u k pension

[W J S]

Hi i am thinking of retiring here, i am over 70yrs  and over the years my pension has increased  by the yearly increase,s, bar talk tells me if i retire here  my pension will decrease  to the minimum allowed in the u k which is 119 pounds,  is this true.  cheers

[JohnC]

Typical ill informed bar talk! If you retire here your pension will be frozen at the rate you receive when you retire (make sure it's after the annual increase) what you won't get when you retire here is the annual increase (unless you maintain a UK presence) there is no reductions in your pension for living here just no increases! 

[ubonjoe]

Not visa related. Moved to the home country forum.

On that forum there is a pinned topic for UK pension info.

[W J S]

thankyou will do

[Jip99]

JohnC is absolutely correct.

 

 

Be thankful that you were not born Australian.

[SgtRock]

2 hours ago, Jip99 said:

JohnC is absolutely correct.

 

 

Be thankful that you were not born Australian.

 

Fear not.

 

The UK will follow in the not too distant future. Bet your house on it.

[Kwasaki]

On 9/10/2016 at 3:04 PM, SgtRock said:

 

Fear not.

 

The UK will follow in the not too distant future. Bet your house on it.

 

I guess you two are stating about pensions not being paid abroad to people living outside there country of origin.

Would very much regret that but Thai expats retired here already have UK frozen pensions and also other countries too, Australian being one of them.

Could you really believe the UK Gov would want to force us all back to the UK, somehow l don't think any think-tank would suggest it unless it was datelined to a future age cut off time.

If UK wanted to save money given in state pensions why did they chop the NIC contributions from 44 years to 30 and then move it again to 35. 

[Jip99]

1 hour ago, Kwasaki said:

 

I guess you two are stating about pensions not being paid abroad to people living outside there country of origin.

Would very much regret that but Thai expats retired here already have UK frozen pensions and also other countries too, Australian being one of them.

Could you really believe the UK Gov would want to force us all back to the UK, somehow l don't think any think-tank would suggest it unless it was datelined to a future age cut off time.

If UK wanted to save money given in state pensions why did they chop the NIC contributions from 44 years to 30 and then move it again to 35. 

 

 

I can't see it happening either.

 

However, it is something that the Australian authorities have implemented so it could be taken as a role model. I guess we could think about that when we complain about our frozen pensions - as iniquitous as that may be.

[Kwasaki]

A good friend of mine is Oz and he thinks Oz has gone mad with regs and PC as for UK l would not think that there way of doing thing would be adopted about pensions from Oz maybe only the immigration system, l think l would get grandfathered as they say.

If not they would have another kind of Terrorist on there hands a flinging totally peed off pensioner one. 

Edited September 11, 2016 by Kwasaki

[glegolo]

Maybe I am completely off here, not understanding the culture and reasoning of my fellow expats in the UK and Australia and elsewhere,, when you are stating that your countries may withdraw your pensions, just because you are moving out of your own countries.

 

I am swedish, I paid during my whole life from my self-earned salarys into the pensionsfond in Sweden. That is MY MONEY and nobody elsies... If you have it the same way as we have in Sweden, how can they motivate that they can steal from you the money you yourself earned during 40-50 years of you life..????

 

Maybe I am off and not understanding what you are talking about, but would appreciate some explaing in all this. If this should happen in Sweden I think we will have a riot well worth the name, you know beer, mushroom and berserk...

 

Glegolo

[Jip99]

12 hours ago, Kwasaki said:

A good friend of mine is Oz and he thinks Oz has gone mad with regs and PC as for UK l would not think that there way of doing thing would be adopted about pensions from Oz maybe only the immigration system, l think l would get grandfathered as they say.

If not they would have another kind of Terrorist on there hands a flinging totally peed off pensioner one. 

 

 

The b4stards are capable of anything - and 'grandfathering' is not something that is normally applied. Usually a change hits from the implementation day.

 

 

One example is bereavement benefits; from next April you have to be resident in the UK to claim them - no grandfathering there - you have a Thai wife, you die - she gets nothing.

[SgtRock]

16 hours ago, Kwasaki said:

I guess you two are stating about pensions not being paid abroad to people living outside there country of origin.

 

36 minutes ago, Jip99 said:

The b4stards are capable of anything - and 'grandfathering' is not something that is normally applied. Usually a change hits from the implementation day.

 

I am stating that UK PLC is currently neck deep in sh!t, it is currently borrowing in the region of £ 8 Billion a month to keep its mouth and nose above that sh!t to continue breathing.

 

The State pension as we currently know it will end in the not too distant future, to be replaced by something that is far more expensive than it currently costs. It would come as no surprise that this would include non payment for those that choose to live outside the UK.

