UK pensions

[VBF]

9 minutes ago, My Thai Life said:

@mummysboy

 

you seem to be seeking attention, living up to your moniker no doubt.

 

Do you have a question about UK pensions which hasn't yet been answered?

 

If you spend your working life inThailand as an unqualified "teacher" of English, or even as a qualified teacher, your UK pension will be zilch.

 

Anything else?

 

 

 

 

 

Don't shoot the messenger, please BUT.... 

 

I know nothing about you or @mommysboy  but it is possible that he could be working in Thailand and paying voluntary contributions to the UK to retain his pension rights. As I said, I don't know, nor does it affect me in any way, but I did that in the nineties when I worked in Saudi.

Edited July 28, 2018 by VBF

[My Thai Life]

@ mummysboy

 

You have 30 years paid up? What is your current age?

[mommysboy]

2 minutes ago, My Thai Life said:

@ mummysboy

 

You have 30 years paid up? What is your current age?

57 

[My Thai Life]

If you pay full contributions to the UK govt pension scheme,  you will get full govt pension - a pittance. 

 

This pittance will undoubtedly be reduced over the coming years for reasons that I have already alluded to.

 

You are benefitting from the boomer demographic.

[mommysboy]

1 minute ago, My Thai Life said:

If you pay full contributions to the UK govt pension scheme,  you will get full govt pension - a pittance. 

 

This pittance will undoubtedly be reduced over the coming years for reasons that I have already alluded to.

 

You are benefitting from the boomer demographic.

 

So at least one other person shares my concerns. 

 

Thank you.

 

 

[My Thai Life]

I don't share your concerns. I am giving you my informed opinion.

 

As I told you earlier,  UK govt pensions are paid out of current worker contributions. This is a fact, not an opinion.

 

It's not actuarially sustainable for very obvious reasons.

 

 

 

[mommysboy]

12 minutes ago, My Thai Life said:

I don't share your concerns. I am giving you my informed opinion.

 

As I told you earlier,  UK govt pensions are paid out of current worker contributions. This is a fact, not an opinion.

 

It's not actuarially sustainable for very obvious reasons.

 

 

 

You really come over as extremely overbearing and it undermines the cogency of your advice. 

[My Thai Life]

Look, here's a conundrum for the modern era.

 

Nigel Farage and other MEPs will receive an EU pension of 70,000 or 90,000 per year. Is that a pittance? Is it index-linked? Is it justified or fair or moral? (Let's not forget - we are paying, and will be paying for it.)

 

If you wanted to voice protest about this, how would you do it? Vote leave? Vote stay? Indulge in self-harm?

[nontabury]

2 hours ago, mommysboy said:

No, I am not.   And no, you would likely not even get any of these options these days. The jobs simply aren't there....not ones that pay a decent wage anyway.  That's the point... you lived during times of real opportunity... most youngsters even if they get a decent job can't afford a house, etc.

Unfortunately much of what you say is very true, at least for those in the lower end of the wage bracket.

Many are now on no contract work, at minimum wage £7.83. Easily and cheaply discarded on a whim by their employers. It’s back to the 50’s 

 Regarding housing, most of us elderly probably started of in a council house, the same as me. And in those days they were fairly easy to obtain, certainly in my area.

Today for those at the lower end, there are very few council houses, or even housing associations properties available, They mainly have to rent from private landlords.

I used to think, in my total ignorance, that these private rented properties belong to individuals, such as those in Thailand who rent out their sole U.K. property and then live off the rent. Not so! In the area I now live in,I know of one person who ownes 50+ rental houses, another person ownes 70+. Yet these seem to be small players, as I read an article last week about a guy in Kent who ownes over 500 houses, and he is certainly not alone.

So how does this effect the young ones who work hard in the hope of getting a foot on the housing market. Well what’s happening now, in certain areas of the U.K. is that when a lower priced house comes on the market, one of these multiple property owners, steps in and quickly purchases the property, then rents it out at a far higher rent to a  young couple, who would have willingly purchased the house on a far lower mortgage payment plan.  They simple cannot win.

They think why should we work hard and scrimp and save for a deposit, when we’ve no chance of buying a property. Far better to work minimum hours, earn a low amount and then rely on the taxpayer to rent one of these private properties.

 “Oh” one other aspect of the present day housing market. When one of these lower end properties come on the market, quite often the Estate Agent will suggest to the seller, that they would be better off selling to a housing renter. The housing renter then uses that same Estate Agent to manage the property, who obtain 10% of the rent. It’s all about ££££?

 

Edited July 28, 2018 by nontabury

[BritManToo]

9 hours ago, nong38 said:

Property is property is just cheaper in some places than others, the question then is can you live somewhere else like Cornwall in the winter, its different to the summer, its cold and its damp, that is your choice. Life is about choices just make sure you make them work for you.

There's nothing in Cornwall below 200k these days.

[bert bloggs]

10 hours ago, mommysboy said:

It was in an article I read some time ago in the Guardian I think. But picking on one example is annoyingly silly really: The fact is house prices have risen dramatically whereas salaries haven't.  

