UK pensions

[nong38]

The better the devil you know card is sure to be played by the "in" group its another form of scaremongering. If we had listened to that throughout history the earth would still be flat and no one would found the new world, get my drift?

My daughter thought I was very brave to come here and start a new life, the rest as they say is history. Are my countrymen afraid of a brave new world out there to have a go at being successful or would they prefer to be cocooned under the red tape of Brussels living an un full filling life like the rest of those dead beats over the channel?

[Rajab Al Zarahni]

I can see a lot of confused voters but I would still vote to leave, too many things we are not privy to and you just wonder what comes next.

If the UK leaves the EU it is almost certain that the pound will take a significant hit value wise. Unlike frozen pensions, no pension will be safe and pensioners and expats alike could end up returning to the UK in droves.

It would make an interesting poll. What exchange rate would send you back?

I was reading an economist the other day and he said that after an initial drop the pound would strengthen

The truth is that even the so called experts haven't a clue what will happen. Do you recall 1999 and the misery that was going to overtake us in the year 2000 as a result of the milenium bug. The clock passed 12 o'clock and nothing happened.

You cannot say that nothing happened.

I wouldn't disagree that the whole thing was blown out of proportion and that was down to the legal profession.

At that time I was employed by a company that was part of a group to handle the year 2K issues. I was then asked to survey other companies within the group and was invited to go with all the MD's to a seminar on the subject. This seminar did nothing to address the issues, purely concerned with how to avoid litigation, and the delegates paid £500 each to attend.

Some companies made changes and avoided the problems, others did nothing and suffered.

Certainly nothing catastrophic happened on the scale predicted. Planes didn't fall out of the sky and ATM's didn't stop dispensing money. It was just something that was dealt with in the ordinary affairs of life and moving to an independent pound sterling would be just the same.

[sandyf]

Philip Hammond has now suggested that should the UK pull out of the Eu there would be "consequences" he then suggested that the EU would not want us to succeed outside and do what what was required to achieve their goal and destroy our future. Who would want to be associated with people like that? Just makes me more convinced we should leave. The EU cannot afford to let us leave, think about those words for a moment. Our money input, our influence, military and innovations, if Greece gave them a cold we would cause their death.

We have survived well on our own for a long time whilst the rest of Europe has done very little in comparison, just look at the history of world trade over the centuries, it was us the French, Netherlands and the Spanish and who was the most successful, Not Belgium, Italy etc then? We can survive, it will be a challenge but we should go before the EU project falls down and takes us with it.

A lot of companies, foreign companies have said they will stay in the UK if we leave, why would they move if they are successful in the UK? They are making good quality products that the world wants and without the meddling Brussels sprouts why would more not want to come, who knows in the n ew world, with new wealth maybe we might even get our frozen increases re instated.

There will be consequences, no shadow of doubt.

I was manufacturing LPG appliances at the time the time the EU directive was introduced for gas, In fact the very first CE certificate issued by Calor Gas has my name on it. Most people have no idea whatsoever as to what is involved in getting the CE mark on to your product.

How will manufacturers proceed when their products are no longer of EU origin? Faced with re-certification, I suspect many will go out of business. And that is just a small cog in the gearbox.

[nontabury]

The better the devil you know card is sure to be played by the "in" group its another form of scaremongering. If we had listened to that throughout history the earth would still be flat and no one would found the new world, get my drift?

My daughter thought I was very brave to come here and start a new life, the rest as they say is history. Are my countrymen afraid of a brave new world out there to have a go at being successful or would they prefer to be cocooned under the red tape of Brussels living an un full filling life like the rest of those dead beats over the channel?

Completely agree with you, this is one concern I have about the outcome of the referendum,the majority of people will want out,but because of scare tactics,especially aimed at the younger generations,I'm afraid the outcome for the UK will not be good.

[nong38]

Philip Hammond has now suggested that should the UK pull out of the Eu there would be "consequences" he then suggested that the EU would not want us to succeed outside and do what what was required to achieve their goal and destroy our future. Who would want to be associated with people like that? Just makes me more convinced we should leave. The EU cannot afford to let us leave, think about those words for a moment. Our money input, our influence, military and innovations, if Greece gave them a cold we would cause their death.

