UK pensions

[Swimman]

I urge all those in receipt of the State Pension to check what HMRC thinks you are receiving. I have just checked my records(via HMRC Government Gateway) and HMRC believe I am receiving a full unfrozen pension which is not the case-  There is a facility to notify HMRC of incorrect detail held by them

[OJAS]

15 hours ago, Swimman said:

I urge all those in receipt of the State Pension to check what HMRC thinks you are receiving. I have just checked my records(via HMRC Government Gateway) and HMRC believe I am receiving a full unfrozen pension which is not the case-  There is a facility to notify HMRC of incorrect detail held by them

So, presumably, you do not submit annual tax returns to HMRC (which I do because I still own property back in the UK which is now rented out)?

[Henryford]

On 4/27/2018 at 11:56 PM, mommysboy said:

My fear is that a government will decide to tax the state pension for expats, arguing that as we are no longer resident for tax purposes we are not entitled to the personal tax allowance.

 

I don't know how realistic this fear is!  Can anyone comment?

The Government already tax my state pension so it won't matter.

[denby45]

18 hours ago, nong38 said:

The first 2000 gbp dividends is currently tax free.

Don't remind me. I used to be tax free at 5000.

 

Den

[nontabury]

5 hours ago, Henryford said:

The Government already tax my state pension so it won't matter.

As already mentioned,unless your state pension exceeds £11,800 pa, then your state pension is not taxed. What it will do, is that it will go towards, along with any other income,to put you over that figure.

[Andrew Dwyer]

A quick check on the HMRC website is always handy to check your actual pension position, sometimes it can surprise you !!

I’m 10 years from the state pension but retired 2 years ago.
Although I’ve paid 40 years full NI I’m £26 off getting my max state pension and will have to contribute another 6 years to top it up !!

[Swimman]

10 minutes ago, Andrew Dwyer said:

A quick check on the HMRC website is always

..................... A very good idea and should be done every year!

 

https://www.gov.uk/log-in-register-hmrc-online-services

[nontabury]

50 minutes ago, Andrew Dwyer said:

A quick check on the HMRC website is always handy to check your actual pension position, sometimes it can surprise you !!

I’m 10 years from the state pension but retired 2 years ago.
Although I’ve paid 40 years full NI I’m £26 off getting my max state pension and will have to contribute another 6 years to top it up !!

Up to a few years ago,it was 44 yrs contribution,in order to collect the full state pension. Now due to Gordon bigot Brown, the number is either 30 or 35yrs.  So there is no need for you to contribute any further N.I contributions.

[Andrew Dwyer]

Up to a few years ago,it was 44 yrs contribution,in order to collect the full state pension. Now due to Gordon bigot Brown, the number is either 30 or 35yrs.  So there is no need for you to contribute any further N.I contributions.

One would think so but:



and

[partington]

3 hours ago, nontabury said:

Up to a few years ago,it was 44 yrs contribution,in order to collect the full state pension. Now due to Gordon bigot Brown, the number is either 30 or 35yrs.  So there is no need for you to contribute any further N.I contributions.

You don't understand the new system and need to learn about it. See this poster's own forecast above.

 

When the system changed it changed from April 6th 2016. People  who have made contributions before this date but are retiring after this date get a pension based on a transitional system. Firstly if you had 30, 35 or 40 years NI contributions before April 6th 2016 you start off at the same point, your starting amount, which is the previous basic pension of approx £122. (I am ignoring SERPS or supplementary pension amounts here)

 

You then are allowed to make it up to your forecast maximum by contributing more years, until the date you retire, and this can result in a lot more than 35 years contributions.

 

[evadgib]

Lets hope some of the stranded windrushers return to UK with tales of woe about their pensions being frozen in the years they were away.

[dick dasterdly]

On 4/27/2018 at 11:56 PM, mommysboy said:

My fear is that a government will decide to tax the state pension for expats, arguing that as we are no longer resident for tax purposes we are not entitled to the personal tax allowance.

 

I don't know how realistic this fear is!  Can anyone comment?

 

Entirely off topic - but my fear is that the govt. will decide to eliminate the personal tax threshold for those living in countries with frozen state pensions .

 

They've 'got away' with freezing state pensions for those in said countries - so what's to stop them taking it a step further?

 

I'm very lucky insofar as I was able to retire to Thailand whilst relatively young (based on husband's occupational pension alone at the time), and my future calculations never included state pensions - as our occupational pensions would/should be more than enough.  On top of which, family histories indicated that neither of us would live long enough to receive any state pension anyway.

 

Even though I doubt that I'll ever receive a state pension (similar to my husband who died at 60) - I still get annoyed at the unfairness towards those that have had their state pensions, unfairly, frozen.

[nontabury]

On 29/04/2018 at 2:41 PM, partington said:

You don't understand the new system and need to learn about it. See this poster's own forecast above.