Thank you mass immigration , by the way as i have said on here many times ,i believe we will get yearly pension rises when the first squadren of pink pigs do a  fly past .

[vogie]

12 hours ago, mommysboy said:

It was in an article I read some time ago in the Guardian I think. But picking on one example is annoyingly silly really: The fact is house prices have risen dramatically whereas salaries haven't.  

By adding a statement meant to make out that young ones today have it harder than the young of the 60s by saying something that is not actually true is deceitful to say the least. I think by stating that doctors can't afford houses "is silly", "I read it in the guardian I think" does nothing to aid your credibility on the subject.

Edited July 29, 2018 by vogie

[billd766]

4 hours ago, BritManToo said:

There's nothing in Cornwall below 200k these days.

 

Sorry, I don't believe you at all.

 

This took me about 3 minutes on Google.

 

Look at any of those 3 and there are many more and key in the max price you want to pay and go from there.

 

Try looking at Right Move here.

 

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^61294&maxBedrooms=2&minBedrooms=2&maxPrice=175000&propertyTypes=detached%2Csemi-detached%2Cterraced&primaryDisplayPropertyType=houses

 

On the market here.

 

https://www.onthemarket.com/for-sale/property/cornwall/?max-price=170000

 

Zoopla here

 

https://www.zoopla.co.uk/for-sale/property/cornwall/?price_max=170000&q=Cornwall&radius=0&results_sort=newest_listings&search_source=refine

[BritManToo]

4 minutes ago, billd766 said:

Try looking at Right Move here.

 

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^61294&maxBedrooms=2&minBedrooms=2&maxPrice=175000&propertyTypes=detached%2Csemi-detached%2Cterraced&primaryDisplayPropertyType=houses

 

76k for 40% ownership, works out at around 200k (190k), and another for 175k,  that's what I call nitpicking.

[billd766]

1 minute ago, BritManToo said:

76k for 40% ownership, works out at around 200k (190k), and another for 175k,  that's what I call nitpicking.

 

You are the one nitpicking. I answered your post and pointed out that you were incorrect and then you come back with nitpicking.

 

Did you even look at those threads and put your max prices in?

 

Rightmove has places at 100,000 and lower, as does Onthemarket  and Zoopla.

 

 

[ubonjoe]

Several bating and bickering posts have been removed. It appears most of them were a result of the topic going way off topic which is UK pensions not the cost of housing. Time to get back on topic and stop the bickering.

[nong38]

 was beginning to think the same thing myself, you have been more than lenient.

[mommysboy]

20 hours ago, VBF said:

Don't shoot the messenger, please BUT.... 

 

I know nothing about you or @mommysboy  but it is possible that he could be working in Thailand and paying voluntary contributions to the UK to retain his pension rights. As I said, I don't know, nor does it affect me in any way, but I did that in the nineties when I worked in Saudi.

Spot on.  So, are you in anyway fearful that we won't get what is due?

[VBF]

1 hour ago, mommysboy said:

Spot on.  So, are you in anyway fearful that we won't get what is due?

I certainly was at one stage.  My pension which, when I was young was always going to commence at age 65 was pushed back to 66

However this link to the UK government questionnaire (which was updated very recently) reassures me that, as I 'm now 63, my pension should indeed be locked down to start in 3 years.

 

Of course it also says that "The State Pension age is under review and may change in the future" As I was born considerably before  5 April 1970, it implies that I'm OK.

I requested a Pension Forecast this May 2018 and it also says that I'll get the SP at 66........ but you know what? I'm still not naive enough to be 100% certain!  Sad isn't it? 

Edited July 29, 2018 by VBF

[nontabury]

21 hours ago, My Thai Life said:

Look, here's a conundrum for the modern era.

 

Nigel Farage and other MEPs will receive an EU pension of 70,000 or 90,000 per year. Is that a pittance? Is it index-linked? Is it justified or fair or moral? (Let's not forget - we are paying, and will be paying for it.)

 

If you wanted to voice protest about this, how would you do it? Vote leave? Vote stay? Indulge in self-harm?

Better you look up the pension entitlement of our members of Parliament in Westminster. It’s quite an eye opener.

 And then go on to check how some of they do very well in Brussels.

[billd766]

6 minutes ago, nontabury said:

Better you look up the pension entitlement of our members of Parliament in Westminster. It’s quite an eye opener.

 And then go on to check how some of they do very well in Brussels.

 

Nice work if you can get it.

Edited July 29, 2018 by billd766
edited for bad spelling after I had posted it.

[nong38]

11 hours ago, billd766 said:

 

Nice work if you can get it.

It helps if you fall in the sea apparently.

[bert bloggs]

12 hours ago, billd766 said:

 

Nice work if you can get it.

And this from a man who was rabid anti E.U until they gave him a job for life .

[dick dasterdly]

18 hours ago, mommysboy said:

Spot on.  So, are you in anyway fearful that we won't get what is due?

Personally, I can't say I'm fearful - as I was fortunate enough to never factor it into my calculations.  Edit - I suspected the age limit would increase/amount payable pitiful.

