UK pensions

[nontabury]

i think people are going to take the whole pension pot, leaving no pension.

I suspect many people will do exactly that. Then in a couple of years, they will claim they have insufficient income to live on. So what will they do, claim top-up benefits.

[steve187]

I would think the government are banking on the extra tax payable on the pot.

[jpinx]

So this scheme is not available if you are already being paid a pension from the company?

[rayongchelsea]

^^^ I think you will be allowed to sell your annuity on the open market from April 2016...it will have a cash value that can be purchased by another individual or bought back by the provider..

[Liquorice]

From April the new weekly State Pension will be guaranteed minimum of £151.20 for single people.

https://www.gov.uk/government/news/double-inflation-boost-for-state-pension-with-additional-help-to-the-poorest

The rate at which you pay 40% tax will be raised to £41,865.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293800/TIIN_8110_income_tax_personal_allowance_and_basic_rate.pdf

The first 25% of any personal Pension is tax free regardless of any other income.

Thereafter taxed at 20%.

You need to multiply your current 4 weekly payments by 13 to find out how much tax free allowance you have left.

Those already in receipt of personal pensions (annuities) will have to wait until 2016 before they have to make choices.

Each individual will have different circumstances, so no one answer is available for all.

[JB300]

So this scheme is not available if you are already being paid a pension from the company?

I thought I'd read it was available to existing pensioners?

(Sorry, In the pub waiting for the Man U game so struggling to research )

[Liquorice]

It could benefit those aged between 55 -60 who have a private/company pension and are thinking of taking early retirement.

For those already getting state pensions, or already taken early annuity pensions, it needs some serious consideration and tax calculations.

Of course if we knew what age we'd live to, it would make decision making easier.

I posted link in an earlier thread that explains some of the many options and considerations.

https://uk.finance.yahoo.com/news/tables-reveal-tax-bill-pension-071826906.html

[JB300]

I thought it might benefit me as I have a small/18 months (albeit on a high salary) pension that I'd love to cash in if only to have one less thing that I have to manage/keep track of.

I managed to cash in my EDS pension for cash a couple of years back when they were taken over by HP & wound up their pension scheme, but I only worked there for 5 months so it was below the threshold at that time

[Liquorice]

Pension changes 2015

• People aged 55 and over can withdraw any amount from a Defined Contribution (DC) scheme, subject to income tax
• Tax changes make it easier to pass pension savings on to descendants
• Many people with Defined Benefits (DB) schemes will be allowed to transfer to DC plans
• All retirees will have access to free guidance from the government's Pension Wise service
• Existing annuity holders unaffected for the time being, but there are plans for them to be able to sell their annuity

http://www.bbc.com/news/business-31981900

[Expattaff1308]

From April the new weekly State Pension will be guaranteed minimum of £151.20 for single people.

https://www.gov.uk/government/news/double-inflation-boost-for-state-pension-with-additional-help-to-the-poorest

The rate at which you pay 40% tax will be raised to £41,865.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293800/TIIN_8110_income_tax_personal_allowance_and_basic_rate.pdf

The first 25% of any personal Pension is tax free regardless of any other income.

Thereafter taxed at 20%.

You need to multiply your current 4 weekly payments by 13 to find out how much tax free allowance you have left.

Those already in receipt of personal pensions (annuities) will have to wait until 2016 before they have to make choices.

Each individual will have different circumstances, so no one answer is available for all.

The £151.20 includes 'pension credit' and only payable to those in the UK and those without any other pension income.

The Basic Pension for the majority and certainly those who live here will only be £115.95.

[Liquorice]

The S2P and Pension credits are scrapped under the new scheme. A new flat rate of £155.20 is payable to those who qualify.

As I previously stated each and every person will face a different scenario depending on their circumstances.

For example those who haven't got 35 years contributions, or those on final salary schemes who were 'opted out', or those with frozen pensions will suffer.

These new rules apply to anyone retiring after April 2015. Those already in receipt of state pension will get a real bag of 'dolly mixtures' figures.

[Liquorice]

Those who retire after April 2015 and have private/company pensions will be allowed the option of taking their annuity funds as a lump sum, or sums.

(Available to those aged 55 or over)

Those already receiving private/company monthly pensions from their annuity 'pot', will be allowed to sell their annuity fund for a lump sum after April 2016.

There is no further information on just how this will work yet............just speculation.

[Expattaff1308]

The S2P and Pension credits are scrapped under the new scheme. A new flat rate of £155.20 is payable to those who qualify.

