Jump to content

Recommended Posts

Posted
6 minutes ago, sandyf said:

That is not true, you obviously do not understand how the additional pension worked. Do you really think they would have changed the system to pay out more.

The whole reason for the change was to try and make people fund more of their own pension.

When I got my my state pension in 2012 I got £192/wk. I wasn't a particularly high earner and suspect there are many out there getting a state pension in excess of £300/wk. Those that contracted out will probably be getting more than that depending on how well their fund performed.

The new system put a cap on the state pension liability.

Fair enough I'll look into that,always willing to learn.

Posted
36 minutes ago, sandyf said:

Basically speaking with the old system the pension was made up  of 2 parts, the basic state pension plus an amount of additional pension that was accrued from different schemes over the years such as Graduated pensions, SERPS etc.

When the new system was introduced additional pension and contracting out came to an end with the pension being based on a single amount.

However, for many years after the change pensions could be a mix of the old and new depending on working history.

Yeah thanks for someone to post a pensioner would be worse than a pensioner in 2016 is kinda silly it would be the other way around that why I guess govt changed it.

 

I was surprised by the amount of my 2 top ups at the time because I had planned on a basic pension amount when I eventually got the UK pension while being in Thailand.

Still didn't understand what it was all about and I didn't question it because I actually thought they had made a mistake. ????????????????

  • Like 1
Posted
24 minutes ago, Kwasaki said:

Not in June/July 2012.

Indeed, that's why I said "this year".

 

24 minutes ago, sandyf said:

Only those that were fully contracted out during their working life would be getting the £141.85, and they would be getting an enhanced private pension from the reallocated NI.

Yes, no SERPS or S2P or anything else in this.  It's the basic state pension figure and the full rate of the new state pension.

  • Like 2
Posted
2 minutes ago, Kwasaki said:

I was surprised by the amount of my 2 top ups at the time because I had planned on a basic pension amount when I eventually got the UK pension while being in Thailand.

Still didn't understand what it was all about and I didn't question it because I actually thought they had made a mistake.

Under the old system you paid NI in 2 parts, the second part being your contribution to an increased pension, the more you earned the more you paid in, and this payment was then added to your basic pension.

If you contracted out, you didn't stop paying the second part, it was redirected into your occupational pension or in later years a private pension. I was mid 40s when they changed the law to allow individuals to contract out and the advice at the time was to remain with SERPS.

When they brought in the new pension I am not sure what happened with the additional NI, I suspect it was absorbed into NI without anything being said. 

Posted (edited)
4 hours ago, sandyf said:

Under the old system you paid NI in 2 parts, the second part being your contribution to an increased pension, the more you earned the more you paid in, and this payment was then added to your basic pension.

If you contracted out, you didn't stop paying the second part, it was redirected into your occupational pension or in later years a private pension. I was mid 40s when they changed the law to allow individuals to contract out and the advice at the time was to remain with SERPS.

When they brought in the new pension I am not sure what happened with the additional NI, I suspect it was absorbed into NI without anything being said. 

Thanks.

Frankly can't coment other than what happened to me but use to moan about the amount of N.I. that I was paying..

 

I remember I did claim something that Maggie did.

Remember being told best to be out of something that was the serps thing.

Later on when I stop work to retired early I was told to go back in it.

 

I think at one time you needed 44 years to get a full govt uk pension.

When I inquired about my pension I had 42 years and DWP said I only needed 30 years.

When asked can I have a rebate of 12 years got no answer. ????

 

When pension was due they said you have 35 years so you will get a full pension.

So then I asked about the now 7 years overpaid N.I. and got no answer. ????

 

When I got the letter stating my weekly full pension amount there were 2 other seperate sums which was added to the full pension which I didn't understand other than maybe the Maggie thing.

 

With my 2 private pensions I was also surprised by the offer of 2 big tax free lump sums and then given 2 monthly amounts paid on the 1st of every month.

 

Edited by Kwasaki
  • Like 1
Posted
10 hours ago, Kwasaki said:

I think at one time you needed 44 years to get a full govt uk pension.

When I inquired about my pension I had 42 years and DWP said I only needed 30 years.

When asked can I have a rebate of 12 years got no answer. ????

Yes indeed. A friend of mine was made redundant when he was about 50. He had done over the 30 years and started paying voluntary contributions towards the 44 years. Some years later when they dropped it to 30 years he asked for the voluntary contributions back, no chance.

  • Haha 1
Posted
10 hours ago, Kwasaki said:

 

I remember I did claim something that Maggie did.

That would have been when the government changed the rules on contracting out of SERPS.

