

 

[Yorky]

I can immediately think of 30 people in Thailand who would be completely f**ked without their state pension.

Four years ago I could manage without my state pension as my private pension was 50% higher than it is now. I would be hard pressed to survive now, at least at the level to which I have become accustomed.

 

[ColinW]

Four years ago I could manage without my state pension as my private pension was 50% higher than it is now. I would be hard pressed to survive now, at least at the level to which I have become accustomed.

Me too

 

[CO-CO]

Four years ago I could manage without my state pension as my private pension was 50% higher than it is now. I would be hard pressed to survive now, at least at the level to which I have become accustomed.

Is your private pension really 50% lower now than 4 years ago (in which case it is a very bad pension), or are you talking exchange rates ? (In which case the pension is not lower, but the exchanged Baht amount is 50% lower).

 

[CO-CO]

Me too

You were probably one of the 30 Colin ........ albeit towards the end of the list

 

[Yorky]

Is your private pension really 50% lower now than 4 years ago (in which case it is a very bad pension), or are you talking exchange rates ? (In which case the pension is not lower, but the exchanged Baht amount is 50% lower).

No, it's 1/3rd lower and that is because the pound is 1/3rd less value to the Bht. What I received in my bank 4 years ago was 50% higher than the amount that I receive in my bank at the present time. And it's not called "pension" now it's called "government compensation".

 

[ColinW]

I am sure Yorky, like me, is talking about the approximate amount we receive in Thailand
I have four private pensions from ex employers, one of which fell into insolvency before the time came to draw it - meaning the income from The Insolvency Fund is frozen and does not increase with time.

 

[CO-CO]

No, it's 1/3rd lower and that is because the pound is 1/3rd less value to the Bht. What I received in my bank 4 years ago was 50% higher than the amount that I receive in my bank at the present time. And it's not called "pension" now it's called "government compensation".

As I thought.

 

[CO-CO]

No, it's 1/3rd lower and that is because the pound is 1/3rd less value to the Bht. What I received in my bank 4 years ago was 50% higher than the amount that I receive in my bank at the present time. And it's not called "pension" now it's called "government compensation".

Surely, particularly in your case, “beer tokens “ would be a more apt description...

 

[CO-CO]

I am sure Yorky, like me, is talking about the approximate amount we receive in Thailand
I have four private pensions from ex employers, one of which fell into insolvency before the time came to draw it - meaning the income from The Insolvency Fund is frozen and does not increase with time.

I am sure he is Colin. It is always a bugger when funds/providers go pop..... knew someone who lost all their funds because of a dodgy broker.

 

[Yorky]

Surely, particularly in your case, “beer tokens “ would be a more apt description...

To clarify. I first received my OAP in 2014. The exchange rate at that time was around ฿ 55.00 to £ 1.00. Now the exchange rate is in the order of ฿ 37.00 to £ 1.00. Therefore for every £ 100.00 transferred now I receive ฿ 3,700.00 whereas in 2014 I received ฿ 5,500.00 for each £ 100.00. ฿ 5,500.00 is approximately 50% more than ฿ 3,700.00.

 

[Yorky]

To add grit to the situation, my OAP does not attract any cost of living increases and my "government compensation" only attracts increases in respect of the amount I earned in 1999 (my last year of pension contributions).

Talk about being captain hooked!

 

[Ivor the Engine]

To add grit to the situation, my OAP does not attract any cost of living increases and my "government compensation" only attracts increases in respect of the amount I earned in 1999 (my last year of pension contributions).

Talk about being captain hooked!

It’s a ‘Ponzi’ scheme and just as unfair!


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[Coffee]

I have in the past recommended to people (who did not need the money) not to defer, and it turned out to be the correct thing to do at the time.

For each year you defer, you gain 5.8%, but you must take into account inflation here in Thailand, and also the exchange rate. Also as Bander states the freezing does not start until such time as you first make a claim. What will UK inflation be in 10 years time? How much will the state pension increase?

It is a gamble, and one that needs to be considered fully in 10 years time, or later should the goalposts be moved yet again. Then, as I have mooted several times, but not believed by some members, there is, I believe, the distinct possibility that within the next 10 years, pensions may only be payable to those that spend a minimum amount of time annually in the UK.

We never thought bereavement benefits would cease for Thai widows, but they were stopped with very little warning. That has left more than a few widows with young children with little or no money, their late British husbands having previoously been told they would receive benefits for their children. Some couples only married to ensure their wives and children would receive benefits, only to find that if they were to die now, there would be no money.

Nothing stands still, and close tabs need to be kept on everything.

Fine post. Reality.

 

[merlin]

Interesting that the High Court in London has today dismissed the case brought by ladies claiming discrimination for the female state retirement age being increased to equal that of men. We hear so much nowadays about income discrimination against women (think BBC salaries and contracts) as well as women's rights in general.

I'm all in favour of equality. No more nonsense about divorce settlements usually favoring the weaker sex and so on.

It seems that the judges today are of the same opinion, stating that women are NOT being discriminated against. On the contrary in fact - it is men who have been discriminated against for years, with women being favoured in the past by being allowed to retire earlier. This is to level the playing field.

Note to women: "Be careful what you wish for!"

 

[Ivor the Engine]

Interesting that the High Court in London has today dismissed the case brought by ladies claiming discrimination for the female state retirement age being increased to equal that of men. We hear so much nowadays about income discrimination against women (think BBC salaries and contracts) as well as women's rights in general.

I'm all in favour of equality. No more nonsense about divorce settlements usually favoring the weaker sex and so on.

It seems that the judges today are of the same opinion, stating that women are NOT being discriminated against. On the contrary in fact - it is men who have been discriminated against for years, with women being favoured in the past by being allowed to retire earlier. This is to level the playing field.

Note to women: "Be careful what you wish for!"

Agree with above but how much notice were they (or anyone) given when the ‘goal-posts’ were changed???


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[merlin]

It would be a desperate economic situation that caused a government to renege on it’s pension commitment.


I have no fears for receipt of my state pension, but I share Bandersnatch’s opinion that it is sensible to view it as a bonus - if you can !

I can immediately think of 30 people in Thailand who would be completely f**ked without their state pension. Generations (particularly ‘unskilled’ workers) have relied solely on state pension, without making separate provision for their retirement.

Any changes to the pension fundamentals should have a long lead in period to allow individuals time to make appropriate arrangements - if some arse in government were to tell me that in 2.5 years time, after making 40 years of contributions, I cannot claim state pension from Thailand, I would be less than amused. They should give min 10 years notice, preferably 20 years, of any plan to raise the pension age to, say, 70.

Not an issue for me as I can claim from the UK but others, of a similar age, who have made their financial plans to live in Thailand (and burned their bridges with the UK) would have serious problems. If such plans were implemented 11 years I imagine that people like Nick would have had to look at returning to the UK at that time.

The problem must be greater for a European if what we hear about pension league tables are correct.

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