UK State Pension

[hammocity]

Next year

Phased in until February 2028, someone qualifying then would be 66 years and 11 months old.

 

[Kirkstall Blue]

Martin Lewis on your pension questions tomorrow on ITV worth watching if you are worried about your pension it’s Tuesday 8pm

 

[SilverFox2]

Maybe the wrong thread but old workplace pensions dotted around the place.

Any recommendations as to combining them under one plan like pension bee or a similar service or should I seek financial advice?

I'm afraid I am many years out of date but when I did it I only had annuities to select which meant keeping the ones with guarrenteed yearly percentages (usually higher than current) and consolidate the rest. Then searched the Saturday FT for best percentage rate.
Nowadays I suppose annuities are old hat.

 

[Millwallawayveteran1988]

I'm afraid I am many years out of date but when I did it I only had annuities to select which meant keeping the ones with guarrenteed yearly percentages (usually higher than current) and consolidate go the rest. Then searched the Saturday FT for best percentage rate.
Nowadays I suppose annuities are old hat.

Annuities are making a bit of a comeback. The rates are quite good currently so some people are locking in.

 

[Kompany Car]

Annuities are making a bit of a comeback. The rates are quite good currently so some people are locking in.

Dont know if I would every bother with a life annuity but they do make sense for some people. Its certainly an option if you want to retire early and want certainty about a fixed amount of your income until you draw the state pension, to act as a bridge.

Whilst I would never advocate one particular provider over another, the calculator on the legal and general website gives some idea of what you can get and the types available.

https://www.legalandgeneral.com/retirement/pension-annuity/pension-annuity-calculator/

 

[SilverFox2]

Dont know if I would every bother with a life annuity but they do make sense for some people. Its certainly an option if you want to retire early and want certainty about a fixed amount of your income until you draw the state pension, to act as a bridge.

Whilst I would never advocate one particular provider over another, the calculator on the legal and general website gives some idea if what you can get and the types available.

https://www.legalandgeneral.com/retirement/pension-annuity/pension-annuity-calculator/

In my day it was not an option.
I often wish it had been but the cost of living savings I currently make here in SE Spain make any options academic.
Next year my wife qualifies for UK pension so our combined earnings paid gross to our Spanish Tax Paying circumstances will make financial life comfortable for us.

 

[Eaststander1]

67 now isn't it ?

No, it's still 66 ..... my brother retired at the end of October 2024 , upon reaching that age .... I don't think they've increased the retirement age during the 3 months since then.

 

[Citizen of Legoland]

No, it's still 66 ..... my brother retired at the end of October 2024 , upon reaching that age .... I don't think they've increased the retirement age during the 3 months since then.

FYI from next year it starts to incrementally increase each month so . Eg …

Born 05/04/1960, retire 05/04/2026
Born a day later 06/04/1960, retire 06/05/2026

Born 05/05/1960, retire 05/06/2026
Born a day later 06/05/1960, retire 06/07/2026

Born 05/06/1960, retire 05/08/2026
Born a day later 06/06/1960, retire 06/09/2026

And so on so it transitions from 66 to 67.

 

[Lost for words]

What made sense in 1964 when I first started working is totally different now. State pension contributions and private pension contributions were commonplace, plus housing costs while an onerous burden for a few early years became easier with pay rises, and the likelihood of becoming a fully paid up home owner after around 20-25 years was commonplace. But that elephant in the room, the Government, started whittling away at these funds either by 'borrowing ' to fund schemes better left to Industry and Commerce rather than spending it on their own pet projects. Gordon Brown was particularly astute at limiting the worth of these funds.
And as time goes by, governments come and go with their pet projects which just get scrapped with each change of Government. Meanwhile existing problems get glossed over or just plain forgotten.

Now I'm not getting involved in the rights or wrongs of immigration but with the rapid increase of the UK population alongside the existing shortage of houses then where are people going to live, certainly to the standards that their parents would have expected at the time of their births? Certainly, there will be little help from Governments of the day

 

[Millwallawayveteran1988]

What made sense in 1964 when I first started working is totally different now. State pension contributions and private pension contributions were commonplace, plus housing costs while an onerous burden for a few early years became easier with pay rises, and the likelihood of becoming a fully paid up home owner after around 20-25 years was commonplace. But that elephant in the room, the Government, started whittling away at these funds either by 'borrowing ' to fund schemes better left to Industry and Commerce rather than spending it on their own pet projects. Gordon Brown was particularly astute at limiting the worth of these funds.
And as time goes by, governments come and go with their pet projects which just get scrapped with each change of Government. Meanwhile existing problems get glossed over or just plain forgotten.

Now I'm not getting involved in the rights or wrongs of immigration but with the rapid increase of the UK population alongside the existing shortage of houses then where are people going to live, certainly to the standards that their parents would have expected at the time of their births? Certainly, there will be little help from Governments of the day

I flew back to the UK from Amsterdam one day and it was a lovely clear day. Looking down, it was amazing how much of the country is just land. There is enough land in this country to build millions of houses but they are obsessed with planning regs and green belt.

