UK Pensions

CO-CO said:
Saw this today:-


PLEASE PASS THIS AROUND, UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT... THIS IS SURELY SOMETHING WE ALL NEED TO THINK ABOUT!!!!
THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE PENSION IS THAT THEY FORGOT TO FIGURE IN ALL THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED Old AGE PENSION.
WHERE DID ALL THAT MONEY GO?
Remember, not only did you and I contribute to our Pension, our employer did, too. It totalled 15% of your income before taxes.
If you averaged only £15 000 over your working life, that's close to
£220,500. Read that again. Did you see anywhere that the Government paid in one single penny?
We are talking about the money you and your employer put in a
Government bank to ensure that you and I would have a
retirement pension from the money we put in, it was not money that the Government had any right to spend elsewhere.
Now they've started to call the money we paid in an
'entitlement' when we reach the age to take it back.
If you calculate the future invested value of £2500 per year
(yours & your employer's contribution) at a simple 5%
interest (that's less than what the govt. pays on the money that it
borrows from overseas), after 49 years of working you'd have
£892,919.98.
If you took out only 3% per year, you'd receive £26,787.60 per
year and it would last better than 30 years (that means until you're
95 if you retire at age 65) and that's with no interest paid on
that final amount on deposit!
If you bought an annuity with the money and it paid 4% per year, you'd have a lifetime income of £1976.40 per month.
THE CROOKS IN GOVERNMENT HAVE PULLED OFF A BIGGER ROBBERY THAN THE GREAT TRAIN ROBBERS EVER DID.
Entitlement!!??
My foot !! IT'S MY MONEY!! I paid IN cash for my pension.
Just because they borrowed the money to spend on other things,
that doesn't make my pension some kind of charity or handout!!
Remember MP's benefits? ---
free healthcare, outrageous retirement packages,
67 days paid holidays, three weeks paid vacation,
unlimited paid sick days. Now that really should be called
welfare entitlements, yet they they have the nerve to call my
O A P retirement payments entitlements?
We're "broke" and the government can't help our own OAPs, our
ex-service personnel, our orphans or our homeless.
Yet in the past few years we have provided aid to Haiti, Chile, Turkey, India, Pakistan, etc., etc., etc. Literally, BILLIONS of Pounds !!!
And they can't help our own citizens!
Our retired seniors living on a 'fixed old age pension have to beg social services to receive additional aid, while our government and religious organizations pour hundreds of billions of £££ tons of food to foreign countries!
They call the old age pension an entitlement even though most of us have been paying for it all our working lives, and now, when it's time
for us to collect, the government is running out of money.
Why did the government borrow from it in the first place?
It was supposed to be in a securely locked box, not to be used as part of the Government's general funds.
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Just eight years ago... sad innit.
 
nomad97 said:
It will take a very long time, like never, for me to pay tax on my frozen state pension of £117/week, or some £6,084/year. Good luck to those that will have to pay tax in the years to come.
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Now think about those that rely totally on their state pension/(social security) as rising inflation along with additional taxes have further deteriorated the future outlook into their 'Golden Years'.
Sad innit. :-(
 
Coffee said:
Now think about those that rely totally on their state pension/(social security) as rising inflation along with additional taxes have further deteriorated the future outlook into their 'Golden Years'.
Sad innit. :-(
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I was told a few years after starting work not to rely purely on the state for a pension. I didn't take much notice then but a few years later I saw the wisdom of ensuring that I had a back up pension. I certainly would be Captain Hooked now without it.
 
nomad97 said:
It will take a very long time, like never, for me to pay tax on my frozen state pension of £117/week, or some £6,084/year. Good luck to those that will have to pay tax in the years to come.
Click to expand...
That will be me, as my private pension is now nearly up to the amount of my personal allowance, so once I can sort out increasing my state pension that starts at Xmas, it will all be taxed @ 20%. Present amount is £154/week but I'm trying to get it up to the quoted max for me of £197/week. I won't hold my breath!!!!!!
 
If my pension was large enough, HMRC would be welcome to tax any amount in excess of my personal tax allowance! Receiving 80% of that would be a huge improvement on receiving 100% of nothing!
 
