P60 Time.....Pensions

[calnorth]

Never seen this before.

Was RPI and then:

The CPI in the year to Sept 2015 was -0.1%. So your pension will not decrease blah blah

This is a high tech company (QinetiQ formerly DERA) filched off the tax payer by the likes of John Major and Bush. That would be the Carlyle Group.

Always nibbling away aren't they?

[Bob]

They changed from RPI to CPI just so that they can con you, most of the Railway companies did the same thing with their pay rises, as CPI was always lower than RPI, my company pension didn't go up this year because the CPI was minus, neither did the wife's State Pension.

I have a couple of QinetiQ freebies that they used to give away at the Farnborough Airshows quite a few years ago. (fold up Frisbee and a couple of those small bouncy power balls)

[goneforagasper]

For 50 years I paid National Insurance, part of which was towards my pension pot for my state pension.
In the 70’s we were persuaded to take out private pension schemes to prop up our state pensions.
I now pay tax on my private pension which the government then give me back as state pension.
My question is – where is my 50 years N.I. pension pot?

[calnorth]

Apr 14, 2016 14:50:53 GMT goneforagasper said:

For 50 years I paid National Insurance, part of which was towards my pension pot for my state pension.
In the 70’s we were persuaded to take out private pension schemes to prop up our state pensions.
I now pay tax on my private pension which the government then give me back as state pension.
My question is – where is my 50 years N.I. pension pot?

Much of it has been arched against many walls.

[car147]

They be saving up for the 120 odd billion for Trident lol, what a bloody waste!

[300]

Apr 14, 2016 14:50:53 GMT goneforagasper said:

For 50 years I paid National Insurance, part of which was towards my pension pot for my state pension.
In the 70’s we were persuaded to take out private pension schemes to prop up our state pensions.
I now pay tax on my private pension which the government then give me back as state pension.
My question is – where is my 50 years N.I. pension pot?

Prolly contracted out & into your personal pension pot so you don't qualify for state 2nd pension or the full new flat rate, at least that's what happened to mine.

Fortunately I have enough years left to build up to new flat rate, £4 per week added to your state pension for each years contribution from 2016, upto the maximum, will take 10 years I think.

Pension age will be more like 70 than 65 by the time I retire, think they hope lots will die in service before getting chance to draw anything.

Don't know why I ever bothered, should've spent it all having a good time rather than wait till I'm too old to do all the things I enjoy now.

[goneforagasper]

I always was lucky icon_shoppingm

[Bob]

Apr 14, 2016 16:19:11 GMT 300 said:

Apr 14, 2016 14:50:53 GMT goneforagasper said:

For 50 years I paid National Insurance, part of which was towards my pension pot for my state pension.
In the 70’s we were persuaded to take out private pension schemes to prop up our state pensions.
I now pay tax on my private pension which the government then give me back as state pension.
My question is – where is my 50 years N.I. pension pot?

Prolly contracted out & into your personal pension pot so you don't qualify for state 2nd pension or the full new flat rate, at least that's what happened to mine.

Fortunately I have enough years left to build up to new flat rate, £4 per week added to your state pension for each years contribution from 2016, upto the maximum, will take 10 years I think.

Pension age will be more like 70 than 65 by the time I retire, think they hope lots will die in service before getting chance to draw anything.

Don't know why I ever bothered, should've spent it all having a good time rather than wait till I'm too old to do all the things I enjoy now.

Just got my details for the end of the year, when I reach the magic 65 and it looks like I'll be about £32 light on the new flat rate, because I was contracted out, luckily, the way I dealt with my Company pension when I took it back in 2012, I will not be any worse off, and may be a little bit better off than I am at the moment.

[300]

Apr 14, 2016 17:18:36 GMT Bob said:

Apr 14, 2016 16:19:11 GMT 300 said:

Prolly contracted out & into your personal pension pot so you don't qualify for state 2nd pension or the full new flat rate, at least that's what happened to mine.

Fortunately I have enough years left to build up to new flat rate, £4 per week added to your state pension for each years contribution from 2016, upto the maximum, will take 10 years I think.

Pension age will be more like 70 than 65 by the time I retire, think they hope lots will die in service before getting chance to draw anything.

Don't know why I ever bothered, should've spent it all having a good time rather than wait till I'm too old to do all the things I enjoy now.

Just got my details for the end of the year, when I reach the magic 65 and it looks like I'll be about £32 light on the new flat rate, because I was contracted out, luckily, the way I dealt with my Company pension when I took it back in 2012, I will not be any worse off, and may be a little bit better off than I am at the moment.

Well done, think all contracting out into company schemes also stops this year. Don't know how that affects those schemes if at all but I imgine it creates quite a shortfall.

[300]

Apr 14, 2016 17:00:29 GMT goneforagasper said:

I always was lucky icon_shoppingm

Me too, missed out on M.E.B. final salary scheme by a couple of years. I sometimes think those that are lucky enough to have one of these schemes grossly underestimate the added value to their salary, I know that for me it's a very expensive exercise trying to keep up in pension terms with some of my colleagues.

