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Post by borchester on Mar 7, 2023 0:16:24 GMT
Jeremy Hunt sends me about £8,000 a year for staying alive, which I think is kind in him. Not only that, he is also giving me an extra £800 a year next month, so how bad is that?
Except that the i newspaper has said that pensioners are now receiving £10,000 a year and since I am the only vaguely numerically literate member of my family. the whole of Cottontopdom has descended upon me and is demanding to know why they are losing out.
No good deed goes unpunished and if Hunt had kept his hands in pockets I would not be getting constant earache from the tribe. So if anyone has any idea why some pensioners are on five figures I would be much obliged for the information
Many thanks
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Post by Toreador on Mar 7, 2023 7:29:22 GMT
Jeremy Hunt sends me about £8,000 a year for staying alive, which I think is kind in him. Not only that, he is also giving me an extra £800 a year next month, so how bad is that?
Except that the i newspaper has said that pensioners are now receiving £10,000 a year and since I am the only vaguely numerically literate member of my family. the whole of Cottontopdom has descended upon me and is demanding to know why they are losing out.
No good deed goes unpunished and if Hunt had kept his hands in pockets I would not be getting constant earache from the tribe. So if anyone has any idea why some pensioners are on five figures I would be much obliged for the information
Many thanks
If they are couple and they also draw SERPS. There was a time when people who took out private pensions were offered the chance to withdraw from paying SERPS, some did and some didn't. I didn't because staying in added to my pension pot. I'll happily stand cvorrected but I think when I snuff it and Mrs. T lives on, she would gain my SERPS pension: I haven't told her this and telling your tribe may result in their condemning you if you pulled out of SERPS. :@ |
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Post by Handyman on Mar 7, 2023 8:00:29 GMT
Last month I had two letters that arrived together, one was from the DWP telling me of an increase in my State Pension £17.45 a week, which cheered me up somewhat.
Then I opened the second letter from HMRC my new tax code for the year telling my personal allowance is £12570 which is standard , minus my state pension which means my total tax free allowance is only £2922.
I had paid all my taxes on my income for over 50 years NI for 50 years, why do they tax pensions IMHO they should be tax exempt it would improve the life a little for those who only have the State Pension to live on in their latter years, fortunately I have other pensions I paid for as well which I am also taxed on.
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Post by Toreador on Mar 7, 2023 8:19:42 GMT
Last month I had two letters that arrived together, one was from the DWP telling me of an increase in my State Pension £17.45 a week, which cheered me up somewhat. Then I opened the second letter from HMRC my new tax code for the year telling my personal allowance is £12570 which is standard , minus my state pension which means my total tax free allowance is only £2922. I had paid all my taxes on my income for over 50 years NI for 50 years, why do they tax pensions IMHO they should be tax exempt it would improve the life a little for those who only have the State Pension to live on in their latter years, fortunately I have other pensions I paid for as well which I am also taxed on. Old age pensions are not taxable as far as I know but if you have an additional private pension, it's added to your OAP and you are taxed on the total. It means that the increase in pensions ain't worth whay it appears to be. It must be 20 years ago that I had one almighty row about this, claiming that when I took out a private pension I had tax relief on contributions. My argument was why they then taxed me on the pension. |
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Post by Handyman on Mar 7, 2023 8:27:01 GMT
Yep I have more than one pension hence the tax which pisses me off greatly
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Post by johnofgwent on Mar 7, 2023 8:37:57 GMT
Last month I had two letters that arrived together, one was from the DWP telling me of an increase in my State Pension £17.45 a week, which cheered me up somewhat. Then I opened the second letter from HMRC my new tax code for the year telling my personal allowance is £12570 which is standard , minus my state pension which means my total tax free allowance is only £2922. I had paid all my taxes on my income for over 50 years NI for 50 years, why do they tax pensions IMHO they should be tax exempt it would improve the life a little for those who only have the State Pension to live on in their latter years, fortunately I have other pensions I paid for as well which I am also taxed on. Until Gordon Brown fucked you over, the tax man was forced to operate on the understanding that because your pension was taxable income, every penny invested snd every penny of profit made in your fund was tax free The COMPANY that did the investing paid tax on their corporate wealth, YOU paid NOTHING on your pension pot proceeds Then Gordon Brown fucked you Until he changed the rules, every dividend handed to every share bought by your pension fund and kept for the dividend it brought, as opposed to the rise and fall in speculative buying and selling, was tax free. Companies who were obliged to pay Advance Corporation Tax on the dividend sent your pension administrator a certificate declaring that sum paid to the tax man, and they in turn sent a demand that the tax man send them a cheque for this tax which they were obliged to invest in your pension fund Gordon changed the law If you as an individual bought shares then you were still entitled to have the advance corporation tax factored in to your total tax payments on your annual income, at least the amount taxed at 20%. Higher rate payers were screwed for more tax though. But pensuon funds were banned from claiming back this tax paid At a stroke Brown fucked every company pension holder of 20% of the growth previously gained from acquisition of shares amassed for a long term view of the company’s reward to their loyal investors and helped himself to a whopping tax bounty. Thats one rarely talked about reason why pension tetuens have tanked over the last quarter century. |
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Post by Pacifico on Mar 7, 2023 8:41:09 GMT
It's sobering to think that once we had the best funded private pension system in Europe - and then the politicians fucked it up..
