sk1max Posted November 19, 2009 Share Posted November 19, 2009 I hit 50 a while back and have started to plan my retirement. I've heard that it's likely that the retirement age will increase to 70 for men in the UK sometime in the future. Is this a possibility or an ugly rumour? What do you guys think? Link to comment Share on other sites More sharing options...
chiang mai Posted November 19, 2009 Share Posted November 19, 2009 Almost certainly, I think it has to, but it will change in stages and the jump from 65 to 67 will be the first. Whether or not that first jump would affect some one who is now 50 is doubtful, unsure, these changes are aimed at balancing the books in the longer term and will be unlikely to impact people who are within say ten or fifteen years of retirement age currently. Link to comment Share on other sites More sharing options...
mrtoad Posted November 19, 2009 Share Posted November 19, 2009 It will be 70 for certain, not exactly sure when, but I understand that it is going up to 67 at some point in the not to distant future. So the government steals another 5 years of tax. Link to comment Share on other sites More sharing options...
Mosha Posted November 19, 2009 Share Posted November 19, 2009 When you look at the life expectancy when OAP was introduced, I don't think they intended many people to collect. Link to comment Share on other sites More sharing options...
smokie36 Posted November 19, 2009 Share Posted November 19, 2009 I agree with chiangmai the age will keep on rising as long as more people are living until ripe old age. I think the best advice for anyone young enough is to avoid UK pension schemes, keep your cash somewhere abroad and leave when you are ready to retire. Who wants to spend their old age in dreary Britain being taxed to the hilt? Link to comment Share on other sites More sharing options...
TallForeigner Posted November 19, 2009 Share Posted November 19, 2009 Sorry, to spoil the party... But... What has this topic to do with Thailand? Link to comment Share on other sites More sharing options...
Captain Haddock Posted November 19, 2009 Share Posted November 19, 2009 (edited) Definately! They won't be getting any tax from me though, and neither will I be claiming the UK pension. The way the MPs et al have been stealing form the people for years (students, taxpayers etc), plus the low amount that the pension actually is, I'm better off not paying any NI contributions and never living in the UK again! Maybe it started before, but even in the 1970s OAPs were having to choose between heat or food for the winter, as they couldn't afford both. Oh yeah, you can claim the NHS... And just what state is that going to be in 20/30 years time? So the retirement age goes up? That's where English teaching comes in when you're 65...! Edited November 19, 2009 by Captain Haddock Link to comment Share on other sites More sharing options...
smokie36 Posted November 19, 2009 Share Posted November 19, 2009 Sorry, to spoil the party...But... What has this topic to do with Thailand? I wonder where the OP is planning to retire?.... Link to comment Share on other sites More sharing options...
chiang mai Posted November 19, 2009 Share Posted November 19, 2009 Sorry, to spoil the party...But... What has this topic to do with Thailand? Given that the OP is discussing retirement related issues, you may well be able to guess the answer to your own question, Mr TallForeignerWouldBe Moderator. Link to comment Share on other sites More sharing options...
fletchsmile Posted November 19, 2009 Share Posted November 19, 2009 Rules were changed a couple of years back. Including: Private pensions - age you can take will rise from 50 to 55 in April 2010. State Pensions - age being increased from 65 to 68 phased in after 2024 onwards to 2054. Basically for UK this is just the start given the problems the coutry has severe financial problems, reducing workforce compared to pensioners, people living longer, funding is not set aside but paid as you go along, financial crisis reducing many private funds, etc etc. Link to comment Share on other sites More sharing options...
Stumbo Posted November 19, 2009 Share Posted November 19, 2009 As western governments are nostly broke paying absurdly large bureaucracies, welfare and useless wars then they don't have the money to pay retires (except public servants and ex-government of course). They will raise the age in the hope that retires will die quickly and not cash in on the shrinking pot. Link to comment Share on other sites More sharing options...
