I was looking forward to today to get my first full state pension, it also coincided with my Prison Service pension being paid in, state pension was what they said I would get and Prison Service pension almost £200 down, I rang HMRC and they said 'your tax code has changed because we cannot tax the state pension at source so we take it from other sources ie other pensions, and you are still working' so on my first pension I lose almost a quarter of it because I dared to work all my life, and continue to do so, to pay for scrounging twats up and down the country, thieving cnuts, fucking fuming😠

1 minute ago, jeep said:

Calm down tiger 😄

I'm a cool cat.

As calm as you like. 

4 minutes ago, BobyBrno said:

A lot to digest there pal. For the record, I didn’t quote any numbers. The person I quoted did. I said it was pretty much standard and numbers may differ. 🤷‍♂️

I don’t have an ideology. In fact I’m 100% against ideologies.

There are other public sectors. Police, fire, local authorities, civil service, etc. 

Ask someone working in the service sector. Hotels, restaurants, cinemas etc. etc. etc. about their pension arrangements. There are many more examples but there is neither the time or space to list them. 

Fair enough on the quote.

Re the other schemes - a staff nurse is the most typical employee in the health service and the health service is the biggest employer - so I chose it as to my mind the best example of the 'typical' public sector employee. 

As for those other sectors, similar skill levels in the public sector will be similar levels of pay - slightly above minimum wage. There are plenty of HCA vacancies at Band 2/3 - people actually leave those jobs to work in retail.

So whilst the pension may be a decent perk - something else about the pay and conditions is putting people off those jobs. It's a free labour market and people aren't banging the door down to work the jobs that offer these pensions when you compare equivalent skill levels. 

3 minutes ago, RoadRunnerFan said:

Fair enough on the quote.

Re the other schemes - a staff nurse is the most typical employee in the health service and the health service is the biggest employer - so I chose it as to my mind the best example of the 'typical' public sector employee. 

As for those other sectors, similar skill levels in the public sector will be similar levels of pay - slightly above minimum wage. There are plenty of HCA vacancies at Band 2/3 - people actually leave those jobs to work in retail.

So whilst the pension may be a decent perk - something else about the pay and conditions is putting people off those jobs. It's a free labour market and people aren't banging the door down to work the jobs that offer these pensions when you compare equivalent skill levels. 

Again. A lot to digest there. Not everyone works for the NHS so it means nothing to most on here.  You said a decent pension was a decent perk. ITS A FUCKING MASSIVE PERK. That’s what you don’t understand. Many on here don’t have that ‘perk’

32 minutes ago, BobyBrno said:

Tell us all how shit it is compared to others.

Well she pays about 8% but I will be honest I don't know what the government adds or if they even do with it being a public sector.

For comparison, I pay 2% and my employer pays 8% and my pension investments had a bumper year nearly hitting 40% growth but that is very unusual.

So despite me earning more than her, I pay in less and are projected to get more out.

12 minutes ago, BobyBrno said:

Again. A lot to digest there. Not everyone works for the NHS so it means nothing to most on here.  You said a decent pension was a decent perk. ITS A FUCKING MASSIVE PERK. That’s what you don’t understand. Many on here don’t have that ‘perk’

Yeah I get it. There are virtually no other perks in the health service and people aren't banging the door down to work in it. Look at the overall picture on pay and conditions not just the pension in isolation.  

Again I only use the NHS example a) because that's what I know best and b) it's the biggest public service.

 

1 minute ago, Winchester White said:

Well she pays about 8% but I will be honest I don't know what the government adds or if they even do with it being a public sector.

For comparison, I pay 2% and my employer pays 8% and my pension investments had a bumper year nearly hitting 40% growth but that is very unusual.

So despite me earning more than her, I pay in less and are projected to get more out.

You say you don’t know what the government adds. No one knows.  The ‘government’ is the tax payer. The tax payer tops up your wife’s pension. The taxpayer tops up my wife’s pension. The tax payer is the ‘employer’. There are People who don’t have a private pension and pay tax who are paying for the public sector pensions. 

