Pension stuff, how's it all looking ? HAve you prepared ?
- Yorick
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Noggers, that tax-free allowance might get taxed in France.
Be careful.
Be careful.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I'm not sure if I can identify a dependant. I'd guess it would be a partner or a child? And I have neither!!Count Steer wrote: ↑Tue Apr 09, 2024 4:41 pm I've probably oversimplified the Lifetime Allowance (LTA) but there aren't many of us that need to worry about it...me included.
I think the dependants thing depended on whether the dependant is male or female, age etc (ie life expectancy) but as I said it's only something to consider if you have identified a dependant.
Those numbers don't look too shabby considering you weren't there long. The power of compound interest over time eh?
I suppose I should ask if I can add to it but not sure that would be worth it for a few years in the current climate.
Good call. I'll try and ask someone about that
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- Count Steer
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
You don't need to identify a dependant. I think you'll get a bigger annual sum if you don't. (Effectively it's like insuring 2 lives rather than one).Noggin wrote: ↑Tue Apr 09, 2024 5:44 pmI'm not sure if I can identify a dependant. I'd guess it would be a partner or a child? And I have neither!!Count Steer wrote: ↑Tue Apr 09, 2024 4:41 pm I've probably oversimplified the Lifetime Allowance (LTA) but there aren't many of us that need to worry about it...me included.
I think the dependants thing depended on whether the dependant is male or female, age etc (ie life expectancy) but as I said it's only something to consider if you have identified a dependant.
Those numbers don't look too shabby considering you weren't there long. The power of compound interest over time eh?
I suppose I should ask if I can add to it but not sure that would be worth it for a few years in the current climate.
Good call. I'll try and ask someone about that
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
- Yorick
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I see a lot of folk moaning about the state pension, so done some sums
It's £12k a year so you'll get £240k if you live 20 years.
That's been funded I believe by N.I. contribution.
So if you've worked 40 years, you should have paid about £6k a year.
Just checked and you'd need to be on £200k a year to pay that much.
So maybe it ain't that bad really
It's £12k a year so you'll get £240k if you live 20 years.
That's been funded I believe by N.I. contribution.
So if you've worked 40 years, you should have paid about £6k a year.
Just checked and you'd need to be on £200k a year to pay that much.
So maybe it ain't that bad really
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
How much is the state pension in 2024?
How much state pension you receive depends on if you receive a new full state pension or old basic state pension or additional rate pension.
Old basic state pension
This applies to those people who reached state pension age before 6 April 2016.
The full basic pension is now £169.50 a week – or £8,814 a year.
New full state pension
This is for those reaching state pension age on or after 6 April 2016. It applies to men born on or after 6 April 1951 and women born on or after 6 April 1953.
The current new full state pension is £221.20 a week – or £11,502.40 a year.
How much state pension you receive depends on if you receive a new full state pension or old basic state pension or additional rate pension.
Old basic state pension
This applies to those people who reached state pension age before 6 April 2016.
The full basic pension is now £169.50 a week – or £8,814 a year.
New full state pension
This is for those reaching state pension age on or after 6 April 2016. It applies to men born on or after 6 April 1951 and women born on or after 6 April 1953.
The current new full state pension is £221.20 a week – or £11,502.40 a year.
- Yorick
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- Count Steer
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
If I'd been on £200k for 40 years I don't think I'd be too worried about the State Pension.
(Pretty sure I was on a bit less than that in 1984 ).
(Pretty sure I was on a bit less than that in 1984 ).
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
The £12k a year bit.
The state pension you receive depends on a number of things and is not a single amount like that £12k for everybody.
- Yorick
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Fark me. I was using rough figures to say that we get far more out than we put in.
- Yambo
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
LOL!
The state pension is made up of NI contributions and SERPs (State Earnings Related Pension) and it may well be that you'll get £12k a year if your earnings related bit is based on £200k a year (as your pretty picture suggests) for your working life but that is probably not likely. Did you earn £200k a year?
Then you have to factor in age and if you were born after April 1951 your basic pension will be £7.5k ish without SERPs but if you were born before April 1951 is lower than that. If you were opted out of SERPs for 23 years because you were in the army and they opted you out without your knowledge then the SERPs bit is going to be considerably less than some one earning the same wage over the same period and paying SERPs.
It's a fucking discriminatory mess.
The state pension is made up of NI contributions and SERPs (State Earnings Related Pension) and it may well be that you'll get £12k a year if your earnings related bit is based on £200k a year (as your pretty picture suggests) for your working life but that is probably not likely. Did you earn £200k a year?
Then you have to factor in age and if you were born after April 1951 your basic pension will be £7.5k ish without SERPs but if you were born before April 1951 is lower than that. If you were opted out of SERPs for 23 years because you were in the army and they opted you out without your knowledge then the SERPs bit is going to be considerably less than some one earning the same wage over the same period and paying SERPs.
It's a fucking discriminatory mess.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I think I may have mentioned before that the state pension is unsustainable
People need to either die sooner or work longer*(or everyone under 66 has to accept a lower and lower level of government services / higher taxes).
S'plain as that, them numbers don't lie.
*televised death matches, etc
- wheelnut
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Firstly, NI isn’t ringfenced - it’s just part of general taxation.Yorick wrote: ↑Thu Apr 11, 2024 8:42 pm I see a lot of folk moaning about the state pension, so done some sums
It's £12k a year so you'll get £240k if you live 20 years.
