Im now oficially an Old Git

  1. Then the government wants the remnants off you in inheritance tax.
     
    dobbslc and Hopefuldave like this.
  2. 500e

    500e Always buy fire insurance a flood is hard to start

    Messages:
    3,759
    Location:
    Somerset UK
    The government cannot give anything to anybody that the Government does not first take from somebody else. Sort of pyramid selling
     
    chriskelland likes this.
  3. colnerov

    colnerov Member

    Messages:
    3,093
    Location:
    Nr Gatwick UK
    Hi, Of course they tax your pension, they give you tax relief on the contributions, because you pay in less than you will draw out many years later. They're not daft.

    Colin
     
  4. Ed. Member

    There is one above the heart and the abdominal one, I had the above one replaced a few years back along with some other pieces. Top one goes you don't have a chance, the bottom one goes and you might have a very slim chance.
     
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  5. Morris Member

    Messages:
    115
    Location:
    Northamptonshire.
    I applied for mine yesterday as well. Only 3 months to go:D
    I'll get the princely sum of £173 a week.
     
  6. Cobbler

    Cobbler Codger bodger

    Messages:
    4,207
    Location:
    Gloucestershire UK
    I got my pension nearly 5 years ago, I get about £40 a week less than someone claiming today. They upped the pension rate about 2 years ago for new claimants, but the rise did not include those already claiming. I’m lucky, I have a work pension but that extra money would be nice. For those who only have the state pension, that would make a big difference.
     
  7. mechman Member

    Messages:
    1,650
    Location:
    great britain n.e.lincs
    It's about 50 pints depending on where you live.
     
    Morris likes this.
  8. Kent

    Kent Member

    Messages:
    10,002
    Location:
    Bowland, Lanacshire,UK
    And too many folks forget the adtronomic 20% purchase tax thst is vat!
    Wonder how we ever managed to survive as a nation pre Ww2? Ah oh yes as a very rich nation
     
  9. rtbcomp

    rtbcomp Moderator Staff Member

    Messages:
    18,615
    Location:
    Sheffield UK
    You don't necessarily get taxed on your pension. All forms of income count towards your taxable income, if you rely on the state pension alone you won't pay income tax.

    https://www.gov.uk/income-tax-rates
     
  10. Kent

    Kent Member

    Messages:
    10,002
    Location:
    Bowland, Lanacshire,UK
    Well who the heck can live of a state pension.!? The fact is a private pension had already been taxed before it became a pension it was earnings!
    Our nation need to get a serious grip of itself
     
  11. rtbcomp

    rtbcomp Moderator Staff Member

    Messages:
    18,615
    Location:
    Sheffield UK
    1000s of people have to rely on the state pension alone whether they like it or not. You get tax relief on private pension contributions.
     
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  12. Kent

    Kent Member

    Messages:
    10,002
    Location:
    Bowland, Lanacshire,UK
    Because its widely recognised the state pension is unsustainable. Its also a very limited amount of relief as regards payments
     
  13. rtbcomp

    rtbcomp Moderator Staff Member

    Messages:
    18,615
    Location:
    Sheffield UK
    ^^ +1. IMHO the state pension model is wrong. Your contributions aren't put in a pot for you, they're used to pay the previous generation's pension. This depends on an increasing population and will ultimately collapse. I understand we are currently seeing a drop in the birth rate, if so the generation paying our pensions will have fewer people to pay theirs.

    Even the private pension model is iffy, paying now for a pension you'll draw on in 40 years time is fraught with danger.
     
    Kent likes this.
  14. TechnicAl

    TechnicAl Member

    Messages:
    6,156
    Location:
    Rotherham
    mine is September 6th....£173 is that what everyone gets....I think some get a bit more but I contracted out all those years ago so mine is the basic sum (I think)...
     
  15. Cobbler

    Cobbler Codger bodger

    Messages:
    4,207
    Location:
    Gloucestershire UK
    See my post 46, anyone claiming today may get that, but anyone claiming earlier got about £40 less. My mate is 3 years younger than me, he gets the new rate, I get the old!
     
  16. rtbcomp

    rtbcomp Moderator Staff Member

    Messages:
    18,615
    Location:
    Sheffield UK
  17. TechnicAl

    TechnicAl Member

    Messages:
    6,156
    Location:
    Rotherham
    Really.....i thought everyone got the same.....unless you paid more in
     
  18. gordon stephenson

    gordon stephenson Forum Supporter

    Messages:
    6,340
    Location:
    Skelton in Cleveland U.K.
    One of my pensions is from ICI. Worked for them 34 years. Excellent firm in their hay days. Much diminished workforce now to keep the pensions healthy. for quite a few years now. the firm have topped up the fund to the tune of around £400,000.000 per year rather than reduce pensions. Couldn’t fault them when I worked there. And this is the proof of the pud!!!
     
    Last edited: May 16, 2019
    8ob likes this.
  19. Cobbler

    Cobbler Codger bodger

    Messages:
    4,207
    Location:
    Gloucestershire UK
    No such luck. The new basic pension is £168.60, but if you reached pension age before 6 April 2016 it is only £129.29. Those figures are from the government site. When the amount was raised it wasn’t retrospective, doesn’t make sense to me, still costs the same amount to live!
     
  20. gordon stephenson

    gordon stephenson Forum Supporter

    Messages:
    6,340
    Location:
    Skelton in Cleveland U.K.
    My state pension is reduce because i opted out years ago,
     
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