Neilds
Assistant Pro
I find it a bit strange that NI contributions are based on the amount of years you pay in, not the actual amount. The state pension is the same if you pay in the full amount of years, irrespective of the total you have paid in.
Retirement
- Thread starter Crazyface
- Start date
D-S
Well-known member
My wife and I were both born in '61, stated work at the same age, finished at about the same time. We both get our state pension at 67 - seems perfectly normal and fair, why would it be any different?
RichA
Well-known member
But it's essentially a tax, not a pension scheme.
Similarly, you don't get a level of medical treatment from the NHS based on how much tax you've paid - it's the same for everyone.
Neilds
Assistant Pro
I (partly) agree with what you said but you don't have to pay NI for x years to qualify for NHS treatment.
Robster59
Tour Rookie
I understand what everyone is saying, and it is unfortunate for her that she was born after the 66 qualifying date, but it still annoys.
SwingsitlikeHogan
Major Champion
…and it annoys when you plan for a certain State Pension date - it is changed and shoved back a few years…with little or no consideration of how the resulting gap will be bridged.
PJ87
Journeyman Pro
Rightly or wrongly I've always viewed it as a bonus (as I doubt it will exist when I get there) so I'm planning to never get it and if I do it's a nice top up
PhilTheFragger
Provider of Entertainment for the Golfing Gods 🙄
Because when you started work in the early 1980’s blokes retired at 65 and ladies at 60.
It was thus until 1995 when the dates started to move , with effect from 2010, so many, especially ladies would have initially planned to have retired by now and find they have to work several more years.
There are several thousand ladies who are taking legal action as they were due to retire between 2010 and 2015 and they feel that they didn’t have enough warning that the dates were changing.
4 years and 3 months to go
Voyager EMH
Slipper Wearing Plucker of Pheasants
State pension is a benefit.
If you have not worked enough years and do not get the full state pension, then you claim other benefits that you may be entitled to. Same thing in a way.
People pay money to the Treasury in the form of NI contributions and that money goes straight out again to state pension recipients.
There is no state pension fund, it is more like a current account.
But if you find yourself short of a few bob, get a couple of acquaintances to set up a company that takes a loan from a largely anonymous company in the BVI. The acquaintances bung you a few quid as they have no plans to pay back the loan and will most likely declare the company bankrupt a few years later.
Quite safe, obeys rules, nothing to worry about.
Or so I've been easily led to believe.
If you have not worked enough years and do not get the full state pension, then you claim other benefits that you may be entitled to. Same thing in a way.
People pay money to the Treasury in the form of NI contributions and that money goes straight out again to state pension recipients.
There is no state pension fund, it is more like a current account.
But if you find yourself short of a few bob, get a couple of acquaintances to set up a company that takes a loan from a largely anonymous company in the BVI. The acquaintances bung you a few quid as they have no plans to pay back the loan and will most likely declare the company bankrupt a few years later.
Quite safe, obeys rules, nothing to worry about.
Or so I've been easily led to believe.
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Crazyface
Tour Winner
Update again.
Got an e mail from the place that is dealing with my pension payout and they say they cannot deal with defined pensions. Brilliant. Then, and this is just bonkers. I got a letter, yes a proper paper letter, from the pension people that have the pension to say I have jumped through all the hoops they have in place to stop people from actually getting hold of all of the available money and will "in the next few days" be sending this to the company who are dealing with my draw down pension. Yep, the ones who say they cannot accept it. I'm watching things online to see if anything actually appears in this account, I don't think it will. But, it's going to be fun contacting the clowns that have the money and asking them how they are getting on transferring the money. (I'm not going to tell them that the draw down lot can't and won't accept it, I'm just going to stress that I need it and can they please progress it asap until someone actually contacts them and actually speaks to someone to sort it out, if they can).
Got an e mail from the place that is dealing with my pension payout and they say they cannot deal with defined pensions. Brilliant. Then, and this is just bonkers. I got a letter, yes a proper paper letter, from the pension people that have the pension to say I have jumped through all the hoops they have in place to stop people from actually getting hold of all of the available money and will "in the next few days" be sending this to the company who are dealing with my draw down pension. Yep, the ones who say they cannot accept it. I'm watching things online to see if anything actually appears in this account, I don't think it will. But, it's going to be fun contacting the clowns that have the money and asking them how they are getting on transferring the money. (I'm not going to tell them that the draw down lot can't and won't accept it, I'm just going to stress that I need it and can they please progress it asap until someone actually contacts them and actually speaks to someone to sort it out, if they can).
Tashyboy
Please don’t ask to see my tatts 👍
The current Labour government in its Manifesto to get elected promised to return £1.2 billion reserve fund from the miners pension scheme. If it is not returned in the next month. The earliest it will be paid is next April due to the pension scheme changing the administration from Capita who are Rammel. 500 miners a month are dying so between now and April 3,500 miners are expected to die before the money is handed over.