JohnC Posted November 19, 2009 Share Posted November 19, 2009 State Pensions - age being increased from 65 to 68 phased in after 2024 onwards to 2054. State Pension age for men and women will increase from 65 to 66 between April 2024 and April 2026 State Pension age for men and women will increase from 66 to 67 between April 2034 and April 2036 State Pension age for men and women will increase from 67 to 68 between April 2044 and April 2046 The conservative party have also stated if they win the next general election they will bring this forward and eventually raise the retirement age to 70. Even if that does not happen the current change in legislation due to take effect on 5th April 2010 will affect all UK citizens aged 50 and under. Link to comment Share on other sites More sharing options...
chiang mai Posted November 19, 2009 Share Posted November 19, 2009 State Pensions - age being increased from 65 to 68 phased in after 2024 onwards to 2054. State Pension age for men and women will increase from 65 to 66 between April 2024 and April 2026 State Pension age for men and women will increase from 66 to 67 between April 2034 and April 2036 State Pension age for men and women will increase from 67 to 68 between April 2044 and April 2046 The conservative party have also stated if they win the next general election they will bring this forward and eventually raise the retirement age to 70. Even if that does not happen the current change in legislation due to take effect on 5th April 2010 will affect all UK citizens aged 50 and under. Link to comment Share on other sites More sharing options...
Ricardo Posted November 19, 2009 Share Posted November 19, 2009 When you look at the life expectancy when OAP was introduced, I don't think they intended many people to collect. Quite. The pension was actually intended as a safety-net, for those few (1% or so ?) lucky people, who might actually live that long, makes one quite glad to live in modern times, no ? The conservative party have also stated if they win the next general election they will bring this forward and eventually raise the retirement age to 70. I was in the UK when this was announced, a couple of months ago, and the impression was given that there would be an immediate rise in the starting-age from 65 to 66 years, just as soon as the legislation could be passed. Since the Cons seem likely to win, whenever the election is held, this will have fairly-immediate implications for retirees living in Thailand, and looking forward to getting their government-pension soon ! In my own case, the decision will probably cost me one year's pension, or several thousand pounds, I'm not entirely thrilled about this ! Link to comment Share on other sites More sharing options...
chiang mai Posted November 19, 2009 Share Posted November 19, 2009 When you look at the life expectancy when OAP was introduced, I don't think they intended many people to collect. Quite. The pension was actually intended as a safety-net, for those few (1% or so ?) lucky people, who might actually live that long, makes one quite glad to live in modern times, no ? The conservative party have also stated if they win the next general election they will bring this forward and eventually raise the retirement age to 70. I was in the UK when this was announced, a couple of months ago, and the impression was given that there would be an immediate rise in the starting-age from 65 to 66 years, just as soon as the legislation could be passed. Since the Cons seem likely to win, whenever the election is held, this will have fairly-immediate implications for retirees living in Thailand, and looking forward to getting their government-pension soon ! In my own case, the decision will probably cost me one year's pension, or several thousand pounds, I'm not entirely thrilled about this ! Nothing is going to be immediate, regardless of which party is in power, relax. Link to comment Share on other sites More sharing options...
buffcoat Posted November 19, 2009 Share Posted November 19, 2009 Increased age levels have already been announced as detailed above. Realistically the expectation is that the major UK parties will accelerate this change because of the huge cost saving (since the UK is broke) but only after the next election, if either were honest now they would lose votes. If you are planning to retire to Thailand from the UK I would strongly suggest you build in a contingency for your state pension being delayed or if you can afford it go ahead with a retirement plan based on your personal pension/investments etc only and regard the state pension as a pleasant bonus. UK pensioners who have not yet taken an annuity on their private pension can benefit from a QROPS currently which is well worth investigating, not always the best route but worth a look. And those lucky few who are 50-54 and thinking about retiring will have to make this decision now since UK legislation has changed and from next April you will not be able to take your private pension until you are 55. As with all pension/investment decisions it is wise to get professional advice, in the UK from an IFA who is versed in the particular issues applying to ex-pats and tax efficiency. Link to comment Share on other sites More sharing options...
