Labour's Election plans for Pensions affect you

[Becontree Boy]

Anybody from the UK who has paid National Insurance Contributions for at least ten years is entitled a part UK state pension upon their retirement.  If you've paid 35 years of National Insurance contributions you are entitled to a full basic UK state pension.  It's possible to pay "Class 2" contributions if you've been working in Australia to make up complete missing years.  For those who have not worked for some of those years, more expensive "Class 3" contributions can be made to improve your UK State Pension.  For details on exactly how to do this, I would suggest you contact "British Pensions in Australia", an independent voluntary and campaigning organisation which has developed expertise in this area over many years (see https://www.bpia.org.au/ ).

  A basic full British state pension is currently £168.60 per week.  If you retired before April 2016, the full basic rate of pension is £129.20 per week.  Sadly though, British Pensioners living in Australia and many other mainly commonwealth countries have been disadvantaged over the years because the value of their UK state pensions has been "frozen" to that available on the date a person retired.  Hence, for example, a person who retired in 2000 would not get £168.60 but instead would receive £67.50 per week.

However, if Labour is elected on 12th December 2019, the situation improves for British pensioners living in Australia.  Labour will apply the "triple lock" to UK state pensioners living over here.  This means that the value of pensions will go up by at least 2.5% a year.  For people retiring after Labour's new rules come in, it means that their pensions are "unfrozen".  What you get as a full basic pension from the UK in Australia will always be the same as what you would get in Britain.  For those who have already retired, the "triple lock" annual increase will be applied to the "frozen value". 

Labour's offering represents a real improvement for British state pensioners in Australia.  Vote for the conservatives and nothing like this is on offer.

If you have a vote in the UK elections, I would urge you to consider voting Labour to help secure this direct benefit in your standard of living.

Labour's manifesto can be read at https://labour.org.uk/wp-content/uploads/2019/11/Real-Change-Labour-Manifesto-2019.pdf .  The discussion on pensions is on page 76.  

The British Labour Party branch covering Australia and New Zealand can be contacted at australasia@labourinternational.net .  Our twitter account is

@AusNZ_Labour .  See us on instagram at  australasia_labour

 

 

 

 

[Paul1Perth]

15 hours ago, Becontree Boy said:

Anybody from the UK who has paid National Insurance Contributions for at least ten years is entitled a part UK state pension upon their retirement.  If you've paid 35 years of National Insurance contributions you are entitled to a full basic UK state pension.  It's possible to pay "Class 2" contributions if you've been working in Australia to make up complete missing years.  For those who have not worked for some of those years, more expensive "Class 3" contributions can be made to improve your UK State Pension.  For details on exactly how to do this, I would suggest you contact "British Pensions in Australia", an independent voluntary and campaigning organisation which has developed expertise in this area over many years (see https://www.bpia.org.au/ ).

  A basic full British state pension is currently £168.60 per week.  If you retired before April 2016, the full basic rate of pension is £129.20 per week.  Sadly though, British Pensioners living in Australia and many other mainly commonwealth countries have been disadvantaged over the years because the value of their UK state pensions has been "frozen" to that available on the date a person retired.  Hence, for example, a person who retired in 2000 would not get £168.60 but instead would receive £67.50 per week.

However, if Labour is elected on 12th December 2019, the situation improves for British pensioners living in Australia.  Labour will apply the "triple lock" to UK state pensioners living over here.  This means that the value of pensions will go up by at least 2.5% a year.  For people retiring after Labour's new rules come in, it means that their pensions are "unfrozen".  What you get as a full basic pension from the UK in Australia will always be the same as what you would get in Britain.  For those who have already retired, the "triple lock" annual increase will be applied to the "frozen value". 

Labour's offering represents a real improvement for British state pensioners in Australia.  Vote for the conservatives and nothing like this is on offer.

If you have a vote in the UK elections, I would urge you to consider voting Labour to help secure this direct benefit in your standard of living.

Labour's manifesto can be read at https://labour.org.uk/wp-content/uploads/2019/11/Real-Change-Labour-Manifesto-2019.pdf .  The discussion on pensions is on page 76.  

