Gov taken my new motorhome

[deleted79651]

One thing that is missed almost every time that this topic is discussed on other Forums, Twitter, FB etc is that the Cridland Review that led to the increase in the Pension Age also incorporated a decent increase in the State Pension amount; IIRC, the publicity slogan was 'More for fewer years',if not the actual words, then that was the gist.

Elaine gets her State Pension in 5 days time. Woohoo!

Steve

 

[ChrisSue]

Sue was on a final salary scheme until the guy running it was asked to clear his desk and was escorted from the premises. Soon after she had a letter saying that to maintain her projected post retirement income level she would need to up her contribution by 2/3rds. She did. We have since worked out that she needs to live to 93 to get back what she has paid in! They've since closed the final salary scheme and reinvested it into a new one with a reasonable pension.

 

[Coolcats]

One thing that is missed almost every time that this topic is discussed on other Forums, Twitter, FB etc is that the Cridland Review that led to the increase in the Pension Age also incorporated a decent increase in the State Pension amount; IIRC, the publicity slogan was 'More for fewer years',if not the actual words, then that was the gist.

Elaine gets her State Pension in 5 days time. Woohoo!

Steve

For every 9 weeks you delay getting your pension it increases in value by (I believe its) 1% but do check if you do this.

 

[bigtwin]

My point is that I don't think that is the case. I may be wrong as I'm not claiming to be a financial expert but I believe the law allows you to take your pension from 55. Yes the pension may be set up to have a normal pension age of 66 but that doesn't mean you cannot take it before then.

No, your original point related only to the fact that you can access a private pension from age 55 and made no reference to the delay to 66 which is the point I, and others, was questioning.

Good to see that you now agree with the point we were questioning, i.e. the suggestion by the OP that he could not access his private pension until he was 66.

Yes, it’s possible that his private pension has changed the terms of their scheme to push back the age at which it is normally paid, however this would be very unusual.

Thus far, the OP has not clarified this.

Ian

 

[Burgo]

, it will be a reduced amount because I was opted out even though the website says I get the full amount.

Is that correct? I'm a bit worried as I have based my plans on the gov UK site and my personal pension forecast I downloaded from there. It seems to have taken into consideration my gaps in ni contributions so also assumed it allowed for the fact I was in a final salary scheme for 15 years. Any easy way to check?

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[Burgo]

, it will be a reduced amount because I was opted out even though the website says I get the full amount.

Is that correct? I'm a bit worried as I have based my plans on the gov UK site and my personal pension forecast I downloaded from there. It seems to have taken into consideration my gaps in ni contributions so also assumed it allowed for the fact I was in a final salary scheme for 15 years. Any easy way to check?

 

[carolyn]

Is that correct? I'm a bit worried as I have based my plans on the gov UK site and my personal pension forecast I downloaded from there. It seems to have taken into consideration my gaps in ni contributions so also assumed it allowed for the fact I was in a final salary scheme for 15 years. Any easy way to check?

I think there is a pensions forecast dept you can phone. Mine is just because of the weird way GPs are paid. Even though we are classed as self employed , we are paid by the NHS. It was even stranger when I was first a GP. I never understood it.
Of course if I did get the full amount I will be delighted but the practice accountants said I probably won’t.

I’m sure you don’t need to worry.

 

[Ukbandit]

Just worked out that the gov has robbed me of £65,520
By increasing my pension age by one year to 66 years old. And my wife from 60 to 66 also.
Plus private pension to 66.
So could have got a good motorhome for that amount.

Snap, we’re exactly the same, at least Dick Turpin wore a mask.

 

[SpeedyDux]

As a population we allowed our government to be one of the lowest payers of pensions. We allowed the government to move our retirement age. Personally I would have been happy to pay more into the system.

That, and abolishing the earnings-related SERPS or additional state pension rules for those who opted-in.

My point is that I don't think that is the case. I may be wrong as I'm not claiming to be a financial expert but I believe the law allows you to take your pension from 55. Yes the pension may be set up to have a normal pension age of 66 but that doesn't mean you cannot take it before then.

You can do a simple calculation to add up all the pension payments (including any uprating) you will get from age 55, and compare that total with the higher payments you will get from 66 onwards. Work out the age at which the amounts cross over and you will start to get a net benefit. If your close family members have never reached that magic age you might ponder why you are still deferring your private pension.

 

[The Wino]

That, and abolishing the earnings-related SERPS or additional state pension rules for those who opted-in.



You can do a simple calculation to add up all the pension payments (including any uprating) you will get from age 55, and compare that total with the higher payments you will get from 66 onwards. Work out the age at which the amounts cross over and you will start to get a net benefit. If your close family members have never reached that magic age you might ponder why you are still deferring your private pension.

A good reason to defer a private pension is inheritance tax. Our financial adviser recons it's one of the last things to draw in your retirement planning.

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[SpeedyDux]

A good reason to defer a private pension is inheritance tax. Our financial adviser recons it's one of the last things to draw in your retirement planning.

Sod the IHT. Spend your pension while you are young and healthy enough to enjoy doing that.

