UK Pensions and related info

[fulhamster]

19 hours ago, jaiyenyen said:

My 66th birthday was on June 2nd, so I'm expecting my first UK state pension payment in July. I'm having it paid direct into my SCB account. Can anyone give me a rough idea when the funds might be available please.

How did you get them to pay direct to SCB ?

[Kwasaki]

19 hours ago, jaiyenyen said:

My 66th birthday was on June 2nd, so I'm expecting my first UK state pension payment in July. I'm having it paid direct into my SCB account. Can anyone give me a rough idea when the funds might be available please.

You should of had a letter informing the day date of payment.

Once you get the first payment it will be the same day every 4 weeks if that's the time payment you chose.

[jaiyenyen]

I just got the letter today. As you said, every 4 weeks. I can't see any exact date of payment.

Do you know if there's a delay between 4 weeks from my birthday, and the day it lands into my Thai bank account?

[billd766]

8 minutes ago, jaiyenyen said:

I just got the letter today. As you said, every 4 weeks. I can't see any exact date of payment.

Do you know if there's a delay between 4 weeks from my birthday, and the day it lands into my Thai bank account?

IIRC your state pension is paid 1 month in arrears.

 

I got mine age 65, but that was 14 years ago and things may have changed since then.

[jaiyenyen]

15 hours ago, fulhamster said:

How did you get them to pay direct to SCB ?

When I called to claim my state pension, they asked me what bank I'd like the funds to be put into, and I gave them all my SCB details including SWIFT code.

I called the international number.

[fulhamster]

5 hours ago, jaiyenyen said:

When I called to claim my state pension, they asked me what bank I'd like the funds to be put into, and I gave them all my SCB details including SWIFT code.

I called the international number.

Do you still have the number ?

Thanks

[jaiyenyen]

2 hours ago, fulhamster said:

Do you still have the number ?

Thanks

It's at work. I'll post it on Monday, unless someone beats me to it.

[GroveHillWanderer]

On 3/9/2023 at 2:54 AM, lamyai3 said:

The cutoff date for paying voluntary NI contributions going back to 2006 is now extended until 31st July:

 

https://www.gov.uk/government/news/taxpayers-given-more-time-for-voluntary-national-insurance-contributions

Does anyone know if this applies only to people who have not started receiving their pension yet?

 

I started getting my pension last year - is there any chance of topping up missing years to boost my current pension?

[BritManToo]

1 hour ago, GroveHillWanderer said:

I started getting my pension last year - is there any chance of topping up missing years to boost my current pension?

Nope, you have to do it before taking the pension.

[chickenslegs]

18 hours ago, billd766 said:

IIRC your state pension is paid 1 month in arrears.

 

I got mine age 65, but that was 14 years ago and things may have changed since then.

I think it's changed. My 66th birthday was 7 July 2022 and I received my first pension payment on 22 July 2022. The amount was just over 50% of a full month.

[PPGuy]

On 6/22/2023 at 11:15 AM, scottiejohn said:

How and when your benefits are paid - GOV.UK (www.gov.uk)

 

PS;  They are paid in Surname Alphabetical order unless you request otherwise A-! Monday   !-W Friday

Payment date is based on last 2 digits of your NI number.

https://www.gov.uk/state-pension/when-youre-paid

[topt]

On 6/24/2023 at 3:00 PM, GroveHillWanderer said:

Does anyone know if this applies only to people who have not started receiving their pension yet?

 

I started getting my pension last year - is there any chance of topping up missing years to boost my current pension?

 

23 hours ago, BritManToo said:

Nope, you have to do it before taking the pension.

Not 100% BritManToo - but depends on individual circumstances as usual.

 

@GroveHillWanderer have a read of this -

https://www.thisismoney.co.uk/money/pensions/article-11871495/Can-state-pension-retire-Steve-Webb-replies.html

[jaiyenyen]

Just a quick update.

My birthday was on the 2nd June, and my first state pension payment arrived in my SCB account early on 3rd July.

[OJAS]

Looks like most of us State Pensioners here in LOS are going to miss out on an 8% increase in our State Pensions from next April:-

 

https://www.ft.com/content/b83d60d1-8002-47c4-a4a1-f6a1e58e47f0

 

And no doubt HMRC will seek to tax a fair few of us on the basis of the full increase in the hope that we don't notice this.

 

But at least, all being well, we should be spared the biennial Life Certificate nonsense next year!

 

[a3tsw]

1 hour ago, OJAS said:

Looks like most of us State Pensioners here in LOS are going to miss out on an 8% increase in our State Pensions from next April:-

 

https://www.ft.com/content/b83d60d1-8002-47c4-a4a1-f6a1e58e47f0

 

And no doubt HMRC will seek to tax a fair few of us on the basis of the full increase in the hope that we don't notice this.

 

But at least, all being well, we should be spared the biennial Life Certificate nonsense next year!

 

This link requires a paid subscription to view , the official figure for the rise in Average Weekly Earnings that the triple lock for state pension paid from April 2024 will be based upon will be released by the Office for National Statistics on Tue. 12th Sept. here

www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours

 

The figure for inflation CPI will be released on Wed. 18th Oct.

www.gov.uk/economy/inflationandpriceindices

 

The higher of these 2 figures will be the one that will be applied to the Current State Pension , providing , of course that they exceed 2.5%.

 

[a3tsw]

Earnings growth figures just released by National Statistics Office are showing 8.5% increase to State Pensions from next April most likely outcome , as next Months CPI unlikely to exceed this figure.

