UK pensions

[sunnyjim5]

Looks like this weasily woman is going the same way as her predecessor.

Trotting out the same old garbage while refusing to answer questions.

If I hear this well rehersed line again I think I will scream.

My Lords, the Government have a clear position which has remained consistent for around 70 years: UK state pensions are payable worldwide and uprated abroad only where we have a legal requirement to do so.

What about a moral requirement to do so?

"UK state pensions are payable worldwide and uprated abroad only where we have a legal requirement to do so."

So she's telling the House, if your UK state pension is payable in the UK, it will be uprated even although you're resident in Thailand ?

Simple solution then, get it paid initially into a UK bank-account, and then demand the annual inflation increases, quoting the Minister's own words !

If only it were that simple.

Tried it ! My pension is paid into a UK bank.

I have reams of communication with the DWP whose officials turn somersaults and squirm in their pathetic attempts to justify the unsupportable "policy" of refusing to update all UK pensions regardless of where the recipient happens to be living.

[jpinx]

We need to get this lady on our side for the pensions

http://www.thecanary.co/2016/02/25/uks-youngest-mp-just-demolished-tories-scathing-attack-yet-video/

[sandyf]

The two things that are important with pensions are annual increases whether state or private and the exchange rate and right now the exchange rate is a worry. Its been falling slowly all year but the fall increased about a week ago due the culmination of the Referendum EU best offer. Now we are in a period of uncertainty for about 4 months. Should there be a win for the IN group the exchange rate should then start and recover, if its an OUT win then for the short term the exchange will not be much better than at present, we are not talking insignificant amounts here, pensioners need to keep their eye on the rate and anyone who does see the full picture is deluding themselves. I always thought a rate of over 50 to the £ was good, its been over 50 for about a year, nice little bonus for us, today it has dropped to 49.3 its anyones guess how much further it may fall but its less money in your pocket.

In the money mail today www.thisismoney.co.uk Steve Webb, remember him? Is answering a question about deferal of the State pension worth a look.

Not sure a win for the IN group will lead to a recovery of the £. Same goes if the OUT wins, it's all speculation,with the only sure winners being the professional currency speculators. Expect the markets to find the correct level after the referendum, until then we're going to have a few months of uncertainty. On top of this for those in Thailand, where is the Bht going, again anyone's guess.

Pound is now lower against the dollar than at any time in the last 25 years. Can only hope the baht weakens some.

[Rajab Al Zarahni]

We need to get this lady on our side for the pensions

http://www.thecanary.co/2016/02/25/uks-youngest-mp-just-demolished-tories-scathing-attack-yet-video/

Look her up on the internet.The only people in Thailand that she would want to help are the expat, retired, black, disabled lesbians! Edited February 27, 2016 by Rajab Al Zarahni

[nontabury]

The two things that are important with pensions are annual increases whether state or private and the exchange rate and right now the exchange rate is a worry. Its been falling slowly all year but the fall increased about a week ago due the culmination of the Referendum EU best offer. Now we are in a period of uncertainty for about 4 months. Should there be a win for the IN group the exchange rate should then start and recover, if its an OUT win then for the short term the exchange will not be much better than at present, we are not talking insignificant amounts here, pensioners need to keep their eye on the rate and anyone who does see the full picture is deluding themselves. I always thought a rate of over 50 to the £ was good, its been over 50 for about a year, nice little bonus for us, today it has dropped to 49.3 its anyones guess how much further it may fall but its less money in your pocket.

In the money mail today www.thisismoney.co.uk Steve Webb, remember him? Is answering a question about deferal of the State pension worth a look.

Not sure a win for the IN group will lead to a recovery of the £. Same goes if the OUT wins, it's all speculation,with the only sure winners being the professional currency speculators. Expect the markets to find the correct level after the referendum, until then we're going to have a few months of uncertainty. On top of this for those in Thailand, where is the Bht going, again anyone's guess.

Pound is now lower against the dollar than at any time in the last 25 years. Can only hope the baht weakens some.

