State Pension Increases

[metalblue]

I wonder how many other countries manage to pay much higher pensions and not "means tested" which is an awful way to treat your elderly population many of whom struggle to heat their homes and buy food.

Find another way to save money not by taking money off old people.

Whilst tempting I always find these country comparisons strange. No system is the same so it’s almost impossible or pointless to compare.

Let’s look at Spain as an example as they would appear to have a generous pension compared to UK, the UK state spends something like £107bn more on healthcare per year than the Spanish state - that’s the equivalent of an extra £700 in every pensioners pocket each month. We spend more on defence (£40bn - that’s another £275 each month for pensioners) and so on and so forth. But then you have to remember the Spanish system is based on how much you’ve contributed to the system - high earners get more, low earners get less (min £809 per month and maximum is £2560 per month).

Similar stories in Luxembourg, Italy, France etc where what you get out is based on what you put in. I like that our system pays the same, be you a paupers or a king (assuming you’ve made all your contributions).

 

[mancityvstoke]

Whilst tempting I always find these country comparisons strange. No system is the same so it’s almost impossible or pointless to compare.

Let’s look at Spain as an example as they would appear to have a generous pension compared to UK, the UK state spends something like £107bn more on healthcare per year than the Spanish state - that’s the equivalent of an extra £700 in every pensioners pocket each month. We spend more on defence (£40bn - that’s another £275 each month for pensioners) and so on and so forth. But then you have to remember the Spanish system is based on how much you’ve contributed to the system - high earners get more, low earners get less (min £809 per month and maximum is £2560 per month).

Similar stories in Luxembourg, Italy, France etc where what you get out is based on what you put in. I like that our system pays the same, be you a paupers or a king (assuming you’ve made all your contributions).

I agree but some want that stopped so you get fuck all if you've saved or to continue paying NI after already paying for 50 years. That wasn't what was promised or we signed up for or, indeed, planned for.

 

[Mr Kobayashi]

I agree but some want that stopped so you get fuck all if you've saved or to continue paying NI after already paying for 50 years. That wasn't what was promised or we signed up for or, indeed, planned for.

The government changed the terms for pensions after what you signed up. It went down in the case of older pensioners from 44 years for full entitlement to 30. But 35 years for everyone past the cut off date and the state pension age is likely to keep rising.

It's not about what you were promised it's what is economically possible and fair.

There's far too much entitlement in this thread.

It's not fair to keep pushing the state pension age up for younger generations if the alternative of a small contribution from pensioners prevents that and still keeps the state pension fund functional.

 

[heslops barnet]

Whilst tempting I always find these country comparisons strange. No system is the same so it’s almost impossible or pointless to compare.

Let’s look at Spain as an example as they would appear to have a generous pension compared to UK, the UK state spends something like £107bn more on healthcare per year than the Spanish state - that’s the equivalent of an extra £700 in every pensioners pocket each month. We spend more on defence (£40bn - that’s another £275 each month for pensioners) and so on and so forth. But then you have to remember the Spanish system is based on how much you’ve contributed to the system - high earners get more, low earners get less (min £809 per month and maximum is £2560 per month).

Similar stories in Luxembourg, Italy, France etc where what you get out is based on what you put in. I like that our system pays the same, be you a paupers or a king (assuming you’ve made all your contributions).

Doubt our King has paid any contributions, fukin leach

 

[metalblue]

Doubt our King has paid any contributions, fukin leach

Typical pensioner mate ;)

 

[heslops barnet]

Typical pensioner mate ;)

Almost 50 years of N.I. Contributions for me……….

 

[metalblue]

Almost 50 years of N.I. Contributions for me……….

I was referring to King Charles in case not obvious. I’m fully paid up with my stamp but I’m in that next batch of upcoming retiree’s who have little expectation on state pension, expect it will get cut for those with private provision.

 

[heslops barnet]

I was referring to King Charles in case not obvious. I’m fully paid up with my stamp but I’m in that next batch of upcoming retiree’s who have little expectation on state pension, expect it will get cut for those with private provision.

Realised that ;-)

 

[SilverFox2]

The state pension would avoid tax anyway as its less than the threshold for the tax free allowance i.e. £12570 per yr or £242 per week. In what I originally said re NI it would be on the private part of the pension only.

But the question remains, without fully means testing the state pension or making those in their 30s work until 70+ to get the state pension, which is utterly ludicrous, what are the options ?

NI being levied beyond state retirement age would seem to me a lesser evil and easy to administrate, but I'm all ears if there is a better option, which is fair and equitable for all who have diligently paid NI throughout their careers.

Re your last para:
Part of my NI payments were made when I was earning more and therefore paid more into the scheme.
Should I expect to receive more in State Pension weekly rate than say someone paying in less?

I note that one can request a Pension Forecast but unless it takes into consideration the amount paid in it will simply give a reminder of how many years are necessary for a full pension and indicate the reduced value if applicable.

 

[Kompany Car]

Re your last para:
Part of my NI payments were made when I was earning more and therefore paid more into the scheme.
Should I expect to receive more in State Pension weekly rate than say someone paying in less?

I note that one can request a Pension Forecast but unless it takes into consideration the amount paid in it will simply give a reminder of how many years are necessary for a full pension and indicate the reduced value if applicable.

The rule is you need to pay in 35 yrs, this ensures that those on minimum wage get a pension. Im sure like some others on here if it was a fixed total value you needed to pay in, they would have probably payed their lot many years before the 35yrs had elapsed.

The minimum yearly wage based upon a 35hr working week (yes I know most work a lot more as contracted hours) is £20820 per year. In an entire year that equates to £660 of NI contributions. I know I personally pay that amount of NI in less than 2 months of salary. Thats why I used the word "equitable" because its about giving an equal outcome for all, recognising that whether you're a barrister or a bartender, a CEO or a caretaker, everyone contributes to making the UK what it is.