As I previously stated each and every person will face a different scenario depending on their circumstances.

For example those who haven't got 35 years contributions, or those on final salary schemes who were 'opted out', or those with frozen pensions will suffer.

These new rules apply to anyone retiring after April 2015. Those already in receipt of state pension will get a real bag of 'dolly mixtures' figures.

Im confused by what you are writing, you give the impression the new across the board pension is already introduced I dont believe this is the case..

The State Pension current contributing years is still 30 years, Im not sure where you get your information from?

The £155.20 is made up of add ons (ok currently known as pension credit) and those add ons will only be given to those who live in the UK and the majority of pensioners who also have a company pension will only receive the basic pension of £115.95 up from £113.10.

The new across the board state pension that has been proposed with the 35 contributing years is yet to be set and is likely to be announced in this years autumn statement. You give the impression this is already the case??

https://www.gov.uk/state-pension

[Expattaff1308]

The International Consortium of British Pensioners (ICBP)

Since I was last in touch with ICBP supporters in January, there has been a considerable amount of media attention and political activity. There is a lot of momentum, and it is essential to keep up the pressure.

First of all, there are going to be several “asks” of you in this period of run up to the General Election, with an outcome which will be one of the most uncertain of modern times. All of us who are affected or are potentially affected by frozen pensions must do our bit. All the lobbying and campaigning of the board of ICBP is worthless unless it is backed by the actions of thousands of those affected.
For example, there is no doubt that the letter writing campaign to MPs, which we asked of you at the end of last year, had a real impact on the number of MPs joining the All Party Parliamentary Group and on them being aware of the importance of the issue of frozen pensions. Even in these last days of Parliament, a new Early Day Motion, 845 (http://www.parliament.uk/edm/2014-15/845), has attracted a large number of signatures of MPs supporting the unfreezing of pensions.
Please continue to write to your local MP and remind him/her that frozen pensions are an issue that must be addressed by any new Government and it is important that they understand the significance of this issue to the electorate. We know that it is retirees wanting to leave the UK to be with their families in retirement, and that it also forces older people to return to the UK to live apart from their families because they can no longer live on their diminishing income. An income they have paid for through their National Insurance contributions.
Please also write to other candidates in your constituency (or the last constituency in which you lived if you have moved from the UK). You can find who these are through this website: https://yournextmp.com/
And then, write to the local newspaper in the UK for the constituency area about the importance of the issue of frozen pensions being addressed by prospective MPs and their party.

On a different topic, we are looking for new people for the ICBP Board of Directors. We would love to hear from you if you might be interested in these volunteer positions, which do entail a fair amount of work. Ideally, we are looking for someone who can represent the BME community, as we know that there are many from this community who would be interested in moving to a frozen pension country, but are reluctant to do this because of their frozen pension. Also, we would love to hear from anyone living in the United Kingdom who is interested in getting involved in the work we do. This is an opportunity to use your skills and abilities to really help with a worthwhile cause. Please contact me at [email protected] if you are interested.
If you are interested in detailed updates on our campaign, please check out our websitewww.britishpensions.com and in particular our ICBP Facebook page, which has up to the moment news about what is happening.

Yours sincerely


Chairman
International Consortium of British Pensioners

[pontious]

From April the new weekly State Pension will be guaranteed minimum of £151.20 for single people.

https://www.gov.uk/government/news/double-inflation-boost-for-state-pension-with-additional-help-to-the-poorest

The rate at which you pay 40% tax will be raised to £41,865.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293800/TIIN_8110_income_tax_personal_allowance_and_basic_rate.pdf

The first 25% of any personal Pension is tax free regardless of any other income.

Thereafter taxed at 20%.

You need to multiply your current 4 weekly payments by 13 to find out how much tax free allowance you have left.

Those already in receipt of personal pensions (annuities) will have to wait until 2016 before they have to make choices.

Each individual will have different circumstances, so no one answer is available for all.

Faz that PDF is out of date- the allowance is 10600 in April 2015.

[Liquorice]

Sorry expattaf, I'm talking about two different subjects at once, that is;

1. The new state pension scheme coming into effect April 2016.

2. Access to private/company pension pots from April 2015.

From April 2016 pension credits and S2P will be scrapped and the qualifying period extended to 35 years in order to receive the new flat rate pension.

http://www.thisismoney.co.uk/money/pensions/article-2634215/Why-millions-WONT-155-new-state-pension-theyre-expecting.html

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

For many expats the changes won't affect them because their pensions are frozen, regardless.