 

It will possibly mean no change for people who are currently in receipt of the state pension. I have no doubt that it will have major ramifications for people like me, who are paid up members of the State pension but are nowhere near State Pension age.

 

It should also come as no surprise to anyone, that this is not the  fault of anyone who has paid into the system, but successive Governments, who could see no further than their 4 years in office term and failed to plan for the future with long term pension investment.

 

As for any UK Government taking an interest in pensioners, you are surely joking. When you realise that you are nothing more than a number that is useful to the Government whilst you pay lots of different taxes, this will become clear to you.

 

One way or another, the UK Government will follow Australia's lead and State Pensions will only be paid to those that are residing in the UK. Whether this will force people to return to the UK is open to debate. My answer to that would be it only affect pensioners who's sole income is the UK State Pension and I do not think in the grand scheme of things this number will be very high.

 

To answer Jip's point. Yes, the b4stards are capable of anything.

Edited September 12, 2016 by SgtRock

[Kwasaki]

2 hours ago, SgtRock said:

To answer Jip's point. Yes, the b4stards are capable of anything.

 

I concur with most of your post.

 

Quote ....The State pension as we currently know it will end in the not too distant future, to be replaced by something that is far more expensive than it currently costs. It would come as no surprise that this would include non payment for those that choose to live outside the UK....Unquote

 

Yeah I hope my youngest daughter and son carefully look into pension future because there is a option l hope of a retired future in Thailand for them should they choose to do so.

 

Quote....It will possibly mean no change for people who are currently in receipt of the state pension. I have no doubt that it will have major ramifications for people like me, who are paid up members of the State pension but are nowhere near State Pension age...Unquote

 

Agree but something like a cut off age point like the 30 year one that was and then it was changed to 35 year would be introduced l think, so said you are nowhere near State Pension age but are you able to get forecast yet. ?

 

Quote.....One way or another, the UK Government will follow Australia's lead and State Pensions will only be paid to those that are residing in the UK. Whether this will force people to return to the UK is open to debate....Unquote

 

Well yes something has to dramatically be done about state pensions at present because of what you have already quoted  " the mistakes by previous UK gov's ".

Also my take is there will be no debate about returning because state pensions will be a thing the past but they'll still have the burden of sorting out social security payments. 

 

 

 

 

[SgtRock]

1 hour ago, Kwasaki said:

Agree but something like a cut off age point like the 30 year one that was and then it was changed to 35 year would be introduced l think, so said you are nowhere near State Pension age but are you able to get forecast yet. ?

 

As the goalposts will move significantly before I reach State Pension age ( whatever age that will be in the future ) there is no point in getting a pension forecast. At the moment at least 16 years away from a State Pension without the goalposts being moved again.

 

If I ever get a State Pension it will never be anything more than beer tokens. I worked hard enough to secure my old age, not having to worry about a State Pension.

 

1 hour ago, Kwasaki said:

Yeah I hope my youngest daughter and son carefully look into pension future because there is a option l hope of a retired future in Thailand for them should they choose to do so.

 

If your youngsters are in the UK, my advice would be to steer clear of any pension schemes and pool their money and invest in housing. Rental income is the way to go and you can always sell on. Until interest rates change significantly, pension investment is not the way to go.

[Kwasaki]

@SgtRock

Yep understand, you would be considered still young these days,  like you say goalposts, l think UK gov's will move age limits up and up cause people like me l hope and some older ones are living longer than previous generations and the UK gov's probably thought if at all only the rich will do that not working class.

People living in my time are called boon babies so it's all our fault. 

 

As for your appreciated second point my UK children haven't got much choice really like so many other young people in the UK today.

It's nigh on impossible for them to save enough deposit in time to get on the property ladder before the property goes up again maybe their only chance would be a housing crash.

The rents they and others have to pay are unfair IMO but fortunately they have jobs where a portion of there salaries go to their companies pension schemes as well as gov NIC which may not amount to much but better than nothing. 

[SgtRock]

2 hours ago, Kwasaki said:

It's nigh on impossible for them to save enough deposit in time to get on the property ladder before the property goes up again maybe their only chance would be a housing crash.

 

That is why I suggested that they could perhaps pool resources. The first property is the hardest to obtain, it becomes easier as rent money starts to flow.

 

2 hours ago, Kwasaki said:

 but fortunately they have jobs where a portion of there salaries go to their companies pension schemes as well as gov NIC which may not amount to much but better than nothing. 

 

This is what I alluded to earlier. They are both fortunate that they are part of a Company Pension Scheme, at least they will not be relying on a State Pension when they are older.

 

BUT

 

We have seen enough Company Pension Schemes go under, so I would not put a lot of faith in them. There are other methods to saving towards a pension, but they also have risks and returns will not be great for the foreseeable future. A balancing act and sticking with what is the most comfortable.