zico
12:38 Wed Mar 1
Re: Pension payments
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Bollocks pressed wrong button!!
As his is a pension thread thought I would share this that has frustrated me somewhat. I have got a private pension and two old work pensions. I could do with a little cash now and approaching 55 can look into taking one of them in June if I wish. Worked in Insurance for 6 years back in the late 90's before computers and Direct Debits made me redundant. Contacted the pension team and the best option was to take a small pension of around 1500 a year (peanuts) and a lump sum of just over 10 grand, which I believe is tax free.
I asked them about their cash equivalent value option and was quoted around £50 grand. Around seven and a half grand would be in tax but I could live with that but what I didn't know is any CEV over £30,000 you have to pay for financial advice before they transfer it. The name etc of the advisor has to go on the forms. Not 100% sure if they pay out even if you ignore that financial advice, but if they do and your mind is made up you still have to pay thousands of pounds for a financial review just to access your own money. I know it's there to "safeguard" people, but if you want to do it and haven't got advice then that surely should be down to you at the end of the day. Just a money making scheme for FA's!
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zico
12:32 Wed Mar 1
Re: Pension payments
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As his is a pension thread thought I would share this that has frustrated me somewhat. I have got a private pension and two old work pensions. I could do with a little cash now and approaching 55 can look into taking one of them in June if I wish. Worked in Insurance for 6 years back in the late 90's before computers and Direct Debits made me redundant. Contacted the pension team and the best option was to take a small pension of around 1500 a year (peanuts) and a lump sum of just over 10 grand, which
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Manuel
8:13 Wed Mar 1
Re: Pension payments
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Mex - As you say a bit of a gamble and it also depends on each individuals circumstances and how long you might live for after 67, but if you can afford it I think it's a good call to make up the difference.
I have only paid in 14 years, and under this new ruling since I won't be doing anything in terms of adding to that by next month, I can only pay an additional 6 years in the future, which would take it up to 20 years, so I will only get approx 60% pension if I make it to retirement age. Oh well.
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Mex Martillo
8:02 Wed Mar 1
Re: Pension payments
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I looked into this in a not very deep way and have asked to back pay contributions to 2006 and start paying each year until I am 67, when I will then get a decent pension from the UK. Before filling in a form to do this I was told as long as the form went in before April 2023 I could do this. They said, I may not get a reply before April, but if the form was in I can back pay.
I could not find anything that would give a monthly income even close to the UK pension when retired for the amount of money I will pay in. Hopefully, I will get back what I put in, but I guess that is a gamble with any pension you go for.
The Gov.uk web site is good and tells you exactly where you and what contributions are needed to get what. No need to call for that info. I could not see how to pay them though and had to call about that, which was about an hour waiting and 10 mins talking. Guy seemed to know his stuff and was good.
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Westside
4:52 Sun Feb 26
Re: Pension payments
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Currently you can buy extra years, if you missed out, going back to 2006. After 5th April this year, the buy back of additional years is limited, to the previous 6 years.
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Mike Oxsaw
2:18 Sun Feb 26
Re: Pension payments
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If it was up to me (I'm passed that stage), if I was within, say, 5 years of pensionable age, I'd stick whatever was needed to make up any shortfall into Premium Bonds - It's certainly not "Gordon Gecko, Greed is Good", or, "Sell pork bellies & buy Florida orange juice", but if it's between 12 & 24k, the payback should be better over those 5 years.
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Westham67
1:06 Sun Feb 26
Re: Pension payments
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Up to a point you can back pay what you owe. You 34 years pension in for a full pension I am on 22 which be enough to keep me going in Thailand. I want to go back overseas and get some money coming in
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SecondOpinion
12:02 Sun Feb 26
Re: Pension payments
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Trust an accountant to come up with such a response.
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Westside
12:02 Sun Feb 26
Re: Pension payments
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Thankfully I saved into a state and Local Government scheme and recieve two pensions, one of which of couse, is TAXED.