However some expats are still registered in the UK (if you know what I mean ) and don't yet receive their state pension, so the changes will affect them.

I don't agree that the majority of pensioners who receive a company pension will miss out. It's only those who were 'opted out' of the scheme, such as final salary pensions that will lose out on the state pension scheme, but they should make it up with the higher company pension they will receive.

[Liquorice]

pontious, on 23 Mar 2015 - 10:43, said:

Faz, on 22 Mar 2015 - 19:47, said:

From April the new weekly State Pension will be guaranteed minimum of £151.20 for single people.

https://www.gov.uk/government/news/double-inflation-boost-for-state-pension-with-additional-help-to-the-poorest

The rate at which you pay 40% tax will be raised to £41,865.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293800/TIIN_8110_income_tax_personal_allowance_and_basic_rate.pdf

The first 25% of any personal Pension is tax free regardless of any other income.

Thereafter taxed at 20%.

You need to multiply your current 4 weekly payments by 13 to find out how much tax free allowance you have left.

Those already in receipt of personal pensions (annuities) will have to wait until 2016 before they have to make choices.

Each individual will have different circumstances, so no one answer is available for all.

Faz that PDF is out of date- the allowance is 10600 in April 2015.

There are two different sets of figures;

Those born after 5th April 1948 get an allowance of 10,600 and the 40% tax threshold is increased to £42,285.

Those born before 5th April 1948 get an allowance of 10,500 and the 40% tax threshold is increased to £41, 865.

Those figures alone tell you how the government are taking care of the more elderly and vulnerable people in our society.......................ah! there'll be to few and to old to complain about age discrimination.

[evadgib]

The '30 to 35 years' has yet to pass through Parliament therefore the advice from HMRC is to wait until after 06 Apr 16 before doing anything.

HTH

(Applies to those currently in their mid fifties)

[Expattaff1308]

Sorry expattaf, I'm talking about two different subjects at once, that is;

1. The new state pension scheme coming into effect April 2016.

2. Access to private/company pension pots from April 2015.

From April 2016 pension credits and S2P will be scrapped and the qualifying period extended to 35 years in order to receive the new flat rate pension.

http://www.thisismoney.co.uk/money/pensions/article-2634215/Why-millions-WONT-155-new-state-pension-theyre-expecting.html

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

For many expats the changes won't affect them because their pensions are frozen, regardless.

However some expats are still registered in the UK (if you know what I mean ) and don't yet receive their state pension, so the changes will affect them.

I don't agree that the majority of pensioners who receive a company pension will miss out. It's only those who were 'opted out' of the scheme, such as final salary pensions that will lose out on the state pension scheme, but they should make it up with the higher company pension they will receive.

I think we are confusing each other.

What I ment by the majority and those on company pensions..today they will only receive the current state pension of 115.95 whereas those who dont have a company pension can currently receieve a top up to take them up to 151.20 this is only paid in the UK currently known as Pension Credit.

When the new across the board pension is introduced it will only effect those not getting the pension at the time (like me Im 62) and its then that the 35 qualifying years will come into effect and that rate is yet to go thro Parliment. That then will do away with the pension credits.

Those who live here will receive the pension they get when they apply for life unless the anomily of the frozen pension is abolished unlike those in the UK who will still receive the annual increases.

I have a company pension, and at 65 will receive the state pension being 62 now I guess that I will receive the new across the board pension providing it goes thro parliment of course living in Thailand will not allow me to receive the annual increases unless as I stated the frozen pension wrong gets righted.

[Chivas]

I wonder what will happen to Individuals if they have 20-25-30 years contributions etc rather than 35 when the Pension Credits are abolished ??

Will someone on say 50% of contributions receive 50% of new pension from 2016 without any recourse to additional top ups....?

Guess the answer is yes....?

[Bernard Flint]

I wonder what will happen to Individuals if they have 20-25-30 years contributions etc rather than 35 when the Pension Credits are abolished ??

Will someone on say 50% of contributions receive 50% of new pension from 2016 without any recourse to additional top ups....?

Guess the answer is yes....?

IF ONE has done 32 years he will get 32/35th of 151 gbp, Same as now, but if one has done 27 years he will get 27/30th when retired

[Chivas]

I wonder what will happen to Individuals if they have 20-25-30 years contributions etc rather than 35 when the Pension Credits are abolished ??

Will someone on say 50% of contributions receive 50% of new pension from 2016 without any recourse to additional top ups....?

