Pensions and Pensioners

[yeseye]

 

[Ho Chi Man City]

max uk state pension £12.5k? How do you get more

I’ve no idea! I get my next payment tomorrow, however I believe it was something to do with SERPs as in my first 25 years of employment I only had 5 years of private pension contribution (allowed in at 25 years old but been there at 19 and left at 30).

My other two employers in that time didn’t offer a pension and ad I was saving for a house deposit then paying a mortgage a pension was the furthest thing from my mind.

 

[mosssideblue]

I’ve no idea! I get my next payment tomorrow, however I believe it was something to do with SERPs as in my first 25 years of employment I only had 5 years of private pension contribution (allowed in at 25 years old but been there at 19 and left at 30).

My other two employers in that time didn’t offer a pension and ad I was saving for a house deposit then paying a mortgage a pension was the furthest thing from my mind.

So your state pet is 12.5k and the additional bit is from a modest private pension

 

[manclad]

I’ve no idea! I get my next payment tomorrow, however I believe it was something to do with SERPs as in my first 25 years of employment I only had 5 years of private pension contribution (allowed in at 25 years old but been there at 19 and left at 30).

My other two employers in that time didn’t offer a pension and ad I was saving for a house deposit then paying a mortgage a pension was the furthest thing from my mind.

100% it will be Serps.
My SP is £12,900 pa .
I paid into Serps from 1978 (when it started) and opted out in 1990 on financial advice).
So I get an extra £28 per month.

 

[yeseye]

I’ve no idea! I get my next payment tomorrow, however I believe it was something to do with SERPs as in my first 25 years of employment I only had 5 years of private pension contribution (allowed in at 25 years old but been there at 19 and left at 30).

My other two employers in that time didn’t offer a pension and ad I was saving for a house deposit then paying a mortgage a pension was the furthest thing from my mind.

My colleague mentioned SERPs today.
He said a lad he knows received
Thousands backdated.
Might be bullshit but may be of interest to some on here.
I’ve no clue about any of it as I’m not quite foc as yet.

 

[SilverFox2]

There’s plenty of non working people receiving benefits and not looking for a job, they and the increasing cost of taking illegal immigrants in is contributing to a tough time for the youngsters who are working but struggling. If we don’t do something soon it’ll get even worse.

I make no apologies for mentioning immigrants but will not interact with anyone who wants to take me to task on the subject.

At this moment in time Spain is allowing thousands of illegal immigrants to become legal based on the fact they want to work so they will contribute in tax etc.
In Southern Spain the locals won't work the fields which are the main source of processing vegetables for export to Europe generally.

 

[denislawsbackheel]

This might be a reference to my posts, apologies if I offended. I maybe did go in too hot on things but it is however a big frustration of mine. Of course everyone has had it difficult at somepoint and I don't want to reduce that.

I however just don't think that young people get the attention that they deserve in politics. The fact is they get literally nothing, far less than any other generation. For that they're scoffed at and told to shutup and stop buying froffy coffees because that must be the prime reason to not afford a £20,000 house deposit....

Life is both difficult and grim for them, there's no other way to say it. That's because they will be the ones to pay for decades of greed, wars, viruses, mismanagement and economic failure.... And this isn't a blip, it's permanent and it's only going to continue to get worse.

I have three adult kids.
They all own their own properties.
The only help they got from us was £5K towards their deposit and a load of decorating in the case of two of them.
They are all graduates.
One has already paid his degree loan off.
Their lives aren’t difficult and grim.

 

[Kompany Car]

And yet, by 2035, more than 11 million extra graduates, in addition to the 15.3 million graduates currently in the UK workforce will be needed to fill UK jobs. 88% of new jobs, by 2035, will be at graduate level.

So, we either increase our own graduate numbers or we import them, which is impossible given how much we despise foreigners!

Oddly enough, India has 43 million students but their fees are nothing like ours, so we could afford it but we’d rather not because we can put student ‘debt’ on the other side of the balance sheet, making it look like we’re taking back a lot more than we ever do.
Like almost everything in this country, it’s just a scam…

You don't need graduates for the all the roles, its a fallacy. The business I work for recruits hundreds of graduates per year in the UK alone for what most would see as highly technical jobs. More than 90% of them work in roles where in reality you need nothing more than A level or OND level skills. Its all artificial inflation caused by the employers and universities which have become a business rather than a place of education.

It shows how a degree has been devalued when you look at how educational requirements to be chartered have moved up from a degree in the early 90s to a masters for people graduating in the early 2000s. I say this as someone who is a fellow of 2 professional institutions.

I would prefer not to give my opinion of the majority of Indian graduates. But lets put it this way for every high quality one there are thousands who must have bought their degree from an online retailer.

That said I stand by my statement that education should be free for those who need it.

 

[Ho Chi Man City]

So your state pet is 12.5k and the additional bit is from a modest private pension

No, that’s the State Pension, I transferred my other pension’s into a SIPP which I haven’t touched yet, I’m 67 so will start frittering it away from about the age of 70 if I make it!

 

[Vic]

Thatcher’s creation in the 1980’s of the right to buy (which carried on under various successor Governments) has produced a pool of relatively affordable owner-occupied property. Ex-council properties being quite sought after due to generous gardens and decent build quality. We must also factor-in that in 1985 our population stood at 55,000,000 and our current number is around 69,000,000 a hike of 25% since the mid-80’s. This increased demand from a consistently growing population has not been matched by new builds and must have put upward pressure on prices. Beyond simply housing, the national infrastructure has not been expanded/improved to deal with 25% more people either, in terms of new reservoirs, sewers, roads etc - as is plainly evident from the appalling and inadequate state/extent of these assets. A total failure to adequately plan and respond by our political class of all hues.