The British Labour Party branch covering Australia and New Zealand can be contacted at australasia@labourinternational.net .  Our twitter account is

@AusNZ_Labour .  See us on instagram at  australasia_labour

 

 

 

 

I still couldn't bring myself to vote for them. If you are on an Aussie pension and you get an increase in your British one your Aussie one will just go down. You won't be any better off.

Obviously if you're rich enough to have enough assets or income to not get the Aussie pension then you would come out on top. So in a way helping the better off.

[Becontree Boy]

Yes beyond a protected amount, you will be able to take 50% of your UK state pension on a Centrelink assets test.  So regardless whether you rely on superannuation to top up your retirement income, a Centrelink age pension, or a combination of both, you will still be better off with Labour's UK state pension incease.

But there is also a moral argument as well.  Australian tax payers make up the difference in means tested cases.

Labour sees a future in which new UK pension recipients get the full pension with annual increments of 2.5%+ regardless of where you live in the world.  That's got to be fairer on Australian tax payers.  If you've paid 35+ years of NI contributions in the UK you should get the full pension entitlement and ease the burden on Australian taxpayers.

My votes for Labour as a big step towards this.

[Zack]

Don't know where you are getting your figures from , But i retired in 2001 and i recieve 98 pounds per week   and my wife receives 48 pounds per week. We get a part pension from New Zealand and a Part pension from Australia.As a Veteran  Our vote is for Labour whatever happens .We would never vote for the Tories they have betrayed  everyone .Even our Armed Forces, Jailing Veterans and serving soldiers ,accused of not following the Rules of war going back decades.All on the information from our enemies,They betrayed  Commonwealth Countries.For the EU.The Tories Betrayed the people's Referendum . They themselves instigated .And Now they have the Buffoon as PM. With a deal he's signed with the EU, and it's a shocker. Brexit in name only.The Tories will never give up The huge EU  bonuses,some business ,The wealthy ,the privileged and the Royals receive.Meanwhile they are bankrupting the country ,they will sell off the NHS It's hemorrhaging Billions P/a. With all this Mass  unvetted immigration into the UK. Britain's debt is now in the Trillions.Cameron And Osborne were even printing their own money ,To arm all the Rebels to overthrow Assad in Syria,including the Taliban and Isis. Then they armed the Rebels in Libya to overthrow Gaddafi.They spent Millions Bankrolling the Muslim Brotherhood to overthrow the elected Government in Egypt.These two Tory traitors   increased The Foreign Aid Budget every year since 2010. Even paying China and India aid and still are, imported over 300,000 unvetted immigrants into Britain every year.And the Tories are still importing them in huge numbers .The buffoon  says we can't get enough, My Restaurant i use is even  short of Labour. Mi5 has warned the Tories over and over . That out of every 1000 unvetted immigrants from the EU there are 9 Muslim Terrorists.THe attacks in Britain go on,and the tories answer was to sack 20,000 police and cut Terror surveillance in Britain by 50%. All the News papers and the Media are Anti Labour . Nothing at all about the Incompetent Tories.The Tories have sold off all of Britain's essential services except one. And it's next the NHS,

[Becontree Boy]

The figures are based on the full basic rate of state pension.  I got them from https://adviser.royallondon.com/technical-central/rates-and-factors/state-pension/basic-state-pension-rates/ . I imagine that you could add additional amounts to that based on the amount of SERPS you had, but that will vary from individual to individual.  But the principle holds that UK state pensions are frozen and that Labour's proposals, at the least, will prevent them from diminishing further in value.

I'm glad that you have chosen to vote Labour and share your worries about the future of the NHS if left in Tory hands.

[Bridgeman]

It would be nice if they would backdate the increase to when we moved over to Australia and give us back the money they have stolen from us.

[Marisawright]

On 02/12/2019 at 10:56, Paul1Perth said:

If you are on an Aussie pension and you get an increase in your British one your Aussie one will just go down. You won't be any better off.

Actually it doesn't go down by quite as much, so usually you would be a bit better off.

The main benefit, though, would be to Australians currently living in the UK, because currently they get no pension at all.   Australia has always said that if the UK lifts the freeze, they'll lift the ban.

