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Pensions
Posted: 06 Jun 2020, 10:40
by plumber
Just before my 80th I received notification that my OAP would increase by £1.00 p, great news I thought! Yesterday received a letter from Tax Office my Tax Allowance had been decreased by £11.00 Annually, I am now £1.00 per year better off. You cannot make it up!!!!!!!!!!
Brian H
Re: Pensions
Posted: 06 Jun 2020, 11:22
by Tomliner
Invest it wisely Brian and think of all the interest you’ll receive on it. Such generosity is underwhelming!
EricT
Re: Pensions
Posted: 06 Jun 2020, 13:29
by 511Flyer
If you don't earn more than your tax allowance, you wont lose that £11. If you do earn more than the allowance, you don't need the £1.
Re: Pensions
Posted: 06 Jun 2020, 14:49
by plumber
I do not think that I could live on 4K mate
Re: Pensions
Posted: 06 Jun 2020, 15:42
by TSR2
Personal tax allowance in the UK unadjusted for other income is about 10k. Everyone’s situation is different, but when pensions increase every year regardless of other factors and child benefits haven’t increased at all in at least 6, there’s definitely a disparity. I should clarify I claim neither. But on face value, under 16’s don’t get free travel, have had family allowance frozen for over 6 years, it’s hard to justify increases for those of pension age unless there are extenuating circumstances. Just my tuppence worth.
Re: Pensions
Posted: 06 Jun 2020, 16:56
by Vancouver
The generosity is astounding. I discovered recently that my 30 year Met police pension will reduce some (figure yet to be realized) when I come of UK pensionable age which I blv is now 67 (they keep shifting it). An oversight in negotiations made by the Pol Federation which they neglected to tell us about in the 80's. Useless bunch they are.
Re: Pensions
Posted: 10 Jun 2020, 12:54
by thehappyotter
Vancouver wrote: ↑06 Jun 2020, 16:56
The generosity is astounding. I discovered recently that my 30 year Met police pension will reduce some (figure yet to be realized) when I come of UK pensionable age which I blv is now 67 (they keep shifting it). An oversight in negotiations made by the Pol Federation which they neglected to tell us about in the 80's. Useless bunch they are.
Those of us still serving were shafted too.
I joined in 2004 on the 1987 scheme with a retirement date of 2034. In 2015 we were forced onto a new pension where the payments are higher, the benefit at the end significantly lower and the retirement age increased to 60.
After a whole decade of service I still had the same amount of time left as I had when I started, with a much reduced payout at the end for my trouble.
Of course the Fed did nothing at all, until our private legal challenge looked like it might win. Then they jumped on the bandwagon and said they'll support their members and raise their own legal challenge. After we'd done the work. They're refusing to finance us (also members) who did all of the hard work and we're continuing to have to pay thousands each to challenge the change.
Still, we'll keep on battling on, despite it not just being the media we're fighting against...
Re: Pensions
Posted: 10 Jun 2020, 14:09
by migman29
thehappyotter wrote: ↑10 Jun 2020, 12:54
Vancouver wrote: ↑06 Jun 2020, 16:56
The generosity is astounding. I discovered recently that my 30 year Met police pension will reduce some (figure yet to be realized) when I come of UK pensionable age which I blv is now 67 (they keep shifting it). An oversight in negotiations made by the Pol Federation which they neglected to tell us about in the 80's. Useless bunch they are.
Those of us still serving were shafted too.
I joined in 2004 on the 1987 scheme with a retirement date of 2034. In 2015 we were forced onto a new pension where the payments are higher, the benefit at the end significantly lower and the retirement age increased to 60.
After a whole decade of service I still had the same amount of time left as I had when I started, with a much reduced payout at the end for my trouble.
Of course the Fed did nothing at all, until our private legal challenge looked like it might win. Then they jumped on the bandwagon and said they'll support their members and raise their own legal challenge. After we'd done the work. They're refusing to finance us (also members) who did all of the hard work and we're continuing to have to pay thousands each to challenge the change.
Still, we'll keep on battling on, despite it not just being the media we're fighting against...
My old boss is ex Cheshire Constab.,he told me all about it too after he retired two years ago.
It's a shame some sort of public protest/petition can't be started over this because it stinks to high heaven.
Meanwhile Rob,you're going to have to sit in that seat in that swanky black and yellow ride of yours for few years yet
Re: Pensions
Posted: 10 Jun 2020, 16:34
by thehappyotter
migman29 wrote: ↑10 Jun 2020, 14:09
My old boss is ex Cheshire Constab.,he told me all about it too after he retired two years ago.
It's a shame some sort of public protest/petition can't be started over this because it stinks to high heaven.
Meanwhile Rob,you're going to have to sit in that seat in that swanky black and yellow ride of yours for few years yet
I know. It's terrible isn't it
I'm acutely aware of how privileged I am to do what I do and that it's not a right, I have to keep on earning it. I'm nothing more than anyone else and I really feel for those on the front line at the moment. Although I have been there and done that I guess. I have seen a copy of the national aviation review and nothing can be taken for granted, although I can't divulge any details thankfully we appear safe. For now.
We'll see where the legal challenge takes us pension wise...
Re: Pensions
Posted: 10 Jun 2020, 18:19
by Vancouver
Oh yes your generation were shafted big time, I got out the year you joined which I think was probably the best of times. The Job has changed significantly in the time I have been gone so you have my respect to choose to remain. Everything is so politicized now and I thought it bad 20 years ago, but way worse now. I miss it but am so glad I am out.