Many tend to forget that their personal pension was partially funded by the government. At that point in time returns from pensions funds were much higher than recently putting a smile on the face of many when they did get it. At my age I should have responded a bit quicker and effectively missed the boat.

 

Until 1988, people could only contract out if they were members of a defined benefit (DB) occupational pension scheme. In 1988, the government extended this to defined contribution (DC) or money purchase occupational schemes and personal pensions.

For the first five years of the scheme, the government paid an extra 2% of your earnings into your personal pension. By 1992, more than 5 million people had left Serps for a personal pension.

https://www.which.co.uk/money/pensions-and-retirement/state-pension/what-was-contracting-out-a581c3l1kqf4

  • Thanks 1
Posted
1 hour ago, sandyf said:

That would have been when the government changed the rules on contracting out of SERPS.

Many tend to forget that their personal pension was partially funded by the government. At that point in time returns from pensions funds were much higher than recently putting a smile on the face of many when they did get it. At my age I should have responded a bit quicker and effectively missed the boat.

 

Until 1988, people could only contract out if they were members of a defined benefit (DB) occupational pension scheme. In 1988, the government extended this to defined contribution (DC) or money purchase occupational schemes and personal pensions.

For the first five years of the scheme, the government paid an extra 2% of your earnings into your personal pension. By 1992, more than 5 million people had left Serps for a personal pension.

https://www.which.co.uk/money/pensions-and-retirement/state-pension/what-was-contracting-out-a581c3l1kqf4

Thanks for that I had taken on private pension monthly payment with Barclay's who later dumped it on some other pension provider down the years. 

That's why I use to ask our companies accountant what was best to do because I didn't have a clue I just thought at the time it would be good to have a top up on top of a govt pension. He gave me the correct advice I guess. ????

  • Like 1
Posted
19 hours ago, treetops said:

Indeed, that's why I said "this year".

 

Yes, no SERPS or S2P or anything else in this.  It's the basic state pension figure and the full rate of the new state pension.

That's the only point I was trying to make that there is a big difference between the basic and new state pensions post 2016 regardless of anything else like SERPS or enhanced private pensions etc.

  • Like 2
Posted

Some of the responses on the thread are utterly mind boggling with their utter inaccuracy

  • Like 1
Posted
23 hours ago, chang50 said:

That's the only point I was trying to make that there is a big difference between the basic and new state pensions post 2016 regardless of anything else like SERPS or enhanced private pensions etc.

Indeed it somewhat enhanced to say the least

I've always viewed the state pension as a complete bonus so in few years time it will be a decent number each month for myself

 

Others I appreciate rely on it

Posted
On 7/20/2022 at 4:38 PM, bert bloggs said:

A few measly quid a week soon mounts up to quite a lot a week for the guy who ha been living here for say 15 yrs,then 10% on top of that next year

Plus the £650 ish coming this October as extra help

Posted
On 7/19/2022 at 11:49 AM, Pumpuynarak said:

Not sure i understand this "annual basis" do you mean the anniversary of when i started to receive the pension. It is currently paid 4 weekly.

Monthly! If you have your pension  paid here you will lose any future increases

  • Sad 2
Posted (edited)
1 hour ago, The Hammer2021 said:

Monthly! If you have your pension  paid here you will lose any future increases

 

58 minutes ago, Pumpuynarak said:

????

Yes i am confused lol, my pension is currently paid 4 weekly ie 13 times a year, are you saying it will be paid monthly ie 12 times a year if i change to having it paid in Thai baht direct into my Thai bank account.

Not that it makes any difference to me.

I do not get any increases as the DWP know i am living in Thailand.

Edited by Pumpuynarak
  • Like 1
Posted
12 minutes ago, Pumpuynarak said:

 

Yes i am confused lol, my pension is currently paid 4 weekly ie 13 times a year, are you saying it will be paid monthly ie 12 times a year if i change to having it paid in Thai baht direct into my Thai bank account.

Not that it makes any difference to me.

I do not get any increases as the DWP know i am living in Thailand.

Well some here like everyone here who decided to be honest to know they have a fiddle going on. 

Up-to-them.

Frankly I use to duck and dive all my working life in UK so when I retired in Thailand I wasn't bothered anyone knowing where l lived, had enough of looking over my shoulder. ????????

 

  • Like 2
Posted
11 minutes ago, Kwasaki said:

Well some here like everyone here who decided to be honest to know they have a fiddle going on. 

Up-to-them.

Frankly I use to duck and dive all my working life in UK so when I retired in Thailand I wasn't bothered anyone knowing where l lived, had enough of looking over my shoulder. ????????