 

 

11 minutes ago, BobyBrno said:

You say you don’t know what the government adds. No one knows.  The ‘government’ is the tax payer. The tax payer tops up your wife’s pension. The taxpayer tops up my wife’s pension. The tax payer is the ‘employer’. There are People who don’t have a private pension and pay tax who are paying for the public sector pensions. 

 

 

I kind of agree but everyone employed is auto enrolled in a pension these days aren't they?

I what the government adds, I am sure it is available and people do know, it's just me who doesn't. 

People pay tax and some of that goes to public sector pensions, I really don't see the issue tbh. Especially as they are paying more than ever for a much lesser provision than in previous years.

7 minutes ago, Winchester White said:

I kind of agree but everyone employed is auto enrolled in a pension these days 

😳

2 hours ago, jeep said:

1/50th pension scheme is class...

Wish I'd have been in one...

Not half.

Local government one I started with, which was also used when working at a uni, was initially a 60th scheme.

They changed the terms later to an 80th scheme. Understandable, but as you say, not as good.

So a 50th, kinell.

The GMPF was, and as far as I'm aware, is still a very good one. 

I'm sure there are also some fine private company schemes too. 

4 minutes ago, Tonge moor green jacket said:

Not half.

Local government one I started with, which was also used when working at a uni, was initially a 60th scheme.

They changed the terms later to an 80th scheme. Understandable, but as you say, not as good.

So a 50th, kinell.

The GMPF was, and as far as I'm aware, is still a very good one. 

I'm sure there are also some fine private company schemes too. 

It just highlights that not everyone is on the same plain when it comes to pensions. Another reason to reform and equate our pension system. 

End of the day if you have paid £££££££££

all your life in MADMAX and NI 

your getting FUCK ALL BACK 

if you have Never Worked A Day in Your Life 

and Live On Beniffets 

Your getting full WACK 

and your house and bills paid for

LETS LOOK WO ARE THE DICK HEADS HEAR 

 

5 minutes ago, little whitt said:

End of the day if you have paid £££££££££

all your life in MADMAX and NI 

your getting FUCK ALL BACK 

if you have Never Worked A Day in Your Life 

and Live On Beniffets 

Your getting full WACK 

and your house and bills paid for

LETS LOOK WO ARE THE DICK HEADS HEAR 

 

Calm down Karen you are talking shite. Anyway I thought you didnt pay MADMAX?

1 minute ago, Winchester White said:

Calm down Karen you are talking shite. Anyway I thought you didnt pay MADMAX?

What about what what i said is WRONG 

11 hours ago, Ani said:

You can take your tax free lump sum at anytime and despite its name you do not have to take it as a lump sum.

For the younger viewers pension might seem boring but getting it sorted sooner rather than later makes a massive difference, especially if you are paying 40% tax. Pay £100 in, it only costs you £60 and that £100 is 25% tax free when you withdraw it, then 20% tax on the remaking £75, so £15. You have paid £15 tax instead of £40. So you are £25 better off per £100.

Go and see a pension adviser will be most profitable hour of your life. 

Only thing I'd add to that is make sure contributions are into a decent fund.  I paid 15 years (99-2014) into a fund recommended by the guy from the pensions company.  It was worth 60k,  I'd contributed almost that. Still bitter about it. 

It's worth a lot more now with no extra contributions as I researched growth rates in funds. 

Edited November 9, 20241 yr by jayjayoghani

4 minutes ago, little whitt said:

What about what what i said is WRONG 

Apart from your spelling it is simple.

1. Read the thread, all is explained.

2. You will get a pension so not fuck all.

3. Those on benefits have to fulfil a criteria to get a pension and they don't get FULL WHACK

Our pension is shit I agree but we have costs that other comparable countries dont have to take on board.

2 hours ago, Tonge moor green jacket said:

Not half.

