U.K. State Pension - probes on resources in 2025

[ericbj]

Not sure whether these forthcoming changes to UK State Pensions will apply to expatriates:

 

 

But they do indicate a desire on the part of the UK Government to limit payments to O.A.P.s, using as a justification the suppression of fraud etc.

 

(A pity the Government cannot be more careful with the money the politicians and bureaucrats throw at their pet causes)

 

Funding of pensions, public and private, is of course known to be at risk.  Because of lower returns on 'safe' investments, which in turn forces pension funds to invest in riskier assets.  And 'safe' investments such as gilts and commercial bonds are becoming riskier because of currency devaluation and economic slow-down.

 

To which must be added, in the case of expatriates, that the much slower economic growth-rates of the G7 countries relative to those of many of the countries whither they have moved, will, if the trend continues, lead to increasingly unfavourable exchange rates.

 

We are living in turbulent times, and the relative stability 'the west' has known in the recent past is not necessarily a good guide to the near future.

 

 

[topt]

8 hours ago, ericbj said:

Not sure whether these forthcoming changes to UK State Pensions will apply to expatriates:

Not wanting to shoot the messenger but -

1 - should probably be posted in the Home Country forum

2 - a little bit of scaremongering as from a quick search this seems to apply to "Benefit "claimants and, from what I can read, not basic pension claimants. If you live in Thailand and are still claiming "benefits" then yes it is likely to affect you.

 

This article mentions specific types of benefits that may fall within the checks -

https://www.msn.com/en-gb/money/other/dwp-confirms-when-new-bank-checks-on-benefits-claimants-will-start/ar-BB1iSN08

Quote

There is a capital limit of £16,000 for those receiving Universal Credit, income-based Jobseeker's Allowance, income-related Employment and Support Allowance, Housing Benefit and Income Support. If savings exceed this level, benefit claims are halted 

 

[Jenkins9039]

State Pension should be cancelled/dissolved, the vast majority of the people currently paying in are merely paying for boomers to enjoy their life in places like Thailand, whilst they themselves won't get anything 

[transam]

1 minute ago, Jenkins9039 said:

State Pension should be cancelled/dissolved, the vast majority of the people currently paying in are merely paying for boomers to enjoy their life in places like Thailand, whilst they themselves won't get anything 

That reminds me of a John Lennon song, "I'm Just a Jealous Guy".........😋

 

Saying that, National Insurance does not just pay state pensions.........🤭

[Dave0206]

3 minutes ago, Jenkins9039 said:

State Pension should be cancelled/dissolved, the vast majority of the people currently paying in are merely paying for boomers to enjoy their life in places like Thailand, whilst they themselves won't get anything 

I'm sure this is a wind up but all us boomers in Thailand with no pension increase are cheaper to fund 🙄 than an old biddy in Newcastle which I'm sure you knew before your jest

[mokwit]

pensions are likely to be means tested going forward. currently they are priming for this by calling it a benefit not an entitlement. complaints will be met with "14 years of Tory rule/GBp22bn hole in the accounts".

[Andycoops]

5 minutes ago, mokwit said:

pensions are likely to be means tested going forward. currently they are priming for this by calling it a benefit not an entitlement. complaints will be met with "14 years of Tory rule/GBp22bn hole in the accounts".

It already is a benefit which is why you aren't entitled to it automatically and have to apply to get your UK state pension, if you qualify.

[Raindancer]

45 minutes ago, topt said:

Not wanting to shoot the messenger but -

1 - should probably be posted in the Home Country forum

2 - a little bit of scaremongering as from a quick search this seems to apply to "Benefit "claimants and, from what I can read, not basic pension claimants. If you live in Thailand and are still claiming "benefits" then yes it is likely to affect you.

 

This article mentions specific types of benefits that may fall within the checks -

https://www.msn.com/en-gb/money/other/dwp-confirms-when-new-bank-checks-on-benefits-claimants-will-start/ar-BB1iSN08

 

Mmmm interesting link.   Good to see the govt against benefit fraud. 

 

Slightly puzzled by their statement that " bank checks will determine whether an account holder has been out of the country for 4 weeks"  

 

Unless of course the account holder withdraws foreign currency whilst abroad.

 

Or maybe I misread it.

Edited November 14 by Raindancer

[Scouse123]

39 minutes ago, mokwit said:

pensions are likely to be means tested going forward. currently they are priming for this by calling it a benefit not an entitlement. complaints will be met with "14 years of Tory rule/GBp22bn hole in the accounts".

 

They are means tested as pensions are taxable and only not taxable when it is your only income, and you remain below the tax threshold, so what are you talking about?

 

NIC is paid over 35 years and is an entitlement.