It's no good blaming the "political class". Those things cost money, and the Tories gave tax cuts rather than do those things. And we the people will now not vote for a party that promises tax increases to do those things.

 

[NPBlue]

My colleague mentioned SERPs today.
He said a lad he knows received
Thousands backdated.
Might be bullshit but may be of interest to some on here.
I’ve no clue about any of it as I’m not quite foc as yet.

I receive more than the full state pension. I always thought it was SERPs, maybe it is, but for the first time earlier on this year I received an explanation from the DWP about my extra money, and it was described as protected pension contributions up to 2016.

I haven't got a clue why I'm in receipt of the extra payments, as I was contracted out for years with a company pension. Maybe contracted out stopped years ago, I don't know, but it's based on my national insurance contributions.

 

[I'm With Stupid]

There’s plenty that don’t drink or smoke but the proliferation of take away and fast food apps must take up a fair proportion of some people’s disposable income. Ubers and the like are also doing pretty well these days as people have become lazier and less active.

Yeah, that was a different category on the list, and it's gone up. That was the whole point. Some stuff has gone up and some stuff has gone down. And despite the narrative that people can't afford houses now because of all the avocados and lattes, people back in the 70s were equally spending large portions of their income on unnecessary things (alcohol and tobacco, in their case) and still able to buy a house.

 

[Ho Chi Man City]

Yeah, that was a different category on the list, and it's gone up. That was the whole point. Some stuff has gone up and some stuff has gone down. And despite the narrative that people can't afford houses now because of all the avocados and lattes, people back in the 70s were equally spending large portions of their income on unnecessary things (alcohol and tobacco, in their case) and still able to buy a house.

I can only assimilate with my own situation, I sacrificed a lot to buy my first house whilst on a relatively low wage. I had a couple of nights out a week but didn’t have a car, a holiday or an expensive lifestyle and worked 6 days a week for almost 10 years, that was my decision.

It’s paid off but due to my earnings and pension I’m just happy to live a peaceful life, City, golf, drinks afterwards, a night out with with my wife, a couple of modest holidays a year (done the expensive ones when I was working) and now involved in Charity work to give something back which gives me great satisfaction.

It’s all about balance, there’s no wrong or right, one man’s ceiling is another man’s floor (probably not a PC thing to quote these days) :-)

 

[GornikDaze]

I receive more than the full state pension. I always thought it was SERPs, maybe it is, but for the first time earlier on this year I received an explanation from the DWP about my extra money, and it was described as protected pension contributions up to 2016.

I haven't got a clue why I'm in receipt of the extra payments, as I was contracted out for years with a company pension. Maybe contracted out stopped years ago, I don't know, but it's based on my national insurance contributions.

Here’s a google explanation which might help.

Your State Pension payments are likely higher than the standard full amount (currently £241.30 per week for the new State Pension) because of one of the following reasons:

• You Have a 'Protected Payment':When the new State Pension was introduced in April 2016, a calculation was done to compare what you would have received under the old rules with the new system. If your entitlement under the old system (which often included the Additional State Pension, or SERPS
  ) was higher, the government protected this extra amount. It is paid to you as a "protected payment" on top of the standard full rate.
  • You Deferred Your Pension: If you delayed claiming your State Pension past your State Pension age, your weekly payments are permanently increased. Under the current rules, delaying your claim for a full year increases your weekly pension by just under 5.8% (about 1% for every 9 weeks deferred).
  • You Receive the Over 80 Pension: If you are over 80 and met specific criteria regarding your National Insurance contributions, you may qualify for the separate Category D "Over 80 Pension," which can boost your total payout.

 

[SilverFox2]

I receive more than the full state pension. I always thought it was SERPs, maybe it is, but for the first time earlier on this year I received an explanation from the DWP about my extra money, and it was described as protected pension contributions up to 2016.

I haven't got a clue why I'm in receipt of the extra payments, as I was contracted out for years with a company pension. Maybe contracted out stopped years ago, I don't know, but it's based on my national insurance contributions.

There was a time where the Gov extracted SERPS and other schemes as part of NI. These were eventually dropped but are treated differently when pension increase happens.
The basic element gets the full percentage increase the additional gets less.
I queried this 3 years ago but got nowhere.

 

[denislawsbackheel]

It needs to be said that The government estimates it to be three quarters of people reaching state pension age between 2016 and 2036 will not get the full new state pension due to having been contracted out at some time in their working lives.

https://news.sky.com/story/money-problem-the-overlooked-rule-cutting-state-pensions-for-millions-13545536?utm_campaign=money-blog-weekly&utm_edition=202605211057&utm_medium=email&utm_source=newsletter

 

[Ifwecouldjust.......]

No, that’s the State Pension, I transferred my other pension’s into a SIPP which I haven’t touched yet, I’m 67 so will start frittering it away from about the age of 70 if I make it!

You should consider withdrawing the (current) 25% tax free element of your SIPP pension and either investing it elsewhere or spending it

 

[Ho Chi Man City]

You should consider withdrawing the (current) 25% tax free element of your SIPP pension and either investing it elsewhere or spending it

I think I’ll stick with my Financial advisor’s direction, my SIPP has increased at a great rate despite the Iran issue, I’ll leave it there until I need it, if I pop my clogs my wife gets the full pot tax free, that’s a comfort.

 

[stonerblue]

I think I’ll stick with my Financial advisor’s direction, my SIPP has increased at a great rate despite the Iran issue, I’ll leave it there until I need it, if I pop my clogs my wife gets the full pot tax free, that’s a comfort.

That's mental. Get it spent on enjoying life together while you can.

 

[heslops barnet]

That's mental. Get it spent on enjoying life together while you can.

Wise words……….never know what tomorrow brings