£25 a week extra on my state pension

robfosters said:
Again, that’s another good thing about pension credit, 100% council tax reduction
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That reminds me my dad probably needs to contact them about that.
He had too much in savings last a couple of years back but with everything it's dropped.

The whole "every £500 you have in savings is worth a pound a week in interest/income" thing is so much nonsense.
 
SexyGreyFox said:
If @Destination meant what I think he meant then he's looking at the State Pension as a Benefit which it isn't.
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It 100% is.

State Pension - UK Benefits Guide

The state pension is a benefit payment available to the majority of people when they reach the current State Pension age. It is a universal, non-means tested benefit available to all, so long as they have made the requisite National Insurance contributions or credits. What is the State Pension...
www.benefitsguide.co.uk www.benefitsguide.co.uk

"The state pension is a benefit payment available to the majority of people when they reach the current State Pension age. It is a universal, non-means tested benefit available to all, so long as they have made the requisite National Insurance contributions or credits."

Bolded relevant ;)
 
SexyGreyFox said:
If @Destination meant what I think he meant then he's looking at the State Pension as a Benefit which it isn't.
We've worked damned hard to get that and basically we've been paying some of our wages into a savings account.
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No I mean the conservatives want rid of NI with the goal of getting rid of the state pension long term. I've paid enough into mine that if they ever means test it or do away with it, I'll probably be responsible for killing the minister who proposes it, but they will, they are scum.
 
Destination said:
No I mean the conservatives want rid of NI with the goal of getting rid of the state pension long term. I've paid enough into mine that if they ever means test it or do away with it, I'll probably be responsible for killing the minister who proposes it, but they will, they are scum.
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Don't agree, they want rid of NI so they can tax pensioners more to balance the books. Give with one hand... triple lock, take with the other... 20% thanks very much. NI is a tax pensioners don't pay so they want to shift the focus onto all income being taxed by locking the tax allowances and so move the tax burden onto the large pool of retired people without them noticing.

All personal pension savings will be taxed, likely the 25% tax free will be reduced or capped so larger pots don't benefit and the retirement age will increase a bit more.
Lots of things the government can do to manage the costs without scrapping the state pension

We've had auto enrolement since 2012 so most people who've worked should have a little extra income they can gratefully pay tax on in retirement.
 
Yet another example of being better off rich or poor.

Anything in between and you get shafted.

Government wants it that way to keep the average Joe on the breadline, but also so them/their rich mates can stay on the gravy train.
 
Its interesting reading the posts from some of the people who are circa 20+ years away from state pension age basically having a go at what current pensioners get (including the increases etc) and all based on the opinion that they either won't get a state pension at all or it will be drastically reduced in comparison to the current pension. Its short sighted at best and based on a scenario that seems to be accepted as fact.

I wonder if these will be the same people who will be moaning in 20+ years time that "the state pension is crap, why didn't it at least keep up with inflation" when/if they start receiving it.

As usual, the Conservative policy of Divide and Conquer to keep the masses in check by fighting between themselves is doing well.
 
Richie said:
Its interesting reading the posts from some of the people who are circa 20+ years away from state pension age basically having a go at what current pensioners get (including the increases etc) and all based on the opinion that they either won't get a state pension at all or it will be drastically reduced in comparison to the current pension. Its short sighted at best and based on a scenario that seems to be accepted as fact.

I wonder if these will be the same people who will be moaning in 20+ years time that "the state pension is crap, why didn't it at least keep up with inflation" when/if they start receiving it.

As usual, the Conservative policy of Divide and Conquer to keep the masses in check by fighting between themselves is doing well.
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Perhaps the working people who have not had inflation matching pay rises are just annoyed that others get increases locked at the highest possible rate.

If the workers pay doesn't keep up with inflation then long term the funding of inflation matched benefits is doomed.
 
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200sols said:
Perhaps the working people who have not had inflation matching pay rises are just annoyed that others get increases locked at the highest possible rate.

