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swimfeeders
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17-10-2017, 11:13 AM
1

State Pension to Rise

Hi

Today's Inflation figure is the one that sets next year's State Pension.

It will rise by 3%, whereas average wages have risen by only 2.1%.

This means the Chancellor has to find another £3.5 Billion to fund the increase.

It will be interesting to see how he funds it.
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17-10-2017, 11:19 AM
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Re: State Pension to Rise

But will that apply to us who are already on a state pension? there is already an inbalance with new pensioners being entitled to more than existing ones
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17-10-2017, 11:21 AM
3

Re: State Pension to Rise

Originally Posted by realspeed ->
But will that apply to us who are already on a state pension? there is already an inbalance with new pensioners being entitled to more than existing ones
Hi

Yes, the increase applies to existing pensioners.
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17-10-2017, 11:21 AM
4

Re: State Pension to Rise

Probably raise revenue by trying to bring forward the next intended rise in the retirement age limit.
Give with one hand .. whilst taking with the other, so to speak.

The government already got a 5 year saving by hiking women to match the chaps which must count for something.

I'll probably be in me coffin before I reach it as it is.
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Morticia
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17-10-2017, 11:23 AM
5

Re: State Pension to Rise

Originally Posted by realspeed ->
But will that apply to us who are already on a state pension? there is already an inbalance with new pensioners being entitled to more than existing ones
Daft system isn't it ... you'd think all pensioners would get the one rate if it was supposed to streamline and simplify it.
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tomtwodogs
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17-10-2017, 11:25 AM
6

Re: State Pension to Rise

Oh well its something I suppose, but they get it back in tax from me,

e.g. if I get 15k pension, + 15k driving Trucks,. I pay tax on 30k income

but its ok by me it pays for my winter holidays , and certain other luxuries
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17-10-2017, 11:28 AM
7

Re: State Pension to Rise

Originally Posted by tomtwodogs ->
Oh well its something I suppose, but they get it back in tax from me,

e.g. if I get 15k pension, + 15k driving Trucks,. I pay tax on 30k income

but its ok by me it pays for my winter holidays , and certain other luxuries
I can see the day coming when anyone with another means of income , whether working during retirement or boosted by private pensions or other means of equity release, will be the first to have their state pensions means tested or withdrawn or reduced.
It's heading that way.
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tomtwodogs
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17-10-2017, 11:30 AM
8

Re: State Pension to Rise

Originally Posted by Morticia ->
I can see the day coming when anyone with another means of income , whether working during retirement or boosted by private pensions or other means of equity release, will be the first to have their state pensions means tested or withdrawn or reduced.
It's heading that way.
Well in my case I would just stop working then, but this will be my last year anyway.
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17-10-2017, 11:31 AM
9

Re: State Pension to Rise

The state pension should reflect what one pays into it, allowing for a base rate for those that haven't.

its our own money we put in and now should be able to draw against it, not rely on those in work paying.

I started paying with what was called "Graduated pension" and been paying in since I was 15 years old ,that is at least 50 years worth in their bin.
Luckily I not only have private pensions but works one as well, but even get taxed on that, so get hit twice
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17-10-2017, 11:41 AM
10

Re: State Pension to Rise

What I don't get ... is how would this lofty idea of a universal income for all fit it?

At the moment the trend seems to be to claw it back off pensioners via raising retirement age .. and yet ... should a universal income come in the term 'retired' wouldn't really apply anymore.

There's a misconception that pensioners are somehow wealthier than the majority of the rest of society or are expected to have a lower standard of living and/or less expensive tastes or needs.
 
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