UK pensions

[Liquorice]

So, I'm back ... Pretty sure I haven't been missed!!!

Anyway's, I just wanted to apologise to ...

- Shelly (Sorry, I took great offense at you editing my post, without reading your comments as to why you did so, I now understand[emoji106]).

- Metisdead (Sorry, you had to take the brunt of my p1ssed-off'idness following the spat with Shelly)

- Transam (Sorry, I'm just me mate, I've never posted under any other pseudonym)

Appreciate this is OT, but wanted to post it here so all the concerned parties (plus any followers of the thread who caught my posts) could see.

Again, apologies & hope we can move on [emoji106]

Shelly is called Sheryl

[jpinx]

Whilst this is not directly about pensions I found this on the BBC News website this morning.

It makes a mockery of the Tories pledge to have a level playing playing field.

http://www.bbc.com/news/uk-politics-34439965

quote "

Ministers should waste no time to make unpopular cuts to pensioner benefits, a think tank director has said.

Many of those hit by a cut to the winter fuel allowance might "not be around" at the next election, said Alex Wild of the Taxpayers' Alliance.

And others would forget which party had done it, he added.

At the group's meeting at the Conservative conference in Manchester, former defence secretary Liam Fox said spending cuts must be "for keeps".

Mr Wild said the Tories could not wait until a year before the next election to make the necessary cuts to the winter fuel allowance, free bus passes, the Christmas bonus and other pensioner benefits."

Just stop paying pensions -- they won't vote against you at the next election 'cos they all die of starvation and hypothermia

Two things this idiot seems to forget is for every pensioner who dies off between elections more people become pensioners plus many of the pensioners who die off were solid Tory voters and the new ones may not be voting the same way.

Indeed -- but that assumes a certain ability to foresee obvious consequences -- an ability sadly lacking in a politician. Indeed, one might be excused for thinking that such an ability would actually forewarn a person against being a politician in the first place

[nong38]

According to the BBC UK website today Dr Liam Fox ( part of a right wing think tank) told listeners at the Tory Party Conference that now is the time to slash Pensioner benefits like the Winter Fuel Allowance and the Bus Pass, needless to say non these items will affect the issuers today or in the future, they will be well taken care of! However, this might just focus a few pensioner minds on what they might lose in the near future and what others are already losing might come out in the wash.

[evadgib]

Just a thought, but when I renewed my eligibility on the electoral register online recently it asked 'when did you leave UK' to which I truthfully answered 'May 2013', the date of my most recent visit. If this goes unchecked it appears that I have reset the '15-years-and-you're-out' clock which means i'll have a say in the EU referendum and the next general election or 2

https://www.gov.uk/register-to-vote

(I have no idea of the exact date I qualified as non resident for tax purposes, but nor had HMRC when challenged via a tribunal some years ago!)

Edited October 5, 2015 by evadgib

[evadgib]

State Pension top up: booklet

[Ricardo]

I love the way that booklet still tells the weary old lie ...

"Protected against inflation
The pension payment is linked to the Consumer Price Index, so it won’t lose
value over time."

If only the UK-government would start honouring, what they still tell us, but which is simply not true !

[evadgib]

Published today:

'State Pension top up’ scheme starts 12 October 2015

[nontabury]

Published today:

'State Pension top up’ scheme starts 12 October 2015

Quickly read through it, very strange no mention about those who may have their pensions frozen due to their residing in certain countries.

[chiang mai]

This caught my eye also, it seems to me that an extra 25 per week for a lump sum payment of 22.5k is potentially worthwhile, depending on individual thoughts about longevity. It's worthwhile because it potentially provides a greater guaranteed no risk return, longevity notwithstanding, than anything else on the market, plus, it comes with inflation proofing AND survivor benefits. I think it's worth watching in these days of low/no interest rates on savings. Pay back period on 22.5k/25pw, if taken at age 65 years, is at age 81 years.

EDIT to add: I've read through all the material and can find nothing that excludes overseas expats on frozen pensions and honestly, I can't see why it would, other than sheer malice which is something I don't entirely dismiss! This is an income generation scheme on the part of The Revenue and our risk of demise is the same if not higher than UK residents.

EDIT II to add: I sent DWP an email requesting details and answers to specific questions and will post when I receive a reply.

Edited October 12, 2015 by chiang mai

[jacky54]

The cost of a State Pension top up is based on a person’s age and takes average life expectancy into account. For a 65-year-old, an extra £10 of pension a week will cost £8,900, whereas for a 75-year-old the contribution rate for the same amount of pension is £6,740.

you would have to live about 18 years past pension age just to get the 'investment' back. Ten quid a week for 8.900 does not sound like a bargain to me.

[loppylugs1]

The cost of a State Pension top up is based on a person’s age and takes average life expectancy into account. For a 65-year-old, an extra £10 of pension a week will cost £8,900, whereas for a 75-year-old the contribution rate for the same amount of pension is £6,740.

you would have to live about 18 years past pension age just to get the 'investment' back. Ten quid a week for 8.900 does not sound like a bargain to me.

