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State pension 'could rise by more than £400' next year ;)
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By *atEvolution OP Couple 16 weeks ago
Open Tonight Fri 27 CLOSED Saturday 28 |
********** 1h ago 09:09
State pension 'could rise by more than £400' next year
State pensions could rise by more than £400 next year, according to reports.
The triple lock means pensions rise each April by whatever is highest out of inflation, average wage growth and 2.5%
This year that looks set to be wage growth, with figures set to be released next week.
The Treasury's internal working calculations, seen by the BBC, show this would lead to a £400 increase for anyone on the full state pension.
That would take the full state pension to around £12,000.
Pre-2016 retirees who may be eligible for the secondary state pension could see a £300 per year increase.
None of this has yet been confirmed. Any decision on a pension increase will be made by Pensions Minister Liz Kendall ahead of October's budget.
Yesterday, Chancellor Rachel Reeves reiterated the government's backing of the triple lock.
The Treasury has been contacted for comment.**************
From Sky Money. |
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"********** 1h ago 09:09
State pension 'could rise by more than £400' next year
State pensions could rise by more than £400 next year, according to reports.
The triple lock means pensions rise each April by whatever is highest out of inflation, average wage growth and 2.5%
This year that looks set to be wage growth, with figures set to be released next week.
The Treasury's internal working calculations, seen by the BBC, show this would lead to a £400 increase for anyone on the full state pension.
That would take the full state pension to around £12,000.
Pre-2016 retirees who may be eligible for the secondary state pension could see a £300 per year increase.
None of this has yet been confirmed. Any decision on a pension increase will be made by Pensions Minister Liz Kendall ahead of October's budget.
Yesterday, Chancellor Rachel Reeves reiterated the government's backing of the triple lock.
The Treasury has been contacted for comment.**************
From Sky Money. "
As long as the triple lock is policy then I guess the rise is nailed on. Remember though this is just to allow them to try and keep up with inflation just like working people with big pay rises. As 10 million are due to loose WFA it means they are going backwards in terms of trying to keep up. Also, if I recall correctly Labour would not commit to keeping pensioners out of paying income tax on the state pension so soon even more will be clawed back |
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"********** 1h ago 09:09
State pension 'could rise by more than £400' next year
State pensions could rise by more than £400 next year, according to reports.
The triple lock means pensions rise each April by whatever is highest out of inflation, average wage growth and 2.5%
This year that looks set to be wage growth, with figures set to be released next week.
The Treasury's internal working calculations, seen by the BBC, show this would lead to a £400 increase for anyone on the full state pension.
That would take the full state pension to around £12,000.
Pre-2016 retirees who may be eligible for the secondary state pension could see a £300 per year increase.
None of this has yet been confirmed. Any decision on a pension increase will be made by Pensions Minister Liz Kendall ahead of October's budget.
Yesterday, Chancellor Rachel Reeves reiterated the government's backing of the triple lock.
The Treasury has been contacted for comment.**************
From Sky Money.
As long as the triple lock is policy then I guess the rise is nailed on. Remember though this is just to allow them to try and keep up with inflation just like working people with big pay rises. As 10 million are due to loose WFA it means they are going backwards in terms of trying to keep up. Also, if I recall correctly Labour would not commit to keeping pensioners out of paying income tax on the state pension so soon even more will be clawed back"
I am a pensioner . Due to me paying throughout my working life extra NI. My pension is higher than others.
This tax year 2024/2025. I am now paying £17 per month income tax on my state pension. So lost WFA. Taxed on pension and next year if say £400 increase. Will only get £380. Due to tax. I was reading a news article today . Stating thousands of pensioners next year will be paying tax on their pensions due to the starting income level tax being frozen at £12,570 next year . |
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For most people the pension reforms and auto enrolment was a huge con they are simply losing their pension credit, free boilers & council tax reduction by saving for their retirement. For people with higher paid jobs who stated saving earlier, they just remain taxpayers until the day they die.. the only way to win under labour is to stay on benefits your entire life |
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"********** 1h ago 09:09
State pension 'could rise by more than £400' next year
State pensions could rise by more than £400 next year, according to reports.
The triple lock means pensions rise each April by whatever is highest out of inflation, average wage growth and 2.5%
This year that looks set to be wage growth, with figures set to be released next week.
The Treasury's internal working calculations, seen by the BBC, show this would lead to a £400 increase for anyone on the full state pension.
That would take the full state pension to around £12,000.
Pre-2016 retirees who may be eligible for the secondary state pension could see a £300 per year increase.
None of this has yet been confirmed. Any decision on a pension increase will be made by Pensions Minister Liz Kendall ahead of October's budget.
Yesterday, Chancellor Rachel Reeves reiterated the government's backing of the triple lock.