[Paul1Perth]

On 02/12/2019 at 08:25, Becontree Boy said:

Yes beyond a protected amount, you will be able to take 50% of your UK state pension on a Centrelink assets test.  So regardless whether you rely on superannuation to top up your retirement income, a Centrelink age pension, or a combination of both, you will still be better off with Labour's UK state pension incease.

But there is also a moral argument as well.  Australian tax payers make up the difference in means tested cases.

Labour sees a future in which new UK pension recipients get the full pension with annual increments of 2.5%+ regardless of where you live in the world.  That's got to be fairer on Australian tax payers.  If you've paid 35+ years of NI contributions in the UK you should get the full pension entitlement and ease the burden on Australian taxpayers.

My votes for Labour as a big step towards this.

I suppose your moral argument works for Aussie taxpayers but reverse for UK ones. Why would they want to stump up more money for people who chose to leave the UK by their own choice? They knew the rules, or should have, when they chose to move. If I were a UK resident it would be another reason I wouldn't vote Labour.

[ramot]

On 01/12/2019 at 17:56, Becontree Boy said:

Anybody from the UK who has paid National Insurance Contributions for at least ten years is entitled a part UK state pension upon their retirement.  If you've paid 35 years of National Insurance contributions you are entitled to a full basic UK state pension.  It's possible to pay "Class 2" contributions if you've been working in Australia to make up complete missing years.  For those who have not worked for some of those years, more expensive "Class 3" contributions can be made to improve your UK State Pension.  For details on exactly how to do this, I would suggest you contact "British Pensions in Australia", an independent voluntary and campaigning organisation which has developed expertise in this area over many years (see https://www.bpia.org.au/ ).

  A basic full British state pension is currently £168.60 per week.  If you retired before April 2016, the full basic rate of pension is £129.20 per week.  Sadly though, British Pensioners living in Australia and many other mainly commonwealth countries have been disadvantaged over the years because the value of their UK state pensions has been "frozen" to that available on the date a person retired.  Hence, for example, a person who retired in 2000 would not get £168.60 but instead would receive £67.50 per week.

However, if Labour is elected on 12th December 2019, the situation improves for British pensioners living in Australia.  Labour will apply the "triple lock" to UK state pensioners living over here.  This means that the value of pensions will go up by at least 2.5% a year.  For people retiring after Labour's new rules come in, it means that their pensions are "unfrozen".  What you get as a full basic pension from the UK in Australia will always be the same as what you would get in Britain.  For those who have already retired, the "triple lock" annual increase will be applied to the "frozen value". 

Labour's offering represents a real improvement for British state pensioners in Australia.  Vote for the conservatives and nothing like this is on offer.

If you have a vote in the UK elections, I would urge you to consider voting Labour to help secure this direct benefit in your standard of living.

Labour's manifesto can be read at https://labour.org.uk/wp-content/uploads/2019/11/Real-Change-Labour-Manifesto-2019.pdf .  The discussion on pensions is on page 76.  

The British Labour Party branch covering Australia and New Zealand can be contacted at australasia@labourinternational.net .  Our twitter account is

@AusNZ_Labour .  See us on instagram at  australasia_labour

 

I received my UK state pension in 2003. I am only entitled to a part pension as worked for only a few years. A a mother I was credited for an extra 17 years, Like others I contributed a small amount of money to top up my pension, for a small increase for 2 the years before I received my pension. I still only get a very part pension, but that amounts to 65 pds per month, only just under the amount you quoted for a full pension 3 years previously. 

I agree with another poster that if you choose to live in a country where your pension is frozen, that’s a choice you make. However when I first started paying my national insurance I have no recollection of being aware that my pension would be frozen. Must have missed the small print!! 

There have been several attempts in parliament to have the pension unfrozen, see labour MP Jeff Rooker’s comments in 2000. Possibly the latest was in 2017? Various ex UK pensioner associations have tried, all to no avail. 

I have absolutely no confidence in the labour party actually implementing this. Only time will tell if

a) they win the election

b) it ever happens, as  why  any sane person believes anything promised pre election is beyond me!

 

 

 

[Becontree Boy]

1 hour ago, Paul1Perth said:

I suppose your moral argument works for Aussie taxpayers but reverse for UK ones. Why would they want to stump up more money for people who chose to leave the UK by their own choice? They knew the rules, or should have, when they chose to move. If I were a UK resident it would be another reason I wouldn't vote Labour.