Merlin said:
If my pension was large enough, HMRC would be welcome to tax any amount in excess of my personal tax allowance! Receiving 80% of that would be a huge improvement on receiving 100% of nothing!
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One the wealthiest businessmen in Suffolk once told me "I don't mind paying tax - it shows that I am making money".

I am afraid that I struggle to have too much sympathy with people who have not made additional pension provision, beyond the state pension.

Some of us for 'fortunate' in working in jobs that had non-contributory pension schemes. That, however, often resulted a lower salary compared to some in, say, the construction industry. He recall several former school chums living the high life, taking foreign holidays and having nice cars; I wonder how many had the foresight to put some of their earnings into pension funds.
 
CO-CO said:
Sad?

Yes in a few cases.

Or, piss-poor planning.
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Harsh maybe, but true.

As an IFA, I saw many low earning clients who said that they couldn't afford to make pension contributions. The simple response to that was to ask that if they couldn't afford to live on (say) 80% of their net earnings each month, how were they going to manage on a basic state pension expressed as a % of those earnings... usually less than 40%! Ah! Reality then hit home, and they found "spare" cash to invest each month as if by magic.

Personal financial planning should be introduced as a part of the school curriculum.
 
Merlin said:
Harsh maybe, but true.

As an IFA, I saw many low earning clients who said that they couldn't afford to make pension contributions. The simple response to that was to ask that if they couldn't afford to live on (say) 80% of their net earnings each month, how were they going to manage on a basic state pension expressed as a % of those earnings... usually less than 40%! Ah! Reality then hit home, and they found "spare" cash to invest each month as if by magic.

Personal financial planning should be introduced as a part of the school curriculum.
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Over here, a few years ago, the government introduced money management courses for government teachers, because they were the ones in the biggest sh!t state financially. Fact!
 
Ivor(back on the prev page)in reply to N97 on the old system it was based on 44 yrs contributions but under the new system it s based on 30 or 35 yrs which is most unfair but
both the Govt & the Ho of Lords passed it into law way back.
I ve been able to collect it since 2009(at that time was close to 100%)so am on just under GBP 100pw!
 
EnglishAlan said:
Ivor(back on the prev page)in reply to N97 on the old system it was based on 44 yrs contributions but under the new system it s based on 30 or 35 yrs which is most unfair but
both the Govt & the Ho of Lords passed it into law way back.
I ve been able to collect it since 2009(at that time was close to 100%)so am on just under GBP 100pw!
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Sorry,mate.
Its now 35 years NIC for a full pension but there are other factors that can change how much you actually receive. I replied to their email last week asking a few questions, so now awaiting an answer.
 
I needed 44 contributions for my frozen pension. It went down to 30 before rising to the current 35. However, when Bereavement benefits/widowed mothers allowances were still paid, 44 contributions were needed for full payment even though state pension only needed 30 contrbutions!
 
Ivor the Engine said:
Sorry,mate.
Its now 35 years NIC
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Ivor the Engine said:
That will be me, as my private pension is now nearly up to the amount of my personal allowance, so once I can sort out increasing my state pension that starts at Xmas, it will all be taxed @ 20%. Present amount is £154/week but I'm trying to get it up to the quoted max for me of £197/week. I won't hold my breath!!!!!!
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My weekly payment is £176.75.

I believe that I have paid 35 years' contributions and the reduced amount is due to the bank having contracted out it's employees .....not 100% sure about that, but there is bugger all I can do to change it now.
 
Ivor the Engine said:
www.gbnews.com

State pension could rise by £742 but 500,000 pensioners will miss out

The state pension increased by 10.1 percent in April via the triple lock, and pensioners could be set for another bumper increase.
www.gbnews.com www.gbnews.com
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Good news.



There is also an increased push/expectation regarding frozen pensions. The motivation apparently being the removal of the 15 year rule that will bring many of the 500,000 the right to vote - the only motivation that politicians have. The Royal British Legion locally have just canvassed the Policy Forum at the Labour Party on the subject. Pissing into the wind IMO, but no harm in trying.


Subject: Urgent Appeal: Addressing the Plight of British Expatriates and Abolishing Frozen Pensions


Dear Members of the Labour Policy Forum,

I hope this message finds you well.