Nor me,after tax the break even figure is 89 years old.

anyway taken off you when the old nags home opens its doors to you

[robertthebruce]

I have still kept a UK Address, and there is no way i am telling them i live in ''Thailand''..., if they do find out, i will play ''Daft'' i am good at that.

had years of practice..

we all worked hard for our pensions, and paid in for many years.. why should we suffer ...

[chiang mai]

The cost of a State Pension top up is based on a person’s age and takes average life expectancy into account. For a 65-year-old, an extra £10 of pension a week will cost £8,900, whereas for a 75-year-old the contribution rate for the same amount of pension is £6,740.

you would have to live about 18 years past pension age just to get the 'investment' back. Ten quid a week for 8.900 does not sound like a bargain to me.

It's not such a straight forward calculation as that, the money is index linked plus there are survivor benefits meaning the payments can be passed on to a wife/partner.

[nontabury]

The cost of a State Pension top up is based on a person’s age and takes average life expectancy into account. For a 65-year-old, an extra £10 of pension a week will cost £8,900, whereas for a 75-year-old the contribution rate for the same amount of pension is £6,740.

you would have to live about 18 years past pension age just to get the 'investment' back. Ten quid a week for 8.900 does not sound like a bargain to me.

It's not such a straight forward calculation as that, the money is index linked plus there are survivor benefits meaning the payments can be passed on to a wife/partner.

Two questions- will the increased pension,be further increased each year for those living in Thailand. Will any survivor benefits be passed on to a wife/partner residing in Thailand?

[chiang mai]

The cost of a State Pension top up is based on a person’s age and takes average life expectancy into account. For a 65-year-old, an extra £10 of pension a week will cost £8,900, whereas for a 75-year-old the contribution rate for the same amount of pension is £6,740.

you would have to live about 18 years past pension age just to get the 'investment' back. Ten quid a week for 8.900 does not sound like a bargain to me.

It's not such a straight forward calculation as that, the money is index linked plus there are survivor benefits meaning the payments can be passed on to a wife/partner.

Two questions- will the increased pension,be further increased each year for those living in Thailand. Will any survivor benefits be passed on to a wife/partner residing in Thailand?

I have sent an email to the UK Pensions folks asking those questions and will respond as soon as they answer.

[jacky54]

The cost of a State Pension top up is based on a person’s age and takes average life expectancy into account. For a 65-year-old, an extra £10 of pension a week will cost £8,900, whereas for a 75-year-old the contribution rate for the same amount of pension is £6,740.

you would have to live about 18 years past pension age just to get the 'investment' back. Ten quid a week for 8.900 does not sound like a bargain to me.

It's not such a straight forward calculation as that, the money is index linked plus there are survivor benefits meaning the payments can be passed on to a wife/partner.

Yes that sounds good, but they can change the rules 10-15 years down the line, they do have a track record of doing that. I would not trust them an inch over pensions and certainly not with 8900 quid.

[bob009]

Just got of the phone with the Department of Work and Pensions. The delay in the payments is due to the Thai Government insisting that all pensions paid into the Banks in Thailand are now paid in by using a Swift and Iban code thus causing a delay in the process of the money showing in the Banks by 2-3 days. The guy in Work & Pensions did say they were looking at getting the payments out earlier to try to stop any delay's. For once not the UK's fault, Paranoia about money laundering I expect

[Rajab Al Zarahni]

Here is a quote from the latest government document on the subject of top up contracts:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/414708/factsheet-top-up.pdf

Customers Living Overseas

"Customers living overseas can top up their State Pension via State Pension top up. Customers in receipt of State Pension living overseas in countries where cost of living increases are not paid will be able to top up their State Pension but the top up amount will not be increased."

[GuestHouse]

Don't do anything untill you have read this:

The cuurent basic pension is £115.95 per week. £6029.40 per year.

To add an extra £10 per week you need to handover £8900. (On which you presumably already paid tax)

If instead of Topping Up your pension you use £6029.40 from your savings to live on and defer your pension for one year your pension will be increased by £12.05 per week.

You will of course have lost a year's pension interest but you are guaranteeing a higher income for the rst of your life.

[Rajab Al Zarahni]

Don't do anything untill you have read this:

The cuurent basic pension is £115.95 per week. £6029.40 per year.

To add an extra £10 per week you need to handover £8900. (On which you presumably already paid tax)

If instead of Topping Up your pension you use £6029.40 from your savings to live on and defer your pension for one year your pension will be increased by £12.05 per week.

You will of course have lost a year's pension interest but you are guaranteeing a higher income for the rst of your life.

Or you can do both:

What happens to my State Pension top up if I have deferred my State Pension?

You can still make State Pension top up contributions if you have deferred taking your State Pension. You will accrue increments until you decide to take your State Pension. When you decide to claim your State Pension, any State Pension top up entitlement plus increments accrued will be paid.

[evadgib]

To defer do you simply not bother claiming until 12 months after your due date or is their hoops to jump through for that too?

I suspect I already know the answer....

