State Pension

[TOPGUN749]

19 minutes ago, enfieldspares said:

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.

Except many people won’t qualify for Universal credit,due to having savings,perhaps an inheritance in later life. Zero U/C if over £16,000.

[enfieldspares]

2 minutes ago, TOPGUN749 said:

Except many people won’t qualify for Universal credit,due to having savings,perhaps an inheritance in later life. Zero U/C if over £16,000.

Yes. I think anyone thinking, if it becomes the law, of taking up this "early pension" would be best to take advice on their individual circumstance. Absolutely so.

[shaun4860]

28 minutes ago, enfieldspares said:

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.

I don’t qualify for U/C due to savings etc.

Im 63 and 6 months 

My state pension is due December 2026 so if they say I can have it early due to ill health or whatever then why wouldn’t I take it in August 2025 when it should have been due before they started faffing about extending dates?

[TOPGUN749]

36 minutes ago, JohnfromUK said:

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.

No serps component,it’s just the new full  state pension rate for 2023-2024 of £203.85 a week!

[Lloyd90]

56 minutes ago, enfieldspares said:

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.

Yep, just paid out of a different benefits pot and given less benefits overall! 
 

As usual, most new big policies are some sort of con to leave you worse off! 

41 minutes ago, Bigbob said:

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 

Surely they only take 20% as tax? 
 

Why are you lads losing half of not over the 40% tax threshold? 

[ditchman]

42 minutes ago, TOPGUN749 said:

£203.85 a week times 52 weeks = £10,600./ annum...

so you get paid into your bank..£815.40/mth....?

sorry about the questions im trying to work out what my pension is made up from...

[TOPGUN749]

7 minutes ago, ditchman said:

so you get paid into your bank..£815.40/mth....?

sorry about the questions im trying to work out what my pension is made up from...

£815.40 each 4 weeks,13 times a year! Older pensioners of about 73+ get the old pension which is rather less of course.

[Cosmicblue]

Just had a letter from the DWP to say my state pension is rising to £986.52 (paid every 4 weeks)  from April - 52weeks/4 = 13 payments so £12,824 - so that will completely wipe out the personal tax allowance of £12,570 in a single pass...oh deep joy. 

[TOPGUN749]

6 minutes ago, Cosmicblue said:

Just had a letter from the DWP to say my state pension is rising to £986.52 (paid every 4 weeks)  from April - 52weeks/4 = 13 payments so £12,824 - so that will completely wipe out the personal tax allowance of £12,570 in a single pass...oh deep joy. 

That’s £1322 above the normal full state pension from April,so guessing you either deferred a couple of years or have some SERPS element included? Still yes it puts you into the tax bracket even without a second pension!

Edited February 22 by TOPGUN749

[ditchman]

14 minutes ago, TOPGUN749 said:

£815.40 each 4 weeks,13 times a year! Older pensioners of about 73+ get the old pension which is rather less of course.

aaahhhh X13......i get £888/mth....i think i might have inherited some of my dead wifes pension............christ it is a minefield

[steve_b_wales]

1 hour ago, TOPGUN749 said:

That’s £1322 above the normal full state pension from April,so guessing you either deferred a couple of years or have some SERPS element included? Still yes it puts you into the tax bracket even without a second pension!

My new rate from April is £884:80. I've paid in the full amount of contributions since 1976.

[shaun4860]

1 hour ago, ditchman said:

aaahhhh X13......i get £888/mth....i think i might have inherited some of my dead wifes pension............christ it is a minefield

Is yours monthly or 4/w?

[ditchman]

34 minutes ago, shaun4860 said:

Is yours monthly or 4/w?

dont know ..i will check ..think it is monthly

[steve_b_wales]

3 hours ago, ditchman said:

dont know ..i will check ..think it is monthly

State pension is paid 4 weekly, and the day depends on the last two digits of your N.I. number. I get paid on a Wednesday.

Edited February 23 by steve_b_wales

[JohnfromUK]

7 hours ago, TOPGUN749 said:

That’s £1322 above the normal full state pension from April,so guessing you either deferred a couple of years or have some SERPS element included? Still yes it puts you into the tax bracket even without a second pension!

Over the last 50 years or so, successive Governments (both 'colours') have fiddled with the rules;

• For many years there was SERPS (State Earnings Related Pension Scheme).  It was 'modernised to S2P (State 2nd Pension) in 2002.  It has now been replaced by the 'New State Pension' since 2016.
• SERPS and S2P were sort of additional 'top ups'. 
• You could 'Contract Out' into a private (i.e. non State) scheme instead of SERPS element but 'Contracted Out Schemes' had to meet certain rules including some 'GMP', (Guaranteed Minimum Pension).
• The choice to 'Contract Out' was up to the beneficiary, but many larger employers offered Company Schemes that met the rules, and so many people did 'Contract Out'.  I did, paying into two employers schemes (different employers, different schemes) which is why I have two (modest) non state schemes, but of the defined benefits type.
• It was very complicated, but you could 'Contract Back In' and return to SERPS later in life.  The way this was set up, for many people, Contracting Back In' around the age of 45/50 was recommended - but it depended on so many factors it was always a 'grey' decision.  I think I was around 48 when I 'Contracted Back In'.  I was very fortunate in that my employer then provided a free independent annual pension review and I followed that advice.
• My State Pension is therefore made up from a 'basic state pension' and a bit of 'top up' SERPS for the years I was Contracted In.

