Re: State Pension to Rise

Australian's don't contribute at all other than by paying taxes everybody gets the same the only criteria is 10 years permanent residency. BUT the pension is means tested against assets and income, personally I only get a part pension because of my superannuation - the family home doesn't count as an asset and everything else is valued at fire sale values.

The actual figures are on the web site but from memory assets up to about $295000 don't affect your pension but above that amount your pension is reduced by $3 a fortnight (was $1.50 before 1st Jan this year) for every $1000 you have over that amount.

It cuts out all together at about $800000 of assets however one of the big benefits of a pension card (and you get one if you receive $1 in pension) is the extras it brings:

Free car rego
Free driver's licence
Bus,train, ferry travel max of $2.50 per day
Four free intercity rail trips a year
Reduced Water Bills
Subsidised Council Rates
Reduced Electricity and Gas Bills
Reduced Phone Bills (of less use these days)

There are others but those are all I can think of at the moment.

BTW my superannuation is tax free it doesn't have to be declared so I could work and only be taxed on my earnings above $30000 pa (approx) - working after 60 has tax benefits.

Even without superannuation pensioners are reasonably well off - all of the ones at my club seem to go on cruises or overseas holidays every year. Seeing how relatives in the UK live on their pension I know where I am better off.

Re: State Pension to Rise

I now wonder when the triple lock on U K pensions will be withdrawn. So much talk about pensioners being well off . I think they forget that the personal allowance for pensioners was frozen for 2 years ? so that everyone would have the same allowances, we the pensioners took a pay freeze for 2 years and our spending power was reduced considerably.There seem to be so many people around that hate the thought of pensioners being better off.
Talk of young peoples needs being more important, so make the old pay for it. The years of possibly receiving state pension have now been reduced by raising the age at which it can now be received. I suggest that U K Voters remember all this when they next have a vote.

Re: State Pension to Rise

Oh! My JBR.
You do exaggerate a just little now don't you?!
Mine is going on an extra pint and a packet of crisps down at the pub.
So there!

PS.
Thank you Mr. 'Ammond!

Re: State Pension to Rise

Oh dear. You're just frittering away your riches.

Re: State Pension to Rise

I know JBR.
I know!

But I am doing that, me being a SKIN like.

Spending Kids Inheritance Now!