There is an article here suggesting the Triple lock on our pensions be scrapped.. https://www.msn.com/en-gb/money/oth...A13qJyr?cvid=200b5b1337804d3ca66ee02aae29b34d and it goes on to say at the bottom of the article that Pension Credit should be increased in line with the CPI. I am on the new State Pension which is £185 per week, my ex gets the old state pension which is £141 per week topped up by Pension Credit I dont know how much she gets but when she told me I know it took her combined Pension to over and above what the new state pension is, in addition people on pension credit get numerous other benefits which those on Pension only do not get, so to summarise why the heck should pension credit be increased by CPI if the triple lock is going to be scrapped ?, dont they get enough already..
Don't let them use issues like that to divide people, they want much much smaller state spending so they can pay for their tax cuts, creating envy and in fighting between different types of pensioner would be a good distraction for them, the real problem is that the rich don't want to fund any social right of any kind and they will chip away at those rights one by one until they are all gone. Guarantee Credit tops up old state pension to about £183 a week but I think only if you are on less than £183 a week effectively it is bringing the old less generous pension up to the same level as the new state pension but I don't think they get that if their SERPS and S2P entitlement already puts them over that number. The second part is called Savings Credit and applies if you made some effort to save into a pension but its not a lot, I think it offsets some tax that you might pay effectively, the uplift it gives maxes out at about £15 a week. I would not trust any statement or promise on the Triple Lock just now it flip flops every other day, what I will say is that if they break the Triple Lock promise the Tories are toast, as those are probably the only voters they have left after the debacle of last few months, Truss showed everyone what their real agenda was and is, she's gone because you aren't meant to tell the poor that they should be poorer because the rich want to pay less tax, quiet part out loud but that's still what they want they are just back to not saying it out loud.
before i reached retirement i was getting long term incapacity benefit--plus a useful top up of about £40 a week pension guarantee credit. ( Payable from 60 back then.) in 2013, at 65 i got the full state pension --plus several add ons ( all much to my surprise--my NI stamp record was a mystery to me ). However--it all added up to take me over the limit to get that pension guarantee credit any more. BUT--i was then told i qualified for the savings credit--based on my state pension plus some savings i had declared a year or so before. I was awarded about £6 a week---with the assessed income period for the next 5 years. Savings credit closed for new applicants in 2016. After the 5 year assessed income period ended in 2018 my"claim" was extended for another 2 years. I still get it ! I know my pension + extras takes me over the limit for "means tested" pension guarantee credit. I try not to worry too much...but if you dont hear from my for a while i am in prison.
Countries the UK has a social security agreement with The UK has agreements with some other countries to protect the social security rights of workers moving between the 2 countries. These are sometimes known as ‘bilateral agreements’ or ‘reciprocal agreements’. If you live in one of the following countries and receive a UK State Pension, you will usually get an increase in your pension every year: Barbados Bermuda Bosnia-Herzegovina Gibraltar Guernsey the Isle of Man Israel Jamaica Jersey Kosovo Mauritius Montenegro North Macedonia the Philippines Serbia Turkey USA The UK has social security agreements with Canada and New Zealand, but you cannot get a yearly increase in your UK State Pension if you live in either of those countries.
Does anyone on this forum and living in the Philippines receive their state pension? I did not realise it was possible to receive the state pension over there.
Jim receives his UK state pension over there. Because there is a bilateral agreement with the Philippines on pensions the Phils is one of the few countries where you get the annual increase in pension anywhere else and the amount is numerically fixed at the date you retire and never increases.
Bless the triple lock......... So, unless the powers that be change their minds...... That 10.1% will be really welcome. Wife has already allocated it.....
The main concern that has already been seen in print to " test the waters"--is to means test the state pension. That means all you guys paying in to a company pension scheme--in addition to your NI contributions--are going to get f*cked.