In 2001 and in 2009 the £ exchange rate was not far from that of today. It's in the interest of the professional money speculators to use any excuse to lower the value of the £, in order that they can later make adjustments to Their advantage. You will also notice the big international banks,who want us to remain a part of this corrupt so called Union,are also encouraging this tactic, as again it's in Their interest that we remain in. They are certainly not concerned with the benefits to the British people of our withdrawal. As Cpl Jones would say " don't panic"

[jpinx]

The two things that are important with pensions are annual increases whether state or private and the exchange rate and right now the exchange rate is a worry. Its been falling slowly all year but the fall increased about a week ago due the culmination of the Referendum EU best offer. Now we are in a period of uncertainty for about 4 months. Should there be a win for the IN group the exchange rate should then start and recover, if its an OUT win then for the short term the exchange will not be much better than at present, we are not talking insignificant amounts here, pensioners need to keep their eye on the rate and anyone who does see the full picture is deluding themselves. I always thought a rate of over 50 to the £ was good, its been over 50 for about a year, nice little bonus for us, today it has dropped to 49.3 its anyones guess how much further it may fall but its less money in your pocket.

In the money mail today www.thisismoney.co.uk Steve Webb, remember him? Is answering a question about deferal of the State pension worth a look.

Not sure a win for the IN group will lead to a recovery of the £. Same goes if the OUT wins, it's all speculation,with the only sure winners being the professional currency speculators. Expect the markets to find the correct level after the referendum, until then we're going to have a few months of uncertainty. On top of this for those in Thailand, where is the Bht going, again anyone's guess.

Pound is now lower against the dollar than at any time in the last 25 years. Can only hope the baht weakens some.

Please check here...

https://www.measuringworth.com/datasets/exchangepound/result.php

[jpinx]

We need to get this lady on our side for the pensions

http://www.thecanary.co/2016/02/25/uks-youngest-mp-just-demolished-tories-scathing-attack-yet-video/

Look her up on the internet.The only people in Thailand that she would want to help are the expat, retired, black, disabled lesbians!

Shame on the bigotry - but most score 3 out of 5

[billd766]

We need to get this lady on our side for the pensions

http://www.thecanary.co/2016/02/25/uks-youngest-mp-just-demolished-tories-scathing-attack-yet-video/

Look her up on the internet.The only people in Thailand that she would want to help are the expat, retired, black, disabled lesbians!

I only managed 2 out of 5. Sorry.

[lungbing]

The Prime Minister will just make her a Dame and she'll roll over the same as they all do.

[nong38]

A date for your diaries. UK budget is on the 16th March, should be live on the BBC site from somewhere between 1900/1930 Thai time. Personal tax allowance is due to go up £200pa.

There are rumours of tax changes to pensions before retirement but non afterwards, we shall see what we shall see.

Anyone who receives dividends will have a £5000 allowance for them from this April.

Anyone who has shares in Lloyds your dividend is due to be paid on 17th May.

[Ricardo]

"UK state pensions are payable worldwide and uprated abroad only where we have a legal requirement to do so."

So she's telling the House, if your UK state pension is payable in the UK, it will be uprated even although you're resident in Thailand ?

Simple solution then, get it paid initially into a UK bank-account, and then demand the annual inflation increases, quoting the Minister's own words !

If only it were that simple.

Tried it ! My pension is paid into a UK bank.

I have reams of communication with the DWP whose officials turn somersaults and squirm in their pathetic attempts to justify the unsupportable "policy" of refusing to update all UK pensions regardless of where the recipient happens to be living.

If she has in fact misled the House, by telling the House of Lords that UK state pensions paid in the UK are all upgraded, when in fact they're sometimes not, based on the country-of-residence of the payee, should she not now resign ?

I know I'm being very naive, by expecting integrity from a politician, but I always thought they took lying to Parliament more seriously, than merely telling lies to us voters ?

Edited February 28, 2016 by Ricardo

[Rajab Al Zarahni]

A date for your diaries. UK budget is on the 16th March, should be live on the BBC site from somewhere between 1900/1930 Thai time. Personal tax allowance is due to go up £200pa.

There are rumours of tax changes to pensions before retirement but non afterwards, we shall see what we shall see.

Anyone who receives dividends will have a £5000 allowance for them from this April.

Anyone who has shares in Lloyds your dividend is due to be paid on 17th May.

The most prominent rumours are a withdrawal of the 25% tax free lump sum and a reduction in the amount of tax relief on pension contributions of 40% plus tax payers.