If the workers pay doesn't keep up with inflation then long term the funding of inflation matched benefits is doomed.
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People on state pensions get something like half the income you get on minimum wage...State pension for someone in their low 80's at the moment is IIRC £212 (or is it £220 after the generous increase?), minimum wage working 40 hours a week is going to be over £400 before taxes.
For many pensioners there is little or no fat to be cut out of their lifestyle and no way to even attempt to earn more.

We already have one of the lowest state pensions in Europe compared to average or even minimum wage (where applicable) of the country.

If people are getting upset about pensioners getting an "easy ride" then boy have they been misled on what pensioners get as the default pension or what the average pensioner has as assets.
 
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200sols said:
Perhaps the working people who have not had inflation matching pay rises are just annoyed that others get increases locked at the highest possible rate.

If the workers pay doesn't keep up with inflation then long term the funding of inflation matched benefits is doomed.
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Again, this is where it's a little short sighted.

The same people that complain about the SP maintaining it's value against inflation just now are likely to be the same people who would complain that their SP is worthless once they get to claim it if it didn't keep up with inflation.
 
200sols said:
Perhaps the working people who have not had inflation matching pay rises are just annoyed that others get increases locked at the highest possible rate.

If the workers pay doesn't keep up with inflation then long term the funding of inflation matched benefits is doomed.
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Sounds reasonable
 
200sols said:
If the workers pay doesn't keep up with inflation then long term the funding of inflation matched benefits is doomed.
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What I would like to see is information on inflation Vs wage increase and inflation Vs pension increases since circa 2000 to see how they stack up against each other.

I would have a look but on my phone just now so a little difficult.
 
Mercenary Keyboard Warrior said:
It 100% is.

State Pension - UK Benefits Guide

The state pension is a benefit payment available to the majority of people when they reach the current State Pension age. It is a universal, non-means tested benefit available to all, so long as they have made the requisite National Insurance contributions or credits. What is the State Pension...
www.benefitsguide.co.uk www.benefitsguide.co.uk

"The state pension is a benefit payment available to the majority of people when they reach the current State Pension age. It is a universal, non-means tested benefit available to all, so long as they have made the requisite National Insurance contributions or credits."

Bolded relevant ;)
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How can it be a benefit when I've paid for it for 50 years?
 
SexyGreyFox said:
How can it be a benefit when I've paid for it for 50 years?
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Simply because the government class it as a benefit.
You paid taxes they they used for various things, none of which were to provide YOU specifically with a pension.

They didn't invest it, they didn't ring fence it. They spent it.

Now your pension is 100% a result of the amount being paid in right now by those working, and maybe some borrowing.
 
SexyGreyFox said:
How can it be a benefit when I've paid for it for 50 years?
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Because what you've paid doesn't correlate with your specific pension, it's just allowed you to claim the benefit in later life. You could have not contributed anything for 50 yrs and still get the state pension (as long as you fulfilled other criteria to enable your NI record being completed with the requisite No. of years), hence it is classed as one of the social security benefits.

I have 2 clients who aren't going to eligible for the state pension, both self employed and paid tax. Neither have paid any class 2 NI, one says he didn't realise :rolleyes: and the other isn't bothered.
 
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Richie said:
What I would like to see is information on inflation Vs wage increase and inflation Vs pension increases since circa 2000 to see how they stack up against each other.

I would have a look but on my phone just now so a little difficult.
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You would also need to compare the starting point of the wages at various stages (minimum, average etc) vs the pension.

UK state pensions as I say are about half the minimum you'd get paid working a standard 40 hour week at minimum wage.

IIRC the state pension this year has gone up by something like £18 a week, your wage (before taxes) if you are on the minimum wage your pay has gone up £40 for a 40 hour week (it went up 10%).
There have been years when the state pension has risen faster than the NMW, but the state pension started considerably lower.
 
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