Expat pensioners discriminated against again by UK Government

CO-CO said:
Hopefully not before I make my claim in December!
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CO-CO , STATESIDE one can initiate benefits early at approx 62 or can wait for larger monthly payments incrementally up to maximizing benefit amounts at age 70.

Is it the same for UK expat pensioners... or not ?
 
Coffee said:
CO-CO , STATESIDE one can initiate benefits early at approx 62 or can wait for larger monthly payments incrementally up to maximizing benefit amounts at age 70.

Is it the same for UK expat pensioners... or not ?
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Not for the State Pension Coffee. That is fixed at age 66 (for me), 67 for those younger....it was 65 when the likes of Nick, Nomad and Yorky retired.

Occupational pension are different and subject to the discretion of the trustees. In my case I would have got £37k at age 65, £24k at 60 and £17k at 55. Age 55 was the earliest that you were contractually allowed to take the pension.

I decided to move to Thailand permanently at age 52. I pleaded reduced circumstances to the scheme trustees and they agree that I could take my pension......£13k at that time.
 
Coffee said:
CO-CO , STATESIDE one can initiate benefits early at approx 62 or can wait for larger monthly payments incrementally up to maximizing benefit amounts at age 70.

Is it the same for UK expat pensioners... or not ?
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No it's not. You can defer pension payment until after the retirement age, but the 'goal-posts' keep changing with regard to your pension age commencement.
Once it was 65 for men and 60 for women. They then changed it to be 60 for both, then 65 for both. Then depending on your birthdate, some had the age moved to 66(me for one) or even 67. They are now talking about it going up to 70!!!!

All this crap has been invented by desk-bound pen-pushers who are so far away from reality. How can manual workers undertake a job at 70 FFS!
 
CO-CO said:
I decided to move to Thailand permanently at age 52. I pleaded reduced circumstances to the scheme trustees and they agree that I could take my pension......£13k at that timtime
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Very simular to me. I escaped the rat race at 48 and got my private pension at 50 but lost 50% for taking it 10 years early. I don't regret that (most of the time).
 
CO-CO said:
Occupational pension are different and subject to the discretion of the trustees. In my case I would have got £37k at age 65, £24k at 60 and £17k at 55. Age 55 was the earliest that you were contractually allowed to take the pension.
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I jacked it in at 50 (the company was closing down the Asia office and making other policy decisions with which I did not agree). I was at that time responsible for a job in China which I was asked to complete and thereafter I would be offered redundancy. I eventually left just before my 51st birthday. As @CO-CO has already stated, I applied for and obtained my OAP 14 years later.
 
Yorky said:
I eventually left just before my 51st birthday.
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I hit lucky there. The job was scheduled to be over in a month but for reasons which were not attributable to ourselves, it extended to 9 months. During that time I was still under my Malaysian based contract so I was receiving full salary, plus a generous overseas allowance and plus expenses incurred at any time outside Malaysia were 100% reimbursable (including bar tabs). Even my wife was in on the act!
 
Wow! You all get crapped on from a great height.
New Zealanders retired overseas get the full pension plus the increments every year and the pension is not taxed.
But if we go back to NZ we have to pay some medical expenses for the first 6 months before getting back into the medical 100 percent.
 
My first pension was my RAF pension at age 55. This pension is subject to UK tax. My second pension was paid at age 55 when I was made redundant, and calculated as if I was aged 63, a full pension. This pension is free of UK tax as the pension was earned wholly overseas (18 years in the sandbox). My third pension is the UK State pension, from which no tax is deducted. My personal tax allowance more than covers the State pension. The difference between the personal tax allowance, after deducting the State pension, is offset against my first pension. Fortunately, unlike my state pension that receives no annual review and is frozen in perpetuity, the other two pensions do receive an annual review based on the cost of the retail price index.
 
Tax is NEVER deducted directly from UK state pensions. In itself it is always lower than the Personal Allowance. However all pensions where the money originates from the UK is subject to tax, which becomes payable once the Personal Allowance limit is exceeded. (£12,570 for the 2021/2022 tax year)
 
I read that the PPF payments although administered by the Government but not Government funded, are not frozen wherever you live.
 
Prakhonchai Nick said:
Tax is NEVER deducted directly from UK state pensions. In itself it is always lower than the Personal Allowance. However all pensions where the money originates from the UK is subject to tax, which becomes payable once the Personal Allowance limit is exceeded. (£12,570 for the 2021/2022 tax year)
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Not strictly true. I have one pension that comes from the UK, from a British company BAE SYSTEMS. It is not subject to tax because I was declared ordinarily non-resident for the 18 years that I paid into that particular pension scheme. My pension was fully funded while working abroad, I was in Saudi Arabia. After being made redundant, I wrote to the Tax Office and asked that they declare that particular pension to be free of tax. They agreed that the pension should be free of tax and sent me a letter of confirmation. For the past 18 years, the Tax Office has never deducted tax from that pension. :)
 
I was under the impression that if your company pension contributions were made after your salaray was taxed then your future pension payments would not be subject to tax. My pension contributions were made prior to tax being deducted.
 
Yorky said:
I was under the impression that if your company pension contributions were made after your salaray was taxed then your future pension payments would not be subject to tax. My pension contributions were made prior to tax being deducted.
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Cannot comment on that- I had a non-contributary pension
 
Ivor the Engine said:
No it's not. You can defer pension payment until after the retirement age, but the 'goal-posts' keep changing with regard to your pension age commencement.
Once it was 65 for men and 60 for women. They then changed it to be 60 for both, then 65 for both. Then depending on your birthdate, some had the age moved to 66(me for one) or even 67. They are now talking about it going up to 70!!!!

All this crap has been invented by desk-bound pen-pushers who are so far away from reality. How can manual workers undertake a job at 70 FFS!
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Not crap at all.


The UK government cannot continue to fund an increasing pension burden as people live longer. It is not fookin rocket-science....more money needs to go into the the pot to fund it....up the contributions or defer the age at which you can take the pension.

Ivor and are lucky, we have only lost 1 year = GBP 5,000 net of tax for me.
 
CO-CO said:
Not crap at all.


The UK government cannot continue to fund an increasing pension burden as people live longer. It is not fookin rocket-science....more money needs to go into the the pot to fund it....up the contributions or defer the age at which you can take the pension.

Ivor and are lucky, we have only lost 1 year = GBP 5,000 net of tax for me.
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Systematic culling is the answer. And start with the ones who receive increases every year.

Seriously, folks have been living longer progressively for thousands of years. The records show it. Lack of foresight has been the problem.
 
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