We have survived well on our own for a long time whilst the rest of Europe has done very little in comparison, just look at the history of world trade over the centuries, it was us the French, Netherlands and the Spanish and who was the most successful, Not Belgium, Italy etc then? We can survive, it will be a challenge but we should go before the EU project falls down and takes us with it.

A lot of companies, foreign companies have said they will stay in the UK if we leave, why would they move if they are successful in the UK? They are making good quality products that the world wants and without the meddling Brussels sprouts why would more not want to come, who knows in the n ew world, with new wealth maybe we might even get our frozen increases re instated.

There will be consequences, no shadow of doubt.

I was manufacturing LPG appliances at the time the time the EU directive was introduced for gas, In fact the very first CE certificate issued by Calor Gas has my name on it. Most people have no idea whatsoever as to what is involved in getting the CE mark on to your product.

How will manufacturers proceed when their products are no longer of EU origin? Faced with re-certification, I suspect many will go out of business. And that is just a small cog in the gearbox.

If the EU want to play hard ball, then we (UK) have our own stamp and let the world decide who they want to deal with and I am sure the world will find out if it does not know already that we are much more straightforward to deal with then the Tw--ts in Brussels.

[nong38]

The exchange rate is thing isnt it? What would have if we left? Well no one knows really do they we can only speculate, the 3 world reserve currencies that we are interested in are the dollar, the pound and the euro and at the moment the dollar is the riser and the Bhat follows the dollar. The euro is hardly strong at the moment and the pound has been rising against it over the last couple of years so why would it be adversely affected if we left? The only reason would be the uncertainty factor and how long that might last, when the world noticed that the 4th or 5th largest economy in the world was actually still in business things would soon turn.

I do also wonder with the up coming referendum about UK pensioners within the EU, if they vote to come out how will affect their annual increase? Will the HMG use the excuse to stop paying it and bring it in line with UK Pensioners outside the EU, they would have to address the issue sooner or later. No doubt the HMG will be in a quandri about this, do they try and scare the EU?UK pensioners into voting to stay in and risk the general public finding out about the double standards or do they keep mum? Several 100,000s of them over there you know.

[chiang mai]

The Baht does not follow The US Dollar, if it did it would not have lost 15% of its value during the past two years!

[nong38]

The Baht does not follow The US Dollar, if it did it would not have lost 15% of its value during the past two years!

You can take any point in time and be proved right, my experience over the years is that although the Thai Bank says otherwise it seems more closely aligned to the dollar than anything else With the economy of Thailand in decline, the bhat continues rise against the pound and the pound has fallen against the dollar, to me that indicates that whether the Thai authorities admit to it or not they do follow the dollar.

[chiang mai]

The Baht does not follow The US Dollar, if it did it would not have lost 15% of its value during the past two years!

You can take any point in time and be proved right, my experience over the years is that although the Thai Bank says otherwise it seems more closely aligned to the dollar than anything else With the economy of Thailand in decline, the bhat continues rise against the pound and the pound has fallen against the dollar, to me that indicates that whether the Thai authorities admit to it or not they do follow the dollar.

For OG's sake (because he'll get landed with the clean up work), if for no other reason, please let's not divert this topic to a discussion about exchange rates.

If you want to debate exchange rates then please start a new thread, else PM me for a, ahem, one on one!

[JetsetBkk]

The truth is that even the so called experts haven't a clue what will happen. Do you recall 1999 and the misery that was going to overtake us in the year 2000 as a result of the milenium bug. The clock passed 12 o'clock and nothing happened.

Unfortunately not true the longest day of my life 56 hours to recover a crashed system

So why didn't you test it? I was on a looooong conference call to Melbourne, New York and London as 2000 arrived in each city, and all my systems stayed up, just like I knew they would, because I tested them.

[sandyf]

The better the devil you know card is sure to be played by the "in" group its another form of scaremongering. If we had listened to that throughout history the earth would still be flat and no one would found the new world, get my drift?

My daughter thought I was very brave to come here and start a new life, the rest as they say is history. Are my countrymen afraid of a brave new world out there to have a go at being successful or would they prefer to be cocooned under the red tape of Brussels living an un full filling life like the rest of those dead beats over the channel?

Noble sentiments. If however the early explorers had sailed off the edge of the world, how many would have suffered? We should try and keep things in perspective.