[Seppius]

On 9/8/2023 at 9:28 AM, a3tsw said:

This link requires a paid subscription to view , the official figure for the rise in Average Weekly Earnings that the triple lock for state pension paid from April 2024 will be based upon will be released by the Office for National Statistics on Tue. 12th Sept. here

www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours

 

The figure for inflation CPI will be released on Wed. 18th Oct.

www.gov.uk/economy/inflationandpriceindices

 

The higher of these 2 figures will be the one that will be applied to the Current State Pension , providing , of course that they exceed 2.5%.

 

Use this website    https://archive.md/

 

Paste the url of the FT or any site like it into the 2nd box,  and bobs your uncle

[norfolkandchance]

BBC reporting this afternoon.

[UKresonant]

Sky news just quoted a report of the PM saying they will standby the triple lock. So it would seem so.

 

Noting the overall picture, this came up on a search page...

https://commonslibrary.parliament.uk/research-briefings/sn00290/

..."The UK devotes a smaller percentage of its GDP to state pensions and pensioner benefits than most other advanced economies."

https://researchbriefings.files.parliament.uk/documents/SN00290/SN00290.pdf

[Mike Teavee]

Triple lock: State pension could go up less than expected next year

The work and pensions secretary has refused to commit to raising the state pension to match official overall earnings figures.

Under the government's triple lock pledge, next year's pensions are meant to rise by the highest of 2.5%, prices, or average wages.

Data released earlier suggested this was likely to be 8.5%, the average wage figure for the summer months.

But Mel Stride said he could not commit to using it for the calculation.

https://www.bbc.com/news/uk-politics-66786874

 

 

From what I've read elsewhere it sounds like they're considering excluding bonuses from the average wage increase which would reduce the planned 8.5% rise to approx. 7.8% 

[a3tsw]

Things you may be entitled to if you are a pensioner in the Uk

 

1) If you were born on or before 2nd Sept. 1929 (ie 96 yrs old) and are a British national you could be eligible to a free passport.

 

2) If you are over State Pension age and registered blind you may get a 50% discount on your TV license.

 

Is there no limit to their generosity????

[billd766]

1 hour ago, a3tsw said:

Things you may be entitled to if you are a pensioner in the Uk

 

1) If you were born on or before 2nd Sept. 1929 (ie 96 yrs old) and are a British national you could be eligible to a free passport.

 

2) If you are over State Pension age and registered blind you may get a 50% discount on your TV license.

 

Is there no limit to their generosity????

BUT only if you live in the UK.

 

NO free passport if you are an expat.

[BritManToo]

On 9/13/2023 at 8:11 AM, Mike Teavee said:

From what I've read elsewhere it sounds like they're considering excluding bonuses from the average wage increase which would reduce the planned 8.5% rise to approx. 7.8% 

No biggy ....... I'll take the 7.8% taking me to about 11,500GBP/year.

[Madgee]

A question for those who receive their state pension directly to a Thai bank:
It specifies that it is received in the local currency and the amount can vary depending on the current exchange rate so is the exchange rate competitive?
If so does the receiving bank make any charges? 

I am due the full UK state pension after April 2024 so will be entitled to the next increase in April. I still have a UK bank acct which it could be paid into but considering changing my financial requirements for retirement extension from 800k in a Thai bank to the combination method as it would be simple if my pension is directly paid to Thailand, thus releasing capital to use without further international transfers from the UK where it earns much more interest.

 

Just food for thought!

Before anyone chimes in about future pension increases etc. I have no UK address. 
Although I fully support that pension increases should apply regardless where a person resides, I have no intension of committing fraud.  

 

[w94005m]

For those UK expats who receive the UK state pension and are happy that their pension remains frozen with no annual increase, unlike UK and Euro residents and like to throw money away, no need to read further.

 

If however you feel you should get that increase, then you should sign the petition to the UK government asking to be treated equally. I don't know if I can paste the link, so I will do that in the next post.

 

If you don't see that,  Google

the following paragraph:

 

Give 500,000 UK overseas State Pensioners with frozen pensions parity

 

Thank you

 

 

[w94005m]

Here is the uk government petition for equal pensions:

 

https://petition.parliament.uk/petitions/642749#:~:text=Petition Give 500%2C000 UK overseas,as other state pension recipients.

 

 

[MartinL]

41 minutes ago, w94005m said:

Here is the uk government petition for equal pensions:

 

https://petition.parliament.uk/petitions/642749#:~:text=Petition Give 500%2C000 UK overseas,as other state pension recipients.

 

 

Signed a few weeks ago.

Still only 2,500 (0.5%!!!!) out of an affected 500,000 have signed.

Sign - even if you think it's a waste of time. It takes seconds to do so.

[billd766]

1 hour ago, w94005m said:

Here is the uk government petition for equal pensions:

 

https://petition.parliament.uk/petitions/642749#:~:text=Petition Give 500%2C000 UK overseas,as other state pension recipients.

 

 

Thank you.

[billd766]

1 hour ago, MartinL said:

Signed a few weeks ago.

Still only 2,500 (0.5%!!!!) out of an affected 500,000 have signed.

Sign - even if you think it's a waste of time. It takes seconds to do so.

2618 signatures when I signed a couple of minutes ago.

[Mutt Daeng]

12 hours ago, billd766 said:

2618 signatures when I signed a couple of minutes ago.

2725 now