UK Pensions

Moderator5 said:
Many people on low wages simply don't earn enough money to save into a pension fund. That's where compulsory saving, imposed by governments - sometimes disguised as taxes - protect the financial interests of retirees, such as is the case with the UK State Pension which is funded by both general taxes and by National Insurance contributions from wages.

It is sometimes described as Government provided. Whilst that's true for the the mechanism involved, it needs to be remembered that all of the money comes from deductions made from wages and salaries, and not by a benevolent government! The purchasing value of the State Pension varies with cost of living inflation and the whim of the Treasury in deciding how much retirees receive.

It is a common statement now that UK State Pensions benefits have been increased of late, and that the amount of the increases is greater than elsewhere in Europe. What is not said is that the actual amount paid in the UK is often WAY below the amount paid in Europe, and tables are available which demonstrate this clearly. As with a bucket of water, only so much water can be removed before it becomes empty, and no government wants to increase the amount of taxes collected - especially in the run in to elections. Small contributions equate with small pensions, and that is a part of the problem in Britain.
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Since the Pension Act of 2012 it has been policy the employers offer company pensions with both employer and employee contributing.

Prior to that, many or even most companies offered pensions. Even a dinosaur like me has one.

If not, private pensions can be taken out starting with very low contributions Cheaper than the average mobile phone contracts, for example. Even those on low salaries can pay for them.

I got my first job at 16 years old. Too young to enter the company scheme. My Dad advised me to do something myself. I bought a 25 year endowment. £15 a month. My salary was £180 a month. It's something that can,and should, be budgeted for.
 
Moderator5 said:
Many people on low wages simply don't earn enough money to save into a pension fund. That's where compulsory saving, imposed by governments - sometimes disguised as taxes - protect the financial interests of retirees, such as is the case with the UK State Pension which is funded by both general taxes and by National Insurance contributions from wages.

It is sometimes described as Government provided. Whilst that's true for the the mechanism involved, it needs to be remembered that all of the money comes from deductions made from wages and salaries, and not by a benevolent government! The purchasing value of the State Pension varies with cost of living inflation and the whim of the Treasury in deciding how much retirees receive.

It is a common statement now that UK State Pensions benefits have been increased of late, and that the amount of the increases is greater than elsewhere in Europe. What is not said is that the actual amount paid in the UK is often WAY below the amount paid in Europe, and tables are available which demonstrate this clearly. As with a bucket of water, only so much water can be removed before it becomes empty, and no government wants to increase the amount of taxes collected - especially in the run in to elections. Small contributions equate with small pensions, and that is a part of the problem in Britain.
Click to expand...
These issues have a commononality in Australia with successive governments, Labour and Liberal, subjudisly tweaking
pension and taxation laws to, on the surface, make them look all rosy.
Firstly, they raise the age of retirement to accumulate additional funds, fending off billions in pensions to people 65+,
and then, alter the leglislation surrounding funds held in private or corporate sponsored super funds. Assets: housing or land ownership are exempt.
The cash components---readily tracable and accessable are prime targets to deny access to Australian pensions.
Ok, I am a self funded retiree, placing no burden on the system into which I paid 38.5% PAYG tax for 30 years, plus, the extra 1% levy to support c**ns---pissed--you bet.
The real kick in the guts for me and millions of other PAYG is, successive governments have done nothing short of p*ss
in the pockets of millions of wet backs and indeginous parasites, providing support networks that would make a saint cry.
This is my take on this and, I'm working on remedies, long term, to screw the screwers.
 
Moderator5 said:
it needs to be remembered that all of the money comes from deductions made from wages and salaries, and not by a benevolent government! The purchasing value of the State Pension varies with cost of living inflation and the whim of the Treasury in deciding how much retirees receive.
Click to expand...
Now you have hit upon the very reason why overseas frozen pensions are immoral to say the least. Because you guys directly contributed. This is not the same in Australia.
Where low income persons and down right bludgers receive a full pension and is not frozen due to any tax agreement concessions.
 