The UK has been formally involved in European trade since joining EFTA in 1960, and it was not until the mid sixties that the pound was actually replaced by the dollar as the main reserve currency. In effect there is no historical precedent for the UK not have reserve currency status and without European trade. I accept that there is no reason why the UK can not rejoin EFTA, but it has not been spelt out.

It is all about risk assessment and that is a bit difficult when you are staggering about blindfolded. The Eurosceptics have yet to actually lay down their plans for the future.

You may be quite happy to gamble with your pension but I am not too happy about people gambling with mine.

[nontabury]

The better the devil you know card is sure to be played by the "in" group its another form of scaremongering. If we had listened to that throughout history the earth would still be flat and no one would found the new world, get my drift?

My daughter thought I was very brave to come here and start a new life, the rest as they say is history. Are my countrymen afraid of a brave new world out there to have a go at being successful or would they prefer to be cocooned under the red tape of Brussels living an un full filling life like the rest of those dead beats over the channel?

Noble sentiments. If however the early explorers had sailed off the edge of the world, how many would have suffered? We should try and keep things in perspective.

The UK has been formally involved in European trade since joining EFTA in 1960, and it was not until the mid sixties that the pound was actually replaced by the dollar as the main reserve currency. In effect there is no historical precedent for the UK not have reserve currency status and without European trade. I accept that there is no reason why the UK can not rejoin EFTA, but it has not been spelt out.

It is all about risk assessment and that is a bit difficult when you are staggering about blindfolded. The Eurosceptics have yet to actually lay down their plans for the future.

You may be quite happy to gamble with your pension but I am not too happy about people gambling with mine.

Many people think it's a bigger gamble to stay in, for the simple reason that if we do,you can guarantee the EU will not stay still. There is the prospect of both Bosnia and Turkey joining in the next few years,both of these countries are relatively very poor compared to the UK. They will have to be supported financially, by the UK and Germany, that in itself may mean even more pressure on the British Exchequer, who may be then tempted to follow Gordon Bigot Browns example and raid the pensions.

[denby45]

Why would an exit poll result in a hit to the pound? Remember when they tried to tell us that if we din't accept the Euro,the sky would fall in.

Because all the foreign companies which located their European factories in the UK, in order to be inside the EEC's trade-barriers, would have to move them over to mainland Europe instead ?

Because Brits would find it harder to work overseas, in Europe at least, and send money home ?

But I do agree that the hit would come sooner, it wouldn't need to wait until the exit-poll, the mere threat of a Brexit would affect the Pound, indeed may already be doing so now.

About 8 percent decline in the exchange rate over the last 6 months.

So there has been a drop in the exchange rate because Britain may leave the EU, resulting in

1/ The UK not having to pay the EU £55 million a day to an organisation that has not completed an audit in 20 yrs.

2/The UK making trade deals with the rest of the world.

3/ The UK taking back control of its own laws.

4/ The UK ability to control its own boarders, therefor making the UK safer and more stable.

Perhaps there are other reasons why the £ has depreciated against the $.

I answered about your 55mil/day in an earlier post. Seems it was removed for some unknown reason. OK I will approach it from a different angle. I suggest your figure is way way overblown and I urge you to research properly before posting.

Den

OK so what's your figures?

I believe it's closer to 13 Mil./day net. If you are using the figure of UK gross contributions only then you may not be far from 55Mil/day. However you are leaving out the Maggie Thatcher rebate, the refund for VAT and the spending the EU does on behalf of the UK which should be offset against the total contribution. The net then becomes around 4.7 Bil.

Of course I agree with you that figure is still way too high anyway. Means we are funding the net takers which I wholeheartedly disagree with. The benefits the UK for forking out this cash each and every day are not justifiable.

Den

[nontabury]

Why would an exit poll result in a hit to the pound? Remember when they tried to tell us that if we din't accept the Euro,the sky would fall in.

Because all the foreign companies which located their European factories in the UK, in order to be inside the EEC's trade-barriers, would have to move them over to mainland Europe instead ?

Because Brits would find it harder to work overseas, in Europe at least, and send money home ?

But I do agree that the hit would come sooner, it wouldn't need to wait until the exit-poll, the mere threat of a Brexit would affect the Pound, indeed may already be doing so now.

About 8 percent decline in the exchange rate over the last 6 months.

So there has been a drop in the exchange rate because Britain may leave the EU, resulting in

1/ The UK not having to pay the EU £55 million a day to an organisation that has not completed an audit in 20 yrs.