The Treasury has been contacted for comment.**************
From Sky Money.
As long as the triple lock is policy then I guess the rise is nailed on. Remember though this is just to allow them to try and keep up with inflation just like working people with big pay rises. As 10 million are due to loose WFA it means they are going backwards in terms of trying to keep up. Also, if I recall correctly Labour would not commit to keeping pensioners out of paying income tax on the state pension so soon even more will be clawed back
I am a pensioner . Due to me paying throughout my working life extra NI. My pension is higher than others.
This tax year 2024/2025. I am now paying £17 per month income tax on my state pension. So lost WFA. Taxed on pension and next year if say £400 increase. Will only get £380. Due to tax. I was reading a news article today . Stating thousands of pensioners next year will be paying tax on their pensions due to the starting income level tax being frozen at £12,570 next year . "
This does indeed seem the case and feels unfair that your extra donations end up meaning paying tax and losing benefits. Your right about next year meaning even standard pensions will be caught by income tax. Labour refused to match the previous government on this before the election so unlikely to change now. |
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For people to now apply. This means filling in a 22 page 243 question document. Can phone up ? But again how many pensioners would have information required at hand to answer all the questions. Article I read this week actually said if all eligible pensioners did fill in form. This would actually cost government more money. Due to the applicants being able to claim other benefits also.
In previous post above of mine. I wonder how many on here realise they will actually pay more tax each year until 2028/2029 ? If the government has said tax allowenses will be frozen . ? |
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By *atEvolution OP Couple 16 weeks ago
Open Tonight Fri 27 CLOSED Saturday 28 |
"Good job they took away WFA from some of these sponging pensioners!
I mean… it’s not like they have been getting above inflation increases for 9 of the last 10 years…. "
When pensioners get paid a pittance, above inflation rises actually mean very little to them. |
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"Good job they took away WFA from some of these sponging pensioners!
"
There are some who did not need that money. However, the reason it was originally paid to all is there are many thousands of pensioners who are entitled to pension top-ups who never claim. Many of those were dying because of the cold.
The WFA policy, put in place by the last Government, and continued by this one, is aimed at increasing the hypothermia death rate. From a Government payments point of view, since pensioners are past their useful life and now just a drain on society, the only good pensioner is a dead one.
Least we forget, NI was reduced to "help workers" whilst the Tax allowance was frozen. Pensioners do not pay NI so they will pay more Tax on their pension to supplement the tax break for the workers. Any government that kicks the grey voters too hard will be thrown out and may never return. Let them be warned. |
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By *atEvolution OP Couple 16 weeks ago
Open Tonight Fri 27 CLOSED Saturday 28 |
According to Starmer today:
He has removed the WFA from pensioners so that he can 'stabilise the economy'. The pensioners gave 40 years of Tax and NI to qualify and work output for an average basic pension of £11,600.12 a year.
Meanwhile, in other moves to 'stabilise the economy', he gave highly paid train drivers way above inflation pay rises. Well, you have to keep-the-union-boys-on-board after all !!!
Example: Train drivers in London earn an average of just under £60,000 a year and will now get a 5% rise backdated for 2022 to 2023, a 4.75% rise for 2023 to 2024 and a 4.5% increase for 2024 to 2025 - a total of 14.25% over three years.
So divide that over three years, and it comes out at 4.5%.
Pensioners, if they are lucky, will get a 2.5% rise in April 2025. That's just £1.09 a day over one year !!!!
But don't worry, folks. Just donate a fluffy blankie to any pensioners you know and clear your conscience. But do ask yourself, are the pensioners just bailing Starmer out of his inflation busting pay deals with the unions?
 |
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He knows old people mostly vote Tory anyway so aren't worth bothering about, especially those not on pension credit . They will
look after the unionised public sector workers & younger poorer voters with money from the rest |
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By *irldnCouple 16 weeks ago
Brighton |
"Good job they took away WFA from some of these sponging pensioners!
There are some who did not need that money. However, the reason it was originally paid to all is there are many thousands of pensioners who are entitled to pension top-ups who never claim. Many of those were dying because of the cold.
The WFA policy, put in place by the last Government, and continued by this one, is aimed at increasing the hypothermia death rate. From a Government payments point of view, since pensioners are past their useful life and now just a drain on society, the only good pensioner is a dead one.
Least we forget, NI was reduced to "help workers" whilst the Tax allowance was frozen. Pensioners do not pay NI so they will pay more Tax on their pension to supplement the tax break for the workers. Any government that kicks the grey voters too hard will be thrown out and may never return. Let them be warned. "
They’re all benefit scroungers! Get out and work. If their health and able bodiedness isn’t suitable for some work they can do other types. Make them work for their pensions and make a valuable contribution to society. We’re too soft on people on benefits paid for by the taxes by those who work. It’s a disgrace! |
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"COULD.