Guess the answer is yes....?

IF ONE has done 32 years he will get 32/35th of 151 gbp, Same as now, but if one has done 27 years he will get 27/30th when retired

Interesting.......Is this listed on a website somewhere ??

[billd766]

From April the new weekly State Pension will be guaranteed minimum of £151.20 for single people.

https://www.gov.uk/government/news/double-inflation-boost-for-state-pension-with-additional-help-to-the-poorest

The rate at which you pay 40% tax will be raised to £41,865.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293800/TIIN_8110_income_tax_personal_allowance_and_basic_rate.pdf

The first 25% of any personal Pension is tax free regardless of any other income.

Thereafter taxed at 20%.

You need to multiply your current 4 weekly payments by 13 to find out how much tax free allowance you have left.

Those already in receipt of personal pensions (annuities) will have to wait until 2016 before they have to make choices.

Each individual will have different circumstances, so no one answer is available for all.

The £151.20 includes 'pension credit' and only payable to those in the UK and those without any other pension income.

The Basic Pension for the majority and certainly those who live here will only be £115.95.

Actually Taff that is not quite correct. It will be for people who are just reaching retirement age but it will be increased annually so expats in Thailand will get the current rate at the time they retire.

For those of us who already get our pensions, sadly the rate was frozen at the time you got it.

[steve187]

I wonder what will happen to Individuals if they have 20-25-30 years contributions etc rather than 35 when the Pension Credits are abolished ??

Will someone on say 50% of contributions receive 50% of new pension from 2016 without any recourse to additional top ups....?

Guess the answer is yes....?

IF ONE has done 32 years he will get 32/35th of 151 gbp, Same as now, but if one has done 27 years he will get 27/30th when retired

Interesting.......Is this listed on a website somewhere ??

here - https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

[Liquorice]

Expattaff1308, on 23 Mar 2015 - 14:07, said:Expattaff1308, on 23 Mar 2015 - 14:07, said:Expattaff1308, on 23 Mar 2015 - 14:07, said:Expattaff1308, on 23 Mar 2015 - 14:07, said:

Faz, on 23 Mar 2015 - 10:46, said:Faz, on 23 Mar 2015 - 10:46, said:Faz, on 23 Mar 2015 - 10:46, said:Faz, on 23 Mar 2015 - 10:46, said:

Sorry expattaf, I'm talking about two different subjects at once, that is;

1. The new state pension scheme coming into effect April 2016.

2. Access to private/company pension pots from April 2015.

From April 2016 pension credits and S2P will be scrapped and the qualifying period extended to 35 years in order to receive the new flat rate pension.

http://www.thisismoney.co.uk/money/pensions/article-2634215/Why-millions-WONT-155-new-state-pension-theyre-expecting.html

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

For many expats the changes won't affect them because their pensions are frozen, regardless.

However some expats are still registered in the UK (if you know what I mean ) and don't yet receive their state pension, so the changes will affect them.

I don't agree that the majority of pensioners who receive a company pension will miss out. It's only those who were 'opted out' of the scheme, such as final salary pensions that will lose out on the state pension scheme, but they should make it up with the higher company pension they will receive.

I think we are confusing each other.

What I ment by the majority and those on company pensions..today they will only receive the current state pension of 115.95 whereas those who dont have a company pension can currently receieve a top up to take them up to 151.20 this is only paid in the UK currently known as Pension Credit.

When the new across the board pension is introduced it will only effect those not getting the pension at the time (like me Im 62) and its then that the 35 qualifying years will come into effect and that rate is yet to go thro Parliment. That then will do away with the pension credits.

Those who live here will receive the pension they get when they apply for life unless the anomily of the frozen pension is abolished unlike those in the UK who will still receive the annual increases.

I have a company pension, and at 65 will receive the state pension being 62 now I guess that I will receive the new across the board pension providing it goes thro parliment of course living in Thailand will not allow me to receive the annual increases unless as I stated the frozen pension wrong gets righted.

I'm also 62 expattaff.

I took early retirement last year and cashed in a private pension (25% lump sum and regular monthly income)

I also have a Company Pension which I decide to leave because of a guaranteed minimum income at age 65, regardless of contributions.

I didn't contract out of SERPS (State Earnings Related Pension Scheme) which later became known as the S2P (State Second Pension) so my private and company pensions have no bearing on my state pension.

I have 42 years NI contributions towards a state pension.