JohnC Posted November 19, 2009 Share Posted November 19, 2009 Actually not quite true what was said was: Given the state of the public finances and rapidly changing demographic projections, the review should consider whether the increase in the pension age from 65 to 66 should be brought forward from 2026, but starting no earlier than 2016 for men and 2020 for women. Source: http://www.conservatives.com/News/News_sto...ebt_crisis.aspx Link to comment Share on other sites More sharing options...
thaimate Posted November 19, 2009 Share Posted November 19, 2009 Its virtually a certainty that the pension age will rise to 66 in the next few years ,there just isnt the cash in the kitty any more ,once the Genie is out of the bottle then more rises will follow ,its predicted that the population of Britain will rise to 70 million soon ,the idea was that immegrants would boost the workers as so many of us were getting old ,but that never happened as most of the immegrants Labour let in were looking for handouts ,not work. Link to comment Share on other sites More sharing options...
andyww Posted November 19, 2009 Share Posted November 19, 2009 Basically for UK this is just the start given the problems the coutry has severe financial problems, reducing workforce compared to pensioners, people living longer, funding is not set aside but paid as you go along, financial crisis reducing many private funds, etc etc. So right. The maths doesnt work out, the UK has a diminishing productive workforce with the demise of manufacturing, but the increasing state sector has index-linked pensions which must be paid-for by this decreasing workforce, in addition to their own pensions. Whole areas of the UK now have a minority of people in productive non taxpayer-funded work. Productivity is not going to increase because the education system is increasingly geared to "easy" vocational subjects which do not create wealth so the overall skill-base is being lost. Revenue-earning Intellectual Property is being bought out by overseas companies (especially China) and wont be replaced. Add to that the UK has no long-term energy policy so energy costs will soar as it will need to be bought from other countries, and almost all energy companies are foreign-owned already. The country is in terminal decline. I know where I am going to be and its not the UK. Link to comment Share on other sites More sharing options...
chiang mai Posted November 19, 2009 Share Posted November 19, 2009 And for those who missed it, the correct answer is in Post number 12 above. Link to comment Share on other sites More sharing options...
fletchsmile Posted November 19, 2009 Share Posted November 19, 2009 State Pensions - age being increased from 65 to 68 phased in after 2024 onwards to 2054. State Pension age for men and women will increase from 65 to 66 between April 2024 and April 2026 State Pension age for men and women will increase from 66 to 67 between April 2034 and April 2036 State Pension age for men and women will increase from 67 to 68 between April 2044 and April 2046 The conservative party have also stated if they win the next general election they will bring this forward and eventually raise the retirement age to 70. Even if that does not happen the current change in legislation due to take effect on 5th April 2010 will affect all UK citizens aged 50 and under. Spot on for accuracy compared to my lazy post For a lot of people this "one year increase per decade" starting in 2024 is just "one among many small annoyances, gradually phased in, some way in the future, for what the government might give you if it doesn't change again". The worst one is the increase from 50 to 55 on private pensions in April 2010. That's next year... a 5 year difference in one go... also MY own money I want access to, more money than the state pittance/pension, and repeat MY money , which I've earned, saved, invested and put aside... how can you ever trust a UK pension scheme again, if the state can interfere in private arrangements and delay access to your own money Link to comment Share on other sites More sharing options...
yabaaaa Posted November 19, 2009 Share Posted November 19, 2009 When you look at the life expectancy when OAP was introduced, I don't think they intended many people to collect. Quite. The pension was actually intended as a safety-net, for those few (1% or so ?) lucky people, who might actually live that long, makes one quite glad to live in modern times, no ? The conservative party have also stated if they win the next general election they will bring this forward and eventually raise the retirement age to 70. I was in the UK when this was announced, a couple of months ago, and the impression was given that there would be an immediate rise in the starting-age from 65 to 66 years, just as soon as the legislation could be passed. Since the Cons seem likely to win, whenever the election is held, this will have fairly-immediate implications for retirees living in Thailand, and looking forward to getting their government-pension soon ! In my own case, the decision will probably cost me one year's pension, or several thousand pounds, I'm not entirely thrilled about this ! Nothing is going to be immediate, regardless of which party is in power, relax. Not correct i had a forecast and have already been told my retirement age will now be 66 I was born in 1963. Link to comment Share on other sites More sharing options...
chiang mai Posted November 20, 2009 Share Posted November 20, 2009 Ok, so you're twenty years away from retirement and they've told you that you must wait one more year, that's not exactly immediate to retirement age. I was thinking more along the lines of 55 and sixty year olds being told that the goal posts had moved which I just don't believe would happen. Link to comment Share on other sites More sharing options...
thaimate Posted November 20, 2009 Share Posted November 20, 2009 Ok, so you're twenty years away from retirement and they've told you that you must wait one more year, that's not exactly immediate to retirement age. I was thinking more along the lines of 55 and sixty year olds being told that the goal posts had moved which I just don't believe would happen. You are a very optamistic man Chiang Mai, however not very realistic considering what is happening in Britain now and in the future. I hope you are proved right ,but wouldnt hold my breath. Link to comment Share on other sites More sharing options...
