14-01-2013, 12:14 PM
2
Re: The Plans for the Pension.
As I understand it Roxy these new arrangements will only apply to "new" pensioners who draw their pensions after the new rules come in. Those already drawing their pensions will stay as they are on the old rate. So for someone (like me who always paid full stamp, but only draws 86% OAP of the old OAP rate) there will be no change, which doesn't seem right - overall I must have paid in as much, if not more than others who get a full pension. Some time ago they changed the number of years needed to qualify to 38 years for a full pension (but I was not included - because of age). I would have had more than full qualifying pension years with the years contributions needed now, but because I was just out of the age group (too old) it didn't apply to me. Still, I do have a private pension as well which helps make up the diference. They are always changing the rules, and inevitably it means some can be disadvantaged.
I do realise it doesn't work for everyone though
15-01-2013, 02:57 AM
5
Re: The Plans for the Pension.
I think a common rate for everyone is a good idea but it is a pretty pathetic pension anyway especially as you have to contribute towards it over your working life in the UK.10 years residence is the only criteria for an Australian Pension which is currently $712 + a supplement of $60 a fortnight for a single person (or about £250 per week) but because it is non contributory it is means tested - personally, because I have superannuation I only get $430 a fortnight BUT as long as I get $1 I get a pension card which means free car rego, reduced council rates, much reduced telephone, electric and water bill. You cannot complain about being a pensioner; love it! The pension is reviewed every six months and is fixed as a proportion of the average male wage.
At the moment men and women get the state pension at 65 and 64.5 respectively but I understand that it is slowly being raised to 67 BUT you can take your superannuation at 55 or wait until you are 60 when it is totally tax free. Superannuation is compulsory.
15-01-2013, 03:33 AM
6
Re: The Plans for the Pension.
Who can survive on £167 a week? I can't, and that's why I continue to work part-time. My full-time pension is £142+ pennies per week which I worked full time for, for 45 years on full stamp, but that doesn't keep the wolf from the door, so as long as I am able to work, I'll carry on doing so until sickness, disablement or death prevents me, as I refuse to draw a penny piece from the government, and no, I won't step back for a younger person. Why should I? I found my own way in life, so they'll have to find theirs.Luckily for me, I was born at the "right" time and was able to draw my pension when I turned 60, but it is so wrong for the government to keep changing the goal posts. It's not fair at all.
15-01-2013, 03:36 AM
7
Re: The Plans for the Pension.
Can somebody there please tell me what the 'second pension' and 'pension credits" are in the UK?maggie - You are very lucky you can work and it's a job you can continue till you want to stop - many people can't as employers won't keep them on or they're not physically able to.
The OA pension here in Oz is quite good - IF you also have private superannuation BUT if you're on a disability pension or don't have super, it's not enough to live on comfortably, especially if you have to pay rent. My 40yr old unmarried stepson has rheumatoid arthritis and cannot work and gets a disability pension of $712 a fortnight (£467) and after he pays rent of $350 a fortnight, food and essentials, there is nothing left and it is only because he gets family help that he manages.
I don't know how people manage on just the pension and with no other help.
15-01-2013, 07:57 AM
9
Re: The Plans for the Pension.
I think that anyone who does not take out a private pension must be living more in hope than reality.The government have been advising people to sort out their retirement finances since the 70's as the country would not be able to support the growing number of O.A.P's.
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