 

[Bucket]

The general pension woes we all have are down to Gordon Brown. As soon as he and B'Liar got into Downing street he started robbing the final salary private pensions that had made the UK the envy of the world. First by removing investment advantages then by slowly adding stealth taxes. It only took a few years for most companies to shrink their pension schemes down to the basic contribution/self investment packages we have today. Now the only people with final salary schemes are public sector workers and even those come with caveats.
Add to that the fact that state pensions were based on people retiring at 60/65 when already knackered and mostly dying within 5 years. Now we all expect to live well into our 70's and beyond so something had to change.
It's a no-win situation for those of us in the 50's up because we don't have the working years left to build up a meaningful personal pension pot possibly.

 

[phase3begins]

Since I’m retired I think they should keep moving the age out so you workers can pay my pension.

 

[VXman]

You can do a simple calculation to add up all the pension payments (including any uprating) you will get from age 55, and compare that total with the higher payments you will get from 66 onwards. Work out the age at which the amounts cross over and you will start to get a net benefit. If your close family members have never reached that magic age you might ponder why you are still deferring your private pension.

Yes, - I worked out that I will be 79 until I start to 'lose out'. By then I will have state pension and probably be spending less due to less 'activity' so it was a no brainer.

 

[EuroTrotters]

Like the council tax.

Depriving me us of tens of thousands of pension

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[VXman]

No, your original point related only to the fact that you can access a private pension from age 55 and made no reference to the delay to 66 which is the point I, and others, was questioning.
Ian

Well, it was implied as it was a response to his post. Sorry if it was not clear enough but it was what I intended.

 

[VXman]

As a population we allowed our government to be one of the lowest payers of pensions. We allowed the government to move our retirement age. Personally I would have been happy to pay more into the system.

The general pension woes we all have are down to Gordon Brown. As soon as he and B'Liar got into Downing street he started robbing the final salary private pensions that had made the UK the envy of the world. First by removing investment advantages then by slowly adding stealth taxes. It only took a few years for most companies to shrink their pension schemes down to the basic contribution/self investment packages we have today. Now the only people with final salary schemes are public sector workers and even those come with caveats.
Add to that the fact that state pensions were based on people retiring at 60/65 when already knackered and mostly dying within 5 years. Now we all expect to live well into our 70's and beyond so something had to change.
It's a no-win situation for those of us in the 50's up because we don't have the working years left to build up a meaningful personal pension pot possibly.

While pensions may have been better in the past it was not sustainable with increasing life expectancy and an aging population. Greece made a lot of fuss about losing their rather cozy state pension (they were retiring at 55 I believe???) but with a failing economy it just was not sustainable. I think encouraging people to save for their own pensions with tax breaks and employer contributions is the way forward. However it is still difficult for young people. My son whose 30 has still not started a pension as most of his income is spent on living (rent/bills/food) and who can blame him for wanting to spend the little left over on enjoying life just a bit. He's waiting on his inheritance to get him through. I'm trying to spend it all!

 

[laurieash]

No, your original point related only to the fact that you can access a private pension from age 55 and made no reference to the delay to 66 which is the point I, and others, was questioning.

Good to see that you now agree with the point we were questioning, i.e. the suggestion by the OP that he could not access his private pension until he was 66.

Yes, it’s possible that his private pension has changed the terms of their scheme to push back the age at which it is normally paid, however this would be very unusual.

Thus far, the OP has not clarified this.

Ian

Need to get in touch again with the pension administration .that was looking after the wound up pension scheme.
For coloroll carpet's it's now in a Financial Assistant Scheme.
And my normal retirement date is 8/8/22
So might just leave well alone.

 

[Lynne Roy]

Snap, we’re exactly the same, at least Dick Turpin wore a mask.

There is an imminent statement from DWP about the women’s age increase, they have investigated a sample 6 complaints, first investigation is into whether there was maladministration as they did not inform us, the results are applicable to all the women affected by this

 

[Coolcats]

While pensions may have been better in the past it was not sustainable with increasing life expectancy and an aging population. Greece made a lot of fuss about losing their rather cozy state pension (they were retiring at 55 I believe???) but with a failing economy it just was not sustainable. I think encouraging people to save for their own pensions with tax breaks and employer contributions is the way forward. However it is still difficult for young people. My son whose 30 has still not started a pension as most of his income is spent on living (rent/bills/food) and who can blame him for wanting to spend the little left over on enjoying life just a bit. He's waiting on his inheritance to get him through. I'm trying to spend it all!

I suspect it is more a case of past governments not wishing to tackle the issue of an increased number of people being retired and people living longer. I would assume many would not mind an increase in NI if it meant that the state retirement age remained the same along with an increase if to meant a better life in retirement, lets face it those who no longer work do contribute to the economy.

I do feel for people like you Son who may not have started a private pension or savings, the longer he leaves it the harder it will be but on the other hand there are many in this country who just do not have the spare cash to put to onside, for those of us who do have private pensions or investments that will see us through we just have to thank the foresight of our predecessors that made it happen for us (final salary pensions etc etc).

