The government cannot give anything to anybody that the Government does not first take from somebody else. Sort of pyramid selling
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
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.
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.
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
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
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
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.
Because its widely recognised the state pension is unsustainable. Its also a very limited amount of relief as regards payments
^^ +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.
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)...
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!
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!!!
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!