Returning the money equates to a massive 30% increase on bonuses. That is on top of 19% bonus increase due next month. The government has had between £6 and £10 billion in surpluses depending who you believe. So when it comes to folk being bogged off re pensions. I am on your side.
Returning the money equates to a massive 30% increase on bonuses. That is on top of 19% bonus increase due next month. The government has had between £6 and £10 billion in surpluses depending who you believe. So when it comes to folk being bogged off re pensions. I am on your side.
D-S
Well-known member
Initially announced in 1991, enacted I believe in 1993 - seems enough time to me. Many, many more things in life have changed with little or no notice. We would have been better off if it remained as was but it all seems right and reasonable to me.Because when you started work in the early 1980’s blokes retired at 65 and ladies at 60.
It was thus until 1995 when the dates started to move , with effect from 2010, so many, especially ladies would have initially planned to have retired by now and find they have to work several more years.
There are several thousand ladies who are taking legal action as they were due to retire between 2010 and 2015 and they feel that they didn’t have enough warning that the dates were changing.
4 years and 3 months to go
PaulMdj
Well-known member
Confirmed last week by Ed Miliband at the Labour Party Conference in Liverpool.The current Labour government in its Manifesto to get elected promised to return £1.2 billion reserve fund from the miners pension scheme. If it is not returned in the next month. The earliest it will be paid is next April due to the pension scheme changing the administration from Capita who are Rammel. 500 miners a month are dying so between now and April 3,500 miners are expected to die before the money is handed over.
Returning the money equates to a massive 30% increase on bonuses. That is on top of 19% bonus increase due next month. The government has had between £6 and £10 billion in surpluses depending who you believe. So when it comes to folk being bogged off re pensions. I am on your side.
Ye Olde Boomer
Well-known member
I was almost thirty before I became seriously gainfully employed,
and I retired two or three weeks after my 55th birthday.
Some of us are born without a functioning
Calvinist Work Ethic gene.
and I retired two or three weeks after my 55th birthday.
Some of us are born without a functioning
Calvinist Work Ethic gene.
Tashyboy
Please don’t ask to see my tatts 👍
When it has come to miners and pensions it has been a painful exercise sat on the sidelines hearing some folks talk. I went to a meeting a couple of months ago listening to a trustee of the MPS talk. He was quite well informed and very patient. A woman was quite vocal about why she cannot have her father’s pension when he dies. He was sat at the side of her. He is 92 yr old and had a pension for the best part of 30 years. Now she wants it.
The guy at the side of me was quite insistent that the pension should be wound up and everyone gets a million pounds each. It was put to him that why should a guy who has drawn his pension for 30 odd years get a million quid.The same as a miner who has not started dragging his pension yet. It was also pointed out that it is illegal to even suggest that. It was not an acceptable reply to him.
We were informed we had a 19% bonus to be paid from October. A guy I knew asked if he could have it as a lump sum as he needs the money. He was told no.
When it comes to pensions and the state pension is the same. The more you pay in, the more you get when you come to draw it. Yet to some folks that is not acceptable
I had been pointed in the direction of the Ed Milliband speech last week. The problem is, and it is nothing to do with Labour is that it is being returned at the very time the trustees have found new administrators of the pension fund as Capita were shocking. The new administrators will struggle to process it straight away as they have a million other things to do.
nickjdavis
Head Pro
All being well, I've got 59 working days to go.
That's assuming I don't decide to end my career early, by abusing one/some/any/all of the idiots who seem to be increasingly blighting my working day...
...or that my current "employer" doesn't decide to do a last minute u-turn and decide that they want to extend my contract into 2025....in which case they are going to get a nasty shock when I quote my "terms for staying on", after being told for the last 6 months that I wasn't required after the end of the year.
That's assuming I don't decide to end my career early, by abusing one/some/any/all of the idiots who seem to be increasingly blighting my working day...
...or that my current "employer" doesn't decide to do a last minute u-turn and decide that they want to extend my contract into 2025....in which case they are going to get a nasty shock when I quote my "terms for staying on", after being told for the last 6 months that I wasn't required after the end of the year.
PJ87
Journeyman Pro
God bless my grandad and pensions of his day. He passed 2 months ago leaving my nan behind. She's never worked really. Or had much of a pension just £400 pcm from the state
However my grandad worked in pensions so set up his pension to be water tighter
She now gets £54,000 a year after his state pension passes over aswell and including hers
Good for her! At least she can afford to live the rest of her days in comfort
However my grandad worked in pensions so set up his pension to be water tighter
She now gets £54,000 a year after his state pension passes over aswell and including hers
Good for her! At least she can afford to live the rest of her days in comfort
harpo_72
Journeyman Pro
Let me get this straight.. she wanted the pension after he passed ?When it has come to miners and pensions it has been a painful exercise sat on the sidelines hearing some folks talk. I went to a meeting a couple of months ago listening to a trustee of the MPS talk. He was quite well informed and very patient. A woman was quite vocal about why she cannot have her father’s pension when he dies. He was sat at the side of her. He is 92 yr old and had a pension for the best part of 30 years. Now she wants it.