PattayaParent Posted November 20, 2009 Share Posted November 20, 2009 The conservative party have also stated if they win the next general election they will bring this forward and eventually raise the retirement age to 70. Even if that does not happen the current change in legislation due to take effect on 5th April 2010 will affect all UK citizens aged 50 and under. Bugger, I miss out by 1 month. Link to comment Share on other sites More sharing options...
PattayaParent Posted November 20, 2009 Share Posted November 20, 2009 It will be 70 for certain, not exactly sure when, but I understand that it is going up to 67 at some point in the not to distant future. So the government steals another 5 years of tax. Or pays you unemployment benefit for another 5 years Link to comment Share on other sites More sharing options...
smokie36 Posted November 20, 2009 Share Posted November 20, 2009 It will be 70 for certain, not exactly sure when, but I understand that it is going up to 67 at some point in the not to distant future. So the government steals another 5 years of tax. Or pays you unemployment benefit for another 5 years Yeah an extra 5 years living on half the state pensions. Maybe they hope you will lose the will to live before claiming the full amount. Link to comment Share on other sites More sharing options...
RubbaJohnny Posted November 27, 2009 Share Posted November 27, 2009 Sad for us who wil have to wait for what we have paid for! As I understand the debate and its obvious cuts nt rises in amounts and age are coming. Even pre recession most western economies had a pension time bomb people were living longer. When I asked a friend who is a professional pension advisor in Uk he said topping up NI arrears to ensure full 30 yrs was the best value for surplus cash If you recal due to many errors arrears were allowed for longer than normal. I just succeeded in getting on track for 44 yrs contributions when the goalposts were reduced to 30 yrs This meant like most working males Id overpaid. Adair Turner former CBI and now Lord Adairgroup did a very comptent overhaul with the transition dates phase in fromNI contribution/tax year 2024-2025 . The slump has led politicians regardles of strip to wish to bring this forward while at same time harmonising the age for men and women .The talk ,and a caveat here only talk is males will go up to 66 at 2016 then gradually to 70 women too This means that if you are under 50 expect to work to 70 for those of those in the middle 50-65 there is uncertainty which is very unfair especially for men say 64 who will find few work options and for those expats who earn in say Gulf or hear few insurers or employers.I dont think this has been really thought through with employers . With so many manual trades on short term contracts men over 65 with no work will claim unemployment benefits so there will be few savings higher statistics which trouble markets and the whole bureaucracy of the welfar/benefits system.Of course for the all the decent hard working chaps who thought they could finally pay the wife the visa the car and put their feet up the rug is being pulled from under them,wake up grandad its time to go to work! I think we will all know in the first post election budget in a government of whateer stripe.More worringly the value here of the pension which is capped on entitelment means most expatriates need additioal income . I read that Philippine pensioners from UK get the annual upgrade ,does anyone know why? Large groups of esp OZ and Canadian pensioners from UK sceme took test case to European court and a verdict is due next Spring. Of course with global warming we may all be toast ,best wear my mirrored shirt today to reflect the hue of the locals. Link to comment Share on other sites More sharing options...
IanForbes Posted November 27, 2009 Share Posted November 27, 2009 Sorry, to spoil the party...But... What has this topic to do with Thailand? Considering that I've had topics closed for less, I have to agree with you. But, considering the number of UK retirees in Thailand I guess it DOES have some relevance. Link to comment Share on other sites More sharing options...
bonobo Posted November 27, 2009 Share Posted November 27, 2009 I do realize this is of significant interest to many members, but it is also not really Thai-related. //CLOSED// Link to comment Share on other sites More sharing options...
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