 

When the system changed it changed from April 6th 2016. People  who have made contributions before this date but are retiring after this date get a pension based on a transitional system. Firstly if you had 30, 35 or 40 years NI contributions before April 6th 2016 you start off at the same point, your starting amount, which is the previous basic pension of approx £122. (I am ignoring SERPS or supplementary pension amounts here)

 

You then are allowed to make it up to your forecast maximum by contributing more years, until the date you retire, and this can result in a lot more than 35 years contributions.

 

Perhaps I dpn’t Know the new system. However I do know that I had to pay 44 yrs NI and for that I received a pension of less than £99 a week, frozen until I returned to live in the U.K. earlier this year. Now my state pension has suddenly increased to £135 a week. I’m the same person, with the same years contributions. Now think in terms of the approximate 500,000 people on frozen state pensions, and if the government were to unfreeze their pensions, how much would that cost. That is why no government will even consider changing the present system, unless they come under very strong pressure, more than likely from the other commonwealth countries, such as Australia,NZ and Canada who are at the present,subsidising the British government.

[dick dasterdly]

20 minutes ago, nontabury said:

Perhaps I dpn’t Know the new system. However I do know that I had to pay 44 yrs NI and for that I received a pension of less than £99 a week, frozen until I returned to live in the U.K. earlier this year. Now my state pension has suddenly increased to £135 a week. I’m the same person, with the same years contributions. Now think in terms of the approximate 500,000 people on frozen state pensions, and if the government were to unfreeze their pensions, how much would that cost. That is why no government will even consider changing the present system, unless they come under very strong pressure, more than likely from the other commonwealth countries, such as Australia,NZ and Canada who are at the present,subsidising the British government.

"Now think in terms of the approximate 500,000 people on frozen state pensions, and if the government were to unfreeze their pensions, how much would that cost."

 

As another poster pointed out, very little compared to the huge waste on military weapons - only used to engender nationalistic/patriotic sentiments amongst 'subjects'......

 

Sorry, I'm still quite bad- tempered at the idea that britain attacking Syria (in response to annoyance at Russia likely being responsible for attacking one of their double agents in the uk) resulted in an increase in approval of the May govt!

 

Edit - Entirely off-topic, but I'd far prefer the money was spent on expats suffering frozen pensions, than the govt. pursuing measures to engender nationalistic/patriotic 'feelings' amongst their electorate - to increase their own 'popularity'....

Edited May 5, 2018 by dick dasterdly

[DILLIGAD]

"Now think in terms of the approximate 500,000 people on frozen state pensions, and if the government were to unfreeze their pensions, how much would that cost."
 
As another poster pointed out, very little compared to the huge waste on military weapons - only used to engender nationalistic/patriotic sentiments amongst 'subjects'......
 
Sorry, I'm still quite bad- tempered at the idea that britain attacking Syria (in response to annoyance at Russia likely being responsible for attacking one of their double agents in the uk) resulted in an increase in approval of the May govt!
 
Edit - Entirely off-topic, but I'd far prefer the money was spent on expats suffering frozen pensions, than the govt. pursuing measures to engender nationalistic/patriotic 'feelings' amongst their electorate - to increase their own 'popularity'....

Plus this is not a ‘freeby’ benefit to Expats.
These people have paid into the ‘fund’ previously. This is more like an illegal ‘ponzie’ scheme.


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[LongTimeLurker]

On 4/28/2018 at 1:53 PM, midas said:

What am I missing here? Didn't those expats contribute enough to the UK economy (tax payments) during the whole of their working lives?

Not everyone who's a Brit has ever worked in UK.

[DILLIGAD]

Not everyone who's a Brit has ever worked in UK.

Your right, but the majority probably did.


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[nontabury]

2 hours ago, LongTimeLurker said:

Not everyone who's a Brit has ever worked in UK.

That’s a good point. Perhaps it would be fair,is if a persons pension was based on their contribution. This could also apply to those who live their whole life in the U.K. yet pay few or no N.I contributions. Unfortunately those people in the U.K 

would receive some type of benefit, and maybe even finish up with more money.

[dick dasterdly]

15 hours ago, nontabury said:

That’s a good point. Perhaps it would be fair,is if a persons pension was based on their contribution. This could also apply to those who live their whole life in the U.K. yet pay few or no N.I contributions. Unfortunately those people in the U.K 

would receive some type of benefit, and maybe even finish up with more money.

Apart from the small amount paid (even if the state pension is paid in full) and frozen pensions for those in some countries - I have few gripes with the way it is calculated.  The already poor brits. should not be left to rot - just because they are already unfortunate for various reasons.

 

My main gripe (other than the above) would be that IMO it should not be payable to those on higher income rate tax thresholds.  Having said this, I also think all the tax thresholds should be higher.

[billd766]

Here is a nice thought from the chair of the Resolution Foundation, Lord Willetts, said the contract between young and old had "broken down".

