UK pensions

[sandyf]

Another review.

"A review of the state pension age could mean people joining the workforce today will have to wait until their mid-70s before they retire, experts have warned."

http://www.bbc.com/news/business-35702441

[evadgib]

Government one step closer to introducing new State Pension this year

Investigatory Powers Bill published

Edited March 2, 2016 by evadgib

[jpinx]

Seems to refer to public employees pensions -- what about Joe Soap who worked his guts out for a private company and was made to pay into the system for 40+ years?

[evadgib]

Posted because the link is;

i) Pension related,

ii) Encourages topical debate &

iii) Keeps the board alive.

Edited March 2, 2016 by evadgib

[sunnyjim5]

Seems to refer to public employees pensions -- what about Joe Soap who worked his guts out for a private company and was made to pay into the system for 40+ years?

Many private companies provided excellent pension schemes until Liebour destroyed the pension infrastructure to the benefit of the worker !

http://www.telegraph.co.uk/finance/personalfinance/pensions/10798785/True-cost-of-Labours-pension-tax-raid-and-others-since-Seventies.html

Enjoy reading and learning

[evadgib]

Plucked from another thread:

https://petition.parliament.uk/petitions/110776

See televised debate.

Edited March 2, 2016 by evadgib

[rijit]

Seems to refer to public employees pensions -- what about Joe Soap who worked his guts out for a private company and was made to pay into the system for 40+ years?

Many private companies provided excellent pension schemes until Liebour destroyed the pension infrastructure to the benefit of the worker !

http://www.telegraph.co.uk/finance/personalfinance/pensions/10798785/True-cost-of-Labours-pension-tax-raid-and-others-since-Seventies.html

Enjoy reading and learning

Jeez, nothing like a balanced argument.

Sent from my GT-I9000 using Thaivisa Connect Thailand mobile app

[Johnniey]

A couple of questions.

What are the chances of getting to pay the class B voluntary contributions? I have been an English teacher here for over 30 years. Could I say I was self employed and have to provide any tax receipts?

I don't keep up with the news but with the current situation, would it be wiser to buy mutual funds(or some other private pension) rather than pay back the previous 6 years( a few thousand pounds) and pay 12 quid a week for the next 14 years?

[sunnyjim5]

A couple of questions.

What are the chances of getting to pay the class B voluntary contributions? I have been an English teacher here for over 30 years. Could I say I was self employed and have to provide any tax receipts?

I don't keep up with the news but with the current situation, would it be wiser to buy mutual funds(or some other private pension) rather than pay back the previous 6 years( a few thousand pounds) and pay 12 quid a week for the next 14 years?

You should seek professional advice from a UK based source.

It sounds as if you have left it a bit late to secure your future.

[Johnniey]

A couple of questions.

What are the chances of getting to pay the class B voluntary contributions? I have been an English teacher here for over 30 years. Could I say I was self employed and have to provide any tax receipts?

I don't keep up with the news but with the current situation, would it be wiser to buy mutual funds(or some other private pension) rather than pay back the previous 6 years( a few thousand pounds) and pay 12 quid a week for the next 14 years?

You should seek professional advice from a UK based source.

It sounds as if you have left it a bit late to secure your future.

Hard with 4 kids.

[evadgib]

Received today:

The Government has responded to the petition you signed – “Stop UK Government and Departments from labeling "State Pension" as benefits!”.

Government responded:

The State Pension is described in legislation as a “benefit” in order to root it within the existing social security framework as a statutory scheme paid out of monies in the National Insurance Fund.

Some people have a negative association with the word ‘benefit’ as synonymous with the means test; however this legal description provides consistency with other contributory benefits.

It is, of course, also consistent with private pensions where traditional pension schemes which are earnings linked such as final salary schemes, known as ‘Defined Benefit’ schemes. The pension paid out by these schemes is defined as a ‘benefit’.

State Pension entitlement is based on having paid into the National Insurance scheme for a required number of years. However, use of the word “benefit” for retirement pension (latterly known as State Pension) has always been classified in law from the time of the1946 National Insurance Act, which applied from the inception of the National Insurance scheme. No offence is intended by the use of this term.

Furthermore, the term “contributory benefit”, forms the legislative framework of the Social Security Contributions and Benefits Act 1992. Section 20 of that Act is entitled “Descriptions of contributory benefits”. Contributory benefits under Part II of that Act are listed, and the sixth is retirement pensions.

In addition, the introduction of the new State Pension from 6 April 2016 is also classified as a “benefit” under Section 1(1) of the Pensions Act 2014.

This word is also used to describe the advantages (benefits) provided through private pension arrangements.

Department of Work and Pensions

Click this link to view the response online:

https://petition.parliament.uk/petitions/121267?reveal_response=yes

The Petitions Committee will take a look at this petition and its response. They can press the government for action and gather evidence. If this petition reaches 100,000 signatures, the Committee will consider it for a debate.