That's been funded I believe by N.I. contribution.
So if you've worked 40 years, you should have paid about £6k a year.
Just checked and you'd need to be on £200k a year to pay that much.
So maybe it ain't that bad really
Screenshot_20240411_203802_Samsung Internet.jpg
Secondly, you’re ignoring compound growth. if you’re treating NI like a private pension then contributing 10% of an average salary for 40 plus years would*, I imagine, easily generate a pension pot of £250k.
If you count in employers NI conts (currently 13%) then that number will go a lot higher.
*I haven’t done the sums.
- Count Steer
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I always said it made more sense to send the old folk off to war instead of yoofs, your young working, breeding stock. Makes much more sense if your 'Old Contemptibles' are actually old and contemptible.Mr. Dazzle wrote: ↑Thu Apr 11, 2024 9:52 pmI think I may have mentioned before that the state pension is unsustainable
People need to either die sooner or work longer*(or everyone under 66 has to accept a lower and lower level of government services / higher taxes).
S'plain as that, them numbers don't lie.
*televised death matches, etc
PS re Yambo's comment ^^^ - my pension statement is one line, wife's, having got hers earlier, is an incomprehensible mish-mash of multiple lines, none of which appear to cover the fact that she deferred it for a year. State Pension's less of a mess now than it was.
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
- Yambo
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Count Steer wrote: ↑Fri Apr 12, 2024 7:26 am I always said it made more sense to send the old folk off to war instead of yoofs, your young working, breeding stock. Makes much more sense if your 'Old Contemptibles' are actually old and contemptible.
Fuck off.
It's the job of old men to start wars and the job of young men to fight them. It was ever thus and you can't change it now.
Not that you'd want to of course as you're into the age bracket yourself for going off to fight. Let's face it, you're too old for the young man's bit so . . .
And anyway, I did my bit as a young man, there's no way you'll get me to do it again.
- weeksy
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I don't think he was actually being serious fella.... Go take a stroll by the sea and calm yourself I get this is an emotive subject for you but you seem to be jumping in here feet first for no real reason.Yambo wrote: ↑Fri Apr 12, 2024 7:33 amCount Steer wrote: ↑Fri Apr 12, 2024 7:26 am I always said it made more sense to send the old folk off to war instead of yoofs, your young working, breeding stock. Makes much more sense if your 'Old Contemptibles' are actually old and contemptible.
Fuck off.
It's the job of old men to start wars and the job of young men to fight them. It was ever thus and you can't change it now.
Not that you'd want to of course as you're into the age bracket yourself for going off to fight. Let's face it, you're too old for the young man's bit so . . .
And anyway, I did my bit as a young man, there's no way you'll get me to do it again.
- Potter
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
If you'd been earning that then you'd probably have cut your cloth to match it - it doesn't follow that you'd only spend some of it and save the rest.Count Steer wrote: ↑Thu Apr 11, 2024 9:01 pm If I'd been on £200k for 40 years I don't think I'd be too worried about the State Pension.
As your salary increases then inevitably your expenditure does too because you want to raise your standard of living and I think that's the case for most people, otherwise why would you chase the higher salaries?
I'm not talking about going berserk, but the price of homes these days means mortgages in the thousands, car payments, school fees if you use private schools, nice holidays, etc. It's a lot of money for sure, but I think most people would be surprised how much you need to earn to meet the things above and save an amount big enough to see you through a long retirement.
Although a good thing is that for most UK people they have a workplace pension and as their salary increases then their contributions will as well, so their workplace pension should be very good.
- Count Steer
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Everyone's different but I've always cut my cloth so there's a bit of cloth to spare. Conditioning I suppose. I still do it.Potter wrote: ↑Fri Apr 12, 2024 8:18 amIf you'd been earning that then you'd probably have cut your cloth to match it - it doesn't follow that you'd only spend some of it and save the rest.Count Steer wrote: ↑Thu Apr 11, 2024 9:01 pm If I'd been on £200k for 40 years I don't think I'd be too worried about the State Pension.
As your salary increases then inevitably your expenditure does too because you want to raise your standard of living and I think that's the case for most people, otherwise why would you chase the higher salaries?
So, earning more meant spending more, yes, AND saving/investing more. So yup. The drive for more still worked. I jumped for the jelly beans too.
I was really making a point that earnings tend not to be flat and anyone on £200k today probably wasn't in 1984. I wasn't, that's for sure! But it's true, people could have earned well and spent the lot.
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
- Potter
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Yeah me too, but it's surprising how easy it is to spend the extra that you get, rather than just putting it straight into savings.Count Steer wrote: ↑Fri Apr 12, 2024 8:47 am
Everyone's different but I've always cut my cloth so there's a bit of cloth to spare. Conditioning I suppose. I still do it.
I suppose it depends on your starting point, we started off from fairly humble beginnings and the first couple of years when I got a break and started earning a bit more money was clearing any debt like car loans and stuff and I ploughed a lot into paying my house off and then saving for the one we have now that we plan to retire in, that took years on it's own.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I got into the habit of putting a slice of any pay rise into my company pension a while ago. It means I never get used to having all the extra money, my pension contributions increase from the very first bigger paycheck.
I think I'm up to about 15% voluntary contributions now.
I think I'm up to about 15% voluntary contributions now.