Local government one I started with, which was also used when working at a uni, was initially a 60th scheme.

They changed the terms later to an 80th scheme. Understandable, but as you say, not as good.

So a 50th, kinell.

The GMPF was, and as far as I'm aware, is still a very good one. 

I'm sure there are also some fine private company schemes too. 

It's a 50th yes. You can't take it before 68 without penalties and it's based on a salary that declined by 20% on average in real terms over the last decade and a half, plus increased contributions and much worse working conditions. 

Considering it's the Conservative champions of the free market that hate public sector pensions so much, it's amazing that they can't come up with a coherent argument as to why the public sector is struggling to recruit given the pensions Bonanaza just sat there for waiting to be taken up. 

Edited November 10, 20241 yr by RoadRunnerFan

2 hours ago, jayjayoghani said:

Only thing I'd add to that is make sure contributions are into a decent fund.  I paid 15 years (99-2014) into a fund recommended by the guy from the pensions company.  It was worth 60k,  I'd contributed almost that. Still bitter about it. 

It's worth a lot more now with no extra contributions as I researched growth rates in funds. 

Yon mon who sold it to you is probably snorting bing on a yacht with the fund manager who pissed the returns away. But fuck it, hate on the health care assistant who did 40 years on the equivalent of just over minimum wage and gets to go o  a couple of nice holidays a year cos she chose to work in public services, it will give a couple on here a warm glow of approval - tall poppy's the old fund manager mob - we hate success in this country yada yada yada....

 

Obvs it's not you doing the hating but maybe the others are bitter for similar reasons. 

Edited November 10, 20241 yr by RoadRunnerFan

9 minutes ago, RoadRunnerFan said:

Dp

 

Edited November 10, 20241 yr by RoadRunnerFan

On 08/11/2024 at 13:00, athywhite1958 said:

I was looking forward to today to get my first full state pension, it also coincided with my Prison Service pension being paid in, state pension was what they said I would get and Prison Service pension almost £200 down, I rang HMRC and they said 'your tax code has changed because we cannot tax the state pension at source so we take it from other sources ie other pensions, and you are still working' so on my first pension I lose almost a quarter of it because I dared to work all my life, and continue to do so, to pay for scrounging twats up and down the country, thieving cnuts, fucking fuming😠

Welcome to my world Athy.

And when the SP goes up, to make up for that winter fuel swiz, that will be taxed as well. Out of your other pension.

Was out with a mate last night who has worked in private sector all his life. He is late 50s, because we are old ending up talking about Pensions, he is looking at how to avoid Inheritance Tax, dropped in that his fund is currently about £2.5m !   
 

In theory he ( or his kids) could get stung for £1IHT and then income tax on the £1.5m. Basically going to start taking lumps out of his  Pension now and basically start putting into accounts for the kids. Very much first world problems but got to start doing stuff now to minimise the cost. 
 

My biggest issue with the new pension rules is that my missus is all over how our position would be helped by us getting married. Thought we were over that chat 😂

There was a financial advisor of some website or other, explaining that a number of folk were already taking out chunks, out of concern, and that it might not necessarily be the best course of action. 

 

2 minutes ago, Tonge moor green jacket said:

There was a financial advisor of some website or other, explaining that a number of folk were already taking out chunks, out of concern, and that it might not necessarily be the best course of action. 

Superb advice. Great sourcing. 👍 

6 hours ago, Tonge moor green jacket said:

There was a financial advisor of some website or other, explaining that a number of folk were already taking out chunks, out of concern, and that it might not necessarily be the best course of action. 

 

A lot of this will come down if you want to leave a good chunk to your beneficiaries or want to get money out in most efficient way and spend it. 
 

Ignoring the 25% tax free element and your are under 67, it seems to make sense to take your tax allowance of 12,500 and the 37,500 at 20% so you 'only' pay £9k in tax and start paying into ISAs for the kids. 
 

Once you get to 67 and the state pension will use up your tax free element.