A couple of points. 

-  Many people weren't aware their UK state pensions were to be frozen by moving abroad.

-  The principle holds that wherever in the world life takes you, if you pay the same amount of National Insurance contributions in then you should get the same amount out. 

I think any fair minded UK citizen would hold to that principle, and these are exactly the ones who would vote Labour.

[Paul1Perth]

40 minutes ago, Becontree Boy said:

A couple of points. 

-  Many people weren't aware their UK state pensions were to be frozen by moving abroad.

-  The principle holds that wherever in the world life takes you, if you pay the same amount of National Insurance contributions in then you should get the same amount out. 

I think any fair minded UK citizen would hold to that principle, and these are exactly the ones who would vote Labour.

You do get the same out if you pay the same in. Me and the wife could have caught up on our contributions and got a full UK pension, we chose not to as we wanted to get rid of the mortgage quicker with spare cash. Another reason is exchange rate fluctuation affects the amount and it's a guessing game.

Everyone living abroad can top up their NI payments. If they choose not to and want to find other ways to pay for their retirement years it's personal choice.

[ramot]

52 minutes ago, Becontree Boy said:

A couple of points. 

-  Many people weren't aware their UK state pensions were to be frozen by moving abroad.

-  The principle holds that wherever in the world life takes you, if you pay the same amount of National Insurance contributions in then you should get the same amount out. 

I think any fair minded UK citizen would hold to that principle, and these are exactly the ones who would vote Labour.

Oh no we won’t  we won’t be told how to vote. we will vote as we see fit and don’t need any ‘I know better than you’ telling others what to do.I get so fed up with posters making sweeping statements, and insinuating that ‘My way’  is the only way, smacks of trying to control how you must vote.

Edited December 3, 2019 by ramot

[Becontree Boy]

39 minutes ago, Paul1Perth said:

You do get the same out if you pay the same in. Me and the wife could have caught up on our contributions and got a full UK pension, we chose not to as we wanted to get rid of the mortgage quicker with spare cash. Another reason is exchange rate fluctuation affects the amount and it's a guessing game.

Everyone living abroad can top up their NI payments. If they choose not to and want to find other ways to pay for their retirement years it's personal choice.

But up to now you don't get the same out if you live in Australia and other mainly commonwealth countries because you are not entitled to the annual "triple lock" upgrades of at lease 2.5% p.a.  Oddly, if you retire to the EU or USA you do get the upgrades.  The  UK government will even pay you the fully updated amount if you return to the UK for more than one month.  Labour's manifesto commitment in part rectifies this by paying the upgrades for now on.  For a new retiree that means an ongoing commitment to pay a pension of the same value as that in the UK.

I accept that not everyone wants to add to the NI contribution fund and receive a full pension.  It is a personal choice.

 

Edited December 3, 2019 by Becontree Boy

[Becontree Boy]

3 hours ago, Bridgeman said:

It would be nice if they would backdate the increase to when we moved over to Australia and give us back the money they have stolen from us.

Yes, that would be great.  But Labour's manifesto pledge guarantees at least that the value of your UK state pension from now on will increase by at least 2.5% a year.  After years of hard campaigning particularly by Australian and Canadian pensioners, this represents a significant policy shift.

[Becontree Boy]

2 hours ago, ramot said:

 

 

35 minutes ago, ramot said:

Oh no we won’t  we won’t be told how to vote. we will vote as we see fit and don’t need any ‘I know better than you’ telling others what to do.I get so fed up with posters making sweeping statements, and insinuating that ‘My way’  is the only way, smacks of trying to control how you must vote.

I'm sorry my comments have upset you.  Your choice on 12th December is indeed your own.

 

[Becontree Boy]

2 hours ago, ramot said:

 

Yes, none of this happens unless Labour wins the election.  We have a manifesto commitment by Labour to apply the upgrades to all UK state pensions internationally.  I am a member of the international branch of the British Labour Party with 3,000 members worldwide who are watching this matter closely.  I have every confidence that a Corbyn led Labour government will see this matter through.  

