12gauge82 Posted February 22 Report Share Posted February 22 1 minute ago, Westley said: I also pay 'tax' on my PENSION ! Yes I'm sure you do. I'm not sure what your point is? Quote Link to comment Share on other sites More sharing options...
terence Posted February 22 Report Share Posted February 22 On 20/02/2024 at 20:03, oowee said: The pension like all benefits should be based on levels of subsistence. Anything over that should be paid out of pension savings made during working life. Why should pensioners get paid more benefit than those on job seekers allowance? pension is not a benefit Quote Link to comment Share on other sites More sharing options...
oldypigeonpopper Posted February 22 Report Share Posted February 22 1 hour ago, 12gauge82 said: If your lucky, you may find yourself a pensioner one day, I wonder if you'll be so flippent then. Pensioners are vulnerable, if inflation causes them to find their living expenses unaffordable, or them needing care or help in the home due to the lack of government assistance, due to underfunding, they can't simply go back to work to make more money. When we as a country can pay billions for illegal immigrants, we should be looking after our pensioners. Good Post👍 Quote Link to comment Share on other sites More sharing options...
Penelope Posted February 22 Report Share Posted February 22 (edited) 1 hour ago, 12gauge82 said: Your comment went over my head, I didn't read it as a joke, the joys of speaking via Internet 👍 I already do via the serious amount of tax I pay 👌 There was a post that had 'bare' spelt as 'bear', hence the bear related joke. Edited February 22 by Penelope Quote Link to comment Share on other sites More sharing options...
marsh man Posted February 22 Report Share Posted February 22 17 hours ago, Cosmicblue said: Having retired last year and started drawing the state pension from September (month following my 66th birthday) I was surprised to find that it is paid in full (i.e. no tax deducted) - every 4 weeks. HMRC, who never miss a trick then deduct the tax for it from other pension income. That is exactly right , my state pension isn't touched by the taxman , but my small private pension which is less than £50 a month is cut in half , half to me and the other half to the taxman . MM Quote Link to comment Share on other sites More sharing options...
Dave-G Posted February 22 Report Share Posted February 22 On 20/02/2024 at 20:03, oowee said: The pension like all benefits should be based on levels of subsistence. Anything over that should be paid out of pension savings made during working life. Why should pensioners get paid more benefit than those on job seekers allowance? Few 'Jobseekers' loosely termed, would have worked and funded other peoples pensions for well over 40 years, as said elsewhere a full basic pension has been contributed to, a jobseekers allowance only may have been contributed to. Quote Link to comment Share on other sites More sharing options...
oldypigeonpopper Posted February 22 Report Share Posted February 22 Hello, Well i have just got my pension update forecast, 🤔 With the council tax rise and other rising prices i am back to Square one🤔🙄 Quote Link to comment Share on other sites More sharing options...
johnphilip Posted February 22 Report Share Posted February 22 1 hour ago, Dave-G said: Few 'Jobseekers' loosely termed, would have worked and funded other peoples pensions for well over 40 years, as said elsewhere a full basic pension has been contributed to, a jobseekers allowance only may have been contributed to. Correct Dave . Quote Link to comment Share on other sites More sharing options...
oowee Posted February 22 Report Share Posted February 22 3 hours ago, terence said: pension is not a benefit ? Worth having and not paid for (by most) is a benefit? The cost of an index linked annuity at 66 to buy the state pension would be around £200k. The payments come from the social security benefits budget. The payment is a universal benefit. 1 hour ago, Dave-G said: Few 'Jobseekers' loosely termed, would have worked and funded other peoples pensions for well over 40 years, as said elsewhere a full basic pension has been contributed to, a jobseekers allowance only may have been contributed to. JSA is not payable unless you have contributed class 1 NI. Most pensioners like most JSA claimants are likely (i guess as its short term) to have contributed proportionally more for the return than the average pensioner has contributed for their pension. My point rather than looking at contributions is about the value. If the pension payment is considered the minimum to keep people out of poverty then why is it not applied as a minimum universally? Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted February 22 Report Share Posted February 22 5 hours ago, TRUEBRIT66 said: Just popped up on my news feed Britons could get ‘earlier access’ to state pension payments in Jeremy Hunt’s Budget (msn.com) Allow “early access” but also notes putting the age up to 71… Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted February 22 Report Share Posted February 22 Here’s the real question: how much pension do you really need to get for a standard of living that’s reasonable? I know it’ll always differ based on spending habits. Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted February 22 Report Share Posted February 22 10 minutes ago, Lloyd90 said: Here’s the real question: how much pension do you really need to get for a standard of living that’s reasonable? I know it’ll always differ based on spending habits. From the Grauniad The annual income you will need in retirement Living standard Single Couple Minimum £12,800 £19,900 Moderate £23,300 £34,000 Comfortable £37,300 £54,500 Source: Loughborough University and the Pensions and Lifetime Savings Association. London figures higher Quote Link to comment Share on other sites More sharing options...
