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easy2012

Dailymail: Flat Rate £140 Pension Per Retired Person

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I am surprised that this was not picked up on the form already.

Daily mail reporting that the government is going to offer a £140 per person per week pension to all, regardless of contribution.

Obviously this means those who paid nothing in will also get it.

IDS believe this is cost neutral (and it probably will be), I take that this means is it is as unaffordable as the present system.

http://www.dailymail.co.uk/news/article-1323447/The-140-pension-Huge-boost-stay-home-mums-married-couples-historic-shake-up.html

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I am surprised that this was not picked up on the form already.

Daily mail reporting that the government is going to offer a £140 per person per week pension to all, regardless of contribution.

Obviously this means those who paid nothing in will also get it.

IDS believe this is cost neutral (and it probably will be), I take that this means is it is as unaffordable as the present system.

http://www.dailymail...c-shake-up.html

thats fine, as long as those that paid in can keep ALL their benefits too.

It was calculated some years ago in Moneyweek, that, in order to benefit from a private pension AT ALL, you needed a fund of £180K or so....this because they take away your entitlements the more you have contributed yourself.

and, as most people have nowhere near that sort of pot, for most, paying into a pension was a BAD option.

Probably still is.

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thats fine, as long as those that paid in can keep ALL their benefits too.

It was calculated some years ago in Moneyweek, that, in order to benefit from a private pension AT ALL, you needed a fund of £180K or so....this because they take away your entitlements the more you have contributed yourself.

and, as most people have nowhere near that sort of pot, for most, paying into a pension was a BAD option.

Probably still is.

Don't say that, people will get back into BTL.

Seriously, they will.

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Don't say that, people will get back into BTL.

Seriously, they will.

It would be interesting to see how the calculation has changed...if at all.....Merryn, If you are reading today...an article might be appropriate in these times of change.

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The current system which actively disuades you from saving is stoopid. Non-means tested pensions are the way to encourage saving for your old age. Otherwise why bother?

However... the new system could be a big gift to people who spend most of their working lives abroad and then swan back in to collect a pension and make some serious use of the NHS. So there should be some tie-in to how long you have been a UK tax-payer. <_<

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I expect £140 is per week, right?

If it replaces all means-tested benefits, then it sounds like a Good Thing. Not sure about delinking it completely from contributions, but if that means they're going to sweep away all the NI crap with different contribution classes then, in the long term at least, that's a Good Thing too.

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The current system which actively disuades you from saving is stoopid. Non-means tested pensions are the way to encourage saving for your old age. Otherwise why bother?

However... the new system could be a big gift to people who spend most of their working lives abroad and then swan back in to collect a pension and make some serious use of the NHS. So there should be some tie-in to how long you have been a UK tax-payer. <_<

From the article: "The payment would be based on citizenship or residency, with British citizens or anyone who has been living in Britain for a fixed number of years qualifying."

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Having lived abroad for 20 years and not paid NI I was concerned that I'd have to claim means tested benefit which would mean I'd have retire with no savings.

I wonder about those expats who are paying NI from abroad, maybe they should stop now!?

Certainly this is big goal post moving.

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The current system which actively disuades you from saving is stoopid. Non-means tested pensions are the way to encourage saving for your old age. Otherwise why bother?

However... the new system could be a big gift to people who spend most of their working lives abroad and then swan back in to collect a pension and make some serious use of the NHS. So there should be some tie-in to how long you have been a UK tax-payer. <_<

The current system allows you to "swan back in to collect a pension and make some serious use of the NHS."

You can choose to pay class 2 NI contributions which cost about 2 quid a week and thanks to the largesse of the last government you only need 30 years contributions rather than the 44 years previously required.

The lunatics are still in charge of the asylum

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Most people if they have little are unable to live on the basic pension of around £90 most make it up with pension credits etc to just under £200 so £140 is less not more......and less will be in a position to claim it anyway. ;)

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Why don't we just give every £1M each?

All this tinkering at the edges is madness.

How much do people want to secure a vote?

The oldies are the most important class of voters as they actually bother to go and vote even if it rains.

The tories are realising this.

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Why don't we just give every £1M each?

All this tinkering at the edges is madness.

How much do people want to secure a vote?

The oldies are the most important class of voters as they actually bother to go and vote even if it rains.

The tories are realising this.

they are hardly realising it, they know who their core vote is and always has been, the older generation (or boomers as they like to call them on here, which is why its quite funny when everyone on here blames the boomers for voting Labour largesse and the property moonshoot the last 13 years. The core Labour vote proportionally has pretty much always been in the younger demographic

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This would end the indignity of means testing

How dare you ask me how much i get or where i got it from.

Now, give me MY money. Thats right, i dont have any NIC stamps as work is for the little people.

Sickening. Its begining to look like Thatcher all over again. Shrinking the state? Yeah, right. More like transferring the costs from rich to poor. Or a continuation of labours habit of transferring costs from old to young.