FERRET said:
These issues have a commononality in Australia with successive governments, Labour and Liberal, subjudisly tweaking
pension and taxation laws to, on the surface, make them look all rosy.
Firstly, they raise the age of retirement to accumulate additional funds, fending off billions in pensions to people 65+,
and then, alter the leglislation surrounding funds held in private or corporate sponsored super funds. Assets: housing or land ownership are exempt.
The cash components---readily tracable and accessable are prime targets to deny access to Australian pensions.
Ok, I am a self funded retiree, placing no burden on the system into which I paid 38.5% PAYG tax for 30 years, plus, the extra 1% levy to support c**ns---pissed--you bet.
The real kick in the guts for me and millions of other PAYG is, successive governments have done nothing short of p*ss
in the pockets of millions of wet backs and indeginous parasites, providing support networks that would make a saint cry.
This is my take on this and, I'm working on remedies, long term, to screw the screwers.
Click to expand...
All the more reason not to rely on a state pension or have to work up to, an increasing, personable age.

As my original post suggested.
 
CharlesLittle said:
There is no law saying what age you must get to before retirement.

67 is the age at which you receive the UK state pension.

To be honest, if you get to 67 and have to rely solely on a state pension, you have made some very bad life choices.

I'm sure many would agree.
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Its 66 for a little longer. That birthday passed for me at the end of last year and today, I finally got an email to say that my claim for a pension has now been finalised. Expect further info within 28 days.
ILL BE DRINKING TO THAT TONIGHT!
 
Ivor the Engine said:
Its 66 for a little longer. That birthday passed for me at the end of last year and today, I finally got an email to say that my claim for a pension has now been finalised. Expect further info within 28 days.
ILL BE DRINKING TO THAT TONIGHT!
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Indeed. However, the comment I quoted was referring to future age changes and mentioned "67".

When was the cut off point of 66? I will get my state pension at age 67 as I was born prior to 6th April 1977 but after....?????. I'm not sure what the previous "born before date" was to receive at 66
 
Moderator5 said:
Many people on low wages simply don't earn enough money to save into a pension fund. That's where compulsory saving, imposed by governments - sometimes disguised as taxes - protect the financial interests of retirees, such as is the case with the UK State Pension which is funded by both general taxes and by National Insurance contributions from wages.

It is sometimes described as Government provided. Whilst that's true for the the mechanism involved, it needs to be remembered that all of the money comes from deductions made from wages and salaries, and not by a benevolent government! The purchasing value of the State Pension varies with cost of living inflation and the whim of the Treasury in deciding how much retirees receive.

It is a common statement now that UK State Pensions benefits have been increased of late, and that the amount of the increases is greater than elsewhere in Europe. What is not said is that the actual amount paid in the UK is often WAY below the amount paid in Europe, and tables are available which demonstrate this clearly. As with a bucket of water, only so much water can be removed before it becomes empty, and no government wants to increase the amount of taxes collected - especially in the run in to elections. Small contributions equate with small pensions, and that is a part of the problem in Britain.
Click to expand...


So ......at any point in our working lives we know exactly what our projected State Pension will be.

At any point in our working lives we can calculate what else/more we need to generate to provide a liveable income for our retirement.
 
CharlesLittle said:
Since the Pension Act of 2012 it has been policy the employers offer company pensions with both employer and employee contributing.

Prior to that, many or even most companies offered pensions. Even a dinosaur like me has one.

If not, private pensions can be taken out starting with very low contributions Cheaper than the average mobile phone contracts, for example. Even those on low salaries can pay for them.

I got my first job at 16 years old. Too young
Click to expand...
Do you have a link to an endowment policy that I can purchase?
 
Moderator5 said:
Many people on low wages simply don't earn enough money to save into a pension fund. That's where compulsory saving, imposed by governments - sometimes disguised as taxes - protect the financial interests of retirees, such as is the case with the UK State Pension which is funded by both general taxes and by National Insurance contributions from wages.