The whole thing was a minefield of complexity, and continually moving goalposts with the additional uncertainty that the Contracted Out private schemes often had a 'defined benefit' plus a 'performance bonus' which depended on how well it was managed.  These schemes were often poorly provided for inflation indexing which was (I think) supposed to be covered by the 'performance bonus' and the fact that they were always intended to supplement the State Pension only replacing the SERPS element of it and only in those years for which the beneficiary was Contracted Out.

You were making decisions that would seriously affect your financial position in retirement 20, 30, or 40 years in advance and based on rules that were continually changed by successive Governments and the unknown future performances of the private 'Contracted Out' schemes.  In short, it was little more certain than gambling.

[Robden]

2 hours ago, steve_b_wales said:

State pension is paid 4 weekly, and the day depends on the last two digits of your N.I. number. I get paid on a Wednesday.

Mine is paid weekly (Mondays). I was given the choice when I first retired.

Had a letter this week from the "tax man" saying that my new code is "K****" which means, they want some tax paying.   Peter gives you a bit more money and Paul takes it away.

[JohnfromUK]

3 minutes ago, Robden said:

Peter gives you a bit more money and Paul takes it away.

Very true.  It's all part of an amazingly over complex taxation and 'benefit' system that keeps tens of thousands of civil servants employed, and similar numbers of accountants and financial advisers, not to mention a few barristers and courts personnel.

The gross complexity of the whole system is a truly massive overhead cost on the whole British economy and represents a permanent 'drag' on the UK economy.

[Yellow Bear]

3 hours ago, JohnfromUK said:

Very true.  It's all part of an amazingly over complex taxation and 'benefit' system that keeps tens of thousands of civil servants employed, and similar numbers of accountants and financial advisers, not to mention a few barristers and courts personnel.

The gross complexity of the whole system is a truly massive overhead cost on the whole British economy and represents a permanent 'drag' on the UK economy.

As the main recipients of this chaos are civil servants and their unions there is little chance of change for the better as they will  sabotage anything they (or their union) dislike.

[benbobailey]

11 hours ago, TOPGUN749 said:

£815.40 each 4 weeks,13 times a year! Older pensioners of about 73+ get the old pension which is rather less of course.

I am in the older pensioner bracket and my state pension is considerably  more!. Each case is different  and dependant on work and contribution history. I have no bitterness  a out paying a small amount of tax, how else will services be provided. Regards 

[Bigbob]

12 hours ago, Lloyd90 said:

Yep, just paid out of a different benefits pot and given less benefits overall! 
 

As usual, most new big policies are some sort of con to leave you worse off! 

Surely they only take 20% as tax? 
 

Why are you lads losing half of not over the 40% tax threshold? 

They only let you get a single or married mans allowance , a married mans allowance is just £12500 and start taxing you there 

[Bigbob]

3 hours ago, Robden said:

Mine is paid weekly (Mondays). I was given the choice when I first retired.

Had a letter this week from the "tax man" saying that my new code is "K****" which means, they want some tax paying.   Peter gives you a bit more money and Paul takes it away.

I had that when i first retired and was getting used to living on my pension they said i had under paid by £400 when i questioned it as i thought i was on pay as you go PAYE?. they just said i was and they took £1000 to make sure they get there money 

[sportsbob]

On 21/02/2024 at 15:29, rbrowning2 said:

 

How do you not know that the poor woman in the council house has not spent her working life cleaning up after the likes of you on minimum wage doing a job you would turn your nose up at.

 

If you read the post I quoted it will add the context regarding the situation of said hypothetical woman.

On 21/02/2024 at 16:09, clangerman said:

just like I did she’s probably raising two kids alone so sitting on her backside or even being sick is a luxury she can’t afford I worked doing it and still you had to top my wages up which would not have cost you a penny if gov made absent parents pay maintenance instead of letting them avoiding paying it 

If you read the post I quoted and not selectively outline a small portion of my comment it will add the context regarding the situation of said hypothetical woman.

[marsh man]

1 hour ago, Bigbob said:

They only let you get a single or married mans allowance , a married mans allowance is just £12500 and start taxing you there 

Do it make any difference with the allowance if you were married like me and have recently lost my wife, so do it now make me a single person when it come to allowance's ?

THANKS       MM

 

 

 

[oowee]

11 minutes ago, marsh man said:

Do it make any difference with the allowance if you were married like me and have recently lost my wife, so do it now make me a single person when it come to allowance's ?

THANKS       MM

 

 

 

Yes. 

[old man]

21 hours ago, oldypigeonpopper said:

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🤔🙄

Of course, the politico fundamental now is that "copious bull dung baffles brains"