Labour's Election plans for Pensions affect you

[Jon the Hat]

11 hours ago, Becontree Boy said:

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.  

I wonder how much you looked at what Corbyn stood for?  Not a Labour party I would want to be associated with.

[Paul1Perth]

13 minutes ago, Jon the Hat said:

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

It's over all right. Just been in to Perth with a good mate from work, checked out a few rooftop bars in brilliant drinking weather. 

Can't believe I don't have to go anymote

[Whey aye]

On 02/12/2019 at 07:56, 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.

I am baffled why people think like that,it is obvious you are better off.An Australian pension will reduce by 50 cents for each dollar over around $ 300 per fortnight,single is $174 per fortnight .Earn $180 per fortnight and your pension will reduce by $3 per fortnight,not $180 as you seem to think. 

 

The other strange one is people saying I will get a pension with assets of $850,000.This is wrong,you will get a part pension,of around $75 per fortnight,the pension begins to cut out with assets of $360,000 for a married couple.

 

I do a bit work to help people out on this so don' t really keep up with the exact figures  

 

You will never get a better bargain in your life than paying class 2 contributions.For an outlay of £ 3 per week you will get around £ 4.80 per week for the rest of your life.Put a different way pay back the 10 years of class 2 at £1560 ( 3x52x10 ) and you will get £48 a week pension,or £2496 a year for the rest of your life.

Live for 10 years after retirement your £1560 contribution will return you £24,960.Live for 20 years and the return is £49,920.

Mad not to do it.

[Marisawright]

9 hours ago, Whey aye said:

I am baffled why people think like that,it is obvious you are better off.An Australian pension will reduce by 50 cents for each dollar over around $ 300 per fortnight,single is $174 per fortnight .Earn $180 per fortnight and your pension will reduce by $3 per fortnight,not $180 as you seem to think. 

 

That's even better than I thought.

I also think the Class 2 contributions are a bargain, even with the frozen rates in Australia.   

Edited December 20, 2019 by Marisawright

[ramot]

9 hours ago, Whey aye said:

I am baffled why people think like that,it is obvious you are better off.An Australian pension will reduce by 50 cents for each dollar over around $ 300 per fortnight,single is $174 per fortnight .Earn $180 per fortnight and your pension will reduce by $3 per fortnight,not $180 as you seem to think. 

 

The other strange one is people saying I will get a pension with assets of $850,000.This is wrong,you will get a part pension,of around $75 per fortnight,the pension begins to cut out with assets of $360,000 for a married couple.

 

I do a bit work to help people out on this so don' t really keep up with the exact figures  

 

You will never get a better bargain in your life than paying class 2 contributions.For an outlay of £ 3 per week you will get around £ 4.80 per week for the rest of your life.Put a different way pay back the 10 years of class 2 at £1560 ( 3x52x10 ) and you will get £48 a week pension,or £2496 a year for the rest of your life.

Live for 10 years after retirement your £1560 contribution will return you £24,960.Live for 20 years and the return is £49,920.

Mad not to do it.

I realise my experience is slightly different, but before I received my UK state pension 15 years ago, I paid in approximately 2,000 pds to top up my pension. Worked out that as long as I lived for  2 years from starting to receive my state pensionthe extra paid was balanced out by the increase. 13 years later I am well in profit, even though it’s frozen.

As I go to UK most years for about 3 months most years, I make sure I get the up to date amount while there. 

[Whey aye]

7 hours ago, ramot said:

I realise my experience is slightly different, but before I received my UK state pension 15 years ago, I paid in approximately 2,000 pds to top up my pension. Worked out that as long as I lived for  2 years from starting to receive my state pensionthe extra paid was balanced out by the increase. 13 years later I am well in profit, even though it’s frozen.

As I go to UK most years for about 3 months most years, I make sure I get the up to date amount while there. 

Yes,you'll be right.I think they changed it in 2015 ish.

I got the paperwork off them probably 15 years ago.You could make up six years then at roughly an average of just over £ 300 a year,give or take £ 2K was 6 years contributions.You paid class 1 then,it was a problem for class 2.

Once they changed it then self employed or employed overseas you paid £3 a week for class 2 or £15 for class 1.

 

Baffled me for 40 years here,if I work overtime the tax man takes every cent,no they don't.If I pay into the UK pension then the Australian govt will cancel my Australian pension,no they don't . 

 

Just grasp the basic and it is easy.Pension $36K and they think it is great ,full pension,tax free.Without going through the whole thing earn $20 K on top of that and the govt take S10K.You have  $46 K a year to spend,more than that actually.

 

Any financial planner should be telling people get to pension age and get divorced.Married pension $36K two single pensions around $23K each is $46K.All they seem to see is ,the govt will take more money off me so I must be worse off.

We get nothing at all,the tax bill is more than the married pension is,it is great.No dealings with the social security system,paying that much tax in retirement means a net six figure income.Then super and UK pension on top of that.

 

When I did keep up with it all it was amazing how many people would tell me how silly I was,they tried to get as much pension as possible.I would be sorry because I would get no pension.Amazing,retired,on a high six figure net income and they still can' t work it out,still you must be better off by not paying tax and trying to get as much pension as possible so you can get the cards.