The guy at the side of me was quite insistent that the pension should be wound up and everyone gets a million pounds each. It was put to him that why should a guy who has drawn his pension for 30 odd years get a million quid.The same as a miner who has not started dragging his pension yet. It was also pointed out that it is illegal to even suggest that. It was not an acceptable reply to him.
We were informed we had a 19% bonus to be paid from October. A guy I knew asked if he could have it as a lump sum as he needs the money. He was told no.
When it comes to pensions and the state pension is the same. The more you pay in, the more you get when you come to draw it. Yet to some folks that is not acceptable
I had been pointed in the direction of the Ed Milliband speech last week. The problem is, and it is nothing to do with Labour is that it is being returned at the very time the trustees have found new administrators of the pension fund as Capita were shocking. The new administrators will struggle to process it straight away as they have a million other things to do.
I thought was a gamble some times you got to draw the pension if you survive and if you didn’t that was hard luck no one got it but the pension company.. or have I misunderstood?
Crazyface
Tour Winner
Another update.
Well it's been a bluddy nightmare, and it's still on going. Why?
The pension company that had my pension had sent it to the pension company I have the draw down (DD) with. Wahooo! BUT. (I've been away) The pension company that has the DD pension won't accept defined pension (DP) and apparently told the pension company that had the money but sent it anyway. The DD pension company are returning the money!!!!! I have now contacted the pension company that sent the money out, to say please could you let me know when you get this money back, and where can I find a company that will take a DD pension. (I have found one but they want £7K AND I have to go though the rigmaroll of advice again, which I don't want or need!).
So, if anyone knows anyone out there that can sort this without fleecing me, I would be very VERY grateful.
Before I went away, I did speak to an advisor about this, he had no ideas, but I said to him at the time, "this money is going to get lost"
Well it's been a bluddy nightmare, and it's still on going. Why?
The pension company that had my pension had sent it to the pension company I have the draw down (DD) with. Wahooo! BUT. (I've been away) The pension company that has the DD pension won't accept defined pension (DP) and apparently told the pension company that had the money but sent it anyway. The DD pension company are returning the money!!!!! I have now contacted the pension company that sent the money out, to say please could you let me know when you get this money back, and where can I find a company that will take a DD pension. (I have found one but they want £7K AND I have to go though the rigmaroll of advice again, which I don't want or need!).
So, if anyone knows anyone out there that can sort this without fleecing me, I would be very VERY grateful.
Before I went away, I did speak to an advisor about this, he had no ideas, but I said to him at the time, "this money is going to get lost"
Robster59
Tour Rookie
Sounds like a nightmare @Crazyface . I have a total of 4 pensions.
I list the above, not to sound smug but to say that I would not have had a clue about the best route until my missus convinced me to speak to her financial advisor. He was able to provide me with good advice and handled all the details of transferring the small pension over to Quilter, investing the cash, transferring £20K every year over to an ISA. I could also specify what level of risk I wished to put on the investment (Aggressive, Moderate Aggressive, Moderate, Moderate Conservative, Conservative). I would certainly advocate consulting a reputable financial advisor for something like this. It's their area of expertise and I have to say, he has made everything a lot clearer for me. I just wish I had spoken to him sooner. I can also track them all via apps on my phone.
- My old ICI pension to which I contributed for 27 years. I took the maximum out as cash which is now in an investment account and ISA, and I draw the rest as pension into my savings account. This was recommended by my financial advisor as who knows when I may drop dead so I may as well have something to spend now.
- My current company pension which I am hammering as hard as I can with salary sacrifice contributions and so by the time I retire I am hoping there will also be a reasonable pot there.
- A small pension from an interim job which my financial advisor tranferred into a Quilter pension and is performing better than where it was.
- My State Pension which starts on 21st January, when I turn 66.
I list the above, not to sound smug but to say that I would not have had a clue about the best route until my missus convinced me to speak to her financial advisor. He was able to provide me with good advice and handled all the details of transferring the small pension over to Quilter, investing the cash, transferring £20K every year over to an ISA. I could also specify what level of risk I wished to put on the investment (Aggressive, Moderate Aggressive, Moderate, Moderate Conservative, Conservative). I would certainly advocate consulting a reputable financial advisor for something like this. It's their area of expertise and I have to say, he has made everything a lot clearer for me. I just wish I had spoken to him sooner. I can also track them all via apps on my phone.