 

 

 

LOL!  I have gone the other way......... didn't know what a duck, or a dive, was until I came to Thailand. ????

  • Haha 1
Posted
7 hours ago, hotandsticky said:

How about quicker and cheaper?

Well, I hope so. I have a Skype meeting with my financial adviser on Tuesday and I hope to get some tax-free cash from my investments transferred to my UK Nationwide account. Then I will attempt to transfer an equal amount using both SWIFT and Wise from Nationwide to my Krung Thai account, hopefully recording all the steps in the process, the time taken and the amount that gets transferred.

 

Posted
1 hour ago, JetsetBkk said:

Well, I hope so. I have a Skype meeting with my financial adviser on Tuesday and I hope to get some tax-free cash from my investments transferred to my UK Nationwide account. Then I will attempt to transfer an equal amount using both SWIFT and Wise from Nationwide to my Krung Thai account, hopefully recording all the steps in the process, the time taken and the amount that gets transferred.

 

Brilliant!

 

Looking forward to seeing the results of that experiment.

 

My money remains on Wise. ????

  • Like 2
Posted
4 hours ago, hotandsticky said:

Brilliant!

 

Looking forward to seeing the results of that experiment.

 

My money remains on Wise. ????

Mine too I used to use swift thru Nationwide before I found Wise and my memory is it was definitely slower and significantly more expensive.I've had Wise payments go thru in 4 seconds.

  • Like 2
Posted
17 hours ago, JetsetBkk said:

Well, I hope so. I have a Skype meeting with my financial adviser on Tuesday and I hope to get some tax-free cash from my investments transferred to my UK Nationwide account. Then I will attempt to transfer an equal amount using both SWIFT and Wise from Nationwide to my Krung Thai account, hopefully recording all the steps in the process, the time taken and the amount that gets transferred.

 

If sending to Krung Thai, by Wise, there is a maximum of Bt50k per transfer. This doesn't apply to BBK / SCB / Kasikorn where the maximum remains at Bt2m per transfer.

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

  • Like 1
Posted

I just had the meeting (Microsoft Teams, not Skype) and will get 20k sent to my Nationwide account.

 

Then the fun starts with me Googling "how to send money using Wise", which I've done only once years ago.

 

 

Posted
On 7/19/2022 at 10:55 AM, norfolkandchance said:

Or use Skype for free.

can you please tell me if you have spoken to them on skype recently i tried but said service now not available i have to call from a normal phone same  with my bank at Barclays could Skype before now they are setting up a new platform..can still manage yo get thru but a bit more difficult 

Posted
39 minutes ago, Harveyboy said:

can you please tell me if you have spoken to them on skype recently i tried but said service now not available i have to call from a normal phone same  with my bank at Barclays could Skype before now they are setting up a new platform..can still manage yo get thru but a bit more difficult 

I spoke to DWP late June as my State Pension was stopped due to a returned letter as I had moved addresses. No +448007310469 on Skype. Very helpful in changing address and Pension reinstated. I have just rung the number and was picked up. Good luck.

  • 2 weeks later...
Posted
On 7/26/2022 at 8:20 PM, JetsetBkk said:

I just had the meeting (Microsoft Teams, not Skype) and will get 20k sent to my Nationwide account.

 

Then the fun starts with me Googling "how to send money using Wise", which I've done only once years ago.

 

Jesus!  I posted that on July 26th. I have only just managed to receive an authorisation for the withdrawal. Previous attempts by "signing" electronically an Adobe document all failed.

 

Today I received, by email, a link to an encrypted/protected PDF document from my financial adviser's secretary. I printed out the signature page, scanned it to a .jpg file and emailed it back to her. She says that should be good enough. I bl*ddy well hope so!

 

Talk about getting blood out of a stone! 

 

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.



  • Topics

  • Latest posts...

    1. 20

      Thailand Live Sunday 24 November 2024

    2. 54

      Is this the "Little Surprise" of 47 and the Speaker?

    3. 0

      Surin Man Drives Car with Pedestrian’s Body on Roof for Over 30 Km Before Being Stopped

    4. 0

      Myanmar Worker Rescued After Hand Trapped in Meat Grinder for Two Hours

    5. 0

      4-Year-Old Boy Drowns in Reservoir Construction Site

    6. 0

      Chiangmai urologist

    7. 20

      Thailand Live Sunday 24 November 2024

    8. 20

      Thailand Live Sunday 24 November 2024

  • Popular in The Pub


×
×
  • Create New...