UK Pensions

CO-CO said:
That is how it came across.

In the UK nobody has a state pension 'account'....as you are aware (having spent 38 years doing public service work) all the money goes into a central fund.
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... and that fund is not used exclusively for providing a state pension, but can also be used for a variety of "other" uses!
Other funds also exist for more general public spending.

Wikipedia has a reasonable description of the fund and of its historic (and growing!) surpluses over expenditure ( https://en.wikipedia.org/wiki/National_Insurance_Fund )

Its final paragraph makes interesting reading in the light of criticism that our state pensions fall far below the levels paid elsewhere in Europe, that there is an imbalance between the payments made to British residents, between those recent arrivals in Britain compared with those who paid N.I. and other taxes throughout their working lives, and those of us who are still prejudiced against by our pensions being frozen.
It reads: "Levels of benefit and contributions are set following the advice of the Government Actuary, who recommends that a prudential balance of two months contribution revenue (about £8 billion) should be kept in the fund."

Now check the current surplus in the fund...

Finally, it seems that the Government is only willing to change the way it operates when that is to its own financial advantage - and not to the advantage of the people it should represent. A fine, pension-related, example is when the rule of pension funds growing free of tax on them was changed so that they had tax deducted from that growth thereafter. That remains a concealed tax. The pension's owner doesn't pay the tax directly, but the fund has tax deducted nevertheless. This change was made during the 1990s and made quite a difference to the performance of the funds. Today, it is very difficult to find any reference to the change ever having been made!
 
CharlesLittle said:
Do you/Did you not have a Gateway account with Gov.UK?

It's all on there, including a list of years of missed contributions and how much to pay. It goes through where you live and what you do. Class 2 and Class 3.
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Yes, for many years and all the info provided to me for paying additional NIC was always @ class4 rates,which in thier own literature confirms that I should pay class 2 amounts. It took over a year of calls/emails/complaints to get the rightvinfo & then pay it to them.
 
Deerculler said:
Question if I can.
Is it true that if those of you from the UK had retired in the Philippines.
Would you get the full pension plus increments?
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I believe no checks are ever made that we Brits live in Thailand...........not really necessary as we are the lowest of the low. However if one had an address one could use permanently in the Philippines, which would enable our pensions to become unfrozen should we "move there". I wonder if and what checks the DWP would make.
 
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Prakhonchai Nick said:
I believe no checks are ever made that we Brits live in Thailand...........not really necessary as we are the lowest of the low. However if one had an address one could use permanently in the Philippines, which would enable our pensions to become unfrozen should we "move there". I wonder if and what checks the DWP would make.
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Proof of life confirmation???
 
Thank you for the replies.
Next questions.

Why then is it paid to Brits in the Philippine and not in Thailand?

Is the UK pension paid in other Asian countries?
 
Deerculler said:
Thank you for the replies.
Next questions.

Why then is it paid to Brits in the Philippine and not in Thailand?

Is the UK pension paid in other Asian countries?
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Social security agreements between UK and other countries.
 
Deerculler said:
Thank you for the replies.
Next questions.

Why then is it paid to Brits in the Philippine and not in Thailand?

Is the UK pension paid in other Asian countries?
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Your State Pension will only increase each year if you live in:

You will not get yearly increases if you live outside these countries.

Your pension will go up to the current rate if you return to live in the UK.
www.gov.uk

State Pension if you retire abroad

How to claim State Pension if you're overseas - payment, tax, change of circumstances - contact the International Pension Centre
www.gov.uk www.gov.uk
 
Deerculler said:
Is the UK pension paid in other Asian countries?
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Ivor the Engine said:
no, that's the only one.
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Err.. unless I've misunderstood Ivor's reply it's incorrect.
If you are eligible for the UK state pension, then it can be paid to you in any country outside the UK.

If you are outside the UK when you reach the age at which you can start to claim the UK state pension, then you may have to apply for your UK state pension to the pension authority in the country you are living in at the time, rather than to the UK pension authorities.