[sandyf]

A date for your diaries. UK budget is on the 16th March, should be live on the BBC site from somewhere between 1900/1930 Thai time. Personal tax allowance is due to go up £200pa.

There are rumours of tax changes to pensions before retirement but non afterwards, we shall see what we shall see.

Anyone who receives dividends will have a £5000 allowance for them from this April.

Anyone who has shares in Lloyds your dividend is due to be paid on 17th May.

My notice of coding that came in this week showed the personal allowance as £11,000, last year showed £10,600.

There used to be additional for over 65's but I thought they took that away.

[lungbing]

They did take away the additional allowance for over 65s. They have received no increase until the allowance

for everybody else has reached their level, and now the over 65's allowance will increase at the same amount.

[nong38]

A date for your diaries. UK budget is on the 16th March, should be live on the BBC site from somewhere between 1900/1930 Thai time. Personal tax allowance is due to go up £200pa.

There are rumours of tax changes to pensions before retirement but non afterwards, we shall see what we shall see.

Anyone who receives dividends will have a £5000 allowance for them from this April.

Anyone who has shares in Lloyds your dividend is due to be paid on 17th May.

The most prominent rumours are a withdrawal of the 25% tax free lump sum and a reduction in the amount of tax relief on pension contributions of 40% plus tax payers.

This is what I was referring to, but that is unlikely to be imminent, more like to be at some date in the future, if it is likely to affect you then you should be prepared to adjust your plans, yet again!

[JetsetBkk]

A date for your diaries. UK budget is on the 16th March, should be live on the BBC site from somewhere between 1900/1930 Thai time. Personal tax allowance is due to go up £200pa.

There are rumours of tax changes to pensions before retirement but non afterwards, we shall see what we shall see.

Anyone who receives dividends will have a £5000 allowance for them from this April.

Anyone who has shares in Lloyds your dividend is due to be paid on 17th May.

The most prominent rumours are a withdrawal of the 25% tax free lump sum and a reduction in the amount of tax relief on pension contributions of 40% plus tax payers.

This is what I was referring to, but that is unlikely to be imminent, more like to be at some date in the future, if it is likely to affect you then you should be prepared to adjust your plans, yet again!

I have quite a chunk of the 25% tax-free lump-sum left. I'll have to keep an eye on that.

(The 40% tax relief on voluntary contributions was a lovely little money-earner! )

[sandyf]

They did take away the additional allowance for over 65s. They have received no increase until the allowance

for everybody else has reached their level, and now the over 65's allowance will increase at the same amount.

It must have equalised a couple of years ago.

In 2014 my personal allowance was £10,500, in 2015 it was £10,600 and this year,2016, it is £11,000.

It does however look like the IR have made an error on the notice of coding. Another document shows the allowance for 2016/17 as being £10,800 and 2017/18 as £11,000.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413970/TIIN_4168_income_tax_personal_allowances_and_basic_rate_limit.pdf

[Rajab Al Zarahni]

They did take away the additional allowance for over 65s. They have received no increase until the allowance

for everybody else has reached their level, and now the over 65's allowance will increase at the same amount.

It must have equalised a couple of years ago.

In 2014 my personal allowance was £10,500, in 2015 it was £10,600 and this year,2016, it is £11,000.

It does however look like the IR have made an error on the notice of coding. Another document shows the allowance for 2016/17 as being £10,800 and 2017/18 as £11,000.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413970/TIIN_4168_income_tax_personal_allowances_and_basic_rate_limit.pdf

It was 2010.

[Ricardo]

A date for your diaries. UK budget is on the 16th March, should be live on the BBC site from somewhere between 1900/1930 Thai time. Personal tax allowance is due to go up £200pa.

There are rumours of tax changes to pensions before retirement but non afterwards, we shall see what we shall see.

Anyone who receives dividends will have a £5000 allowance for them from this April.

Anyone who has shares in Lloyds your dividend is due to be paid on 17th May.

The most prominent rumours are a withdrawal of the 25% tax free lump sum and a reduction in the amount of tax relief on pension contributions of 40% plus tax payers.

This is what I was referring to, but that is unlikely to be imminent, more like to be at some date in the future, if it is likely to affect you then you should be prepared to adjust your plans, yet again!

This one (if it ever happens) would probably affect me, as I reach my new delayed-retirement in about 4 years' time, in 2020.

