UK pensions

[evadgib]

Seen today:

https://www.gov.uk/government/news/pension-freedoms-used-over-a-million-times-to-access-76-billion    

[evadgib]

On 10/20/2016 at 6:10 PM, evadgib said:

A letter appealing HMRC's decision to refuse a request to resume paying NI at the SE rate has yet to be answered despite being traced to their office on 05 Sep. I'll re-send in the morning...

 

Reply arrived this week after more than a month in transit.

 

- Why can't they use email or at the very least registered post?

 

- How can I buy back years at the SE rate now?

 

I might just give them a ring next week to see if that's any better although i'm not holding my breath.

 

Redacted copy of HMRC Reply dated 22 Sep 16 received 25 Oct 16.pdf

Edited October 27, 2016 by evadgib

[nong38]

On the Sunday Politics with Andrew Neil was IDS he says that the triple lock pension scheme has run its course, its costing 18B this year and extra 5b next year, been to generous to pensioners. But, with inflation starting to rise maybe time has caught him out and will stop the current government from making any change until after the 2020 GE, there will be a change at that time for sure it will be scaled back.

It amazes me how these people on what I would consider to be on handsome salaries and tell pensioners many of which are on a company pension and a basic state pensionwhich probably amounts to 20k if lucky can say that they have been treated too generously.

It would do us all a great favour if current big wig civil servants/mps/senior officials were to have to have a couple of months living on £200 a week and see hiw they got on with it! Not much likelyhood ofthat happening I know but rant over, we live in the real world and they dont.

[metisdead]

Off topic posts have been removed. 

[dick dasterdly]

19 hours ago, nong38 said:

On the Sunday Politics with Andrew Neil was IDS he says that the triple lock pension scheme has run its course, its costing 18B this year and extra 5b next year, been to generous to pensioners. But, with inflation starting to rise maybe time has caught him out and will stop the current government from making any change until after the 2020 GE, there will be a change at that time for sure it will be scaled back.

It amazes me how these people on what I would consider to be on handsome salaries and tell pensioners many of which are on a company pension and a basic state pensionwhich probably amounts to 20k if lucky can say that they have been treated too generously.

It would do us all a great favour if current big wig civil servants/mps/senior officials were to have to have a couple of months living on £200 a week and see hiw they got on with it! Not much likelyhood ofthat happening I know but rant over, we live in the real world and they dont.

It would be even better if MPs were given the worst pension 'scheme' that employers are allowed to provide.  After all, they make the laws and have no problem with others being offered these 'schemes'.

 

 Additionally, the top public sector and private sector employees should only be given the same pension provisions as the lowest paid worker in their 'employ'.

 

And no cheating by increasing their salaries just before they retire/allowing them 'consultancies' or  other well-paid jobs within the same organisation/bonuses to increase their pension pots.

 

Yes, I've seen them all other than the pension pot bonuses - which I've only read about.

[Oxx]

24 minutes ago, dick dasterdly said:

It would be even better if MPs were given the worst pension 'scheme' that employers are allowed to provide.  After all, they make the laws and have no problem with others being offered these 'schemes'.

 

Good god! You're a communist?

 

Of course the elite in society are entitled to utterly unreasonable privilege.

 

Do you really think that Her Majesty, the Queen of England (now well past retirement age), should live on a pension equivalent to that of the most poorly pensioned of her ex-employees?

 

Her magnificence deserves only the finest that the UK tax payer can afford.

 

Shame on you!

[dick dasterdly]

16 minutes ago, Oxx said:

 

Good god! You're a communist?

 

Of course the elite in society are entitled to utterly unreasonable privilege.

 

Do you really think that Her Majesty, the Queen of England (now well past retirement age), should live on a pension equivalent to that of the most poorly pensioned of her ex-employees?

 

Her magnificence deserves only the finest that the UK tax payer can afford.

 

Shame on you!

[nong38]

We are all no doubt experiencing the fall in the £ since the historic vote on leaving the EU, we are down about 20% and having to make cuts to our lifestyle, so with that in mind you might like to have a look at 15 minute video on this is money, its down at the bottom of the headlines and features Justin Urqhart-Stewart of Seven Investent Management, giving his views on the £ and other things, I last met him on the 0744 Penzance to Paddington in May at the Buffet bar!

He is one of my favourite financial pundits and makes his case in a waythat you can understand, its worth a watch, he like me thinks the £ is weaker than it should be, I think it should be 1.32-134 to the $ rather than the 121-122 that it is now.

What will happen when article 50 is triggered next March is anyody's guess, has that been factored into the rate now or will it change it again at that moment?

Its to be hoped that as uncertainty declines the £ will rise but it will be slow for the next couple of years whilst we deal with the EU departure and then settle into a world outside the EU, normal service cannot be expected for another couple of years after that so for the sake of the UK we will have to put up with a reduced lifestyle for the next 4 years sorry to say, b ut do go an have a look at the video.