Just like your contributions to the pension schemes, were net of tax relief.
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SecondOpinion
3:12 Sat Feb 25
Re: Pension payments
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Disgusting what this government have done to pensioners over the years. Thankfully I saved into a state and Local Government scheme and recieve two pensions, one of which of couse, is TAXED and that TAX would have helped pay for the energy increases.
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Mike Oxsaw
2:37 Sat Feb 25
Re: Pension payments
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Manuel 2:25 Sat Feb 25
Point taken.
That will because they have a treaty (tax or otherwise) with the UK. Outside the EU (and those may now be ineffective) very few other countries have such an arrangement. Few of the smaller ex-colonies, I expect.
The Philippines was one of the countries I was considering to retire to, but never got the chance to work there and "suss out" the lay of the land.
Don't believe we have any Philippines based posters at the moment, but may have had, back in the .com/night-shift days.
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Manuel
2:25 Sat Feb 25
Re: Pension payments
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Mike Oxsaw 1:24 Sat Feb 25
''If you live abroad: Your pension is frozen at the rate it was when you first claimed - you don't get any future rises in the basic pension rate.''
If you live in The Philippines you do get the increases.
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ted fenton
2:01 Sat Feb 25
Re: Pension payments
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Percy Dalton 1:43 Sat Feb 25
The way they have handled this is really disgusting my wife received a letter from DWP saying how much she would get at 60 then heard nothing before finding out the qualifying age was now 66 and as I said in my other post found herself short of a full pension !
Let's our wives get some decent compensation but I won't hold my breath Percy.
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the exile
1:51 Sat Feb 25
Re: Pension payments
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It's going to be even harder to get through to them since Martin Lewis's programme this week. In general I think it's worth making up the payments. But that all depends on how long you're planning to live after retiring and whether you think the whole system is going to collapse in the transition to the New World Order.
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Northern Sold
1:45 Sat Feb 25
Re: Pension payments
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If you not got one I suggest you enroll for your personal tax account
https://www.gov.uk/personal-tax-account
Will show you shortfall years and current and predicted pension calculations.
Also was a very good 90 mins Martin Lewis pension special this week imagine will be on catch up... some really useful information.
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Nagel
1:44 Sat Feb 25
Re: Pension payments
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From what I've read there's a basic rule of thumb that if you live longer than 3 years after you reach pension age then any top ups you've made will be worth it.
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Percy Dalton
1:43 Sat Feb 25
Re: Pension payments
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Ted Fenton
Ditto. Yet another EU directive where once again the UK fell short ie France up in arms for looking to increase the age fro 62 to 64.
My wife was a campaigner and she said there were women that didn't realise that the pension age had been increased six years with no notification.
The fight continues.
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Mike Oxsaw
1:24 Sat Feb 25
Re: Pension payments
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If you live abroad:
1. You don't qualify for pension credits (managed by a different department to pensions proper) at all. You also don't qualify for any of the additional hand-outs (cold weather payments, half-pound of butter, Xmas bonus & the like).
2. Your pension is frozen at the rate it was when you first claimed - you don't get any future rises in the basic pension rate. There is a campaign to have this anomaly eradicated but the government are currently in "fingers-in-ears-shouting-la-la-la" mode on this.
If you want all available pension benefits you need to be in a position (main residence) where you spend it all in the UK - even it that disproportionately adds to NHS costs.
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Hello Mrs. Jones
1:15 Sat Feb 25
Re: Pension payments
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I too have lived abroad most of my life but recently paid the maximum 14 years back payments.
As long as I can stay above ground for 3 1/2 years I'll be ahead.
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ted fenton
1:08 Sat Feb 25
Re: Pension payments
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Hahaha
Eerie ;-)
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Eerie Descent
12:44 Sat Feb 25
Re: Pension payments
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Sounds like she was STUNG, Ted.
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