The Committee is made up of 11 MPs, from political parties in government and in opposition. It is entirely independent of the Government. Find out more about the Committee: https://petition.parliament.uk/help#petitions-committee

Thanks,
The Petitions team
UK Government and Parliament

[Rajab Al Zarahni]

Received today:

The Government has responded to the petition you signed – “Stop UK Government and Departments from labeling "State Pension" as benefits!”.

Government responded:

The State Pension is described in legislation as a “benefit” in order to root it within the existing social security framework as a statutory scheme paid out of monies in the National Insurance Fund.

Some people have a negative association with the word ‘benefit’ as synonymous with the means test; however this legal description provides consistency with other contributory benefits.

It is, of course, also consistent with private pensions where traditional pension schemes which are earnings linked such as final salary schemes, known as ‘Defined Benefit’ schemes. The pension paid out by these schemes is defined as a ‘benefit’.

State Pension entitlement is based on having paid into the National Insurance scheme for a required number of years. However, use of the word “benefit” for retirement pension (latterly known as State Pension) has always been classified in law from the time of the1946 National Insurance Act, which applied from the inception of the National Insurance scheme. No offence is intended by the use of this term.

Furthermore, the term “contributory benefit”, forms the legislative framework of the Social Security Contributions and Benefits Act 1992. Section 20 of that Act is entitled “Descriptions of contributory benefits”. Contributory benefits under Part II of that Act are listed, and the sixth is retirement pensions.

In addition, the introduction of the new State Pension from 6 April 2016 is also classified as a “benefit” under Section 1(1) of the Pensions Act 2014.

This word is also used to describe the advantages (benefits) provided through private pension arrangements.

Department of Work and Pensions

Click this link to view the response online:

https://petition.parliament.uk/petitions/121267?reveal_response=yes

The Petitions Committee will take a look at this petition and its response. They can press the government for action and gather evidence. If this petition reaches 100,000 signatures, the Committee will consider it for a debate.

The Committee is made up of 11 MPs, from political parties in government and in opposition. It is entirely independent of the Government. Find out more about the Committee: https://petition.parliament.uk/help#petitions-committee

Thanks,

The Petitions team

UK Government and Parliament

As expected, the response is a highly polished exercise in incomprehensible bureau speak.

[Johnniey]

I heard from a bloke down the pub that the UK govt. are increasing the pension age to 80. Any truth in this ? Is it possible?

[jpinx]

Received today:

The Government has responded to the petition you signed – “Stop UK Government and Departments from labeling "State Pension" as benefits!”.

Government responded:

The State Pension is described in legislation as a “benefit” in order to root it within the existing social security framework as a statutory scheme paid out of monies in the National Insurance Fund.

Some people have a negative association with the word ‘benefit’ as synonymous with the means test; however this legal description provides consistency with other contributory benefits.

It is, of course, also consistent with private pensions where traditional pension schemes which are earnings linked such as final salary schemes, known as ‘Defined Benefit’ schemes. The pension paid out by these schemes is defined as a ‘benefit’.

State Pension entitlement is based on having paid into the National Insurance scheme for a required number of years. However, use of the word “benefit” for retirement pension (latterly known as State Pension) has always been classified in law from the time of the1946 National Insurance Act, which applied from the inception of the National Insurance scheme. No offence is intended by the use of this term.

Furthermore, the term “contributory benefit”, forms the legislative framework of the Social Security Contributions and Benefits Act 1992. Section 20 of that Act is entitled “Descriptions of contributory benefits”. Contributory benefits under Part II of that Act are listed, and the sixth is retirement pensions.

In addition, the introduction of the new State Pension from 6 April 2016 is also classified as a “benefit” under Section 1(1) of the Pensions Act 2014.

This word is also used to describe the advantages (benefits) provided through private pension arrangements.

Department of Work and Pensions

Click this link to view the response online:

https://petition.parliament.uk/petitions/121267?reveal_response=yes

The Petitions Committee will take a look at this petition and its response. They can press the government for action and gather evidence. If this petition reaches 100,000 signatures, the Committee will consider it for a debate.

The Committee is made up of 11 MPs, from political parties in government and in opposition. It is entirely independent of the Government. Find out more about the Committee: https://petition.parliament.uk/help#petitions-committee

Thanks,

The Petitions team

UK Government and Parliament

As expected, the response is a highly polished exercise in incomprehensible bureau speak.

It's actually much worse than that -- it is deliberately misleading by making comparisons that are totally inappropriate, but I truly can't be bothered with writing a 3-page discourse repudiating that response.

[jpinx]

I heard from a bloke down the pub that the UK govt. are increasing the pension age to 80. Any truth in this ? Is it possible?

Check his sources

[ignis]

I heard from a bloke down the pub that the UK govt. are increasing the pension age to 80. Any truth in this ? Is it possible?