Loads of things could happen next year, Russia could invade the U.K. and we have to send our pensioners to war."
The point is well made and god help us is we either a) have to pay for a conflict or b) have to find any of our oh so tough younger generations to actually fight it rather than argue that it's against their human rights etc |
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By *coptoCouple 16 weeks ago
Côte d'Azur & Great Yarmouth |
"Stating thousands of pensioners next year will be paying tax on their pensions due to the starting income level tax being frozen at £12,570 next year"
It will be equally frozen for those who actually work for a living.
I've absolutely no sympathy whatsoever.
And, by the way, I'm an early retiree expected to live on a State Pension of £474.60 per month (or is it 13 payments a year, big whoopee deal). With no pension benefits or anything else 'cos I was prudent enough to subscibe to a private pension. |
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"Good job they took away WFA from some of these sponging pensioners!
There are some who did not need that money. However, the reason it was originally paid to all is there are many thousands of pensioners who are entitled to pension top-ups who never claim. Many of those were dying because of the cold.
The WFA policy, put in place by the last Government, and continued by this one, is aimed at increasing the hypothermia death rate. From a Government payments point of view, since pensioners are past their useful life and now just a drain on society, the only good pensioner is a dead one.
Least we forget, NI was reduced to "help workers" whilst the Tax allowance was frozen. Pensioners do not pay NI so they will pay more Tax on their pension to supplement the tax break for the workers. Any government that kicks the grey voters too hard will be thrown out and may never return. Let them be warned.
They’re all benefit scroungers! Get out and work. If their health and able bodiedness isn’t suitable for some work they can do other types. Make them work for their pensions and make a valuable contribution to society. We’re too soft on people on benefits paid for by the taxes by those who work. It’s a disgrace!"
Pensioners should be issued with an exercise bike coupled to a generator and be paid a pension linked to how many Kwh they generate. It would keep them both fit and warm and stop Ed Milliband covering our green and pleasant land with wind turbines. |
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By *irldnCouple 15 weeks ago
Brighton |
"There are talks of means testing it, so some won’t even get their state pension. "
The trouble with that is how people perceive the state pension and how emotive it is:
1. People think they have “paid in” but it is not like a private pension. There is no pot for you.
2. NIC is a tax contributing to funding the current running of govt/public services such as state pension for those in receipt today.
3. The state pension is a benefit. Pensioners are on benefits. It is the single largest benefit budget in the UK govt.
4. The “contract” is that workers today pay for pensioners of today and the workers of tomorrow will pay for those workers when they retire.
So if in the future you take it away from some who are workers today, they will be very pissed off! |
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"
1. People think they have “paid in” but it is not like a private pension. There is no pot for you.
"
People certainly feel that they have "paid in". The government's language is very much around contributing for x years to be eligible for a state pension. The very heavy implication there is that people are paying in. To a pot underwritten by the government, much like (the youngest brother of a poor cousin of) an employer final salary scheme.
"
3. The state pension is a benefit. Pensioners are on benefits. It is the single largest benefit budget in the UK govt.
"
In the HMRC summary of where tax goes, it's a separate line from welfare.
Welfare: 19.6%
State Pensions: 10.3%
The word benefit doesn't mean that much - you would get a "defined benefit pension" from an employer; benefit just means getting something in this context. Perhaps your implication was welfare? It isn't, really. It's more like a collective pension scheme sucking directly from governmental consolidated revenue.
"
4. The “contract” is that today pay for pensioners of today and the workers of tomorrow will pay for those workers when they retire.
So if in the future you take it away from some who are workers today, they will be very pissed off!"
Indeed. Very, very pissed off.
The only way to wean people off this would be to enforce very robust private pension schemes (as was done in Australia). The government has been too weak to do this, for decades. |
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"There are talks of means testing it, so some won’t even get their state pension.
The trouble with that is how people perceive the state pension and how emotive it is:
1. People think they have “paid in” but it is not like a private pension. There is no pot for you.
2. NIC is a tax contributing to funding the current running of govt/public services such as state pension for those in receipt today.
3. The state pension is a benefit. Pensioners are on benefits. It is the single largest benefit budget in the UK govt.
4. The “contract” is that workers today pay for pensioners of today and the workers of tomorrow will pay for those workers when they retire.
So if in the future you take it away from some who are workers today, they will be very pissed off!"
Thought you could check to see how much state pension you qualify for on a government website somewhere. Thought it was about if you'd worked and paid tax for x amount of years, and there's different levels dependant on how many years you've worked, or do I have this wrong? And if that's the case aren't you then 'paying in' to your state pension as such?