[Bob]

Apr 15, 2016 6:27:20 GMT 300 said:

Apr 14, 2016 17:00:29 GMT goneforagasper said:

I always was lucky icon_shoppingm

Me too, missed out on M.E.B. final salary scheme by a couple of years. I sometimes think those that are lucky enough to have one of these schemes grossly underestimate the added value to their salary, I know that for me it's a very expensive exercise trying to keep up in pension terms with some of my colleagues.

What amazes me is the number of people who don't put an extra penny into some sort of pension scheme and just end up with the state pension, I probably would have been one of those if I had not worked for 2 companies that had compulsory pension schemes (BT or GPO when I started being the other).

[Greg]

Apr 15, 2016 6:27:20 GMT 300 said:

Apr 14, 2016 17:00:29 GMT goneforagasper said:

I always was lucky icon_shoppingm

Me too, missed out on M.E.B. final salary scheme by a couple of years. I sometimes think those that are lucky enough to have one of these schemes grossly underestimate the added value to their salary, I know that for me it's a very expensive exercise trying to keep up in pension terms with some of my colleagues.

Final salary pensions are hard to beat and luckily I have a few years in one, when my company canned it for a less beneficial scheme it wasn't long before I left for pastures new. Most companies have binned final salary pensions these days on the basis it's to costly for them, thankfully they can't rescind what's already accrued 

[nanotm]

contracting out lowered the NI payments, companies were supposed to put the difference into the company scam, most just used it to improve the bottom line or increase the directors salary with zero penalties for doing so in the process they screwed the country out of cash, whoever set up the contracting out system never envisaged that situation and employees had no say in if they paid the full NIC's or not....

I was in the mob and our pay was contracted out so we only lost half our gross pay to ni /tax instead of 4/6ths of it, should I live long enough to reach oap status I will be granted a half pension based on the years I was in the mob and 1/4 pension based on the years since, worse the first couple of years after I left when I was on ESA I was payed £45/week because of my class 3 contracted out NIC's.... total scam, I could of done like my father did and paid class one NIc's through stamp buying in the post office every week ( £5 a week) and had I known about it that's exactly what I would of done, but I was paying a lot more each week for as it turns out a lot less, fortuantly I have a disability pension (even though it took forever to start beign paid) but its not increased by much in the years since it started getting paid.

every time there is a change to pensions its to make them cheaper over 3>5 years even if the immediate effect of the announcement is to bump them up in value, its often the same with pay scale changes, any restructuring in such things makes it worth less to the individual especialy when counted over a period of more than 3 years.....

[calnorth]

Apr 15, 2016 10:01:36 GMT nanotm said:

contracting out lowered the NI payments, companies were supposed to put the difference into the company scam, most just used it to improve the bottom line or increase the directors salary with zero penalties for doing so in the process they screwed the country out of cash, whoever set up the contracting out system never envisaged that situation and employees had no say in if they paid the full NIC's or not....

I was in the mob and our pay was contracted out so we only lost half our gross pay to ni /tax instead of 4/6ths of it, should I live long enough to reach oap status I will be granted a half pension based on the years I was in the mob and 1/4 pension based on the years since, worse the first couple of years after I left when I was on ESA I was payed £45/week because of my class 3 contracted out NIC's.... total scam, I could of done like my father did and paid class one NIc's through stamp buying in the post office every week ( £5 a week) and had I known about it that's exactly what I would of done, but I was paying a lot more each week for as it turns out a lot less, fortuantly I have a disability pension (even though it took forever to start beign paid) but its not increased by much in the years since it started getting paid.

every time there is a change to pensions its to make them cheaper over 3>5 years even if the immediate effect of the announcement is to bump them up in value, its often the same with pay scale changes, any restructuring in such things makes it worth less to the individual especialy when counted over a period of more than 3 years.....

nanotm

My fathers disability pension was constantly under threat by frequent medicals shortly after war. And suddenly they did it. Not sure how you become less disabled having been subject to a Messerschmitt strafing and ending up with an awful lot of bits in your body belonging to a Hurricane. Hand and leg ripped to bits.

So some time after I asked him where his war medals were...in the bin he said. I wonder how many others did that or would if they had survived the Japs/Germans?

[300]

Apr 15, 2016 10:01:36 GMT nanotm said:

contracting out lowered the NI payments, companies were supposed to put the difference into the company scam, most just used it to improve the bottom line or increase the directors salary with zero penalties for doing so in the process they screwed the country out of cash, whoever set up the contracting out system never envisaged that situation...

Correct, Gordon Brown put a stop to that, netting the treasury an estimated 5 billion a year & effectively making final salary pensions for private sector workers a thing of the past, good for them, bad for us.

Was this the start of the pensions black hole panic? Dunno but since most (if not all) companies have closed their F.S. schemes, pensions don't seem such a great deal, all the risk is on the individual & no guarantee that the investment you make your whole working life will perform well enough to afford you a reasonable income in retirement.

Will most likely cost the treasury that amount supporting those that either can't afford or can't be bothered to make adequate provision for their old age.