2/The UK making trade deals with the rest of the world.

3/ The UK taking back control of its own laws.

4/ The UK ability to control its own boarders, therefor making the UK safer and more stable.

Perhaps there are other reasons why the £ has depreciated against the $.

I answered about your 55mil/day in an earlier post. Seems it was removed for some unknown reason. OK I will approach it from a different angle. I suggest your figure is way way overblown and I urge you to research properly before posting.

Den

OK so what's your figures?

I believe it's closer to 13 Mil./day net. If you are using the figure of UK gross contributions only then you may not be far from 55Mil/day. However you are leaving out the Maggie Thatcher rebate, the refund for VAT and the spending the EU does on behalf of the UK which should be offset against the total contribution. The net then becomes around 4.7 Bil.

Of course I agree with you that figure is still way too high anyway. Means we are funding the net takers which I wholeheartedly disagree with. The benefits the UK for forking out this cash each and every day are not justifiable.

Den

There are plenty of references from all angles and beliefs on Google.

If you take the amount paid back by the EU,the net figures is still approx £21 million a day.

Then let us look at the amount returned to the UK. Usually this money. (our money) is given in grants that in many cases are not wanted or warranted. An example- The EU throw vast amounts of money at the financing of the Earth Centre, built on the site of an old coal mine at Conisborough ,Yorkshire.This was in the mid 90's, everyone know this would be a waste of money, and so it was proven to be so,as it closed down in 2004. A complete waste of British taxpayers money, which I'm sure is not a one off.

Yet even these amounts pale into insignificance compared to the money that has been squandered on British agriculture in order to show that it is not only the inefficient French farming that is being subsidised.

[nong38]

Its funny how when we are talking on a pension thread, they way we all get diverted down avenues that take us away from the main theme, as has been said many times before and I suspect the EU referendum will takes us on detours as well.

I think our biggest worry about pensions is that something really big happens that was not foreseen until it was too late that causes them to be ceased being paid, something like a catastrophic financial collapse or a major military conflict. I hope I am wrong on both counts.

[ignis]

On a different UK State Pension Problem.

Has anyone phoned Newcastle ? or sent a recorded letter to Newcastle direct ?

I am totally fed up with Wolverhampton call centre and the ?? that answer the phones there.. may just as well spend my time hitting my head on a brick wall for what good they do...

Problem: last 2 payment have been returned by the Bank, as for some unknown reason they have changed the Reference Code on the BACS payment = the Bank automatically returns the payment.. yet 4 different people on the phone agree the payments have been returned... Sent them a letter yet again which was signed for in Wolverhampton on 3rd Feb, enclosed was full details from my Bank showing yet again the Account and Reference code, and what they had put on the BACS transfer.. yet appears to be beyond them to sort it out.. my last call last week was assured all was now fine, and someone would phone me back.......... NO one phoned back...... + this morning have another message from the Bank saying payment returned as incorrect details !!!

[Rajab Al Zarahni]

Its funny how when we are talking on a pension thread, they way we all get diverted down avenues that take us away from the main theme, as has been said many times before and I suspect the EU referendum will takes us on detours as well.

I think our biggest worry about pensions is that something really big happens that was not foreseen until it was too late that causes them to be ceased being paid, something like a catastrophic financial collapse or a major military conflict. I hope I am wrong on both counts.

It's also one of my big worries. For the UK, the last cataclysmic event was the second world war, so we are long overdue some dreadful happening. I wonder what has happened to pensions in places like Libya or Syria where the government has effectively collapsed. Given retirement at age 65, you might be trusting in the stability of your government for the next 20 or more years!

[nong38]

On a different UK State Pension Problem.

Has anyone phoned Newcastle ? or sent a recorded letter to Newcastle direct ?

I am totally fed up with Wolverhampton call centre and the ?? that answer the phones there.. may just as well spend my time hitting my head on a brick wall for what good they do...

Problem: last 2 payment have been returned by the Bank, as for some unknown reason they have changed the Reference Code on the BACS payment = the Bank automatically returns the payment.. yet 4 different people on the phone agree the payments have been returned... Sent them a letter yet again which was signed for in Wolverhampton on 3rd Feb, enclosed was full details from my Bank showing yet again the Account and Reference code, and what they had put on the BACS transfer.. yet appears to be beyond them to sort it out.. my last call last week was assured all was now fine, and someone would phone me back.......... NO one phoned back...... + this morning have another message from the Bank saying payment returned as incorrect details !!!

