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Survive the winter and pensioners will get £200 a week in April
Just saw this ::
The state pension will come to more than £200 a week for the first time in April next year, due to rising inflation and the pensions triple lock.
God bless George Osbourne and Nick Clegg
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
life on mars
Just saw this ::
The state pension will come to more than £200 a week for the first time in April next year, due to rising inflation and the pensions triple lock.
God bless George Osbourne and Nick Clegg
Not enough but not bad!
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Re: Survive the winter and pensioners will get £200 a week in April
My state pension, work pension and PIP should all see a nice increase.:biggrin:
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Re: Survive the winter and pensioners will get £200 a week in April
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Originally Posted by
bobh
My state pension, work pension and PIP should all see a nice increase.:biggrin:
Don't bank on it.
My state pension went up this year and so did my occupational pension.
However because the tax threashold didn't alter my o0ccupational pension went down to compensate for my national pension rise.
Skoke and mirrors from Sunak
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
life on mars
Just saw this ::
The state pension will come to more than £200 a week for the first time in April next year, due to rising inflation and the pensions triple lock.
God bless George Osbourne and Nick Clegg
The Tories cancelled the triple lock for last year - presumably on the basis it would have been 8% and said the inflation figure at the time was 'artificially boosted' by COVID. I doubt pensioners will see anything other than a token 2 or 3% rise. Whilst the triple lock my be written in law, the Govt. can do literally anything - even imprison you - 'in the national interest'
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
xsnaggle
Don't bank on it.
My state pension went up this year and so did my occupational pension.
However because the tax threashold didn't alter my o0ccupational pension went down to compensate for my national pension rise.
Skoke and mirrors from Sunak
Could you explain how that worked, old fruit? I don't get it. Cheers
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
xsnaggle
Don't bank on it.
My state pension went up this year and so did my occupational pension.
However because the tax threashold didn't alter my o0ccupational pension went down to compensate for my national pension rise.
Skoke and mirrors from Sunak
Quote:
Originally Posted by
Taunton Blue Genie
Could you explain how that worked, old fruit? I don't get it. Cheers
I would guess that the state pension isn't taxed at source but the private one is, so in order to pay the additional tax on the state pension its now part of the deduction from the private.
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Re: Survive the winter and pensioners will get £200 a week in April
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Originally Posted by
The Bloop
I would guess that the state pension isn't taxed at source but the private one is, so in order to pay the additional tax on the state pension its now part of the deduction from the private.
Bingo .. bloody Stoke
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
xsnaggle
Don't bank on it.
My state pension went up this year and so did my occupational pension.
However because the tax threashold didn't alter my o0ccupational pension went down to compensate for my national pension rise.
Skoke and mirrors from Sunak
Even with a freeze on tax thresholds you will still receive a net increase of 80% of the rise - for non taxpayers it will be 100%
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
xsnaggle
Don't bank on it.
My state pension went up this year and so did my occupational pension.
However because the tax threashold didn't alter my o0ccupational pension went down to compensate for my national pension rise.
Skoke and mirrors from Sunak
Quote:
Originally Posted by
The Bloop
I would guess that the state pension isn't taxed at source but the private one is, so in order to pay the additional tax on the state pension its now part of the deduction from the private.
Exactly this - a £40 increase per month on state pension would see an £8 reduction on a private pension (assuming you have over around £12,500 of income)
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
A Quiet Monkfish
The Tories cancelled the triple lock for last year - presumably on the basis it would have been 8% and said the inflation figure at the time was 'artificially boosted' by COVID. I doubt pensioners will see anything other than a token 2 or 3% rise. Whilst the triple lock my be written in law, the Govt. can do literally anything - even imprison you - 'in the national interest'
Yes, I agree, I can see this coming. The argument will be that this high rate of inflation is a once in a generation "thing" (not been this high since the early 80's) and will be coming down next year, so on these grounds a 10% rise is unjustifiable.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
Gofer Blue
Yes, I agree, I can see this coming. The argument will be that this high rate of inflation is a once in a generation "thing" (not been this high since the early 80's) and will be coming down next year, so on these grounds a 10% rise is unjustifiable.
I'm getting bored of these "once in a generation" things happening every few years...
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
The Bloop
I would guess that the state pension isn't taxed at source but the private one is, so in order to pay the additional tax on the state pension its now part of the deduction from the private.
State pension IS taxed at source. HMRC applies your free pay against it so it appears bigger. But you've used that 8K free pay or whatever it is so only what's left is applied to your occupational pension.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
xsnaggle
Don't bank on it.
My state pension went up this year and so did my occupational pension.
However because the tax threashold didn't alter my o0ccupational pension went down to compensate for my national pension rise.
Skoke and mirrors from Sunak
Quote:
Originally Posted by
Cowbridge Blue
State pension IS taxed at source. HMRC applies your free pay against it so it appears bigger. But you've used that 8K free pay or whatever it is so only what's left is applied to your occupational pension.
