In other news - pension changes?

boogieman

quarky;950944" said:

Those who can look after themselves should get a much smaller state pension

Doesn't that already happen? I've got a company pension that I'm already drawing. When I checked my projected figures on the state pension site, apparently I won't get the maximum rate. I'd presumed this was because I'd already got a company pension? I've paid NI for 35+ years so should be entitled to a full pension otherwise.

thermionic

not_the_dj said:

57Deluxe said:

I contracted outa SERPS i

I did that when I first got a company pension (late 90s) and I've completely forgotten what it meant.

I think I did that as well, in the late 90s. I was only in it for a few years before getting made redundant but I should look into it.

I'm back in the public sector now and I'll be paying into that for a good few years. I'll increase my contribution when I get promotion and a jump in salary. I also managed to transfer 6+ years of my first job's pension into my current one. So effectively, I've been in this job for 3 years but have almost 10 years of service.

57Deluxe

/\ if you contracted outa SERPS then was in retrospect a good thing in light of recent changes as there is a one stop level now - only determined by the amount of yearly NI you made.

Unfortunately, I had many years of inactivity where I didn't pay any... so I will only get xx/30ths of the state pension... Sadly the amount needed to make it up is not economical unless I live to the 100s.

quarky

boogieman said

Doesn't that already happen? I've got a company pension that I'm already drawing. When I checked my projected figures on the state pension site, apparently I won't get the maximum rate. I'd presumed this was because I'd already got a company pension? I've paid NI for 35+ years so should be entitled to a full pension otherwise.

Not much though I think. From what I understand, the basic amount of £7.5k/year or whatever it is, isn't really means tested. You can get more on top if you qualify, but not much more. I would make at least 33% of that subject to means testing.

boogieman

quarky;951529" said:

boogieman saidDoesn't that already happen? I've got a company pension that I'm already drawing. When I checked my projected figures on the state pension site, apparently I won't get the maximum rate. I'd presumed this was because I'd already got a company pension? I've paid NI for 35+ years so should be entitled to a full pension otherwise.





Not much though I think. From what I understand, the basic amount of £7.5k/year or whatever it is, isn't really means tested. You can get more on top if you qualify, but not much more. I would make at least 33% of that subject to means testing.

Trouble is, if it's anything like child benefit then means testing is already proven not to be financially viable.

While I don't necessarily agree with everyone getting CB and a state pension, especially the super-rich, you could argue that they've paid into the system so are entitled to it. They'll be paying tax on it anyway.

shuikit

Thinking about going to the Lego shop and buying every Star Wars set they have instead... 

grungebob

underdog;949788" said:

That's fine, but it's a way to make decent, consistent money and have a lump sum at the end if you decide to sell up.

Don't forget though that you will have considerable tax to pay on the sale price

chillidoggy

thomasross20 said:

Woops, I wowed your post by mistake, sambostar. Sorry about that

And I've just LOL'd your post about WOWing Sambostar's post by mistake.

thomasross20

quarky

chillidoggy said:

thomasross20 said:

Woops, I wowed your post by mistake, sambostar. Sorry about that

And I've just LOL'd your post about WOWing Sambostar's post by mistake.

You know, if you can get a few people to do this, we could cross-reference the pyramid scheme thread.

quarky

Boost for first-time buyers as buy-to-let landlords' profits are slashed in crackdown on mortgage interest tax relief

This change will be phased in over a four-year period from April 2017. Currently, landlords can claim tax relief on monthly interest repayments at the top level of tax they pay of 45 per cent. Mortgage interest relief is estimated to cost £6.3billion a year, a Freedom for Information request revealed recently.http://www.thisismoney.co.uk/money/buytolet/article-3153541/Profits-slashed-wealthy-buy-let-landlords-Budget-crackdown-mortgage-tax-relief.html

That will be a good change I think. Make BTL less attractive (make it easier for the average person to own their own house), and perhaps divert some money into shares and other investments..

thomasross20

Agreed