Have you tried to find out exactly what details are incorrect now, I guess they were right at some time previously.

If they (DWP) dont sort this out then I can see people who have found out about the frozen pensions thinking why bother telling them in the first place if they cannot even get the payment through!

[nong38]

On a different UK State Pension Problem.

Has anyone phoned Newcastle ? or sent a recorded letter to Newcastle direct ?

I am totally fed up with Wolverhampton call centre and the ?? that answer the phones there.. may just as well spend my time hitting my head on a brick wall for what good they do...

Problem: last 2 payment have been returned by the Bank, as for some unknown reason they have changed the Reference Code on the BACS payment = the Bank automatically returns the payment.. yet 4 different people on the phone agree the payments have been returned... Sent them a letter yet again which was signed for in Wolverhampton on 3rd Feb, enclosed was full details from my Bank showing yet again the Account and Reference code, and what they had put on the BACS transfer.. yet appears to be beyond them to sort it out.. my last call last week was assured all was now fine, and someone would phone me back.......... NO one phoned back...... + this morning have another message from the Bank saying payment returned as incorrect details !!!

Have you tried to find out exactly what details are incorrect now, I guess they were right at some time previously.

If they (DWP) dont sort this out then I can see people who have found out about the frozen pensions thinking why bother telling them in the first place if they cannot even get the payment through!

[ignis]

On a different UK State Pension Problem.

Has anyone phoned Newcastle ? or sent a recorded letter to Newcastle direct ?

I am totally fed up with Wolverhampton call centre and the ?? that answer the phones there.. may just as well spend my time hitting my head on a brick wall for what good they do...

Problem: last 2 payment have been returned by the Bank, as for some unknown reason they have changed the Reference Code on the BACS payment = the Bank automatically returns the payment.. yet 4 different people on the phone agree the payments have been returned... Sent them a letter yet again which was signed for in Wolverhampton on 3rd Feb, enclosed was full details from my Bank showing yet again the Account and Reference code, and what they had put on the BACS transfer.. yet appears to be beyond them to sort it out.. my last call last week was assured all was now fine, and someone would phone me back.......... NO one phoned back...... + this morning have another message from the Bank saying payment returned as incorrect details !!!

Have you tried to find out exactly what details are incorrect now, I guess they were right at some time previously.

If they (DWP) dont sort this out then I can see people who have found out about the frozen pensions thinking why bother telling them in the first place if they cannot even get the payment through!

YES.. as said already.... send recorded mail to Wolverhampton with Bank letter showing the incorrect details, which they signed for on 3rd Feb + have spoken on the phone 4x... Clearly shows on the letter from the Bank the Reference No: and the wrong number they [DWP] used, which is nothing like the correct one the Bank issued in June 2015. I have had other BACS payments no problem to this account.

Just asking if anyone has phoned direct to the International Pension Centre in Newcastle ? maybe they have more sense than at the call centre in Wolverhampton.

[GuestHouse]

Its funny how when we are talking on a pension thread, they way we all get diverted down avenues that take us away from the main theme, as has been said many times before and I suspect the EU referendum will takes us on detours as well.

I think our biggest worry about pensions is that something really big happens that was not foreseen until it was too late that causes them to be ceased being paid, something like a catastrophic financial collapse or a major military conflict. I hope I am wrong on both counts.

You need to keep in mind that pensioners in the UK are the single biggest voting block - they vote and they vote in their own best interests.

Doomsday scenarios are entertaining, but they are not worth worrying about.

The bigger issue for expat pensioners is:

• Do they vote?
• Do they write to their MPs demanding justice?
• Have they signed up for the fair pensions petition?
• Do they comment in national newspaper discussion on the matter of fair pensions?

Or do they sit, passively hoping for the best and grumbling about an unfair world?

The issue of fair pensions is in the news, it's getting discussed by MPs who have influence on party politics and now is the time to get involved.

[Jai Dee]

An off-topic post complaining about immigrants from other places going to the UK has been removed from this thread.

[evadgib]

Its funny how when we are talking on a pension thread, they way we all get diverted down avenues that take us away from the main theme, as has been said many times before and I suspect the EU referendum will takes us on detours as well.

