Pension cuts could affect future claimaints

[sand_dancer]

Ha,

I wonder if the asset situation applies to Lord Ashcroft and his likes.

Very much doubt it.

Ttm

TTM

Like I said in a previous post..... I doubt it will apply to those who donate to Political Parties coffers......

[lomuamart]

The rules to qualify for a full State pension, whatever that may be and at whatever age you may get it, has recently been changed from 30 to 35 qualifying years. Not sure what percentage you will get if, like me, you do not have enough years. It usedto be 40 years until Gordon Brown changed it to 30 so I wouldn't bet against it going back to 40 as times get harder.

I had a deferred Company pension before I transferred it under QROPS. The Trustees told me that if I remarried my new wife would be entitled to full widowers pension providing she was not more than 10 years younger than me. More than this then her entitlement would be progressively reduced. Under QROPS whoever I bequeath the remaining pot to gets 100% of the pot to do with as they wish.

Yes.
I'm heading towards retirement age - 54 now and private pension kicks in at 60.
I've been chasing the details up since the NY and, without details and to sort of follow this thread, it's thus:
I'll be eligible for some government pension at minimum rate after paying tax back in the UK for 19 years. That's it for now - maybe about 11,000 THB at these crappy exchange rates. C'est la vie. Maybe less, maybe more?
However, the personal pension is worth a lot more and my wife is guaranteed 50% of the monthly sum, less 2.5% of every year she's younger than 10 years than me. So - 14 years younger etc etc. She'll get 50% less another 10%. Simple as that
Bring it on!!

PS, sanddancer, out posts crossed.
No way to forward plan. I just sit outside and drink and ponder my navel.
And then think about things. There are so many possibilities - property, rent, taxes, life - I just get on with it.

[MrPlum]

1. I do not think it is naive to expect to receive the pension and pension rights that were spelled out to you when you sign your contract....

No. But governments do change the rules as your latter posts accept.

2. There is a huge difference to cycling 20kms a day to maintain your health..... Than to do a 20kms speed cycle daily.....

If you can push a bicycle 20 km, you can work.

3. Those on limited incomes..... Would possibly struggle to set up any kind of business....

How much does a table, some ice, a blender and a few bottles of flavoured syrup cost? 3000 thb maximum.

4. Agreed..... What did those small Scandinavian Countries get so right that the UK got so wrong..... Its not really hard to work out.....

Haven't checked but believe the state took more off them, while working. Then paid it back in benefits.

[sand_dancer]

The rules to qualify for a full State pension, whatever that may be and at whatever age you may get it, has recently been changed from 30 to 35 qualifying years. Not sure what percentage you will get if, like me, you do not have enough years. It usedto be 40 years until Gordon Brown changed it to 30 so I wouldn't bet against it going back to 40 as times get harder.

I had a deferred Company pension before I transferred it under QROPS. The Trustees told me that if I remarried my new wife would be entitled to full widowers pension providing she was not more than 10 years younger than me. More than this then her entitlement would be progressively reduced. Under QROPS whoever I bequeath the remaining pot to gets 100% of the pot to do with as they wish.

Yes.
I'm heading towards retirement age - 54 now and private pension kicks in at 60.
I've been chasing the details up since the NY and, without details and to sort of follow this thread, it's thus:
I'll be eligible for some government pension at minimum rate after paying tax back in the UK for 19 years. That's it for now - maybe about 11,000 THB at these crappy exchange rates. C'est la vie. Maybe less, maybe more?
However, the personal pension is worth a lot more and my wife is guaranteed 50% of the monthly sum, less 2.5% of every year she's younger than 10 years than me. So - 14 years younger etc etc. She'll get 50% less another 10%. Simple as that
Bring it on!!

PS, sanddancer, out posts crossed.
No way to forward plan. I just sit outside and drink and ponder my navel.
And then think about things. There are so many possibilities - property, rent, taxes, life - I just get on with it.

Lomuamart

I think that is probably the best way to be.....

My only plan now.... Is to find a young wife..... So that I can pass on my pension / s when I kick the bucket..... Someone might as well benefit from my contributions

[lomuamart]

Well. I suppose that if anyone's had some fun - then care of them afterwards.
At least that's my view.
God I've for to Nitchze again. That's going to hard!!

[sand_dancer]

1. I do not think it is naive to expect to receive the pension and pension rights that were spelled out to you when you sign your contract....

No. But governments do change the rules as your latter posts accept.

2. There is a huge difference to cycling 20kms a day to maintain your health..... Than to do a 20kms speed cycle daily.....

If you can push a bicycle 20 km, you can work.

3. Those on limited incomes..... Would possibly struggle to set up any kind of business....

How much does a table, some ice, a blender and a few bottles of flavoured syrup cost? 3000 thb maximum.

4. Agreed..... What did those small Scandinavian Countries get so right that the UK got so wrong..... Its not really hard to work out.....

Haven't checked but believe the state took more off them, while working. Then paid it back in benefits.[/quote]
Mr Plum

1. I have no option to but to accept it.... It does not mean that I have to agree with it.... I'm pretty fortunate that I am in a position that financially it does not really affect me..... However the principle really gets on my goat..... Which is why the UK Government will never get another penny from me.....