 

http://www.bbc.com/news/business-44029808

 

 

The foundation's Intergenerational Commission report calls for an NHS "levy" of £2.3bn paid for by increased national insurance contributions by those over the age of 65.

It says that all young people should receive a £10,000 windfall at the age of 25 to help pay for a deposit on a home, start a business or improve their education or skills.

The report proposes that this money be raised by abolishing inheritance tax and replacing it with a lifetime limit for recipients of £125,000 before taxes kick in.

 

Nice one Cyril.

[delphioracle]

Methinks  Lord Willets  common name prior to his elevation to the peerage was and still is  probably Master Bates

[nontabury]

4 hours ago, billd766 said:

Here is a nice thought from the chair of the Resolution Foundation, Lord Willetts, said the contract between young and old had "broken down".

 

http://www.bbc.com/news/business-44029808

 

 

The foundation's Intergenerational Commission report calls for an NHS "levy" of £2.3bn paid for by increased national insurance contributions by those over the age of 65.

It says that all young people should receive a £10,000 windfall at the age of 25 to help pay for a deposit on a home, start a business or improve their education or skills.

The report proposes that this money be raised by abolishing inheritance tax and replacing it with a lifetime limit for recipients of £125,000 before taxes kick in.

 

Nice one Cyril.

MR Willetts seems to be living on another planet,the same as many members of the House of Lords. Can you imagine what the majority of 25yr olds would do, if someone were to give them £10,000. Holiday,cars,etc,.

Though to be fair to him, maybe it would require,the young person to show that they did use the £10,000 to purchase a property. Then maybe after 6months they could sell the house,and spend the money as they so wish. It would seem his recommendations are open to abuse.

 Regarding the younger generation. I do sympathize with them,as it must be very difficult to get on the housing ladder,especially for those without parental support, or without the hope of receiving a substantial inheritance. 

[nontabury]

5 hours ago, dick dasterdly said:

Apart from the small amount paid (even if the state pension is paid in full) and frozen pensions for those in some countries - I have few gripes with the way it is calculated.  The already poor brits. should not be left to rot - just because they are already unfortunate for various reasons.

 

My main gripe (other than the above) would be that IMO it should not be payable to those on higher income rate tax thresholds.  Having said this, I also think all the tax thresholds should be higher.

Watched a Panarama programme on pensions a few years back.

They gave the example of two young men in Leeds, who left school on the same day.

One of them worked throughout his entire life, a model citizen. On reaching 65 he received his state pension, which was sublemented by a small private pension, that he had been paying into during his working years.

 The other young man had never worked for longer than a few months, spending most of his time on the dole or in prison. On reaching 65 he was not entitled to any state pension, instead he relied on State benefits. Amazingly the amount he received was slightly higher than the other man. So while agreeing with the gist of your comment, I do beleive that a persons contribution should determine what they receive. The exception would be those who are Geniunely unable to contribute,due to health issues.

 

[evadgib]

The Consortium could turn this into a #me too campaign if any of these were further penalised while abroad...

https://www.gov.uk/government/news/home-secretary-launches-windrush-compensation-scheme-call-for-evidence

Edited May 11, 2018 by evadgib

[i claudius]

Here is a nice thought from the chair of the Resolution Foundation, Lord Willetts, said the contract between young and old had "broken down".
 
http://www.bbc.com/news/business-44029808
 
 
The foundation's Intergenerational Commission report calls for an NHS "levy" of £2.3bn paid for by increased national insurance contributions by those over the age of 65.
It says that all young people should receive a £10,000 windfall at the age of 25 to help pay for a deposit on a home, start a business or improve their education or skills.
The report proposes that this money be raised by abolishing inheritance tax and replacing it with a lifetime limit for recipients of £125,000 before taxes kick in.
 
Nice one Cyril.

This from the guy who put up student fees from 3k to 9k a year. F off

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[evadgib]

http://frozenbritishpensions.org/appg-meeting-18th-april-2018/

[billd766]

14 hours ago, evadgib said:

http://frozenbritishpensions.org/appg-meeting-18th-april-2018/

 

Thanks for the link but I can't read it as it is printed on the flag which obscures most of the text.

[evadgib]

35 minutes ago, billd766 said:

 

Thanks for the link but I can't read it as it is printed on the flag which obscures most of the text.

Click and run your mouse over the text to highlight it.

[vogie]

42 minutes ago, billd766 said:

 

Thanks for the link but I can't read it as it is printed on the flag which obscures most of the text.

Bill I have copied and pasted it to you by pm. Good luck

[billd766]

5 minutes ago, vogie said:

Bill I have copied and pasted it to you by pm. Good luck

 

Thanks for that vogie.

 

My eyes are getting a bit tired now as I am cataloguing 160 Gb of Ebooks for 2 or 3 hours a day.