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My question for those over 66 like myself is do you think there should be a scheme whereby you can voluntarily forego the pension rises, or a proportion of them, announced in yesterday's pre election "giveaway" if you are so minded? For myself, I'm hardly wealthy, so need some sort of annual rise, but, if I could, I would reduce it to something like four or five per cent - although every penny of the eight per cent plus will be needed in many cases I'm sure, it seems excessive in mine.
You could always donate any unwanted rise to charities if your choice rather than effectively returning it to the government's coffers.
Since I started to get the state pension, I've been able to make bigger monthly donations to a couple of charities I support and the pound or two I used to spend every week for stuff for the foodbank boxes in the supermarkets I use has swollen to around a tenner in recent months so I'm content that I'm doing my bit when it comes to charitable donations already - it's naive of me I know, but if Governments could be trusted to do as they say, I'd happily donate some of a rise in pension to a fund set up for health and education spending.Quote:
Originally Posted by Taunton Blue Genie
I had little doubt that you would already be contributing to charities, TOBW, generous person that you are.Quote:
Originally Posted by the other bob wilson
Being serious for once!! I still have 4 years before i qualify for state pension, (67) my Doris however has just qualified and has received her 1st payment, it sounds a good idea in principle, where I would kick back is that I would have no confidence in any government that the give back would be used to benefit those who need it and it would be squandered on pet projects e.g. cycle lanes.Quote:
Originally Posted by the other bob wilson
The UK state pension is a 3rd of Spain, Belgium, France, and smaller than most western countries. I'll gladly take the 8%.Quote:
Originally Posted by the other bob wilson
Yes, me too. I do think some of the benefits around heating allowances etc should be means tested though.Quote:
Originally Posted by A Quiet Monkfish
Hence my use of the words “if Governments could be trusted” in my reply to TBG.Quote:
Originally Posted by Heathblue
The German State Pension I receive is 18% of the value of the full UK pension - and I worked there for only 17.5 months in the late 70s, three weeks in that period being on the German dole and many weeks being laid off on the building site due to the weather being too cold and receiving the lower rate of 'Schlechtwettergeld' (literal translation being 'Bad Weather Money') for staying at home.
Generous, our State Pension isn't.
The rise in State Pension will result in a high percentage of pensioners becoming liable to tax because the personal allowances are frozen. The tax due cannot be deducted at source so they will be shocked when they receive an assessment sometime after the 6th April asking them to pay the tax they owe on their SP.
Also the rise in SP will mean that pensioners pension credit will reduce, this has a knock on effect to other benefits pensioners can claim.
In other words give with one hand and take back with the other.
I am no expert in such matters but isn't it the case that the State Pension will still be below is the Income Tax Allowance - and that only those with a supplementary income will therefore be affected (and that they are probably paying Income Tax on that additional income as things stand)?Quote:
Originally Posted by ninian opinian
Happy to be put right by those who know more about such things.
Yes SP may be below the basic personal allowance but those pensioners who have a small occupational pension will be dragged into paying tax. However, their occupational pensions are so small that the tax due cannot be collected via PAYE also they will receive assessments after the end of the tax year.Quote:
Originally Posted by Taunton Blue Genie
Between 2022-23 and 2023-24, HMRC figures suggest that the number of those aged 65 and over who pay income tax rose from 7.73m to 8.5m, due to the 10.1% increase in the state pension in April 2023.
There are articles in this, one here https://www.theguardian.com/money/20...-blue-tax-bill
Not sure why, but in recent years I now call it a state pension and not an old age pension.Quote:
Originally Posted by Taunton Blue Genie
They either contribute far more (Spain) or things are way more nuanced than that (Belgium). These headline stats around the state pension annoy me, how do people actually think these countries are affording to pay 3x more in pension without bigger contributions?!?Quote:
Originally Posted by A Quiet Monkfish
Our system is designed to be a pretty shit flat rate for everyone, that is why NI drops off a cliff for high earners and you barely have to contribute to earn your stamp. Comparing it to systems where higher earners are paying in thousands per month is just bad analysis.