It is sometimes described as Government provided. Whilst that's true for the the mechanism involved, it needs to be remembered that all of the money comes from deductions made from wages and salaries, and not by a benevolent government! The purchasing value of the State Pension varies with cost of living inflation and the whim of the Treasury in deciding how much retirees receive.

It is a common statement now that UK State Pensions benefits have been increased of late, and that the amount of the increases is greater than elsewhere in Europe. What is not said is that the actual amount paid in the UK is often WAY below the amount paid in Europe, and tables are available which demonstrate this clearly. As with a bucket of water, only so much water can be removed before it becomes empty, and no government wants to increase the amount of taxes collected - especially in the run in to elections. Small contributions equate with small pensions, and that is a part of the problem in Britain.
Click to expand...
Divorce can also impact heavily on retirement plans. My brother in law was unfortunate enough to marry my sister and had to hand over half of his accumulated Superannuation when she ran off with another chap and a divorce followed. He really had to start all over again and time was not on his side. There can be many reasons why people end up relying on the pension.
 
Youngagain said:
Divorce can also impact heavily on retirement plans. My brother in law was unfortunate enough to marry my sister and had to hand over half of his accumulated Superannuation when she ran off with another chap and a divorce followed. He really had to start all over again and time was not on his side. There can be many reasons why people end up relying on the pension.
Click to expand...

Yup, YoungAgain...along with a whole myriad of other financial hiccups on this road we call life.

Some other folks were never realistic about providing for a 'retirement future' or the rising cost of living without relying solely on a government social scheme.
Sad indeed. :-(
 
Coffee said:
Yup, YoungAgain...along with a whole myriad of other financial hiccups on this road we call life.

Some other folks were never realistic about providing for a 'retirement future' or the rising cost of living without relying solely on a government social scheme.
Sad indeed. :-(
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A UK government pension is way below what Thai Immigration require as a monthly income to stay in L.O.S.
 
Ivor the Engine said:
A UK government pension is way below what Thai Immigration require as a monthly income to stay in L.O.S.
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Single Australian pension is about 50,000 baht a month. Still 15,000 short. If one were to do the combined pension plus cash, one would need another 180,000 a year to add to it. I have heard that some immigration offices won’t process the 65,000 baht a month applications let alone the combination method.
 
Coffee said:
Yup, YoungAgain...along with a whole myriad of other financial hiccups on this road we call life.

Some other folks were never realistic about providing for a 'retirement future' or the rising cost of living without relying solely on a government social scheme.
Sad indeed. :-(
Click to expand...
Very true.
 
Youngagain said:
Single Australian pension is about 50,000 baht a month. Still 15,000 short. If one were to do the combined pension plus cash, one would need another 180,000 a year to add to it. I have heard that some immigration offices won’t process the 65,000 baht a month applications let alone the combination method.
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When I enquired at Surin Immigration several months ago I was told by the lady on the reception desk they won't do the combination method.
When I renew my retirement (not) visa next month I am planning to present paperwork changing to 65000 baht /month
 
ColinW said:
When I enquired at Surin Immigration several months ago I was told by the lady on the reception desk they won't do the combination method.
When I renew my retirement (not) visa next month I am planning to present paperwork changing to 65000 baht /month
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Colin, I think we have spoken before.................(according to the rules) you first need to satisfy the IO that you have complied with the terms of LAST year's approval ie money in the bank; THEN you evidence the 12 x 65k monthly transfers.

I am not sure what Surin accept as 'evidence' - hopefully 12 months' bank statements perhaps backed up by PDF prints of your WISE transfers.


(Jomtien require more - a separate letter from Kasikorn Bank in Pattaya Klang confirming the international transfers).
 
Note that the Independent Party MP , Rob Roberts only said that COMMONWEALTH citizens should receive the increase, and made no mention about the rest of us outside the Commonwealth.
 
CharlesLittle said:
There is no law saying what age you must get to before retirement.

67 is the age at which you receive the UK state pension.

To be honest, if you get to 67 and have to rely solely on a state pension, you have made some very bad life choices.

I'm sure many would agree.
Click to expand...
To be honest, some of us went through rough divorces.
 
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