 

Nonetheless, I still get annoyed at the way state pensions have been 'handled' by various govts.

 

e.g. It doesn't matter how much you've paid into 'the fund' - it will still be frozen if you move to a non-approved country!

Edited July 30, 2018 by dick dasterdly

[sumrit]

On 7/28/2018 at 12:09 AM, mommysboy said:

You may have been wise, but I contend that does not apply throughout.

 

The younger generation is increasingly far more sober, diligent, and prudent than previous generations, particularly the baby boomers . Whatever ! Let's just say a typical youngster of today has really been dumped on from a great height.  He will pay more tax, for longer, get less benefits, and most won't stand an earthly of getting on the housing ladder. I doubt whether the NHS will be as comprehensive as it has been, and he has to pay for advanced education.

 

It's time a lot of these false narratives were laid to rest.

Its debatable whether, percentage wise, the younger generation will pay less tax but they WILL get working tax credits, child tax credits, council tax rebates and rent rebates to name just a few.

My income was reduced when the interest on my savings all but disappeared to subsidise the younger generation with low mortgage interest, giving them more disposable income at the same time.

Even though I paid into the system for the whole of my working life and never claimed a single penny in benefits, because live abroad my pension is frozen and I get none of the benefits a UK based pensioner enjoys but, like almost all pensioners with more than one pension, I still have to pay income tax to the UK Government at the same rate you do, and will probably have to til the day I die.

And as for the NHS (WHICH IS GETTING MORE COMPREHENSIVE EVERY DAY, NOT LESS), when I come back to the UK it's not free for me. Because I live abroad, not only must I pay the full cost of treatment, I am fined a 50%surcharge on top. What am I still paying income tax for.............It must be to subsidise your little extras!! 

 

It's time a lot of these  your false narratives were laid to rest.

[mommysboy]

55 minutes ago, sumrit said:

Its debatable whether, percentage wise, the younger generation will pay less tax but they WILL get working tax credits, child tax credits, council tax rebates and rent rebates to name just a few.

My income was reduced when the interest on my savings all but disappeared to subsidise the younger generation with low mortgage interest, giving them more disposable income at the same time.

Even though I paid into the system for the whole of my working life and never claimed a single penny in benefits, because live abroad my pension is frozen and I get none of the benefits a UK based pensioner enjoys but, like almost all pensioners with more than one pension, I still have to pay income tax to the UK Government at the same rate you do, and will probably have to til the day I die.

And as for the NHS (WHICH IS GETTING MORE COMPREHENSIVE EVERY DAY, NOT LESS), when I come back to the UK it's not free for me. Because I live abroad, not only must I pay the full cost of treatment, I am fined a 50%surcharge on top. What am I still paying income tax for.............It must be to subsidise your little extras!! 

 

It's time a lot of these  your false narratives were laid to rest.

Best dropping this, as we've been adjudged to be off topic.

 

So what about the viability of the pension for us 50 somethings; your thoughts?

Edited July 30, 2018 by mommysboy

[mommysboy]

With regard to Pension contribution (National Insurance), the number of claimants is set to increase dramatically, whereas the number of taxpayers-by definition younger people- is declining.  So, I would say those tax payers are in line to pay a good deal more contributions in the future. And this is already happening- in the last few years the number of qualifying years for the full pension has increased, and the qualifying age also.  I think this narrative is largely watertight.  This is the posting I wish I had made a few days ago, and is an example of what I meant when I said youngsters will have to pay more tax.

 

 

[nong38]

The gvt is constantly hanging the goalposts, I paid NI 45 years, then qualifying came down to 30  then up to 35, in real terms wo is paying more? There will be less tax payers in the future to fund the system, someone is either going to have to pay more or someone is going to miss out, like New Zealand.

Everyone should take care of themselves and not rely on the state, unfortunately there are a lot who live for today and expect someone else to bail them out later in life, its a big gamble but some seem used to claiming everything thing they can from the state and that is what is bankrupting society. I like others here never clamed anything, others seem to milk the system, they are not stopped and therein lies the problem.

[mommysboy]

56 minutes ago, nong38 said:

The gvt is constantly hanging the goalposts, I paid NI 45 years, then qualifying came down to 30  then up to 35, in real terms wo is paying more? There will be less tax payers in the future to fund the system, someone is either going to have to pay more or someone is going to miss out, like New Zealand.

Everyone should take care of themselves and not rely on the state, unfortunately there are a lot who live for today and expect someone else to bail them out later in life, its a big gamble but some seem used to claiming everything thing they can from the state and that is what is bankrupting society. I like others here never clamed anything, others seem to milk the system, they are not stopped and therein lies the problem.

'Everyone should take care of themselves and not rely on the state.'

 

Not much point in paying taxes then! 

 

Good posting in the main though.

[mommysboy]

Slightly off topic: but it is important info for expats returning to UK- when you return to UK for the purpose of taking up residence again, you become eligible to use NHS right from day one.  Don't be bullied.

Edited July 31, 2018 by mommysboy