I think our biggest worry about pensions is that something really big happens that was not foreseen until it was too late that causes them to be ceased being paid, something like a catastrophic financial collapse or a major military conflict. I hope I am wrong on both counts.

It's also one of my big worries. For the UK, the last cataclysmic event was the second world war, so we are long overdue some dreadful happening. I wonder what has happened to pensions in places like Libya or Syria where the government has effectively collapsed. Given retirement at age 65, you might be trusting in the stability of your government for the next 20 or more years!

When Greece went pair shaped HMG issued several press releases explaining how Brits in Greece/Cypus would be paid, but there again they are currently in the EU(!)

[nontabury]

Its funny how when we are talking on a pension thread, they way we all get diverted down avenues that take us away from the main theme, as has been said many times before and I suspect the EU referendum will takes us on detours as well.

I think our biggest worry about pensions is that something really big happens that was not foreseen until it was too late that causes them to be ceased being paid, something like a catastrophic financial collapse or a major military conflict. I hope I am wrong on both counts.

It's also one of my big worries. For the UK, the last cataclysmic event was the second world war, so we are long overdue some dreadful happening. I wonder what has happened to pensions in places like Libya or Syria where the government has effectively collapsed. Given retirement at age 65, you might be trusting in the stability of your government for the next 20 or more years!

When Greece went pair shaped HMG issued several press releases explaining how Brits in Greece/Cypus would be paid, but there again they are currently in the EU(!)

Let's be thankful we are not part of EuRO land. The one country that has been keeping the EURO afloat,Germany may now in itself have financial problems.

[billd766]

Its funny how when we are talking on a pension thread, they way we all get diverted down avenues that take us away from the main theme, as has been said many times before and I suspect the EU referendum will takes us on detours as well.

I think our biggest worry about pensions is that something really big happens that was not foreseen until it was too late that causes them to be ceased being paid, something like a catastrophic financial collapse or a major military conflict. I hope I am wrong on both counts.

You need to keep in mind that pensioners in the UK are the single biggest voting block - they vote and they vote in their own best interests.

Doomsday scenarios are entertaining, but they are not worth worrying about.

The bigger issue for expat pensioners is:

• Do they vote?
• Do they write to their MPs demanding justice?
• Have they signed up for the fair pensions petition?
• Do they comment in national newspaper discussion on the matter of fair pensions?

Or do they sit, passively hoping for the best and grumbling about an unfair world?

The issue of fair pensions is in the news, it's getting discussed by MPs who have influence on party politics and now is the time to get involved.

I wrote to my MP (Rebecca Pow, Cons Taunton Deane) last year not long after she was elected and she politely responded that she wasn't interested, it would cost too much and she toed the party line. OK I suppose as a first time MP but no use to me.

I also wrote to her predecessor (Jeremy Browne Lib Dem) who was the Minister of State for the FCO from 2010 and then Minister at the Home Office until the last election. When I finally got a response from a lackey, the tone was that the Imperial Grand Vizier couldn't give a rats arrrssse about some OAP peasant who lived in a far away country.

It merely re-affirmed my opinion that most MPs don't live in the same world that we live in and regard people like us as unwashed, unwanted hoi pollois.

When the revolution comes I may buy a ticket back to the UK and take up knitting near Madam Guillotine while waiting for the tumbrils to arrive

.http://dictionary.reference.com/browse/tumbril

[jpinx]

Its funny how when we are talking on a pension thread, they way we all get diverted down avenues that take us away from the main theme, as has been said many times before and I suspect the EU referendum will takes us on detours as well.

I think our biggest worry about pensions is that something really big happens that was not foreseen until it was too late that causes them to be ceased being paid, something like a catastrophic financial collapse or a major military conflict. I hope I am wrong on both counts.

It's also one of my big worries. For the UK, the last cataclysmic event was the second world war, so we are long overdue some dreadful happening. I wonder what has happened to pensions in places like Libya or Syria where the government has effectively collapsed. Given retirement at age 65, you might be trusting in the stability of your government for the next 20 or more years!

When Greece went pair shaped HMG issued several press releases explaining how Brits in Greece/Cypus would be paid, but there again they are currently in the EU(!)