This will depend on whether you have worked in the country you have retired to.

See www.litrg.org.uk/international/nic-cross-border-situations/uk-state-pension-if-you-have-lived-abroad#2 for information on how to claim in this situation.

If Ivor's answer related to UK state pension increases in other Asian countries, then the Philippines is the only Asian country with a social security agreement with the UK that allows for cost of living increases to the State Pension.
 
Merlin said:
Err.. unless I've misunderstood Ivor's reply it's incorrect.
If you are eligible for the UK state pension, then it can be paid to you in any country outside the UK.

If you are outside the UK when you reach the age at which you can start to claim the UK state pension, then you may have to apply for your UK state pension to the pension authority in the country you are living in at the time, rather than to the UK pension authorities.

This will depend on whether you have worked in the country you have retired to.

See www.litrg.org.uk/international/nic-cross-border-situations/uk-state-pension-if-you-have-lived-abroad#2 for information on how to claim in this situation.

If Ivor's answer related to UK state pension increases in other Asian countries, then the Philippines is the only Asian country with a social security agreement with the UK that allows for cost of living increases to the State Pension.
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Yes, thats what I meant. Thanks for the clarification.
 
Merlin said:
If you are outside the UK when you reach the age at which you can start to claim the UK state pension, then you may have to apply for your UK state pension to the pension authority in the country you are living in at the time, rather than to the UK pension authorities.
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If you are living abroad, at the time of reaching the date for claiming the state pension (4 months prior) , then you claim via IPC.


Claim State Pension abroad​


Make a claim​

You must be within 4 months of your State Pension age to claim.
To claim your pension, you can either:

If you live part of the year abroad​

You must choose which country you want your pension to be paid in. You cannot be paid in one country for part of the year and another for the rest of the year.

Bank accounts your pension can be paid into​

Your State Pension can be paid into:
  • a bank in the country you’re living in
  • a bank or building society in the UK
You can use:
  • an account in your name
  • a joint account
  • someone else’s account - if you have their permission and keep to the terms and conditions of the account
You’ll need the international bank account number (IBAN) and bank identification code (BIC) numbers if you have an overseas account.
You’ll be paid in local currency - the amount you get may change due to exchange rates.

When you’ll get paid​

You can choose to be paid every 4 or 13 weeks.
If your State Pension is under £5 per week, you’ll be paid once a year in December.

Delays to payments around US federal holidays​

If you live abroad and your payment is due in the same week as a US federal holiday, it could arrive one day late. This is because a US company processes these payments.


www.gov.uk

State Pension if you retire abroad

How to claim State Pension if you're overseas - payment, tax, change of circumstances - contact the International Pension Centre
www.gov.uk www.gov.uk
 
I wouldn't recommend posting a form. Mine was a 'horror story' and I've heard that I'm not alone. They were very helpful and suggested a telephone application as it proved reliable & easy too.
 
CharlesLittle said:
Streaming news from UK right now. This decision has been reversed.
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HM Revenue and Customs (HMRC) has reversed a decision to close its self-assessment telephone helpline for half of the year.

The tax authority announced on Tuesday that the line would be closed between April and September, with taxpayers directed to online services instead.

But less than a day later it said the phone line would stay open this summer.

"The pace of this change needs to match the public appetite for managing their tax affairs online," its boss said.

HMRC chief executive Jim Harra said: "We've listened to the feedback and we're halting the helpline changes as we recognise more needs to be done to ensure all taxpayers' needs are met, whilst also encouraging them to transition to online services."

The tax authority has been toiling with long telephone helpline waiting times and intense criticism of its services. But its announcement that it would close the helpline was immediately met with widespread criticism from tax professionals and MPs.

More than 12 million people are required to complete self-assessment forms every year, with many hundreds of thousands ringing for assistance.

www.bbc.com

HMRC reverses decision to close telephone helpline

The move comes less than a day after it said the self-assessment helpline would shut for six months.
www.bbc.com www.bbc.com
 
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