The logical strategy if it does happen & if there's any warning, would be to take my 25% tax-free sum sooner, but ideally I prefer to leave my private-pension investments to continue to grow for as long as possible, this highlights the disruption caused (and this wouldn't be the first or even the second time !) by the UK-government moving the goal-posts after I'm committed.

Don't they realise that frequent changes of the rules hit those who do try to plan ahead, which they're supposed to be trying to encourage, not deter ?

In an ideal world, the removal of the tax-free lump-sum option would not affect those who are within a few years of reaching retirement ... but it seems more likely that there will be more deceptive-statements & misleading-reassurances from senior politicians instead, as it was with the 'guaranteed fixed-rate pension' which suddenly isn't fixed-rate anymore.

What an ongoing mess ... but welcome to the Real World, I just pity those who did rely on the Old Age Allowance & retirement-at-65, rather than making their own arrangements for their old-age !

Rant over ... until the next time !

[jpinx]

Rant well justified. The UK state pension scheme is an unholy mess that even accountant friends of mine are afraid to tackle. I'm getting on for 70, and glad I only have to argue about the existing year-on-year payments and taxation. I'd really hate to be trying to work out the best option for a future pension. For established pensioners the arguments are for the annual increase to applied fairly to ALL.

[topt]

As if there were not enough issues with pensions for those who have not started to draw them yet I saw this yesterday -
http://www.telegraph.co.uk/pensions-retirement/news/millions-of-private-pensions-riddled-with-errors---is-yours/

Somewhat concerning especially if you have money pots with Aviva/Friends Life

[nong38]

As if there were not enough issues with pensions for those who have not started to draw them yet I saw this yesterday -

http://www.telegraph.co.uk/pensions-retirement/news/millions-of-private-pensions-riddled-with-errors---is-yours/

Somewhat concerning especially if you have money pots with Aviva/Friends Life

I would steer well clear of those companies certainly the first one. When I retired I had a lump sum to invest and went through the Skipton BS, they suggested I take out some scheme with Aviva, the cooling off period was 28 days Skipton told me. After 10 days I told Skipton I did not want to proceed, I had decided to buy a car. Skipton rang them whilst I was in the branch only to told that AViva had processed the scheme!

I told Skipton that I wanted my money back, all of it and did not expect to be paying any exit fees. It was least sharp practice and should not have happened, everything was sorted out and back as it should be, but I do not forget that and would never deal with them or any of their subsidaries again, so be warned.

[topt]

As if there were not enough issues with pensions for those who have not started to draw them yet I saw this yesterday -

http://www.telegraph.co.uk/pensions-retirement/news/millions-of-private-pensions-riddled-with-errors---is-yours/

Somewhat concerning especially if you have money pots with Aviva/Friends Life

I would steer well clear of those companies certainly the first one. When I retired I had a lump sum to invest and went through the Skipton BS, they suggested I take out some scheme with Aviva, the cooling off period was 28 days Skipton told me. After 10 days I told Skipton I did not want to proceed, I had decided to buy a car. Skipton rang them whilst I was in the branch only to told that AViva had processed the scheme!

I told Skipton that I wanted my money back, all of it and did not expect to be paying any exit fees. It was least sharp practice and should not have happened, everything was sorted out and back as it should be, but I do not forget that and would never deal with them or any of their subsidaries again, so be warned.

People may not have had a choice where,as the article mentions, Friends Life is a subsidiary of Aviva and they have bought up a number of companies including one that I have some money with which was originally invested more than 15 years ago..

[jpinx]

I have a very small exposure to Aviva - via a very old Norwich Life policy - but it's been paying out correctly for a number of years so I just keep an eye on it. The moral of this story is "TRUST NO-ONE". There's not a single moral fibre between brokers and companies. It places an onerous load on the pensioner these days - having to double check all your income threads.

The issue here is the level of incompetence combined with the level of complexity of the schemes. It does not have to be so difficult, but they keep it this way so that mistakes can be made - but how many mistakes are made in favour of the pensioner? Really? The cynic in me says that the complexity is there to hide their syphoning off a little bit here, a little bit there,,,,,,,,,

[Rajab Al Zarahni]

I have a very small exposure to Aviva - via a very old Norwich Life policy - but it's been paying out correctly for a number of years so I just keep an eye on it. The moral of this story is "TRUST NO-ONE". There's not a single moral fibre between brokers and companies. It places an onerous load on the pensioner these days - having to double check all your income threads.