[evadgib]

How are we supposed to know where to find it without a link?

[nong38]

Sorry I am no t to good at clicking links or how to put them on the screen.

Have a look at www.thisismoney.co.uk     scroll down past the headlines and the videos will appear for you click onto, I think its the last one they have done, hope that helps.

[evadgib]

I'm on android so this may go pear-shaped...

 

http://www.thisismoney.co.uk/video/money/video-1344573/Is-good-time-invest-emerging-markets-Investing-Show.html

[nong38]

It did not go pear shaped that is the one.

[evadgib]

On 10/27/2016 at 10:56 PM, evadgib said:

 

Reply arrived this week after more than a month in transit.

 

- Why can't they use email or at the very least registered post?

 

- How can I buy back years at the SE rate now?

 

I might just give them a ring next week to see if that's any better although i'm not holding my breath.

 

Redacted copy of HMRC Reply dated 22 Sep 16 received 25 Oct 16.pdf

 

I called them today @9am GMT. As expected the only option is to pay 5 years @ the vol cl 3 rate of GBP14.10 p/w in order to secure full pension upon reaching retirement age. Once again I find being honest a distinct disadvantage, as if I had declared myself 'SE abroad' from the onset I suspect they'll have taken my word for it.

 

NIC & EO tel +44 3000 555 725. They answered immediately.

 

I do have a 'cunning plan' but i'll wait til brexit is over before implementing it :)

Edited November 2, 2016 by evadgib

[Ricardo]

49 minutes ago, evadgib said:

 

I called them today @9am GMT. As expected the only option is to pay 5 years @ the vol cl 3 rate of GBP14.10 p/w in order to secure full pension upon reaching retirement age. Once again I find being honest a distinct disadvantage, as if I had declared myself 'SE abroad' from the onset I suspect they'll have taken my word for it.

 

NIC & EO tel +44 3000 555 725. They answered immediately.

 

I do have a 'cunning plan' but i'll wait til brexit is over before implementing it :)

 

" if I had declared myself 'SE abroad' from the onset I suspect they'll have taken my word for it. "

 

I tried that myself, a couple-of-years ago, and they demanded audited-accounts, to prove that I was running a business overseas.

 

I might have invented something, but mostly prefer honesty, my self-employment comprises helping my wife run our household & managing our offshore-investments, which I won't be giving the authorities any more detail on than Ihave to, as it's my own private business.

[evadgib]

Frankly i'm kicking myself at stopping class 2 NI Cont @ the 30 year point at the behest of HMRC. They've done me up like a kipper :)

 

(To be fair they had no idea what was coming prior to Apr 16 any more than we did!)

Edited November 2, 2016 by evadgib

[Johnniey]

2 minutes ago, evadgib said:

Frankly i'm kicking myself at stopping @ the 30 year point at the behest of HMRC; They've 'done me up like a kipper!' :)

 

Can't you pay the back payments?

[Liquorice]

10 minutes ago, evadgib said:

Frankly i'm kicking myself at stopping class 2 NI Cont @ the 30 year point at the behest of HMRC. They've done me up like a kipper :)

 

You and a few other thousand.

 

When people retire early after 35 years contributions, they'll change the requirement to 40 years.

It's a great money saver.

 

They should 'grannie' the requirements for those who took retirement under the old rules, or at least have a transition period.

[Ricardo]

Speaking for myself, I could certainly have afforded to have paid another five years' class-2 NI-contributions, when I retired to Thailand at age-50, but chose not to because at-the-time I only needed 30-years (which I already had), and also because it would have been wasted money if I were to die before reaching retirement-age.

 

It does annoy me (mai pen rai) that they refuse now to allow me that option, I'd been self-employed for 15-years prior to retirement-to-Thailand, and regard early-retirement as merely being self-employed on zero-income. But they don't agree, and stole (by raising the retirement-age by 51-weeks) several thousand pounds further off me, long after I was committed & gone.

 

As evadgib says  ...  " They've 'done me up like a kipper! "

 

It's not fair when the rules are changed, after you've made your choice and retired, but then again who ever said Life would be Fair ? Certainly not HMG or their minions, with their index-linked early-retirement pensions, paid for by the remaining UK-taxpayers ! Bar-stewards ! 

 

[billd766]

4 hours ago, Ricardo said:

Speaking for myself, I could certainly have afforded to have paid another five years' class-2 NI-contributions, when I retired to Thailand at age-50, but chose not to because at-the-time I only needed 30-years (which I already had), and also because it would have been wasted money if I were to die before reaching retirement-age.