 

What the false flag Asylum seekers claim are BENEFITS, paying thousands to traffickers to come and work in Britain, and are getting benefits which we can't afford, they haven't earned or paid into a system, and are sinking the nation further into debt.

 

How long are they going to keep bleating about a disproven lie regarding a black hole in finances, if they are there to fix the economy like they claimed.

 

Furthermore, if any party leaves government with black holes in finances, it's the Labour Party.

 

Let's watch the massive drain of investment that now takes place as they chase the private sector to pay for their extravagant socialist dreams.

 

I see the boat/dinghy situation is now worse than ever and more are crossing under Labour than ever there were under the Tories, with the Rwanda deterrent removed, whilst the EU are adopting the Rwanda idea as a blueprint to halt false asylum seekers in the EU, and Border checks are back.

 

Let's watch Labour bow to the unions and kiss their arse with inflation busting rises and bankrupt the country with zero emission policies and socialist dreams, whilst those at the top of the Labour tree enjoy the status of being multi-millionaires.

 

For sure, Donald Trump and the Republicans won't work with Labour.

 

 

 

 

 

 

 

Edited November 14 by Scouse123

[BritManToo]

10 hours ago, ericbj said:

Funding of pensions, public and private, is of course known to be at risk.  Because of lower returns on 'safe' investments, which in turn forces pension funds to invest in riskier assets.  And 'safe' investments such as gilts and commercial bonds are becoming riskier because of currency devaluation and economic slow-down.

UK state pension payments are funded by current NI payments (which Labour just raised), they don't invest.

 

And allegedly UK state pension recipients only claim for an average of 8 years, so it's not that big a deal.

Edited November 14 by BritManToo

[topt]

25 minutes ago, Raindancer said:

Or maybe I misread it.

wasn't in my original linked article but you followed the link to a Birmingham Live article which further linked to this -

https://www.birminghammail.co.uk/news/cost-of-living/dwp-issues-holiday-travel-warning-26681403

In which it says with a lot more detail -

Quote

People claiming the disability benefit PIP must also let the DWP know if they have gone abroad for a holiday. These are the rules for Universal Credit and PIP.

But yes bank checks alone won't necessarily reveal that.

[Dionigi]

Perhaps they should be looking into who is running the pension scheme, it is named as national insurance, why can a private pension only paid in for 5 years be half what the national pension is for 35 years? Perhaps the running is at fault.

[BritManToo]

8 minutes ago, topt said:

But yes bank checks alone won't necessarily reveal that.

I don't transfer money from my UK bank, and never have, if I did they would probably close my account. Best to use money moving companies that don't operate under nosey UK government rules.

Edited November 14 by BritManToo

[Scouse123]

7 minutes ago, BritManToo said:

UK state pension payments are funded by current NI payments (which Labour just raised), they don't invest.

 

And allegedly UK state pension recipients only claim for an average of 8 years, so it's not that big a deal.

 

 

The Black holes in UK finances are made up of inefficient use of resources and top-heavy management in the NHS, and DWP, and adding into the mix the lazy work-shy Brits who have scrounged all their lives on benefits, with a nice helping of false Asylum seekers, that shouldn't be in the country.

[BritManToo]

4 minutes ago, Scouse123 said:

The Black holes in UK finances are made up of inefficient use of resources and top-heavy management in the NHS, and DWP, and adding into the mix the lazy work-shy Brits who have scrounged all their lives on benefits, with a nice helping of false Asylum seekers, that shouldn't be in the country.

Get rid of ALL the military, money problem solved.

[transam]

10 minutes ago, BritManToo said:

I don't transfer money from my UK bank, and never have, if I did they would probably close my account. Best to use money moving companies that don't operate under nosey UK government rules.

Yeh, but, you told us you are on the pension fiddle, so of course you will duck & dive not to get caught.......🤭

[Raindancer]

1 hour ago, topt said:

wasn't in my original linked article but you followed the link to a Birmingham Live article which further linked to this -

https://www.birminghammail.co.uk/news/cost-of-living/dwp-issues-holiday-travel-warning-26681403

In which it says with a lot more detail -

But yes bank checks alone won't necessarily reveal that.

 

Edited November 14 by Raindancer
Deletion

[BritManToo]

52 minutes ago, transam said:

Yeh, but, you told us you are on the pension fiddle, so of course you will duck & dive not to get caught.......🤭

I was originally avoiding the police.

My government and their jackbooted goons don't need to know where I am or what I'm doing.

Edited November 14 by BritManToo

[Letseng]

1 hour ago, Jenkins9039 said:

State Pension should be cancelled/dissolved, the vast majority of the people currently paying in are merely paying for boomers to enjoy their life in places like Thailand, whilst they themselves won't get anything 

You think these boomers never paid contributions? The present generations don't pay for me. I've paid myself.