I have a british friend also with New Zealand nationality and 2 pensions that now lives here in Visayas. Only reason he can sustain his retirement here is because his Brit state pension. The New Zealand government will soon stop his full pension payments to zero though because he has recently declared to them that he is now intending to live abroad Permanently. How long will it be before they will remove so called portability on British pensions for expats?
They would have to revoke many long standing international agreements in order to do so, the Philippine agreement alone dates back to the 1970s and currently in the UK there is some political pressure in the opposite direction i.e. the extension of the triple lock to existing ex-pat pensioners in those countries currently excluded from the annual increase. While this country has deliberately impoverished itself in the last 6 years the situation has not yet gotten so bad that they need to force through a saving like that and remember most of those ex-pat pensioners are still UK voters, older voters tend to vote tory and they can't afford to upset them too much.
When I checked mine again: It said I had contracted out - which I had - and the value was estimated at £12/month . Does any knowledgeable one know - does that prevent me from getting 100% of the State Pension ? Says I'm due to get £170.10 out of the possible £185.15 if I continue to make voluntary contributions? And that I could get £185.15 if I made additional contributions but as the link to Money Saving Expert points out it's not quite that straightforward for everyone because some, like me, contracted out when I was in a defined benefit scheme. Apologies if I have asked this b4 thanks
If you were contracted out and have a deferred defined benefit pension then part of your state pension SERPS or S2P (state second pension) is now in your defined benefit pension which at some point you should be able to collect as a monthly payment for the rest of your life and which will probably increase by a percentage every year as well, as long as your defined benefit pension does not get into trouble you are probably quids in. I have a defined benefit pension from Scottish Power and I am currently receiving my benefits from that pension very small about 175 quid a month before tax but I only worked for them for 5 years back in the 1980's and I get that for the rest of my life, my pension forecast is the full new state pension because I've got well over 43 years of contributions even though I was self employed for 15 years and contracted out for something like 10 years, my current forecast is something like £185 and I can't increase it any further, I also had some contributions to graduated pension back in the early 1970s as well as SERPS and S2P later. Had I never been self employed and never been contracted out I would be getting something like £235 a week state pension two years from now that extra £50 would be S2P and SERPS and graduated pension, contracting out moved part of that £50 into my other pensions both the DB pension and my private pensions, your entitlement to the new state pension is really totally based on the years of contributions and if you are getting a forecast less than the 185/week then it's because you don't have enough years, you should be able to make that up if you keep paying NI while you are an expat, if, you have enough years left before you reach your pension age to get to the required number of full NI years.
Thanks OSS... I knew there was someone here who understood it, so: Does that look correct? And looks like I can defer until 2026, check my health and confirm my numbers with the HMRC, pay the three additional years 2019 - 2022 and claim the full £185.15 assuming all is good.
You would have 30 years in total which at one time was enough for the full new state pension, I'm not entireley sure, when did you get the £154.20 projected value, if that was a while ago like say 6 years ago then that amount would have been relative to the value of the state pension at that time. It is possible that paying those three years will bring you up to the maximum, you and I are the same age my entitlement pre 2016 was about £10 a week shy of the old maximum because I had been contracted out, but I won out with the 2016 rule change for the new state pension because my NI years meant I would get the maximum new state pension which was a small boost per week that I otherwise would not have got, had I not been contracted out then I may have been entitled un der the old rules to more than the old state pension in which case that extra would have been protected carried over into the new system and I would have had a projection that was greater than the maximum new state pension but because my projection was less than that I can never get more than the maximum new state pension. My gut feeling is that you should get yourself up to the 30 years that was an important boundary under the rules before 2016 but you might still not get the absolute maximum new state pension but it should be close. When you pay these contributions what you are really buying into is the annual increases in state pension in future years that's where you win back the value of the money you pay in now, I'm modelling inflation for the next few years and personally predicting that the State Pension will be around £216 a week in 2025 and about £222 in 2026 although I am now planning to keep working in 2026 and possibly in 2027 too. So the payback time could be even shorter for you than you are forecasting.