Mrs x |
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"Thought you could check to see how much state pension you qualify for on a government website somewhere. Thought it was about if you'd worked and paid tax for x amount of years, and there's different levels dependant on how many years you've worked, or do I have this wrong?"
Check here (you will need to sign in):
https://www.gov.uk/check-state-pension
|
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By *irldnCouple 15 weeks ago
Brighton |
"There are talks of means testing it, so some won’t even get their state pension.
The trouble with that is how people perceive the state pension and how emotive it is:
1. People think they have “paid in” but it is not like a private pension. There is no pot for you.
2. NIC is a tax contributing to funding the current running of govt/public services such as state pension for those in receipt today.
3. The state pension is a benefit. Pensioners are on benefits. It is the single largest benefit budget in the UK govt.
4. The “contract” is that workers today pay for pensioners of today and the workers of tomorrow will pay for those workers when they retire.
So if in the future you take it away from some who are workers today, they will be very pissed off! Thought you could check to see how much state pension you qualify for on a government website somewhere. Thought it was about if you'd worked and paid tax for x amount of years, and there's different levels dependant on how many years you've worked, or do I have this wrong? And if that's the case aren't you then 'paying in' to your state pension as such?
Mrs x"
I know…Tressesse said it better than me. Govt language has been wrong on this for years.
Your entitlement is not the same as having a pot with your name on it. As long as you are eligible (having paid NIC for X years) then you are entitled (currently) to receive state pension. In a similar way you have to be eligible for other benefits (there is probably a better word).
So if you start to means test the state pension then it clearly indicates NIC is just a tax because it would mean some people have been paying NIC but will never benefit from it! |
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"There are talks of means testing it, so some won’t even get their state pension.
The trouble with that is how people perceive the state pension and how emotive it is:
1. People think they have “paid in” but it is not like a private pension. There is no pot for you.
2. NIC is a tax contributing to funding the current running of govt/public services such as state pension for those in receipt today.
3. The state pension is a benefit. Pensioners are on benefits. It is the single largest benefit budget in the UK govt.
4. The “contract” is that workers today pay for pensioners of today and the workers of tomorrow will pay for those workers when they retire.
So if in the future you take it away from some who are workers today, they will be very pissed off! Thought you could check to see how much state pension you qualify for on a government website somewhere. Thought it was about if you'd worked and paid tax for x amount of years, and there's different levels dependant on how many years you've worked, or do I have this wrong? And if that's the case aren't you then 'paying in' to your state pension as such?
Mrs x"
Where I work we had a pension seminar a few months ago. I'm sure they said you need 35 full years NI contributions to get the full state pension. I think if you fall short you will get only a percentage. Someone asked if you work and pay more than 35 years do you get extra. The answer was no you don't get extra and neither does you NI contributions reduce after the 35 year mark. |
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"There are talks of means testing it, so some won’t even get their state pension.
The trouble with that is how people perceive the state pension and how emotive it is:
1. People think they have “paid in” but it is not like a private pension. There is no pot for you.
2. NIC is a tax contributing to funding the current running of govt/public services such as state pension for those in receipt today.
3. The state pension is a benefit. Pensioners are on benefits. It is the single largest benefit budget in the UK govt.
4. The “contract” is that workers today pay for pensioners of today and the workers of tomorrow will pay for those workers when they retire.
So if in the future you take it away from some who are workers today, they will be very pissed off! Thought you could check to see how much state pension you qualify for on a government website somewhere. Thought it was about if you'd worked and paid tax for x amount of years, and there's different levels dependant on how many years you've worked, or do I have this wrong? And if that's the case aren't you then 'paying in' to your state pension as such?
Mrs x
Where I work we had a pension seminar a few months ago. I'm sure they said you need 35 full years NI contributions to get the full state pension. I think if you fall short you will get only a percentage. Someone asked if you work and pay more than 35 years do you get extra. The answer was no you don't get extra and neither does you NI contributions reduce after the 35 year mark. "
I forget how many years to get minimum state pension. I know in my case . I get full state pension plus a larger than amount than most. The reason being when I started work I opted in to pay extra Ni. Think this was called SERPS .
Now as the amount I receive from April this year . I am paying income tax on state pension. This because it is above the £12,570 . Plus yes I have works, private pensions that already were taxed at 20%. |
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Thanks guys for all the great advice, just glad I'm years away from retirement age... a girl can dream anyway, just 'fishing' for the obvious 'you don't look old enough" compliment.
First guy to tell me this wins a prize haha,
Mrs x |
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"Thanks guys for all the great advice, just glad I'm years away from retirement age... a girl can dream anyway, just 'fishing' for the obvious 'you don't look old enough" compliment.
First guy to tell me this wins a prize haha,
Mrs x"
You don't look old enough!!
What did I win?   |
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