 

It does annoy me (mai pen rai) that they refuse now to allow me that option, I'd been self-employed for 15-years prior to retirement-to-Thailand, and regard early-retirement as merely being self-employed on zero-income. But they don't agree, and stole (by raising the retirement-age by 51-weeks) several thousand pounds further off me, long after I was committed & gone.

 

As evadgib says  ...  " They've 'done me up like a kipper! "

 

It's not fair when the rules are changed, after you've made your choice and retired, but then again who ever said Life would be Fair ? Certainly not HMG or their minions, with their index-linked early-retirement pensions, paid for by the remaining UK-taxpayers ! Bar-stewards ! 

 

 

I agree with you but I and many others paid in for 44 years and then the rules changed down to 30 and back up again to 35. I dont blame the taxman as they have to follow the rules laid down by the government of the day. Blame the politicians instead.

[Rajab Al Zarahni]

1 hour ago, billd766 said:

 

I agree with you but I and many others paid in for 44 years and then the rules changed down to 30 and back up again to 35. I dont blame the taxman as they have to follow the rules laid down by the government of the day. Blame the politicians instead.

I paid NI for nearly 48 years. I don't resent that but I do resent being told that my state pension payments, eye tests, prescriptions and bus pass are benefits.  

[chiang mai]

Deleted

Edited November 4, 2016 by chiang mai

[evadgib]

Published today:

 

https://www.gov.uk/government/news/cabinet-offices-fraud-initiative-has-saved-nearly-200-million-for-the-taxpayer

Edited November 4, 2016 by evadgib

[evadgib]

The chair of the Pensions Advisory Service has stood down from his position after being declared bankrupt.

BBC Newsnight has learnt that Museji Takolia will have to leave the post unless he can annul the bankruptcy.

He was made bankrupt in July and stood down in September. His absence has not been revealed until now.

 

http://www.bbc.co.uk/news/business-37870862

 

(You could not make this up! :) )

Edited November 4, 2016 by evadgib

[evadgib]

'Triple lock' under threat: 

 

http://www.bbc.com/news/business-37871681

  

[billd766]

1 hour ago, evadgib said:

'Triple lock' under threat: 

 

http://www.bbc.com/news/business-37871681

  

 

I read that this morning and it seems fair to me PROVIDED that ALL the MPs pensions are paid at the average rate that State pensioners get and NO more.

 

I don't that that will happen though as our "elected representatives" don't believe in personal suffering and possibly having to actually work for a living.

[nong38]

A committe of MPs have recommended that the triple lock pension be stopped and to generous and unsustainable, this is on the BBC website under news or business.

They claim that since the introduction of the triple lock pension that came into being in 2010 that the State Pension has risen by £1100 a figure that I certainly dont recognize an increase of £183 per year!

They forgot to mention how theirs has gone up in comparison, strange that.

[Ricardo]

Here's the link, if anyone wants to read the details  ...

 

http://www.bbc.com/news/business-37871681

 

" The Work and Pensions Committee said continuing with it was "unsustainable" and "unfair" on younger families. "

 

and  " MPs said the rising cost of the state pension - £98bn in the last tax year - was now unsustainable. "

 

This when they're screwing pensioners living outside the EU, and when they themselves are well-looked-after at the taxpayers' expense, perhaps they should merely treat us all as well as they themselves are ?

 

" Labour MP Frank Field, the chairman of the committee, said that at the same time as tightening their belts, young people were being asked to support a group that has "fared relatively well in recent years". "

 

So a Labour MP grudges you the old-age-pension for which you toiled, and were forced to pay-into, for the whole of your working life ? So much for caring socialism, the votes of the idealistic young are clearly more important, so we all can go to hell !

[rockingrobin]

6 hours ago, nong38 said:

A committe of MPs have recommended that the triple lock pension be stopped and to generous and unsustainable, this is on the BBC website under news or business.

They claim that since the introduction of the triple lock pension that came into being in 2010 that the State Pension has risen by £1100 a figure that I certainly dont recognize an increase of £183 per year!

They forgot to mention how theirs has gone up in comparison, strange that.

The figures look correct

http://adviser.royallondon.com/technical-central/rates-and-factors/state-pension/basic-state-pension-rates/

[nong38]

1 hour ago, rockingrobin said:

The figures look correct

http://adviser.royallondon.com/technical-central/rates-and-factors/state-pension/basic-state-pension-rates/

The basic Sate Pension in 2010 was £97.65. I f you reach pension age before 6/4/2016 then the basic State Pension would be £119.30, you can make figures say anything you want, the figures do look correct but they sure dont feel it.

[evadgib]

More than 1.5 million personal State Pension forecasts requested since the launch of the new State Pension

 

https://www.gov.uk/government/news/more-than-15-million-personal-state-pension-forecasts-requested-since-the-launch-of-the-new-state-pension