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Post by johnofgwent on Mar 7, 2023 8:50:48 GMT
Last month I had two letters that arrived together, one was from the DWP telling me of an increase in my State Pension £17.45 a week, which cheered me up somewhat. Then I opened the second letter from HMRC my new tax code for the year telling my personal allowance is £12570 which is standard , minus my state pension which means my total tax free allowance is only £2922. I had paid all my taxes on my income for over 50 years NI for 50 years, why do they tax pensions IMHO they should be tax exempt it would improve the life a little for those who only have the State Pension to live on in their latter years, fortunately I have other pensions I paid for as well which I am also taxed on. Old age pensions are not taxable as far as I know but if you have an additional private pension, it's added to your OAP and you are taxed on the total. It means that the increase in pensions ain't worth whay it appears to be. It must be 20 years ago that I had one almighty row about this, claiming that when I took out a private pension I had tax relief on contributions. My argument was why they then taxed me on the pension. Not quite Pensions are indeed handed to you free of any tax deduction but the money IS ‘taxable income’ which means that as said earlier the tax code of any state pensioner is reduced to ensure any additional income has tax deducted on the amount over the reduced allowance So if you had an £8000 state pension only the first £4570 of your company pension or your continued employment or self emoyment would be tax free and tax at 20% would be charged in the pound earned in that way above £4570 not £12570. These numbers are different in scotland and would also be different in wales if the cottage burning twat in charge of plaid had his way Im usin |
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Post by Handyman on Mar 7, 2023 10:01:33 GMT
Last month I had two letters that arrived together, one was from the DWP telling me of an increase in my State Pension £17.45 a week, which cheered me up somewhat. Then I opened the second letter from HMRC my new tax code for the year telling my personal allowance is £12570 which is standard , minus my state pension which means my total tax free allowance is only £2922. I had paid all my taxes on my income for over 50 years NI for 50 years, why do they tax pensions IMHO they should be tax exempt it would improve the life a little for those who only have the State Pension to live on in their latter years, fortunately I have other pensions I paid for as well which I am also taxed on. Until Gordon Brown fucked you over, the tax man was forced to operate on the understanding that because your pension was taxable income, every penny invested snd every penny of profit made in your fund was tax free The COMPANY that did the investing paid tax on their corporate wealth, YOU paid NOTHING on your pension pot proceeds Then Gordon Brown fucked you Until he changed the rules, every dividend handed to every share bought by your pension fund and kept for the dividend it brought, as opposed to the rise and fall in speculative buying and selling, was tax free. Companies who were obliged to pay Advance Corporation Tax on the dividend sent your pension administrator a certificate declaring that sum paid to the tax man, and they in turn sent a demand that the tax man send them a cheque for this tax which they were obliged to invest in your pension fund Gordon changed the law If you as an individual bought shares then you were still entitled to have the advance corporation tax factored in to your total tax payments on your annual income, at least the amount taxed at 20%. Higher rate payers were screwed for more tax though. But pensuon funds were banned from claiming back this tax paid At a stroke Brown fucked every company pension holder of 20% of the growth previously gained from acquisition of shares amassed for a long term view of the company’s reward to their loyal investors and helped himself to a whopping tax bounty. Thats one rarely talked about reason why pension tetuens have tanked over the last quarter century. Yes I remember Brown well for his raid on Pension funds |
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Post by see2 on Mar 7, 2023 10:16:07 GMT
It's sobering to think that once we had the best funded private pension system in Europe - and then the politicians fucked it up.. Possibly aided and abetted by unworkable final salary pensions, early retirements or 'pension holidays' taken by employers? |
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Post by see2 on Mar 7, 2023 10:21:34 GMT
Until Gordon Brown fucked you over, the tax man was forced to operate on the understanding that because your pension was taxable income, every penny invested snd every penny of profit made in your fund was tax free The COMPANY that did the investing paid tax on their corporate wealth, YOU paid NOTHING on your pension pot proceeds Then Gordon Brown fucked you Until he changed the rules, every dividend handed to every share bought by your pension fund and kept for the dividend it brought, as opposed to the rise and fall in speculative buying and selling, was tax free. Companies who were obliged to pay Advance Corporation Tax on the dividend sent your pension administrator a certificate declaring that sum paid to the tax man, and they in turn sent a demand that the tax man send them a cheque for this tax which they were obliged to invest in your pension fund Gordon changed the law If you as an individual bought shares then you were still entitled to have the advance corporation tax factored in to your total tax payments on your annual income, at least the amount taxed at 20%. Higher rate payers were screwed for more tax though. But pensuon funds were banned from claiming back this tax paid At a stroke Brown fucked every company pension holder of 20% of the growth previously gained from acquisition of shares amassed for a long term view of the company’s reward to their loyal investors and helped himself to a whopping tax bounty. Thats one rarely talked about reason why pension tetuens have tanked over the last quarter century. Yes I remember Brown well for his raid on Pension funds Was his 'raid' a tax on unearned income? IIRC it was the Tories who started the ball rolling by ensuring tax was paid on interest made on Bank accounts. |
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Post by Steve on Mar 7, 2023 10:22:59 GMT
Jeremy Hunt sends me about £8,000 a year for staying alive, which I think is kind in him. Not only that, he is also giving me an extra £800 a year next month, so how bad is that?