I am one of these. However I will gladly accept the 8.5% rise, although I am acutely conscious that it is the current working population who effectively are paying me via their tax/NI contributions and not H.M. Government per se. (A fact which many people on benefits in general sometimes fail to recognise!).Quote:
Originally Posted by ninian opinian
I was talking to a friend from Austria and not knowing our system she said 'our system is x, it means that we pay for our parents and our children pay for us', it made me realise how infantilised the UK population was been, this delusion of 'i paid in' is so widespread because people have been lied to.Quote:
Originally Posted by Gofer Blue
We live in a selfish country and it goes back to Thatcher
You get people happy to slag off immigrants , those on low pay and others for getting what they call free money
But it seems a tax cut , increased pension etc ....oh I will have some of that ! , not turning that down ! .....I deserve it !
Selfish and hypocritical
We must run the country like our own households they say ......too many freeloaders .....I didn't get where I am today without hard work .....its costing us 25 quid a day to run the nhs and social services you know .....that's my bloody money ......I can't go on 3 holidays this year you know !
But the government throws a few quid the way of these people who DEMAND strong action on the finances of this country to keep Britain great .....and they are grabbing it like its gold dust
Let's say you work out 400 quid of that rise , it's just a figure .....is floating cash ......200 quid to food banks , 200 quid to a Cardiff based homeless charityQuote:
Originally Posted by Taunton Blue Genie
Until things are changed and the triple lock ends then I think that's admirable and a decent thing to do in todays society
https://www.theguardian.com/politics...if-you-want-toQuote:
Originally Posted by the other bob wilson
You can pay more tax if you want to.
Quote:
Originally Posted by SLUDGE FACTORY
Two famous sayings of John Wesley (sorry Sludge but he was a Christian too):
Earn all you can, Save all you can, Give all you can.
Do all the good you can, by all the means you can, in all the ways you can, in all the places you can, at all the times you can, to all the people you can, as long as ever you can.
Not much to argue with there I would say.
On the pension topic, Aneurin Bevan once famously said this about the state pension scheme: “The secret of the National Insurance fund is that there isn’t one” Today's pensions are paid for by today's tax payers.
Aneurin Bevan once famously said this about the state pension scheme: “The secret of the National Insurance fund is that there isn’t one” Today's pensions are paid for by today's tax payers. So nobody should be under illusions how the system works.Quote:
Originally Posted by Eric Cartman
It's the give all you can bit that's the problemQuote:
Originally Posted by Gofer Blue
I'd glady accept means testing for Triple Lock .
Bus Passes .
Free Prescription.
Winter Fuel
And any other associated over 66 benefits.
Lots in work are claiming State Pension , Company Pensions , Plus Wages , mind you the tax bill is high so its best to offset.
The generation enjoying this are probably mortgage free .
Do feel for younger folk .
On the business of National Insurance Nye Bevans White paper would be written differently today its was meant to help those who couldn't enjoy health care .. it's now abused and politicised
What's Labour's stance ?
Don't forget that all these headline pension rates/increases are not applicable to those who retired (like me) before 2016. We get less despite having had to work more years to qualify...and with each %'age increase the gap gets wider between 'old' pension and 'new' pension. I really don't think that is equitable.
As for NHS...far too much management of poor quality...too many cosmetic operations etc that should not be free. . Although retired here in France - and although comfortable, not wealthy, the state will pay 70% of all medical costs (including prescriptions), the other 30% is optional as to whether you pay it as you need to or (mostly) pay insurance subscription to cover the remaining 30%. Seems sensible to avoid frivolous use of the service.
Also, a sensible idea here when paying tax.... it is based n the household, not the individual, so myself, my wife (not working) = 2 parts and my two sons = 0.5 part each. So tax allowance is for 3 people in effect.
'Twas thus from the very start..Quote:
Originally Posted by Gofer Blue