Let's be thankful we are not part of EuRO land. The one country that has been keeping the EURO afloat,Germany may now in itself have financial problems.

It always comes back to the fact that yours and my contributions were never invested for out future pension, as is the case for private pensions. The State pension is an illegal Ponzi scheme paying out from the new contributions. Unfortunately the Pensions are counted together with other "Benefits" so we are subject to budget limitations caused by the government wanting to pay for other vote-catching schemes first. If a private pension company tried to operate like this, the directors would be locked up.

[nong38]

Every time I see a Brimstone missile, tomahawk or paveway doing its stuff on the tv I can at least see where some my NI contributions went as the HMG just would not be able to afford to use them unless it could find a bit of spare cash ( difficult choice to fund overseas pensioners with increases they have been entitled to or buy some powerful gear to weld the stick abroad ). I wonder if any of these super destructive products are deemed benefits or entitlements to us or their recipients?

[nong38]

Previously we have discussed the deferred pension issue and concluded that as things stand it would take you roughly 10 years per year of deferral to be in pocket with the current rate of 10.4% on the BASIC STATE PENSION. The rate will soon halve.

If you can afford to defer it might not be a bad idea to do so though if you look at it from a different angle.

Retiring at say 65 you will probably look forward to 15 years of active life, then you might start to be become less mobile from then on, it will vary naturally but should you make the most of those early retirement years by deferring and then have a bigger income and a better quality of life and just forget about how long you might live to get more out of the pension scheme?

Just a thought, everyone has their opinion and should be respected for it, what is right for one is not right for another, but if I could go back and afford to do so I think I would have certainly considered deferring for 3 years ( you would have to live to 95 to be in pension credit ) but in the time between 68 and 95 you would live a lot better, not much time for you to decide if you are looking at 10.4% rather than 5.2% though.

[jpinx]

Previously we have discussed the deferred pension issue and concluded that as things stand it would take you roughly 10 years per year of deferral to be in pocket with the current rate of 10.4% on the BASIC STATE PENSION. The rate will soon halve.

If you can afford to defer it might not be a bad idea to do so though if you look at it from a different angle.

Retiring at say 65 you will probably look forward to 15 years of active life, then you might start to be become less mobile from then on, it will vary naturally but should you make the most of those early retirement years by deferring and then have a bigger income and a better quality of life and just forget about how long you might live to get more out of the pension scheme?

Just a thought, everyone has their opinion and should be respected for it, what is right for one is not right for another, but if I could go back and afford to do so I think I would have certainly considered deferring for 3 years ( you would have to live to 95 to be in pension credit ) but in the time between 68 and 95 you would live a lot better, not much time for you to decide if you are looking at 10.4% rather than 5.2% though.

Everyone is different, but for me - - if I could take the whole of my State pension in one lump now, I would. I will be able to control my own increases, by various investment types and not be at the mercy of some number-crunching, mealy-mouthed, two-faced, back-stabbing politician.

Phew -- that's better!

[denby45]

Previously we have discussed the deferred pension issue and concluded that as things stand it would take you roughly 10 years per year of deferral to be in pocket with the current rate of 10.4% on the BASIC STATE PENSION. The rate will soon halve.

If you can afford to defer it might not be a bad idea to do so though if you look at it from a different angle.

Retiring at say 65 you will probably look forward to 15 years of active life, then you might start to be become less mobile from then on, it will vary naturally but should you make the most of those early retirement years by deferring and then have a bigger income and a better quality of life and just forget about how long you might live to get more out of the pension scheme?

Just a thought, everyone has their opinion and should be respected for it, what is right for one is not right for another, but if I could go back and afford to do so I think I would have certainly considered deferring for 3 years ( you would have to live to 95 to be in pension credit ) but in the time between 68 and 95 you would live a lot better, not much time for you to decide if you are looking at 10.4% rather than 5.2% though.

Wait a minute. If you defer that means you are deferring today when you get the full pension. The payback years are an ever decreasing pension due to inflation which you cannot predict and the freeze. I take your point about not needing it now but I fail to comprehend why you would leave it in the governments coffers. A government which is broke and has no real means of paying down it's debt other than creating an inflationary environment which will make your frozen pension not worth lavatory paper in your later years. If you don't need it now then take it anyway and invest it. Leaving it in the care of a Ponzi scheme running, untrustworthy government is not for me I am afraid.

Den