[Dogbarker]

Be afraid if you are claiming for benefits over and above the basic state pension in other benefits such as pension credits  . There is a lot of fraud from people who claim hardship and obtain extra benefits and many likely travel off to places such as Thailand for long holidays. So much fraud needs curtailing.

 I do express concerns that the basic state pension will be means tested even though you may have paid into the system for all your life.

 Fraudsters be afraid be very afraid !!!

[proton]

Can't remember where I read it, but it was a government official saying if you are just claiming basic pension they will not be looking at your bank accounts. If claiming pension credits and other benefits where the 16k limit on saving applies they will be. This vid seems to be scaremongering suggesting if you are claiming your pension only they will be looking at your account, why would they if that's all you are claiming and  entitled to and it's not means tested, yet.?

[transam]

55 minutes ago, BritManToo said:

I was originally avoiding the police.

My government and their jackbooted goons don't need to know where I am or what I'm doing.

But you've posted all the secrets you don't want your gov to know on here................

[BritManToo]

55 minutes ago, transam said:

But you've posted all the secrets you don't want your gov to know on here................

No, I only post lies, it's just for fun.

It's not as if I was stalking an elderly Aussie guy, pretending to be a young Thai woman from forum to forum.

Edited November 14 by BritManToo

[transam]

4 minutes ago, BritManToo said:

No, I only post lies, it's just for fun.

It's not as if I was stalking an elderly Aussie guy, pretending to be a young Thai woman from forum to forum.

Is that another one.......?...🤭

[VBF]

5 hours ago, Jenkins9039 said:

State Pension should be cancelled/dissolved, the vast majority of the people currently paying in are merely paying for boomers to enjoy their life in places like Thailand, whilst they themselves won't get anything 

At least they know that's the case!

Admitting that we "boomers" have it good, I would still point out that for 40 years, I was told I could claim my State Pension at 65. During my late forties, that changed to 66. Subsequently the age at which the SP may be claimed has risen and continues to rise. If a private company did that, it would be considered fraud, but the government gets away with it!

 

Having said all that, this article should, IMO, be retitled as it's NOT the SP that's being "probed" it's the recipients of other benefits as @topt pointed out.

[Denim]

Oh well, not worried yet. The wife has just turned 60 and is now getting her Thai state pension. It will be tight but if we grow our own vegetables we might just scrape by on 600 baht a month.

[sandyf]

On 11/14/2024 at 3:00 AM, ericbj said:

Not sure whether these forthcoming changes to UK State Pensions will apply to expatriates:

 

 

But they do indicate a desire on the part of the UK Government to limit payments to O.A.P.s, using as a justification the suppression of fraud etc.

 

(A pity the Government cannot be more careful with the money the politicians and bureaucrats throw at their pet causes)

 

Funding of pensions, public and private, is of course known to be at risk.  Because of lower returns on 'safe' investments, which in turn forces pension funds to invest in riskier assets.  And 'safe' investments such as gilts and commercial bonds are becoming riskier because of currency devaluation and economic slow-down.

 

To which must be added, in the case of expatriates, that the much slower economic growth-rates of the G7 countries relative to those of many of the countries whither they have moved, will, if the trend continues, lead to increasingly unfavourable exchange rates.

 

We are living in turbulent times, and the relative stability 'the west' has known in the recent past is not necessarily a good guide to the near future.

 

 

Distorted post. Title refers to State pension and text goes on about investment returns.

 

The state pension is a pay-as-you-go arrangement that was intended to be funded from NI contibutions. The government shot themselves in the foot through misappropriation of NI and now have to fund the shortfall from income tax.

[sandyf]

20 hours ago, Jenkins9039 said:

State Pension should be cancelled/dissolved, the vast majority of the people currently paying in are merely paying for boomers to enjoy their life in places like Thailand, whilst they themselves won't get anything 

The ignorance surrounding the UK state pension never ceases to amaze.

I doubt you are even aware of the policy changes that took place in 1961 and 1975, then overturned in 2016.

[NoshowJones]

21 hours ago, BritManToo said:

I don't transfer money from my UK bank, and never have, if I did they would probably close my account. Best to use money moving companies that don't operate under nosey UK government rules.

You mean like Wise?

[Red Forever]

On 11/14/2024 at 12:39 PM, mokwit said:

pensions are likely to be means tested going forward. currently they are priming for this by calling it a benefit not an entitlement. complaints will be met with "14 years of Tory rule/GBp22bn hole in the accounts".

Erm, did we not have "14 years of Tory rule"? Also, is there not a "GBp22bn (sic) hole in the accounts?