Go Back   British Expats / Living & Moving Abroad / Far East and Asia / Philippines

Reply
 
Thread Tools
Old Sep 29th 2017, 5:53 pm   #16
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 6,317
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by expatuk2017 View Post
Just a word of warning or advice really, if you have been contracted out
And have a company pension, this can reduce what you will get when your state pension starts, my weekly pension was reduced by £58.00 a week, £232.00 a month.
Overall i am £1000 a year worse off after receiving my private pensions.
Is that taking into account your company pension? Your company pension should make up that £58.
__________________
A still tongue is a wise tongue, pity anout the fingers
mrken30 is online now   Reply With Quote
Old Sep 29th 2017, 6:07 pm   #17
Just Joined
 
Joined: Sep 2017
Posts: 8
expatuk2017 is an unknown quantity at this point
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by mrken30 View Post
Is that taking into account your company pension? Your company pension should make up that £58.
Yes i get £58 a month and £1100 anually making a shortfall of £1220 anually luckily however my wife gets a pension based on my ni , even so £1220 is 81000 pesos at todays exchange rate
expatuk2017 is offline   Reply With Quote
Old Sep 29th 2017, 6:11 pm   #18
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 6,317
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by expatuk2017 View Post
Yes i get £58 a month and £1100 anually making a shortfall of £1220 anually luckily however my wife gets a pension based on my ni , even so £1220 is 81000 pesos at todays exchange rate
So you get nothing from your company pension. I know mine is reduced but the payments from my company pension just about cover the reduction. So I end up getting about the same amount of money.
__________________
A still tongue is a wise tongue, pity anout the fingers
mrken30 is online now   Reply With Quote
Old Sep 30th 2017, 1:54 am   #19
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,721
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

An interesting thread. I remember when contracting out first started, my then company got their pension actuaries to do a calculation for each employee , based on projected returns, as to whether it was better for them to stay in the full NI system , or to contract out and use the rebate of NI to add to the company pension. Basically, the younger you were the more advantageous it appeared to contract out.( using the then standard return of 3,5 and 8% against the average increase in State Pension) I was about 47 then and in my case it was finely balanced so I elected to stay in the NI State scheme. It has paid off for me as my SERPS is more than my basic pension and better than the return I would have got by adding the rebate to the company scheme. Oh, we were also told that if contracting out, our State pension would be reduced due to the lower level of NI we were paying. They could not give exact figures as it would depend on how long you were contracted out before retiring. The idea was that your "enhanced" company pension would more than make up the shortfall! well, once annuity rates started dropping that really stirred the pot for many folk...........
__________________
If I voice an opinion - it's just that, an opinion!
quiltman is offline   Reply With Quote
Old Sep 30th 2017, 4:14 am   #20
BE Enthusiast
 
Joined: Mar 2005
Location: Island and Province of Cebu-Philippines
Posts: 494
tropicofcancer is a splendid one to beholdtropicofcancer is a splendid one to beholdtropicofcancer is a splendid one to beholdtropicofcancer is a splendid one to beholdtropicofcancer is a splendid one to beholdtropicofcancer is a splendid one to beholdtropicofcancer is a splendid one to beholdtropicofcancer is a splendid one to beholdtropicofcancer is a splendid one to beholdtropicofcancer is a splendid one to beholdtropicofcancer is a splendid one to behold
Default Re: Uk state pension age and calculated benefits

In our company, we were not given an option. We had to contract out. I would gladly have paid increased contributions, to our fund, but that was not allowed. I would be: "over subscribed!"
However I get my Graduated Pension, the biggest swindle foisted on the working population. It only benefitted those nearing retirement.
tropicofcancer is offline   Reply With Quote
Old Sep 30th 2017, 1:00 pm   #21
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,721
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by tropicofcancer View Post
In our company, we were not given an option. We had to contract out. I would gladly have paid increased contributions, to our fund, but that was not allowed. I would be: "over subscribed!"
However I get my Graduated Pension, the biggest swindle foisted on the working population. It only benefitted those nearing retirement.
According to my annual pension statement, my graduated pension is 25p a week!
__________________
If I voice an opinion - it's just that, an opinion!
quiltman is offline   Reply With Quote
Old Sep 30th 2017, 2:29 pm   #22
BE Enthusiast
 
Joined: Feb 2014
Location: Capiz
Posts: 659
Stokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond reputeStokkevn has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by quiltman View Post
According to my annual pension statement, my graduated pension is 25p a week!
You lucky thing, all I got was a smiley face followed by a "0". Lucky I have a Norwegian pension which I paid into for the same amount of years but when I am 67 I get paid about 2.5 times as much as the max UK pension tax free.
Stokkevn is offline   Reply With Quote
Old Sep 30th 2017, 4:32 pm   #23
JAsh 
Forum Regular
 