Taxed at source means it’s taxed before it’s received. State pension is taxable, but via your Tax Coding (as you described) - so not “at source” but taxed via reducing the tax free allowance from other sources.
Headache for anyone who only has the state pension and it’s above the tax free limit - they need to do a self assessment to pay the tax because it’s not taxed at source
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
The Bloop
I would guess that the state pension isn't taxed at source but the private one is, so in order to pay the additional tax on the state pension its now part of the deduction from the private.
So the occupational pension didn't really reduce as a gross figure, as such - and it's just about how tax relief is distributed and how it affects net sums?
In my case (and which I thought was the norm) the tax code concerned is firstly applied to the State Pension and any remainder (as a State Pension is usually less than the code concerned) is then applied to a private pension.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
Taunton Blue Genie
So the occupational pension didn't really reduce as a gross figure, as such - and it's just about how tax relief is distributed and how it affects net sums?
In my case (and which I thought was the norm) the tax code concerned is firstly applied to the State Pension and any remainder (as a State Pension is usually less than the code concerned) is then applied to a private pension.
Yep state pension first a full state ension uses most of it, so if that rises so will the tax on your occupational pension, private pension and any other income.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
Gofer Blue
Yes, I agree, I can see this coming. The argument will be that this high rate of inflation is a once in a generation "thing" (not been this high since the early 80's) and will be coming down next year, so on these grounds a 10% rise is unjustifiable.
True, but inflation returns to zero, RPI/CPI are still 10% [or whatever] higher and continue to be higher, unless we get deflation. When the rate of inflation falls, prices don't, just the rate they're increasing.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
North Cardiff Blue
Yep state pension first a full state ension uses most of it, so if that rises so will the tax on your occupational pension, private pension and any other income.
Yes indeed. The private pension isn't really reduced as a gross figure: it's just that a smaller amount of it is tax-free and which means less net.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
Taunton Blue Genie
Could you explain how that worked, old fruit? I don't get it. Cheers
Simple.
My sate pension increased. Every pound of my stated pension takes away a pound of my personal allowance.
The treasury did not increase the personal allowance for this year, so the increase in my state pension meant there was less of my allowance to put against my occupational pension.
My occupational pension increased but but that was more than wiped out by the extra tax I had to pay.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
A Quiet Monkfish
The Tories cancelled the triple lock for last year - presumably on the basis it would have been 8% and said the inflation figure at the time was 'artificially boosted' by COVID. I doubt pensioners will see anything other than a token 2 or 3% rise. Whilst the triple lock my be written in law, the Govt. can do literally anything - even imprison you - 'in the national interest'
The triple lock was cancelled last year because wages had increased higher than inflation and the default 2.5%, but only after wages had massively decreased in 2020 due to COVID.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
xsnaggle
Simple.
My sate pension increased. Every pound of my stated pension takes away a pound of my personal allowance.
The treasury did not increase the personal allowance for this year, so the increase in my state pension meant there was less of my allowance to put against my occupational pension.
My occupational pension increased but but that was more than wiped out by the extra tax I had to pay.
Thought so. Just was a bit ambiguous when you said your occ pen went down.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
life on mars
Just saw this ::
The state pension will come to more than £200 a week for the first time in April next year, due to rising inflation and the pensions triple lock.
God bless George Osbourne and Nick Clegg
Should be more than that.Rishi stopped the triple lock for this year.The figure you quote are for the new state pension.Many older pensioners are on the old state pension currently £141.85 per week.Also with the new state pension,anyone who paid into a company pension and was contracted out[serps]would receive less.e.g a mate of mine gets a post office pension currently gets £160 new state pension as opposed to the full rate £185.Many older pensioners are annoyed that there are currently two state pensions in operation.
In other words its all smoke and mirrors.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
dandywarhol
Should be more than that.Rishi stopped the triple lock for this year.The figure you quote are for the new state pension.Many older pensioners are on the old state pension currently £141.85 per week.Also with the new state pension,anyone who paid into a company pension and was contracted out[serps]would receive less.e.g a mate of mine gets a post office pension currently gets £160 new state pension as opposed to the full rate £185.Many older pensioners are annoyed that there are currently two state pensions in operation.
In other words its all smoke and mirrors.
Also in my partners situation the women's retirement age has been moved to 67.At 200 quid a week thats £70k stolen by the Lib Con coalition and then the Tories.In a mans case its £20k.
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Re: Survive the winter and pensioners will get £200 a week in April
Have my state pension, occupational pension, Cambridge Uni pension - and I am still working. I have never been so well off.
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Re: Survive the winter and pensioners will get £200 a week in April
Quote:
Originally Posted by
celever
Have my state pension, occupational pension, Cambridge Uni pension - and I am still working. I have never been so well off.
I'm back in work for, Christmas. I'm one of the ugly sisters in the Panto in Jackland