Assuming I had just turned 65 this month, I would receive the basic state pension of £113.10 + additional second state pension of around £80, making my weekly state pension £193.10 per week. ( I wouldn't qualify for pension credits)

According to what I've read and confirmed by the DWP, when I'm 65 I will receive the higher rate of either

1. The new flat rate pension scheme, or

2. The old rate pension plus my additional pension.

What I don't know is what those rates will be come 2018.

If your company pension scheme contracted out of SERPS then you made lower NI contributions, so will only get the lower state pension plus the value of your company pension scheme. Contacting out means you didn't qualify for the S2P scheme but should get a better company pension because the difference was added to that scheme.

However, the new rulings, and the higher flat rate pension scheme mean a lot of pensioners who were in schemes that contracted out could lose out by£40 a week because basically their company pension hasn't been hiked up like the state pension has, so the income gap will be reduced.

My private pension and company pensions have no effect on what I will receive as my state pension, except for being clobbered for tax.

To try and put it in perspective, if you reach state pension age before 6 April 2016 you will receive your state pension in line with existing rules.

From 6 April 2016 the new single tier state pension becomes effective (and subject to approval will require 35 qualifying years to receive full state pension)

For those who have already paid into the old scheme, but cannot make 35 years contributions into the new scheme, and will retire after 6 April 2016 but before 6 April 2051 (being the 35 qualifying years from 2016) will fall into the interim transitional change over period and should receive the higher rate of their entitlement.

[Expattaff1308]

From April the new weekly State Pension will be guaranteed minimum of £151.20 for single people.

https://www.gov.uk/government/news/double-inflation-boost-for-state-pension-with-additional-help-to-the-poorest

The rate at which you pay 40% tax will be raised to £41,865.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293800/TIIN_8110_income_tax_personal_allowance_and_basic_rate.pdf

The first 25% of any personal Pension is tax free regardless of any other income.

Thereafter taxed at 20%.

You need to multiply your current 4 weekly payments by 13 to find out how much tax free allowance you have left.

Those already in receipt of personal pensions (annuities) will have to wait until 2016 before they have to make choices.

Each individual will have different circumstances, so no one answer is available for all.

The £151.20 includes 'pension credit' and only payable to those in the UK and those without any other pension income.

The Basic Pension for the majority and certainly those who live here will only be £115.95.

Actually Taff that is not quite correct. It will be for people who are just reaching retirement age but it will be increased annually so expats in Thailand will get the current rate at the time they retire.

For those of us who already get our pensions, sadly the rate was frozen at the time you got it.

Sorry Bill thats what I ment (and thought I said;))

[Expattaff1308]

Expattaff1308, on 23 Mar 2015 - 14:07, said:Expattaff1308, on 23 Mar 2015 - 14:07, said:Expattaff1308, on 23 Mar 2015 - 14:07, said:Expattaff1308, on 23 Mar 2015 - 14:07, said:

Faz, on 23 Mar 2015 - 10:46, said:Faz, on 23 Mar 2015 - 10:46, said:Faz, on 23 Mar 2015 - 10:46, said:Faz, on 23 Mar 2015 - 10:46, said:

Sorry expattaf, I'm talking about two different subjects at once, that is;

1. The new state pension scheme coming into effect April 2016.

2. Access to private/company pension pots from April 2015.

From April 2016 pension credits and S2P will be scrapped and the qualifying period extended to 35 years in order to receive the new flat rate pension.

http://www.thisismoney.co.uk/money/pensions/article-2634215/Why-millions-WONT-155-new-state-pension-theyre-expecting.html

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

For many expats the changes won't affect them because their pensions are frozen, regardless.

However some expats are still registered in the UK (if you know what I mean ) and don't yet receive their state pension, so the changes will affect them.

I don't agree that the majority of pensioners who receive a company pension will miss out. It's only those who were 'opted out' of the scheme, such as final salary pensions that will lose out on the state pension scheme, but they should make it up with the higher company pension they will receive.

I think we are confusing each other.

What I ment by the majority and those on company pensions..today they will only receive the current state pension of 115.95 whereas those who dont have a company pension can currently receieve a top up to take them up to 151.20 this is only paid in the UK currently known as Pension Credit.

When the new across the board pension is introduced it will only effect those not getting the pension at the time (like me Im 62) and its then that the 35 qualifying years will come into effect and that rate is yet to go thro Parliment. That then will do away with the pension credits.

Those who live here will receive the pension they get when they apply for life unless the anomily of the frozen pension is abolished unlike those in the UK who will still receive the annual increases.