The issue here is the level of incompetence combined with the level of complexity of the schemes. It does not have to be so difficult, but they keep it this way so that mistakes can be made - but how many mistakes are made in favour of the pensioner? Really? The cynic in me says that the complexity is there to hide their syphoning off a little bit here, a little bit there,,,,,,,,,

I recall many years ago talking to an employee of P**** Assurance on a visit to their headquarters in London. He told me that their record of policy holders and their contributions was absolutely appalling and that in order to keep it quiet they paid out pension lump sums to everyone who applied. Apparently their returns on contributions were so poor and the policies were so modest in value, that they could afford to do this. The same man proudly explained that the marble in the headquarters building had emptied an entire Italian quarry. I wonder what the policy holders would have thought had they been given the same information ? How relieved I was that I did not have any policies with them.

Edited February 29, 2016 by Rajab Al Zarahni

[jpinx]

I have a very small exposure to Aviva - via a very old Norwich Life policy - but it's been paying out correctly for a number of years so I just keep an eye on it. The moral of this story is "TRUST NO-ONE". There's not a single moral fibre between brokers and companies. It places an onerous load on the pensioner these days - having to double check all your income threads.

The issue here is the level of incompetence combined with the level of complexity of the schemes. It does not have to be so difficult, but they keep it this way so that mistakes can be made - but how many mistakes are made in favour of the pensioner? Really? The cynic in me says that the complexity is there to hide their syphoning off a little bit here, a little bit there,,,,,,,,,

I recall many years ago talking to an employee of P**** Assurance on a visit to their headquarters in London. He told me that their record of policy holders and their contributions was absolutely appalling and that in order to keep it quiet they paid out pension lump sums to everyone who applied. Apparently their returns on contributions were so poor and the policies were so modest in value, that they could afford to do this. The same man proudly explained that the marble in the headquarters building had emptied an entire Italian quarry. I wonder what the policy holders would have thought had they been given the same information ? How relieved I was that I did not have any policies with them.

Successive governments have imposed their regulations on the pensions industry, so the blame lies fairly and squarely on them and their inept enforcement. Sometimes a strongbox buried in the back garden sounds like a good option,,,,,

[ThaiPauly]

I have my major retirement fund with Friends Life....just wondering if they will screw me too when I need to take out some money?

[jpinx]

I have my major retirement fund with Friends Life....just wondering if they will screw me too when I need to take out some money?

In your position I would be asking them for confirmation of the amount of your fund, and any costs involved with taking it out when you are allowed. Also - get them to forecast how much it will be when it matures. Repeat this request every 6 months or so to make sure the goalposts don't move ....

Edited February 29, 2016 by jpinx

[evadgib]

This seems as good a place as any to post this link:

Freedom of Information requests - used by campaigners and journalists to ask questions of public bodies - are to remain free of charge, a minister says.

Following a review of the law, Cabinet Office minister Matt Hancock said the FoI Act was "working well".

The FoI Commission was asked to examine it amid concerns within government that "sensitive information" was being inadequately protected.

Its report said FoI had helped "change the culture of the public sector".

http://www.bbc.com/news/uk-35693236

Edited March 1, 2016 by evadgib

[jpinx]

This seems as good a place as any to post this link:

Freedom of Information requests - used by campaigners and journalists to ask questions of public bodies - are to remain free of charge, a minister says.

Following a review of the law, Cabinet Office minister Matt Hancock said the FoI Act was "working well".

The FoI Commission was asked to examine it amid concerns within government that "sensitive information" was being inadequately protected.

Its report said FoI had helped "change the culture of the public sector".

http://www.bbc.com/news/uk-35693236

From the link,,,,

"Mr Blair has described himself as a "naive, foolish, irresponsible nincompoop" for introducing the law, saying: "There is really no description of stupidity, no matter how vivid, that is adequate. I quake at the imbecility of it."....

One wonders whether he now thinks Iraq was a similar instance of his stupidity....

Information held about pensions might extend into the debacle that is the governance of private pensions. Now that would make most interesting reading, given the recent commentary here and elsewhere about the unreliability of the schemes - all approved by government.