This Year's Pension Increases

[paulchapo]

10.1% I think…

It worked out an extra £18 a week I think. Obviously better than nothing but still wiped out by inflation.

 

[Gray]

That's the hidden raid on your money. £12,570 is fuck all but go over it and the taxman is on your case. You shouldn't pay tax on anything under £20,000, certainly not a pension. If you're working you'd still pay national insurance and everyone who owns a property pays council tax. They really could make the lives of poorer people better if they wanted but they don't.

I have gone to K code for the first time in my life as my state pension has gone over the allowance.

 

[paulchapo]

I have gone to K code for the first time in my life as my state pension has gone over the allowance.

You must be getting extra serps payments to take it over the tax threshold.

 

[Gray]

You must be getting extra serps payments to take it over the tax threshold.

Correct.

 

[PPT]

Went on a pension seminar last week. I have got at least two annual pay raises due before I sack it off. We’re going to be lucky if we get 1% as we’re the worst paid in the whole of the Civil Service. I nearly passed out when I found out that those pension members at present got a 10% inflation linked pension raise this year. Bet inflation when I get there will be well into single figures. Bugger.

But what pension deal do you get with the Civil Service? I would hazard a guess it will be better than the vast majority of private pensions out there. Secondly you should be ecstatic that the OAP has risen by +10%. Any increases will culminate and compound over time. Hence making the OAP when you do receive it worth more. The current British OAP is one of the lowest in Western Europe. It is scandalously low. The very idea of the triple lock was to improve this position over time and so it should be.

 

[denislawsbackheel]

That's the hidden raid on your money. £12,570 is fuck all but go over it and the taxman is on your case. You shouldn't pay tax on anything under £20,000, certainly not a pension. If you're working you'd still pay national insurance and everyone who owns a property pays council tax. They really could make the lives of poorer people better if they wanted but they don't.

I thought if you worked as an employee beyond State pension age you stopped paying NI contributions.

 

[paulchapo]

I thought if you worked as an employee beyond State pension age you stopped paying NI contributions.

Yes sorry I meant people on low pay, under £20,000. If they scrapped or reduced the tax on such, people would still pay national insurance.

 

[horlock_was_super]

But what pension deal do you get with the Civil Service? I would hazard a guess it will be better than the vast majority of private pensions out there. Secondly you should be ecstatic that the OAP has risen by +10%. Any increases will culminate and compound over time. Hence making the OAP when you do receive it worth more. The current British OAP is one of the lowest in Western Europe. It is scandalously low. The very idea of the triple lock was to improve this position over time and so it should be.

Yep I was one of the ones that fell victim to the age discrimination that the McCarthy remedy rectified. I will find out how I benefit in August and fingers crossed it will mean the difference between partial and full retirement. Anyone over the age of 50 has been shafted and god help those under 50!

 

[Nethermoor]

Does he have a private pension as well?

He worked for the NHS so guessing that's his works pension.