2. I speak for myself here and no-one else..... There is a lot of retired expats in HH...... By the time I decide to retire..... I will still be working out everyday..... I have NO intention of doing a stroke of work..... If I wanted to do that I would just continue working and making decent money.....

3. Again.... It is not the cost..... But the principle..... When I hang up my gloves for good.... they are hung up...... I could retire now..... But I wont.....Because I am not ready to retire....

4. Of course those Governments took more from them than they pay back out..... Just like the UK.... The only *ssholes who benefit are those that don't pay in..... I dont like it.... I do not agree with it.... And that's why I am not there.....

[lomuamart]

Well said SD,
I came over here at 40 years old. I skydived and didn't give a whatever. All I left back home was my London property, family and friends.
I've clawed at the face of the financial wall.
But, I can see some light at the end of the tunnel - for both of us.
That's what life is about - at least as far as I'm concerned

[sargeant]

condoking

has recently been changed from 30 to 35 qualifying years

I qualified on the 30th Dec last year 2012 only 5 months ago for a full pension based on 30 years and 4 months so if it has changed it is very recent
Richard

Well this whole bloody issue is confusing.

Yes it is so bluddy confusing as with TukTuk mike and mine and your experience it spells out even the numptys doing the job do not understand it
SandDancer

And it is far easier to hit slow moving targets....

100% correct

Finally could we please keep this thread on track it is about pensioners NI contributions and what they should expect in return for that money paid in

I suppose my wife could go back to caddying but that has bugger all to do with this topic i only put that in to counter the Bingo a***oles disgusting slur which is still readable
I also have no kids nor does my wife we agreed it would be irresponsible BEFORE we got married

[caller]

If you are nondom..... ie.... you do not live in the UK..... you cannot have any assets.....

I'm struggling to understand this as there are no restrictions on foreign ownership of property in the UK, so why the issue with 'nondoms'?

[Dannie Boy]

If you are nondom..... ie.... you do not live in the UK..... you cannot have any assets.....

I'm struggling to understand this as there are no restrictions on foreign ownership of property in the UK, so why the issue with 'nondoms'?

You can live outside the UK and be non-resident for tax purposes but still keep your UK domicile, in fact it is not that easy to get rid of it (should you want to), so no problem in having assets there.

[caller]

Dannie Boy, that's very much what I would have thought. But Sand dancer appears to have been advised otherwise by his accountants?

[lomuamart]

If you are nondom..... ie.... you do not live in the UK..... you cannot have any assets.....

I'm struggling to understand this as there are no restrictions on foreign ownership of property in the UK, so why the issue with 'nondoms'?

You can live outside the UK and be non-resident for tax purposes but still keep your UK domicile, in fact it is not that easy to get rid of it (should you want to), so no problem in having assets there.

That's my status. A Non Resident Landlord living abroad. That's registered with HMRC and I did that registration when I moved over here. Indeed, my agents wouldn't deal with me unless I had that status approved by HMRC - they don't wont to mess about with my tax
I'm allowed up to 90 days in the UK in any tax year - April 1 to March 31. Quite how they know my movements is beyond me with passport control but I assume they do and I've never transgressed that limit.
I chased up my pension stuff when back in the UK earlier this year and have recently received chapter and verse from Legal and General.
There are two aspects - one private pension and one government. Needless to say, the state pension dosn't amount to much - just the bare minimum as I only worked for 19 years. However, it's money and I'll claim it when I'm old enough.
The UK tax implications of what will be my final income - both pensions and rental income - I havn't looked at too closely yet as it still 5 years away, but I'm pretty sure that my money will stay in the UK and I'll draw on it month by month as I need.
Maybe that won't be tax efficient but it seems to be the safe option at the moment. I might change my mind as time goes by.

[sand_dancer]

Guys

I will try and dig out the letter from my accountant and post for all to see......

The 1st letter outlined the proposed changes..... Which included the owning of assets.....

The 2nd letter detailed the actual changes.....

If I was conspiracy theorist..... I would go down the road of believing that in order to save as many beans as possible...... In future..... if you want to retire anywhere else in the world..... You can kiss Britain goodbye and we wont give you a penny.....

[sargeant]

Lomu when you hit 65 and get whatever in state pension you get your tax code goes up to 10500 or in other words you will only pay tax on the income above 10500 quid in my case almost 11000 quid a year i pay tax on

As i pointed out earlier my wife will receive about 7000 quid a year (from my BA pension) which i believe is above single persons tax code and will therefore pay tax. BUT receive NIL NONE NANA benefits

[sand_dancer]

Lomu

'' The UK tax implications of what will be my final income - both pensions and rental income - I havn't looked at too closely yet as it still 5 years away, but I'm pretty sure that my money will stay in the UK and I'll draw on it month by month as I need. ''

That would have been my preferred option..... Working on the assumption that it is better to have a bolt-hole tucked away..... In case things go Pete Tong....

It certainly looks like our understanding Government is trying to close that avenue....

How far they will get is anyones guess..... If they manage to get through all the proposed changes..... It will obviously effect individuals who donate large sums to Political Parties....