Got my state pension rise details today

mikew

mikew

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After the rates rise, water rates rise and tax i will be about £3 a month better off, cant decide what to buy with it.

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At Fultons Foods they are doing 6x bags of McCoys crisps for £1 or 2 sacks for £1.50.
So £3 should get you 24 bags of pretty decent crisps.

if you skip a few days then almost a bag-a-day
 
That’s more than a lot of people I know have got. Congratulations
 
rick448 said:
That’s more than a lot of people I know have got. Congratulations
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No thats right - ish, my mother in law has a 75p a week rise on her state pension, although the local govt will take that towards her care home costs.
 
mikew said:
After the rates rise, water rates rise and tax i will be about £3 a month better off, cant decide what to buy with it.

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Better than being three quid worse off or no rise at all
Must be doing alright if you are paying tax, that doesn't kick in until about 12 grand

You could always give it to charity, something like water aid so some poor sod can have a tap
They would just like to have water that doesn't entail walking miles each way to fill a container.
 
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I have a feeling that some machines in Gentlemen's public toilet facilities sell some sort of performance enhancer for 3 pound coins.

Check with a health care professional before taking up any new exercise regime! :P:P:P
 
Would you mind if I asked you a personal question, as I'm approaching retirement, December.

How much per month?
 
Depends on whether or not you have been contracted out of SERPS at anytime in your working life.
You can get an estimate online.
 
Peter123 said:
Depends on whether or not you have been contracted out of SERPS at anytime in your working life.
You can get an estimate online.
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Excellent, that is what I was after.
Yes I contracted out in 2002.
Thanks for that.
 
So even after rate rise tax bill etc. you have £3 a month better off. Profiteering I say:)
 
Norkie said:
Would you mind if I asked you a personal question, as I'm approaching retirement, December.

How much per month?
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You would need to look online, i have been getting my pension for 5 years and the amount is less than the current pension, mine is on the old system of a mix of basic pension and serps ? top up,thats all finished now for new pensioners they all get a standard amount which is more than i get.
I was opted out for over 30 years so get a company pension as well.
 
tijuana taxi said:
Better than being three quid worse off or no rise at all
Must be doing alright if you are paying tax, that doesn't kick in until about 12 grand

You could always give it to charity, something like water aid so some poor sod can have a tap
They would just like to have water that doesn't entail walking miles each way to fill a container.
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Dont need charity suggestions thanks, my standing order for save the children has been running for about 20 years now.
 
Same here so I was kind of curious to see what I may get.

I'll take a look online , see what I can find.

Thanks :)
 
Nod said:
I have a feeling that some machines in Gentlemen's public toilet facilities sell some sort of performance enhancer for 3 pound coins.

Check with a health care professional before taking up any new exercise regime! :p:p:p
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From what i understand they only make it hard they dont give you the energy to use it :D
 
mikew said:
Dont need charity suggestions thanks, my standing order for save the children has been running for about 20 years now.
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Give them an increase then, you asked and I replied with a sensible suggestion
 
Norkie said:
Same here so I was kind of curious to see what I may get.

I'll take a look online , see what I can find.

Thanks :)
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Checked mine because I opted out for a few years, came back at about 135 quid a week instead of the new flat rate of £150.
Retired at 55 so when/if I get the state pension in six years time it will be a nice little bonus.
 
Do you get two payments, one from your pension provider and one from the government?

I do apologise for asking, it's just that I'm a bit concerned.
 
Norkie said:
Do you get two payments, one from your pension provider and one from the government?

I do apologise for asking, it's just that I'm a bit concerned.
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No idea, get my company pension and from what I gather will get an extra 135 quid a week when i'm 66
Paid the qualifying amount of 35 years to get the full amount, but that will be reduced because of the opted out time
 
Yes.
If you have been contracted out you will not get the full state amount as that money has gone to a private pension provider who will pay you the pension direct.
So, you get the government pension and any from your private scheme(s), assuming you do not with to defer them.
 