TOPGUN749 Posted February 22 Report Share Posted February 22 10 minutes ago, Lloyd90 said: Here’s the real question: how much pension do you really need to get for a standard of living that’s reasonable? I know it’ll always differ based on spending habits. My house is paid for,car too,so it’s just all the usual bills,council tax of £1250 a year being the biggest.I tend to spend about £9,000 a year in total out of my £12,500 pensions, so some left over for luxuries if I wish. Quote Link to comment Share on other sites More sharing options...
shaun4860 Posted February 22 Report Share Posted February 22 5 hours ago, TRUEBRIT66 said: Just popped up on my news feed Britons could get ‘earlier access’ to state pension payments in Jeremy Hunt’s Budget (msn.com) I’m in favour of this 👍 Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted February 22 Report Share Posted February 22 44 minutes ago, TOPGUN749 said: My house is paid for,car too,so it’s just all the usual bills,council tax of £1250 a year being the biggest.I tend to spend about £9,000 a year in total out of my £12,500 pensions, so some left over for luxuries if I wish. Manage to live fine just off a state pension then? Or you have a private one as well and that covers weekly shop etc too? Quote Link to comment Share on other sites More sharing options...
TOPGUN749 Posted February 22 Report Share Posted February 22 Just now, Lloyd90 said: Manage to live fine just off a state pension then? Or you have a private one as well and that covers weekly shop etc too? Yes,state pension is currently £10,600,and my private pension is almost £2,000, will probably start paying £15 a month income tax after April,ridiculous on such a low income! Quote Link to comment Share on other sites More sharing options...
TOPGUN749 Posted February 22 Report Share Posted February 22 1 hour ago, JohnfromUK said: From the Grauniad The annual income you will need in retirement Living standard Single Couple Minimum £12,800 £19,900 Moderate £23,300 £34,000 Comfortable £37,300 £54,500 Source: Loughborough University and the Pensions and Lifetime Savings Association. London figures higher I wonder if those figures are gross or nett of tax? Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted February 22 Report Share Posted February 22 31 minutes ago, TOPGUN749 said: I wonder if those figures are gross or nett of tax? Article from which I clipped it here; https://www.theguardian.com/money/2023/apr/15/uk-pensions-how-much-retire-cost-of-living-inflation-income Quote Link to comment Share on other sites More sharing options...
TOPGUN749 Posted February 22 Report Share Posted February 22 7 minutes ago, JohnfromUK said: Article from which I clipped it here; https://www.theguardian.com/money/2023/apr/15/uk-pensions-how-much-retire-cost-of-living-inflation-income They conveniently don’t say if it’s gross or nett income,and the figures don’t make much sense generally. Quote Link to comment Share on other sites More sharing options...
enfieldspares Posted February 22 Report Share Posted February 22 1 hour ago, shaun4860 said: I’m in favour of this 👍 It's a con job! Stop working through ill health before you receive your state pension and you will be on Universal Credit. This gives free dental treatment and a number of other advantages such as the possibility of help with home insulation and heating, Council Tax reduction and etc.. Even if you monthly universal credit is only £10. If you receive state pension you lose those automatic rights. So the con job is by you taking state pension early you lose those advantages. Never trust a Tory Chancellor when it comes to benefits and pensions. So by letting the sick "retire early" they will be potentially worse off. Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted February 22 Report Share Posted February 22 Just now, TOPGUN749 said: They conveniently don’t say if it’s gross or nett income,and the figures don’t make much sense generally. Thats the Guardian for you. There are lots of other similar 'estimates', but as has been said above, everybody has different ideas of what they want. I know I am quite 'extravagant' in some areas, but 'frugal' in others. Quote Link to comment Share on other sites More sharing options...
ditchman Posted February 22 Report Share Posted February 22 1 hour ago, TOPGUN749 said: Yes,state pension is currently £10,600,and my private pension is almost £2,000, will probably start paying £15 a month income tax after April,ridiculous on such a low income! how come you state pension is £10,600/annum....? Quote Link to comment Share on other sites More sharing options...
TOPGUN749 Posted February 22 Report Share Posted February 22 5 minutes ago, ditchman said: how come you state pension is £10,600/annum....? £203.85 a week times 52 weeks = £10,600./ annum... Quote Link to comment Share on other sites More sharing options...
Bigbob Posted February 22 Report Share Posted February 22 5 hours ago, marsh man said: That is exactly right , my state pension isn't touched by the taxman , but my small private pension which is less than £50 a month is cut in half , half to me and the other half to the taxman . MM I worked since i was 15 had two private pensions got laid off with ill health at 60 i thought we would of been fine but i only see one pension the tax man takes most of my second pension , but there are ways round it Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted February 22 Report Share Posted February 22 5 minutes ago, ditchman said: how come you state pension is £10,600/annum....? I imagine he will have some SERPS component. I have some SERPS in my state pension and it is a little more than that, but I paid in more. Quote Link to comment Share on other sites More sharing options...
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