Except that the i newspaper has said that pensioners are now receiving £10,000 a year and since I am the only vaguely numerically literate member of my family. the whole of Cottontopdom has descended upon me and is demanding to know why they are losing out.
No good deed goes unpunished and if Hunt had kept his hands in pockets I would not be getting constant earache from the tribe. So if anyone has any idea why some pensioners are on five figures I would be much obliged for the information
Many thanks
You were likely born too early and the i is using lazy English The so called 'new state pension' is currently £185.15 a week if you have enough qualifying years (I believe it's 35) IF you're a man born after April 1951 or a woman after April 1953. That's £9.6k a year (+ winter fuel payment of £200). And that goes up by 10.1% next month so will be over £10k for many If you were born before those dates you get less - it's bonkers and unfair, welcome to Toryville |
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Post by johnofgwent on Mar 7, 2023 10:50:09 GMT
Until Gordon Brown fucked you over, the tax man was forced to operate on the understanding that because your pension was taxable income, every penny invested snd every penny of profit made in your fund was tax free The COMPANY that did the investing paid tax on their corporate wealth, YOU paid NOTHING on your pension pot proceeds Then Gordon Brown fucked you Until he changed the rules, every dividend handed to every share bought by your pension fund and kept for the dividend it brought, as opposed to the rise and fall in speculative buying and selling, was tax free. Companies who were obliged to pay Advance Corporation Tax on the dividend sent your pension administrator a certificate declaring that sum paid to the tax man, and they in turn sent a demand that the tax man send them a cheque for this tax which they were obliged to invest in your pension fund Gordon changed the law If you as an individual bought shares then you were still entitled to have the advance corporation tax factored in to your total tax payments on your annual income, at least the amount taxed at 20%. Higher rate payers were screwed for more tax though. But pensuon funds were banned from claiming back this tax paid At a stroke Brown fucked every company pension holder of 20% of the growth previously gained from acquisition of shares amassed for a long term view of the company’s reward to their loyal investors and helped himself to a whopping tax bounty. Thats one rarely talked about reason why pension tetuens have tanked over the last quarter century. Yes I remember Brown well for his raid on Pension funds As you will see from the above, he did much more than take a state pension contributions holiday. |
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Post by Toreador on Mar 7, 2023 10:54:56 GMT
Until Gordon Brown fucked you over, the tax man was forced to operate on the understanding that because your pension was taxable income, every penny invested snd every penny of profit made in your fund was tax free The COMPANY that did the investing paid tax on their corporate wealth, YOU paid NOTHING on your pension pot proceeds Then Gordon Brown fucked you Until he changed the rules, every dividend handed to every share bought by your pension fund and kept for the dividend it brought, as opposed to the rise and fall in speculative buying and selling, was tax free. Companies who were obliged to pay Advance Corporation Tax on the dividend sent your pension administrator a certificate declaring that sum paid to the tax man, and they in turn sent a demand that the tax man send them a cheque for this tax which they were obliged to invest in your pension fund Gordon changed the law If you as an individual bought shares then you were still entitled to have the advance corporation tax factored in to your total tax payments on your annual income, at least the amount taxed at 20%. Higher rate payers were screwed for more tax though. But pensuon funds were banned from claiming back this tax paid At a stroke Brown fucked every company pension holder of 20% of the growth previously gained from acquisition of shares amassed for a long term view of the company’s reward to their loyal investors and helped himself to a whopping tax bounty. Thats one rarely talked about reason why pension tetuens have tanked over the last quarter century. Yes I remember Brown well for his raid on Pension funds And I remember fucking him over. When Labour won in 1997 I was confident they would take measures to grab some money. So I looked at our situation and took our private pensions early, just a few weeks after Blair took the throne. Had I left it in for his raid, it would have reduced our pension by some 50%. |
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Post by Handyman on Mar 7, 2023 11:12:58 GMT
Yes I remember Brown well for his raid on Pension funds And I remember fucking him over. When Labour won in 1997 I was confident they would take measures to grab some money. So I looked at our situation and took our private pensions early, just a few weeks after Blair took the throne. Had I left it in for his raid, it would have reduced our pension by some 50%. Excellent well done |
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