Same, paid all my qualifying years.
Can't imagine I'll get my private and a decent government pension :eek:
 
Peter123 said:
Yes.
If you have been contracted out you will not get the full state amount as that money has gone to a private pension provider who will pay you the pension direct.
So, you get the government pension and any from your private scheme(s), assuming you do not with to defer them.
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Think we are saying the same thing, if you work until state pension age you would get the state and private pension
In my case already took the private pension, so only expecting the state payment at 66

You would probably have to contact the private pension people to let them know when you wish to start receiving payments
Might also be an option to take it all in monthly amounts or a lesser monthly amount and also get a lump sum
 
about the same here £3 a month or less ,BUT our local council has decided to place a garden rubbish charge of £30 p.a so I guess that equals roughly - £3 p.m if we pay it .having three large gardens (corner plot) I dont see how to get away with it a compost heap is a fine idea but could be hard work
 
Norkie said:
Same, paid all my qualifying years.
Can't imagine I'll get my private and a decent government pension :eek:
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Of course you will, but if the total comes to more than your tax free personal allowance, about £11k per annum at present I think, you will pay tax on whatever amount over your allowance at the appropriate rate, which will probably be 20% of that excess amount but you wont have any NI contributions deducted from the pensions or if you take paid employment (as things currently stand, rumour has it that it may change and working OAPs will be liable to NI Deductions).
So if you get a state pension and a private pension of say £18K, £11K is tax free and the remaining £7K is taxable at 20% i.e. £1400 so you end up with £15,600 pa.
Matt
 
beyond the blue said:
Must be! I've been self employed most of my working life but don't remember paying in a great deal if I'm honest.
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Certain people will get nothing, that is those that have only paid in for a small number of year, something like 7 years ( I think) counts for nothing. And some will pay in for more than the maximum qualifying but get no extra payments.
 
MatBin said:
Of course you will, but if the total comes to more than your tax free personal allowance, about £11k per annum at present I think, you will pay tax on whatever amount over your allowance at the appropriate rate, which will probably be 20% of that excess amount but you wont have any NI contributions deducted from the pensions or if you take paid employment (as things currently stand, rumour has it that it may change and working OAPs will be liable to NI Deductions).
So if you get a state pension and a private pension of say £18K, £11K is tax free and the remaining £7K is taxable at 20% i.e. £1400 so you end up with £15,600 pa.
Matt
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I get a work pension which I pay no NI on, but I do pay NI on my current full time position.
 
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MatBin said:
Certain people will get nothing, that is those that have only paid in for a small number of year, something like 7 years ( I think) counts for nothing. And some will pay in for more than the maximum qualifying but get no extra payments.
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Will they get nothing though? I assume they will get something, though it’s probably called something else. My MIL gets benefits including her house paid for, and has never worked a day in her life. She is now 79 BTW.
 
MatBin said:
You shouldnt after you reach state retirement age, so if you are beyond state retirement age and you're having NI deducted I would enquire why.
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That’ll be it then, as I’m 53 that’d explain it.
 
rick448 said:
Will they get nothing though? I assume they will get something, though it’s probably called something else. My MIL gets benefits including her house paid for, and has never worked a day in her life. She is now 79 BTW.
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Depends, quite complicated but seems like they wont get state pension and I would guess any other "benefits" might kick in but may not be as "generous" as the state pension. MIL may have got it via her husbands contributions as past generations of women qualified that way.
 
rick448 said:
Will they get nothing though? I assume they will get something, though it’s probably called something else. My MIL gets benefits including her house paid for, and has never worked a day in her life. She is now 79 BTW.
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Yes there is some sort of benefit payable to top up the pension or in some cases I assume replace it.
 
tijuana taxi said:
Yes there is some sort of benefit payable to top up the pension or in some cases I assume replace it.
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Only until the new one kicks in, existing pensioners wont be affected.
Unlike state pension though I would imagine it will be means tested, so if you have savings etc over a certain limit you'll get nothing until they are reduced to the threshold I guess
 
MatBin said:
Of course you will, but if the total comes to more than your tax free personal allowance, about £11k per annum at present I think, you will pay tax on whatever amount over your allowance at the appropriate rate, which will probably be 20% of that excess amount but you wont have any NI contributions deducted from the pensions or if you take paid employment (as things currently stand, rumour has it that it may change and working OAPs will be liable to NI Deductions).
So if you get a state pension and a private pension of say £18K, £11K is tax free and the remaining £7K is taxable at 20% i.e. £1400 so you end up with £15,600 pa.
Matt
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This years allowance is £11,850 and I think the amount of qualifying years for state pension is 10 years.
 
Think yourself lucky as many people in employment have had no or below inflation increases and are now worse off(n)
 
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