Edited October 12, 2015 by evadgib

[Rajab Al Zarahni]

To defer do you simply not bother claiming until 12 months after your due date or is their hoops to jump through for that too?

I suspect I already know the answer....

To defer you simply don't instigate a claim for the pension and you receive an augmentation of 1% for every complete 5 week period of deferment. This rolls up to 10.4% if you have deterred for a complete year. You can elect to defer on one occasion only if you already claiming your pension.

[Ricardo]

Here is a quote from the latest government document on the subject of top up contracts:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/414708/factsheet-top-up.pdf

Customers Living Overseas

"Customers living overseas can top up their State Pension via State Pension top up. Customers in receipt of State Pension living overseas in countries where cost of living increases are not paid will be able to top up their State Pension but the top up amount will not be increased."

Thanks for digging that out of the small-print.

So when Baroness Altmann says "uprating the basic State Pension by at least 2.5% each year"

"Minister for Pensions, Baroness Altmann said:

This government’s commitment is to provide security for working people at every stage of their lives, and that includes giving people the chance to enjoy a financially secure retirement. We have already committed to protecting pensioner incomes with the triple lock – uprating the basic State Pension by at least 2.5% each year of this Parliament."

or the document says "protected against inflation"

"State Pension top up not only provides extra income. It is also:

• guaranteed for life
• protected against inflation"

It is actually not true, for Thai-residents and many others !

Is it any wonder, with untruths & obfuscations & bland-but-misleading assurances like this still appearing in current government-information, many normal non-lawyer citizens are misled as to their financial-security in old age ?

Of course the solution is simple and clear, just start treating pensioners equally, regardless of where they're spending their Golden-Age years. But that won't happen, will it ?

Edited October 13, 2015 by Ricardo

[chiang mai]

Well aint that just a load of old b*llocks on the part of government! So far the score is a loss of: pension uplift, pension top up off lift, use of onshore IFA services, NGS access, inability to buy onshore UK financial products, loss of UK based credit cards. If they keep this up I could start to get pee'd off!

[nontabury]

Well aint that just a load of old b*llocks on the part of government! So far the score is a loss of: pension uplift, pension top up off lift, use of onshore IFA services, NGS access, inability to buy onshore UK financial products, loss of UK based credit cards. If they keep this up I could start to get pee'd off!

Basically you are a 2nd class British citizen.

[nong38]

A few posts ago I was telling you about some new Social Security System I had found about for Thais, this is the further information which might be of use to any of you with a Thai partner.

I went to the local Social Security Office and picked up a leaflet on the desk which is numbered 40, this is for Thais who do not work, all is explained in the leaflet, its in Thai so you need to get her to sit down and read it, what you get and what it costs. Leaflet number 39 ( which was not on show ) is the one you want to look at if your Thai partner is working. There are a number of benefits available and the costs are shown. You can pay your monthly contributions at some banks, 7-11 ( 10bts charge ) or at the local Social Security Office. You get a card and the payments are recorded on it, you keep the card and bring it in when you pay. Hope that helps, its worth getting a look at the leaflets even if you dont go ahead.

Edited October 13, 2015 by nong38

[nong38]

Here is a quote from the latest government document on the subject of top up contracts:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/414708/factsheet-top-up.pdf

Customers Living Overseas

"Customers living overseas can top up their State Pension via State Pension top up. Customers in receipt of State Pension living overseas in countries where cost of living increases are not paid will be able to top up their State Pension but the top up amount will not be increased."

Thanks for digging that out of the small-print.

So when Baroness Altmann says "uprating the basic State Pension by at least 2.5% each year"

"Minister for Pensions, Baroness Altmann said:

This government’s commitment is to provide security for working people at every stage of their lives, and that includes giving people the chance to enjoy a financially secure retirement. We have already committed to protecting pensioner incomes with the triple lock – uprating the basic State Pension by at least 2.5% each year of this Parliament."

or the document says "protected against inflation"

"State Pension top up not only provides extra income. It is also:

• guaranteed for life
• protected against inflation"

It is actually not true, for Thai-residents and many others !

Is it any wonder, with untruths & obfuscations & bland-but-misleading assurances like this still appearing in current government-information, many normal non-lawyer citizens are misled as to their financial-security in old age ?

Of course the solution is simple and clear, just start treating pensioners equally, regardless of where they're spending their Golden-Age years. But that won't happen, will it ?

I think Ros Altman is an honourable lady and has been a leader for the pensioners in the UK, she may not know what happens to ex-pat pensioners who live outside of the EU and several other specially selected countries.

It might well be worth someone, or more, dropping her a line and pointing out the errors in the above communication, which would bring our plight into her gaze, we would have nothing to lose. We should give the benefit of the doubt as the replacement for the two faced and now unemployed Steve Webb.

[evadgib]

Why not get on with it & let us know the outcome?

Edited October 18, 2015 by evadgib

[metisdead]

Off topic nonsense posts have removed.

[evadgib]

Of interest to posters in remote parts of the Kingdom including military pensioners:

Poppy Appeal 2015 Samui Outreach