Keep working your die quicker, or hopefully be dead by 80, so there will be no need for any Pension payouts. could be true one day they have to think up a way to get money in and not pay out.

[i claudius]

I think what they are looking at is if you have a heavy duty job you retire earlier than an office worker or a shop worker,mind you if you work for the govt you still can retire early with a big pension.

Personally I think that in the years to come it will be back like it was 50 years ago ,your pension is just enough to stop you starving or freezing to death.

Oh wait a minute that's the pension now

[jpinx]

hate to admit it - but I'm pushing my grandkids to get government jobs,,,,,,,,,,,

[sandyf]

I heard from a bloke down the pub that the UK govt. are increasing the pension age to 80. Any truth in this ? Is it possible?

Some truth in every rumour.

"A review of the state pension age could mean people joining the workforce today will have to wait until their mid-70s before they retire, experts have warned."

http://www.bbc.com/n...siness-35702441

[nong38]

I heard from a bloke down the pub that the UK govt. are increasing the pension age to 80. Any truth in this ? Is it possible?

Some truth in every rumour.

"A review of the state pension age could mean people joining the workforce today will have to wait until their mid-70s before they retire, experts have warned."

http://www.bbc.com/n...siness-35702441

It should be no surprise to anyone that retirement age is being pushed further away and what looks like a good projected pension will turn to dust with time.

[Rajab Al Zarahni]

I heard from a bloke down the pub that the UK govt. are increasing the pension age to 80. Any truth in this ? Is it possible?

Some truth in every rumour.

"A review of the state pension age could mean people joining the workforce today will have to wait until their mid-70s before they retire, experts have warned."

http://www.bbc.com/n...siness-35702441

It should be no surprise to anyone that retirement age is being pushed further away and what looks like a good projected pension will turn to dust with time.

"Keep Ithaka always in your mind.

Arriving there is what you are destined for.

But do not hurry the journey at all.

Better if it lasts for years,

so you are old by the time you reach the island,

wealthy with all you have gained on the way,

not expecting Ithaka to make you rich.

Ithaka gave you the marvelous journey.

Without her you would not have set out.

She has nothing left to give you now.

And if you find her poor, Ithaka won’t have fooled you.

Wise as you will have become, so full of experience,

you will have understood by then what these Ithakas mean. "

[sunnyjim5]

Rajab Al Zarahni

The full (translated) version of "Ithakas" can be found in the link

http://www.cavafy.com/poems/content.asp?cat=1&id=74

[Rajab Al Zarahni]

I heard from a bloke down the pub that the UK govt. are increasing the pension age to 80. Any truth in this ? Is it possible?

Here is a link identifying the terms of the proposed government review:

https://www.gov.uk/government/publications/state-pension-age-review-terms-of-reference

Edited March 6, 2016 by Rajab Al Zarahni

[jpinx]

Was there not a move towards privatising the pension scheme a while back?

[sunnyjim5]

I heard from a bloke down the pub that the UK govt. are increasing the pension age to 80. Any truth in this ? Is it possible?

Blokes in pubs can always be relied upon to provide the latest rumour.

(AKA rubbish dressed as fact)

[evadgib]

I thought Ithaka was Trump's ex wife

[NoshowJones]

I heard from a bloke down the pub that the UK govt. are increasing the pension age to 80. Any truth in this ? Is it possible?

If there's more money available for MPs wage increases and expenses, then yes, it is possible.

[evadgib]

Two hopes

Give people the option to retire @ 60

TO: DAVID CAMERON

Make the optional retirement age 60 for men and women in the UK. Many workers are not fit enough to continue beyond that age.

Why is this important?

People who reach age 60 and are unemployed have very little chance of finding employment. Technology alone will account for too many redundancies. Youth unemployment is at an all time high and in many cases earlier retirement will free up jobs for them. Many of the younger generation need to be given a chance to work and raising the retirement age is only making things worse for them.

https://you.38degrees.org.uk/petitions/let-men-and-women-retire-at-60-with-a-state-pension?bucket&source=facebook-share-button&time=1457431979

Edited March 9, 2016 by evadgib

[kingalfred]

I had a statement from uk from the " pension forecast dept" in Newcastle which stated I have 3O Qualifying years NI contributions, which gives me a state pension of £133 per week.If I want the higher rate of £156 I can add another £23 per week for the next 10 years. So basically I would get a return of the exact same amount I contribute in that time.

Edited March 10, 2016 by kingalfred

[chiang mai]

I heard from a bloke down the pub that the UK govt. are increasing the pension age to 80. Any truth in this ? Is it possible?

Blokes in pubs can always be relied upon to provide the latest rumour.

(AKA rubbish dressed as fact)

You've probably not understood that this is a thread about UK pensions, as such it attracts mostly British males along with the associated British humour, something that many foreigners, mostly Amercians, fail to grasp and understand - the,"bloke down the pub" line is a typical part of that, as was the first proper reply.

Edited March 10, 2016 by chiang mai