[Jon the Hat]

On 03/12/2019 at 09:00, Becontree Boy said:

Yes, none of this happens unless Labour wins the election.  We have a manifesto commitment by Labour to apply the upgrades to all UK state pensions internationally.  I am a member of the international branch of the British Labour Party with 3,000 members worldwide who are watching this matter closely.  I have every confidence that a Corbyn led Labour government will see this matter through.  

How is that working out for you?   Fortunatelyu the British public have seen through the Corbynisat nonsense and promises for all and sundry.  Fed up with being told Corbyn and his cronies know better.

[Becontree Boy]

Very badly, I confess.  Pensions will remain frozen under a Johnson administration.  

However, it is not a sin to pitch for a political party which aligns with my views.  

[Gbye grey sky]

On 02/12/2019 at 09:56, Paul1Perth said:

I still couldn't bring myself to vote for them. If you are on an Aussie pension and you get an increase in your British one your Aussie one will just go down. You won't be any better off.

Obviously if you're rich enough to have enough assets or income to not get the Aussie pension then you would come out on top. So in a way helping the better off.

Why are you on an Aussie pension?  Don’t you have Super?

[Paul1Perth]

3 hours ago, Gbye grey sky said:

Why are you on an Aussie pension?  Don’t you have Super?

Today is my last day at work so I'll be looking into Aussie pension. It'll be touch and go whether I get anything as my wife is still working part time and we both get incomes from pension schemes from the UK. 

I have super here too but you can still have a fair amount and still get some pension. As a couple it's about $900,000 before the pension cuts out altogether.

If I'm due any I'll be taking it for sure. Have to arrange an appointment with centerlink, it's too hard to try and work it out on line or on the phone.

Come lunchtime today i'm off down the pub

[Toots]

8 minutes ago, Paul1Perth said:

Today is my last day at work so I'll be looking into Aussie pension. It'll be touch and go whether I get anything as my wife is still working part time and we both get incomes from pension schemes from the UK. 

I have super here too but you can still have a fair amount and still get some pension. As a couple it's about $900,000 before the pension cuts out altogether.

If I'm due any I'll be taking it for sure. Have to arrange an appointment with centerlink, it's too hard to try and work it out on line or on the phone.

Come lunchtime today i'm off down the pub

Happy retirement Paul 

 

[Marisawright]

1 hour ago, Paul1Perth said:

Today is my last day at work so I'll be looking into Aussie pension. It'll be touch and go whether I get anything as my wife is still working part time and we both get incomes from pension schemes from the UK. 

I have super here too but you can still have a fair amount and still get some pension. As a couple it's about $900,000 before the pension cuts out altogether.

If I'm due any I'll be taking it for sure. Have to arrange an appointment with centerlink, it's too hard to try and work it out on line or on the phone.

Come lunchtime today i'm off down the pub

Centrelink won’t do anything until you’ve claimed The British pension first, or have a letter from them saying you’re not eligible. So you may as well knock that over first 

[Paul1Perth]

39 minutes ago, Marisawright said:

Centrelink won’t do anything until you’ve claimed The British pension first, or have a letter from them saying you’re not eligible. So you may as well knock that over first 

I get my British pension already. They were on the ball. Got a letter and form to fill in and send back and then they just let me know how much I got. You can choose how often you get paid. Got that when I was 65 and 3 months, so 3 months before I was eligible for the Aussie one.

[Marisawright]

1 hour ago, Paul1Perth said:

I get my British pension already. They were on the ball. Got a letter and form to fill in

Oh good.  I had to do the legwork myself because they'd long since lost track of me!

[Jon the Hat]

7 hours ago, Paul1Perth said:

Today is my last day at work so I'll be looking into Aussie pension. It'll be touch and go whether I get anything as my wife is still working part time and we both get incomes from pension schemes from the UK. 

I have super here too but you can still have a fair amount and still get some pension. As a couple it's about $900,000 before the pension cuts out altogether.

If I'm due any I'll be taking it for sure. Have to arrange an appointment with centerlink, it's too hard to try and work it out on line or on the phone.

Come lunchtime today i'm off down the pub

Woohoo!  It'll be all over by now!  Congratulations Paul, I wish you a happy retirement!