Reply With QuoteThe Army sent me a letter today a pension increase of 2.4% from August.
So from just under £2,000 a year to just over.
better than nothing but I’ve no plans to go to the Bahamas on holiday
Some of you may be aware that the DWP are currently reviewing the state pension of every pensioner receiving it because it seems that thousands of them may be receiving too much or possibly not enough.
The old style state pension is made up of a basic pension which is based on the years you paid in plus your various circumstances throughout life and if you were contracted in or out and for how long.
I received my review today and my pension will be increased by 2 pence per week. I calculate that in the year of 8085 I shall be able to walk into an AD and buy a new Rolex Sub with my extra pension.
Gives me something to look forward to.
The Army sent me a letter today a pension increase of 2.4% from August.
So from just under £2,000 a year to just over.
better than nothing but I’ve no plans to go to the Bahamas on holiday
My mum turned 80 last year and got an extra 25p a week in her pension.
I congratulate you but think with all the good will in the world, you’re more likely to be carried in than walk in 8085.
And in other news, my council tax increased by 7% in April !!
You’re likely to still be on the waiting list.....Originally Posted by Mick P
I calculate that in the year of 8085 I shall be able to walk into an AD and buy a new Rolex Sub with my extra pension.
Gives me something to look forward to.[/QUOTE]
At today’s prices or have you factored in annual price rises & inflation?
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Fear not! Rumour has it that Messrs Corbyn/McDonnell are promising all pensioners a Pepsi in 2022 (if they are elected)
- something to do with a windfall tax on American soft drinks suppliers I bet!
I forgot the state pension a long time ago. Only 55, but tbh I would be happy to pass mine to someone more deserving than me. I really have no need of it. In fact, if you have a reasonable employer/personal pension, the state pension should be reverse means tested. I am sure it could be better used elsewhere.
Last edited by Skyman; 4th May 2019 at 19:44.
I guess yours must be small then - contacted out to employer etc etc
B
Disagree massively as higher earners pay more in that lower earners. I pay 45% tax and damn right am I claiming everything I can as I deserve it for how much I contribute to this country's coffers. I don't even use the NHS! I'm restricted to only being able to pay £10k a year tax free into my private pension FFS. It's a disgrace
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I’m “luckily” young enough that by the time I get to state pension age, SPA will be long gone (or age 75).
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Trouble is pension plans are so long term (> 40 years) how can you bring something like this is, even if it was beneficial, in the next 50 years?
To be honest most people spend the first part of their working life not thinking about pensions at all and the last part thinking about little else.
Agree with Ryan. Current tax laws on earnings and pensions leave few options to save for the future. You get penalised now and again when you take your pension for trying not to live off the state in the future.
I'm a proponent of paying the tax that's due, but effectively getting taxed three times on the same earnings is taking the piss.
Disproportionate rates of contribution to public sector schemes is just dishonest.
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Don't forget the tax you pay on capital gains made on assets purchased with your (taxed) earnings and just to add insult to injury your estates may get taxed again.
Happy days 😀
Whoever does not know how to hit the nail on the head should be asked not to hit it at all.
Friedrich Nietzsche
It would just be wasted on some ill-thought-out project or other.
They did consider means testing the pension but they felt it was a right and that applied equally to the better off than to the poorer.
£40k/year tax free into a pension isn't bad, yes not as good as it was previously but if you're genuinely looking at saving for a pension then it's more than enough.
Also £20k/year ISA limit so can have tax free investment growth on 60k/year.
If you've already hit the lifetime pension limit then you are more limited but it's certainly a good problem to have.
I’m pretty sure everyone gets £10k capital gains allowance a year. If you’re lucky to be making more than a £10k gain in a tax year then I think you’re OK for a bit of tax.
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