I have a company pension, and at 65 will receive the state pension being 62 now I guess that I will receive the new across the board pension providing it goes thro parliment of course living in Thailand will not allow me to receive the annual increases unless as I stated the frozen pension wrong gets righted.

I'm also 62 expattaff.

I took early retirement last year and cashed in a private pension (25% lump sum and regular monthly income)

I also have a Company Pension which I decide to leave because of a guaranteed minimum income at age 65, regardless of contributions.

I didn't contract out of SERPS (State Earnings Related Pension Scheme) which later became known as the S2P (State Second Pension) so my private and company pensions have no bearing on my state pension.

I have 42 years NI contributions towards a state pension.

Assuming I had just turned 65 this month, I would receive the basic state pension of £113.10 + additional second state pension of around £80, making my weekly state pension £193.10 per week. ( I wouldn't qualify for pension credits)

According to what I've read and confirmed by the DWP, when I'm 65 I will receive the higher rate of either

1. The new flat rate pension scheme, or

2. The old rate pension plus my additional pension.

What I don't know is what those rates will be come 2018.

If your company pension scheme contracted out of SERPS then you made lower NI contributions, so will only get the lower state pension plus the value of your company pension scheme. Contacting out means you didn't qualify for the S2P scheme but should get a better company pension because the difference was added to that scheme.

However, the new rulings, and the higher flat rate pension scheme mean a lot of pensioners who were in schemes that contracted out could lose out by£40 a week because basically their company pension hasn't been hiked up like the state pension has, so the income gap will be reduced.

My private pension and company pensions have no effect on what I will receive as my state pension, except for being clobbered for tax.

To try and put it in perspective, if you reach state pension age before 6 April 2016 you will receive your state pension in line with existing rules.

From 6 April 2016 the new single tier state pension becomes effective (and subject to approval will require 35 qualifying years to receive full state pension)

For those who have already paid into the old scheme, but cannot make 35 years contributions into the new scheme, and will retire after 6 April 2016 but before 6 April 2051 (being the 35 qualifying years from 2016) will fall into the interim transitional change over period and should receive the higher rate of their entitlement.

yep thats it, I opted out I have a civil service pension so when 65 will get whatever pension is on offer at the time, Ive checked with them re years and have more than 40 so will meet the new terms should that go thro Parliment.

[billd766]

From April the new weekly State Pension will be guaranteed minimum of £151.20 for single people.

https://www.gov.uk/government/news/double-inflation-boost-for-state-pension-with-additional-help-to-the-poorest

The rate at which you pay 40% tax will be raised to £41,865.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293800/TIIN_8110_income_tax_personal_allowance_and_basic_rate.pdf

The first 25% of any personal Pension is tax free regardless of any other income.

Thereafter taxed at 20%.

You need to multiply your current 4 weekly payments by 13 to find out how much tax free allowance you have left.

Those already in receipt of personal pensions (annuities) will have to wait until 2016 before they have to make choices.

Each individual will have different circumstances, so no one answer is available for all.

The £151.20 includes 'pension credit' and only payable to those in the UK and those without any other pension income.

The Basic Pension for the majority and certainly those who live here will only be £115.95.

Actually Taff that is not quite correct. It will be for people who are just reaching retirement age but it will be increased annually so expats in Thailand will get the current rate at the time they retire.

For those of us who already get our pensions, sadly the rate was frozen at the time you got it.

Sorry Bill thats what I ment (and thought I said;))

Old age affects the brain cells Taff. At least it does mine.

Quite often I will think of something and by the time I get the computer cranked up I have forgotten what it was. My house is full of notes that obviously meant something at the time but as I don't time and date them when I do find them again I have no idea what they mean.

[siampolee]

Billd766 post # 1103.

Old age affects the brain cells Taff. At least it does mine.

Quite often I will think of something and by the time I get the computer cranked up I have forgotten what it was. My house is full of notes that obviously meant something at the time but as I don't time and date them when I do find them again I have no idea what they mean.

I and I suspect a few others could join your ''Old folks Club''

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Billd766 post # 1103.

Old age affects the brain cells Taff. At least it does mine.

Quite often I will think of something and by the time I get the computer cranked up I have forgotten what it was. My house is full of notes that obviously meant something at the time but as I don't time and date them when I do find them again I have no idea what they mean.

I and I suspect a few others could join your ''Old folks Club''

Can I be an "Honorary Member"......... .....Please........