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[GWAYGWAY]

I had an annuity of £76000, and axa said I could have an annual payment of £1150 as a fixed reta pension, I declined it but still could n't get better than £3600 pa. If they had a bucket and poured the money into it they would still have a load in the bucket when I expire I would have to live for another 66 years after retirement to get back my money. They are a load of thieving bankers to my mind 21 years would be stretching it for the second one. THEN the government changed the rules to allow drawdown, after I had had to agree to the offer, but I did get the lumpsumthough.

 

[VXman]

I had an annuity of £76000, and axa said I could have an annual payment of £1150 as a fixed reta pension, I declined it but still could n't get better than £3600 pa. If they had a bucket and poured the money into it they would still have a load in the bucket when I expire I would have to live for another 66 years after retirement to get back my money. They are a load of thieving bankers to my mind 21 years would be stretching it for the second one. THEN the government changed the rules to allow drawdown, after I had had to agree to the offer, but I did get the lumpsumthough.

I assume this was before the law changed on pensions and you had to take an annuity?

Did you mean £76000 or £760,000? To be honest £3600 doesn't sound too unreasonable. If you live for 20 years then that's your £76000 used. If you got a lump sum too then that is excellent. (Not sure where you are getting 66 from?)

 

[Bucket]

While pensions may have been better in the past it was not sustainable with increasing life expectancy and an aging population. Greece made a lot of fuss about losing their rather cozy state pension (they were retiring at 55 I believe???) but with a failing economy it just was not sustainable. I think encouraging people to save for their own pensions with tax breaks and employer contributions is the way forward. However it is still difficult for young people. My son whose 30 has still not started a pension as most of his income is spent on living (rent/bills/food) and who can blame him for wanting to spend the little left over on enjoying life just a bit. He's waiting on his inheritance to get him through. I'm trying to spend it all!

Regarding the situation in Greece; I understand that there was massive fraud involved in their whole social setup. For instance 1000's of public servants who hadn't attended work for years but were still getting paid! I'm sure they would also have found a way to fleece the pensions system too.
Mind you, you don't have to look too far here for similar poor practices. I have a friend who worked for the BBC that was able to start taking his pension at 55 while still being employed and paid!
I also sympathise with the younger generation as the gold-plated final-salary pensions have all but disappeared outside of the public sector. The one thing they have on their side though is time, at 30, they have upwards of 30 years to build up a pension pot and lets face it lots of warnings that they have to do this.

 

[vorlic]

I wouldn't put anything past this "government" (paying people to do nothing etc etc) but the current plans under are to lift the minimum age for drawing a private pension from 55 to ... 57 in ... 2028.

I join the queue asking - why is OP saying he cannot access his private pension until he's age 66?

 

[Coolcats]

Regarding the situation in Greece; I understand that there was massive fraud involved in their whole social setup. For instance 1000's of public servants who hadn't attended work for years but were still getting paid! I'm sure they would also have found a way to fleece the pensions system too.
Mind you, you don't have to look too far here for similar poor practices. I have a friend who worked for the BBC that was able to start taking his pension at 55 while still being employed and paid!
I also sympathise with the younger generation as the gold-plated final-salary pensions have all but disappeared outside of the public sector. The one thing they have on their side though is time, at 30, they have upwards of 30 years to build up a pension pot and lets face it lots of warnings that they have to do this.

Taking a pension at 55 and still working, think we would all like to do that, however it means he took his money, the money he had earned and had saved in a pension fund as part of his benefits so not sure that is a scam or fraud. He would still have had to pay tax on those earnings and if invested in a tax efficient way maybe a little less.

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[laurieash]

Need to get in touch again with the pension administration .that was looking after the wound up pension scheme.
For coloroll carpet's it's now in a Financial Assistant Scheme.
And my normal retirement date is 8/8/22
So might just leave well alone.

8/8/22 I will be 65 so I got it wrong

 

[bigtwin]

8/8/22 I will be 65 so I got it wrong

Yes, that’s the scheme’s normal retirement age at which time you will be able to take your benefits without any ‘penalty’, i.e. no reduction in what you are entitled to.

HOWEVER, most schemes will allow you to take a reduced pension before that date (most of them allow members to take their (reduced) pension from age 55).

Ian

 

[Greame.M]

That is a sickening loss of money

 

[Wack]

Anyone can take private pensions from 55. Of course you won't have as much but even so its your choice.

My official retirement age for my work pension was 60 but I went at 58. Won't get my state pension til I'm 67!!!

Not all private pensions , I had two , one I took at 55 , one I couldn't take until I was 60

 

[Coolcats]

That is a sickening loss of money

I think the real answer is 'it depends' It depends upon personal circumstances some cash in pensions to cover debt or a messy divorce etc

My Father took his pension at 55 due to ill health and passed away at 67, had he waited until retirement age of 65 he would have only had two years of retirement so in his case I would suggest it would have been a waste of money to have waited any longer to retire. These things are only 'right' through the personal lens we view them.

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