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Most people if they have little are unable to live on the basic pension of around £90 most make it up with pension credits etc to just under £200 so £140 is less not more......and less will be in a position to claim it anyway. ;)

Are you sure? Looks like 132.60 for single and 202.40 for married at the moment.

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If you are trying to incentivise work then surely this is the complete opposite of what you should do. I don't agree with it at all. This is the end result of lumping pensions in with "benefits". State pension should've been kept out of the Benefits office.

The only way it is justified is if the earnings-related portion of the state pension is retained and beefed-up. There has got to be a clear link in peoples' minds that working throughout life = clearly better standard of living in retirement.

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The only way it is justified is if the earnings-related portion of the state pension is retained and beefed-up. There has got to be a clear link in peoples' minds that working throughout life = clearly better standard of living in retirement.

Without means testing, working throughout life (and, say, saving and/or owning your own house) does equal a better standard of living in retirement, no?

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Anybody missing any qualifying years recently?

My good lady received a letter from HMRC this morning informing her that she had a qualifying gap 2008/2009 and could pay £420 to make it up. It also said "you have 24 qualifying years for the state pension"

In 2009 she requested and received a pension forecast which stated "to receive a full state pension you need 30 qualifying years which you already have".

Doh!! What's happened to those missing 6 years? Have some goalposts been moved?

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If you are trying to incentivise work then surely this is the complete opposite of what you should do.

There has got to be a clear link in peoples' minds that working throughout life = clearly better standard of living in retirement.

+1

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Without means testing, working throughout life (and, say, saving and/or owning your own house) does equal a better standard of living in retirement, no?

Exactly - if there is a basic provision that everyone gets of £140 a week then those who work all their lives, save money etc will have that £140 plus anything they've saved.

Some people on here won't be happy until all people except them are in poverty.

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Exactly - if there is a basic provision that everyone gets of £140 a week then those who work all their lives, save money etc will have that £140 plus anything they've saved.

Some people on here won't be happy until all people except them are in poverty.

So if you spend it all whilst you work on booze and partying then the govt by providing you with the same support as if you'd saved ... is actually supporting drinking and partying.....

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I am surprised that this was not picked up on the form already.

Daily mail reporting that the government is going to offer a £140 per person per week pension to all, regardless of contribution.

Obviously this means those who paid nothing in will also get it.

IDS believe this is cost neutral (and it probably will be), I take that this means is it is as unaffordable as the present system.

http://www.dailymail.co.uk/news/article-1323447/The-140-pension-Huge-boost-stay-home-mums-married-couples-historic-shake-up.html

The current system that forces half of all pensioners to claim tax credits is obviously a nonsense but I am not sure that breaking the link between Contributions and entitlement is a good idea. The suggestion is that the right to a pension will be be based on years of residency in the UK but it is not clear how long that would have to be or how it is monitored. There would have tp be some mechanism to allow those who work overseas but who wish to retire in the UK to buy a state pension as now. I assume that the Earnings Related Element of the state pension will be axed as part of the reform so some people will not actually be gaining that much extra for their contributions from these proposals. I expect the opting out element of Class 1 NIC will be axed for those in company and private schemes. In addition I expect some of the special tax allowances, the heating allowance etc for pensioners will be abolished as well. The tax allowances generally only benefit better off pensioners so for the vast majority of the elderly it is a meaningless perk

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If you are trying to incentivise work then surely this is the complete opposite of what you should do. I don't agree with it at all. This is the end result of lumping pensions in with "benefits". State pension should've been kept out of the Benefits office.

The only way it is justified is if the earnings-related portion of the state pension is retained and beefed-up. There has got to be a clear link in peoples' minds that working throughout life = clearly better standard of living in retirement.

Rubbish all this nations citizens deserve a flat rate basic pension. If you want a more comfortable retirement and earn enough to pay for it you take a private pension to provide the extra. Keep things simple and let the workers decide if they want to save for a more comfortable retirement. And if people save outside of a pension wrapper don't means test them.

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Most people if they have little are unable to live on the basic pension of around £90 most make it up with pension credits etc to just under £200 so £140 is less not more......and less will be in a position to claim it anyway. ;)

A single person gets it topped up to about £130, so £140 is an increase.

A couple get it topped up to nearly £200 - and now they'd get 2x£140 - so raking it in at £280.

Hard working singles, on lower incomes, that have worked solidly for 50 years ... will be hard done by.

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So if you spend it all whilst you work on booze and partying then the govt by providing you with the same support as if you'd saved ... is actually supporting drinking and partying.....

The government provides a baseline support.

If you have been sensible and saved into a seperate private pension you will have all that extra untaxed income to enjoy in your retirement.

Your feckless drinkers will have to pay rent out of their £140 a week whilst you'll be living mortgage free with an asset to pass on to your offspring.

You will be pulling in £10k a year from your private pension and drinking nicer wine and enjoying better parties.

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  • 244 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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