Of course when you dig deeper, you realise why. Most of it is owned by extremely wealthy people/Church/royalty.

Over 5m acres of land in this country is unregistered which means it has never been sold so the land registry don’t really know who owns it or if they do then they don’t want to release this information.

On one acre you can fit 18 homes.

 

[Millwallawayveteran1988]

Martin Lewis on your pension questions tomorrow on ITV worth watching if you are worried about your pension it’s Tuesday 8pm

100mph as per usual with him.

There was enough content in that show to cover a series of 8 episodes!

 

[dickie davies]

I flew back to the UK from Amsterdam one day and it was a lovely clear day. Looking down, it was amazing how much of the country is just land. There is enough land in this country to build millions of houses but they are obsessed with planning regs and green belt.

Of course when you dig deeper, you realise why. Most of it is owned by extremely wealthy people/Church/royalty.

Over 5m acres of land in this country is unregistered which means it has never been sold so the land registry don’t really know who owns it or if they do then they don’t want to release this information.

On one acre you can fit 18 homes.

It's not as simple as that
Where exactly are 10,000 new homes going to be built that will house around 40,000 people
What about transport links to people's work?
What about schools, doctors and dentists?
Where are the nearest hospitals going to be?
What about policing, or being within a radius of a fire station?
What about the utilities, water, gas electricity?

 

[Mr Kobayashi]

It's not as simple as that
Where exactly are 10,000 new homes going to be built that will house around 40,000 people
What about transport links to people's work?
What about schools, doctors and dentists?
Where are the nearest hospitals going to be?
What about policing, or being within a radius of a fire station?
What about the utilities, water, gas electricity?

We already have the people living here but they are living in cramped HMOs that used to be 3 bed family homes that have been turned into housing for 5 adults. Or people we'll into adulthood living with parents.
Down here there's extra scrutiny on the planning applications for building new developments because of the "phosphates crisis" on the levels.

But the reality is that 5 people living in one house do the same amount of turds as 5 people living in 2 or 3 houses.

 

[i kne albert davy]

I flew back to the UK from Amsterdam one day and it was a lovely clear day. Looking down, it was amazing how much of the country is just land. There is enough land in this country to build millions of houses but they are obsessed with planning regs and green belt.

Of course when you dig deeper, you realise why. Most of it is owned by extremely wealthy people/Church/royalty.

Over 5m acres of land in this country is unregistered which means it has never been sold so the land registry don’t really know who owns it or if they do then they don’t want to release this information.

On one acre you can fit 18 homes.

Great if you want to live in a concrete jungle and don't need anywhere to grow your food I suppose.

 

[i kne albert davy]

We already have the people living here but they are living in cramped HMOs that used to be 3 bed family homes that have been turned into housing for 5 adults. Or people we'll into adulthood living with parents.
Down here there's extra scrutiny on the planning applications for building new developments because of the "phosphates crisis" on the levels.

But the reality is that 5 people living in one house do the same amount of turds as 5 people living in 2 or 3 houses.

What about 15 people living in 2 or 3 houses ?

 

[mexico1970]

I flew back to the UK from Amsterdam one day and it was a lovely clear day. Looking down, it was amazing how much of the country is just land. There is enough land in this country to build millions of houses but they are obsessed with planning regs and green belt.

Of course when you dig deeper, you realise why. Most of it is owned by extremely wealthy people/Church/royalty.

Over 5m acres of land in this country is unregistered which means it has never been sold so the land registry don’t really know who owns it or if they do then they don’t want to release this information.

On one acre you can fit 18 homes.

Build more and more houses and more and more people will come, then we can rename this island Sardinia.

 

[Mr Kobayashi]

What about 15 people living in 2 or 3 houses ?

Well if we are that bothered about it why aren't we prosecuting and jailing water company executives for illegally dumping shit in the river and not upgrading the infrastructure all whilst paying out record dividends?

 

[dickie davies]

We already have the people living here but they are living in cramped HMOs that used to be 3 bed family homes that have been turned into housing for 5 adults. Or people we'll into adulthood living with parents.
Down here there's extra scrutiny on the planning applications for building new developments because of the "phosphates crisis" on the levels.

But the reality is that 5 people living in one house do the same amount of turds as 5 people living in 2 or 3 houses.

I read the post as saying that houses should be built everywhere on all this open land
My points are saying that it isn't just about building the houses

 

[Mr Kobayashi]

Build more and more houses and more and more people will come, then we can rename this island Sardinia.

Sardinia has a lower population density than mainland Italy....

 

[mexico1970]

Sardinia has a lower population density than mainland Italy....

It was an attempt at wit that challenged your IQ and left the building shaking its head :)