Joined: Sep 2017
Posts: 73
JAsh has a reputation beyond reputeJAsh has a reputation beyond reputeJAsh has a reputation beyond reputeJAsh has a reputation beyond reputeJAsh has a reputation beyond reputeJAsh has a reputation beyond reputeJAsh has a reputation beyond reputeJAsh has a reputation beyond reputeJAsh has a reputation beyond reputeJAsh has a reputation beyond reputeJAsh has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by expatuk2017 View Post
Just a word of warning or advice really, if you have been contracted out
And have a company pension, this can reduce what you will get when your state pension starts, my weekly pension was reduced by £58.00 a week, £232.00 a month.
Overall i am £1000 a year worse off after receiving my private pensions.
Hi,

Please correct me if I'm wrong, but are you saying that because you're receiving company retirement pension, the government reduced your state pension weekly benefit??
JAsh is offline   Reply With Quote
Old Sep 30th 2017, 5:22 pm   #24
scot47 
Lost in BE Cyberspace
 
Joined: Nov 2012
Posts: 6,483
scot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

I wonder how many employees at the time understood the complexities of "contracting-in" and "contracting-out". The State has an interest in its citizens remaining uninformed. We are encouraged to indulge in the circuses of modern life and to ignore what is happening in the Forum and the Senate !
scot47 is online now   Reply With Quote
Old Sep 30th 2017, 6:01 pm   #25
BE Enthusiast
 
Joined: Nov 2012
Location: Suffolk UK
Posts: 473
Gazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by JAsh View Post
Hi,

Please correct me if I'm wrong, but are you saying that because you're receiving company retirement pension, the government reduced your state pension weekly benefit??
You state pension is not reduced, the reduction is in you 2nd prnsion because by contracting out you pay nothing into it.
Gazza-d is offline   Reply With Quote
Old Sep 30th 2017, 7:07 pm   #26
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 6,317
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by Gazza-d View Post
You state pension is not reduced, the reduction is in you 2nd prnsion because by contracting out you pay nothing into it.
There is no second State pension anymore. The rules were changed.
__________________
A still tongue is a wise tongue, pity anout the fingers
mrken30 is online now   Reply With Quote
Old Oct 1st 2017, 1:00 am   #27
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,721
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by mrken30 View Post
There is no second State pension anymore. The rules were changed.
True and here's the details https://www.gov.uk/additional-state-pension/eligibility

So if you reached pension age BEFORE April 2016 - like me , then you get the additional pension but if it's AFTER April 2016 then hard luck I'm afraid, you only get the new State pension of £159.64
__________________
If I voice an opinion - it's just that, an opinion!
quiltman is offline   Reply With Quote
Old Oct 1st 2017, 3:28 am   #28
Lt Col (Retd)
Premium Member
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 42,045
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by quiltman View Post
True and here's the details https://www.gov.uk/additional-state-pension/eligibility

So if you reached pension age BEFORE April 2016 - like me , then you get the additional pension but if it's AFTER April 2016 then hard luck I'm afraid, you only get the new State pension of £159.64
But isn't the new stage pension about 20% (£30+) more than the old state pension?
__________________
As quoted in the Grauniad.
Pulaski is offline   Reply With Quote
Old Oct 1st 2017, 4:04 am   #29
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 6,317
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by Pulaski View Post
But isn't the new stage pension about 20% (£30+) more than the old state pension?
It was up to £165 a week extra under serps, dependent on earning as the name suggests. The basic pension was £119, so total of £280 ish. Now everyone gets a flat rate of £160 ish. So you may have still be better contracting out, I know I would have been.

I vaguely remember being told at the time that contracting in was Government backed and was safer than the stock market. The payout was guaranteed, how more wrong could they have been.

Millions 'to lose £1,400 on average' under new state pension - Telegraph

SERPS depends on your pay over a maximum of 20 years. The only part of your pay which it takes into account is the band between the National Insurance lower and upper earnings limits. Each year's pay within this band is uprated in line with inflation. A maximum of 20 years of these revalued pay figures is then used to work out your SERPS pension. The maximum pension you can receive from SERPS is 25% of your average band earnings.

That is why is a slight gamble paying for extra years as the Government can change the rules at any time.
__________________
A still tongue is a wise tongue, pity anout the fingers

Last edited by mrken30; Oct 1st 2017 at 4:34 am.
mrken30 is online now   Reply With Quote
Old Oct 1st 2017, 5:26 am   #30
BE Enthusiast
 
Joined: Nov 2012
Location: Suffolk UK
Posts: 473
Gazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond reputeGazza-d has a reputation beyond repute
Default Re: Uk state pension age and calculated benefits

Quote:
Originally Posted by mrken30 View Post
There is no second State pension anymore. The rules were changed.
I've had a statement since they made the changes and unless they have change it again you still get what you paid for up until the change but they stopped you accruing more after something like 2012. My statement still gave me something like £225 per week. If you read the Telegraph article those in their late 50s and near retirement won't loose their entitlement.

Last edited by Gazza-d; Oct 1st 2017 at 5:31 am.
Gazza-d is offline   Reply With Quote
Reply

Go Back   British Expats / Living & Moving Abroad / Far East and Asia / Philippines


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT. The time now is 8:05 pm.


Powered by vBulletin: ©2000 - 2017, Jelsoft Enterprises Ltd.
© 1999-2010 BritishExpats.com