It is estimated that there are in excess of 41,000 British expatriotes living and working in Thailand. Many of those are retired and many of those are veterans.

I write to you today on behalf of the Royal British Legion Thailand Branch. I personally oversee welfare interventions with veterans (mostly retired) wo approach us for assistance.

As you are surely already aware, thousands of British expatriates living in increasingly challenging circumstances, many of whom are suffering in poverty due to the 'frozen pensions' policy. This policy has long deprived them of their hard-earned benefits, creating an unjust disparity between them and their UK-resident counterparts.

The cost to rectify this situation by abolishing the frozen pensions policy is approximately £600 million per annum - a sum that, while significant, pales in comparison to the current National Insurance surplus, which I am informed stands at an overwhelming £57 billion.

As you well know, social justice and equality are core principles of the Labour Party. Addressing this disparity would not only alleviate the suffering of these British expatriates but also strengthen the party's standing as a champion for fairness and the rights of all British citizens, wherever they choose to reside.

Moreover, with the recent passage of the Election Act 2022, an estimated 3.5 million British citizens abroad will soon regain their voting rights as a result of the ‘Vote for Life’ legislation contained in the Act. These potential voters represent a significant demographic that all political parties would be wise to engage with. Understanding and addressing their concerns could prove pivotal in future elections.

Given these facts, I strongly encourage the Labour Policy Forum to bring this issue to the forefront during your forthcoming Conference. Discussing this issue and ensuring it is included as a promise in the party's election manifesto would send a strong message that the Labour Party is committed to the rights and welfare of all British citizens, no matter where they live.

We are at a pivotal moment, one that calls for bold actions and leadership. The opportunity to rectify an historical wrong is within our grasp. Let's seize it together.

Thank you for your attention to this matter. I am looking forward to hearing from you soon.
 
CO-CO said:
Good news.



There is also an increased push/expectation regarding frozen pensions. The motivation apparently being the removal of the 15 year rule that will bring many of the 500,000 the right to vote - the only motivation that politicians have. The Royal British Legion locally have just canvassed the Policy Forum at the Labour Party on the subject. Pissing into the wind IMO, but no harm in trying.


Subject: Urgent Appeal: Addressing the Plight of British Expatriates and Abolishing Frozen Pensions


Dear Members of the Labour Policy Forum,

I hope this message finds you well.

It is estimated that there are in excess of 41,000 British expatriotes living and working in Thailand. Many of those are retired and many of those are veterans.

I write to you today on behalf of the Royal British Legion Thailand Branch. I personally oversee welfare interventions with veterans (mostly retired) wo approach us for assistance.

As you are surely already aware, thousands of British expatriates living in increasingly challenging circumstances, many of whom are suffering in poverty due to the 'frozen pensions' policy. This policy has long deprived them of their hard-earned benefits, creating an unjust disparity between them and their UK-resident counterparts.

The cost to rectify this situation by abolishing the frozen pensions policy is approximately £600 million per annum - a sum that, while significant, pales in comparison to the current National Insurance surplus, which I am informed stands at an overwhelming £57 billion.

As you well know, social justice and equality are core principles of the Labour Party. Addressing this disparity would not only alleviate the suffering of these British expatriates but also strengthen the party's standing as a champion for fairness and the rights of all British citizens, wherever they choose to reside.

Moreover, with the recent passage of the Election Act 2022, an estimated 3.5 million British citizens abroad will soon regain their voting rights as a result of the ‘Vote for Life’ legislation contained in the Act. These potential voters represent a significant demographic that all political parties would be wise to engage with. Understanding and addressing their concerns could prove pivotal in future elections.

Given these facts, I strongly encourage the Labour Policy Forum to bring this issue to the forefront during your forthcoming Conference. Discussing this issue and ensuring it is included as a promise in the party's election manifesto would send a strong message that the Labour Party is committed to the rights and welfare of all British citizens, no matter where they live.

We are at a pivotal moment, one that calls for bold actions and leadership. The opportunity to rectify an historical wrong is within our grasp. Let's seize it together.

Thank you for your attention to this matter. I am looking forward to hearing from you soon.
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