To pick up on the original question, I'm not expecting anything so planning accordingly. Triple lock will be the first thing to go - although I've been thinking that for a while now!
To pick up on the original question, I'm not expecting anything so planning accordingly. Triple lock will be the first thing to go - although I've been thinking that for a while now!
Something that I was told this week really annoyed me (maybe it shouldn't have) a couple I know have lived in Spain for about 15 years, he gets disability for a bad back, and she gets child benefit, all paid in Spain, they automatically get hull pension as the government (the taxpayer) pays their contributions. Yet someone who has worked hard and payed in who lives in the UK can end up with a shortfall.
It just doesn't seem right.
As I was born in 1950 (there goes the alien pod theory!) I was paid State pension (2nd class as it turns out) from my 65th birthday.
Bizarrely, I didn't get my pensioner's free travel pass until the age that I would have been entitled to it had I been a woman! It was only 9 months later, so no problem, but weird!
The rules around EU member State pensions are mildly complex (I've been planning for when my Spanish wife and I retire there). Who knows what'll come after Brexit, but right now, you get your full pension for the time you spent in the UK and Spain. You claim in and are paid by the host country. Assuming you meet basic qualifying rules they work out pro rata based on time in each country what you're entitled to in both country's systems and pay the higher of each figure as a combined pension.
For my wife this actually means a much higher pension than likely she would have got in Spain alone as her earnings here have been much higher here and the Spanish system payout is linked to earnings much more closely.
For both the UK and Spain I can see State pensions being reduced. Neither country can afford them long term.
It will depend on which party is in government and how strapped for cash they are. I think it’s safe to say that as time rolls on the state pension will be slowly but surely reduced, e.g. removal of index linking, reduction in tax breaks, increases to starting ages, means testing, etc., etc.
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Boris is desperate to win the next election and OAPs are very faithful to the Tories and come out to vote, come hell or high water. If Boris looks after the OAPs, they will continue to look after him.I expect pensioners to have a rosy future, pension wise, for the next few years at least.
Wish I hadn't just read this thread.
It has just ruined my otherwise cheery Friday evening....
I hope to get it in 8 years - but have alternative provisions in place if necessary.
We have just finished paying the USA for WWII borrowing - so we can probably pay for COVID with the right gearing without upsetting the voters too much..
I’’m not so convinced he’ will be bothered about winning another after this term. I suspect he’’s ticked the Prime Minister box now
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Going over 10 years in number 10 guarantees you a place in the history books forever.
I think Brexit and Covid-19 have already done that for Boris 😁
As little as one day as PM gets you £150,000 a year in expenses for life, whatever party you are from.