The Budget

Pittcity

Katyj

Did anyone hear anything about the state pension age being increased ? I just heard the tail end of it. I’ve only 6 months to go now before I get mine, surely they can’t change it now 🤞

I heard a quick remark about a review.
They wouldn't dare move it further away than already announced.

I don’t know if anything further was announced today (I don't think so) but the proposals up until recently were: increase to 67 in 2028. It was then due to increase to 68 some time after this: There have been remarks that the change to 68 will have to be sooner than was planned (but I'm unsure about the dates).

I think you'll be fine in 6 months (but never take financial advice from GN)

Petera

Pittcity

Katyj

Did anyone hear anything about the state pension age being increased ? I just heard the tail end of it. I’ve only 6 months to go now before I get mine, surely they can’t change it now 🤞

I heard a quick remark about a review.
They wouldn't dare move it further away than already announced.

I don’t know if anything further was announced today (I don't think so) but the proposals up until recently were: increase to 67 in 2028. It was then due to increase to 68 some time after this: There have been remarks that the change to 68 will have to be sooner than was planned (but I'm unsure about the dates).

I think you'll be fine in 6 months (but never take financial advice from GN)

According to YouGov there is an ongoing review, the results of which will be published in early 2023. Currently they are looking at increasing to age 67 for those born on or after 5 April 1960 and then to age 68 for those born on or after 5 April 1977. So the rise to age 67 would take effect in 2026.

DaisyAnne As Pammie explained to me, it's only the disabled and sick "economically inactive" who are being investigated.

Petera

Pittcity

Katyj

Did anyone hear anything about the state pension age being increased ? I just heard the tail end of it. I’ve only 6 months to go now before I get mine, surely they can’t change it now 🤞

I heard a quick remark about a review.
They wouldn't dare move it further away than already announced.

I don’t know if anything further was announced today (I don't think so) but the proposals up until recently were: increase to 67 in 2028. It was then due to increase to 68 some time after this: There have been remarks that the change to 68 will have to be sooner than was planned (but I'm unsure about the dates).

I think you'll be fine in 6 months (but never take financial advice from GN)

I believe there was something in the 2011 announcement that people should be given at least 10 years' notice of any increase which would affect them.

It's too late to change the rise to 67, but the rise to 68 could be brought forward without breaking the rules.

growstuff

Ah! I understand now.

Pensions are means-tested to an extent because the poorest receive Pension Credit, which is a "gateway benefit" and sometimes means they are better off than some with higher incomes.

I the state pension shouldn't be means-tested. The way to reduce it for higher paid pensioners should be through the tax system.

I don't think they will be growstuff. Have you applied for the other benefits I mentioned? There are people who will help you if necessary - although I suggest you are not as rude to them as you are to those trying to help on here. The people on Pension Credit may be better off if you don't bother but there is only one person who can change that. The State Pension isn't means tested. Total income may be.

You are only one example and obviously don't even want anyone to suggest ways you might help yourself. We can't use one example as "data".

growstuff

DaisyAnne As Pammie explained to me, it's only the disabled and sick "economically inactive" who are being investigated.

Thank you growstuff. I read that.

No, I haven't applied because Macmillan Cancer did a detailed benefit check for me. I've also looked myself at the online benefit checkers. I know I'm not eligible for anything else.

PS. Please don't patronise me. I know the state pension isn't means tested, but total income is.

obviously don't even want anyone to suggest ways you might help yourself.

How bl**dy dare you? I can't write what I really think because the post would be deleted.

growstuff I think you will find most people end up replying to the tone used towards them.

Right. One thing that may not be as bad as you think it will be - at least I hope it isn't for all the people getting Council Tax Support.

I imagine you have worked it out on the current thresholds. It is likely (although not guaranteed) that these will rise. There should be a new amount they have to leave people with, or they will just have extra people claiming from their hardship funds to pay for food, etc. It may not be as bad as you are expecting by the time the pensions go up next April.

25Avalon

Excuse me, haven’t we just been through a pandemic and aren’t there shortages due to the war in Ukraine? Isn’t there global recession? Did I sleep through it all? Is every single thing down to Brexit?

You might want to watch this.
twitter.com/PeterStefanovi2/status/1592920524854038528
Longterm 4% hit on GDP due specifically to Brexit
Much bigger slowdown in the UK than the rest of the world
Strong stagnation in services
Trade underperforming compared to our peers

growstuff

Errrmmm ... well, no, not really. I thought I must have fallen asleep when he gave any details. Science in the UK has lost billions over the last few years from the unmentionable B ... I thought maybe we were going to turn the clocks back.

I missed the bit about the generous help for the less well off, too.

Anybody receiving an occupational pension in addition to the state pension will end up losing 20% of any increase.

Commitment to maintain investment in R &D.
However, members of the scientific community are already mentioning the amount of investment and collaboration lost due to Brexit leaves us significantly worse off.
Don't know if anyone has fully calculated any real estimates yet.

Nothing to close tax avoidance loopholes or alter ex-dom situation. Banker bonuses remain uncapped.

www.theguardian.com/news/2022/sep/27/super-rich-uk-non-doms-avoiding-32bn-in-tax-each-year-report-finds

www.cityam.com/uk-loses-more-than-845bn-a-year-due-to-offshore-wealth/

hugshelp

growstuff

Errrmmm ... well, no, not really. I thought I must have fallen asleep when he gave any details. Science in the UK has lost billions over the last few years from the unmentionable B ... I thought maybe we were going to turn the clocks back.

I missed the bit about the generous help for the less well off, too.

Anybody receiving an occupational pension in addition to the state pension will end up losing 20% of any increase.

Commitment to maintain investment in R &D.
However, members of the scientific community are already mentioning the amount of investment and collaboration lost due to Brexit leaves us significantly worse off.
Don't know if anyone has fully calculated any real estimates yet.

The investment was announced in March. The UK is no longer associated to Horizon Europe, so UK researchers have lost billions in potential funding. It's also started a brain drain of scientists and technologists to the EU.

Any pensioners paying 20% tax obviously are in receipt of a private as well as a state pension. It is this total amount that takes them over the c.£12,600 personal allowance before tax kicks in.

Am I right?

Yes.

So what?

They've paid for it.

All I've been pointing out is that it's not a 10.1% increase for anybody who pays tax.

This was not a budget for growth. That's the long and short of it.

Just be prepared for public services to get worse and worse and for the NHS to decline further.

The OBR forecasts are dire.

All to 'pay back' a non existent debt...

growstuff

hugshelp

growstuff

Errrmmm ... well, no, not really. I thought I must have fallen asleep when he gave any details. Science in the UK has lost billions over the last few years from the unmentionable B ... I thought maybe we were going to turn the clocks back.

I missed the bit about the generous help for the less well off, too.

Anybody receiving an occupational pension in addition to the state pension will end up losing 20% of any increase.

Commitment to maintain investment in R &D.
However, members of the scientific community are already mentioning the amount of investment and collaboration lost due to Brexit leaves us significantly worse off.
Don't know if anyone has fully calculated any real estimates yet.

The investment was announced in March. The UK is no longer associated to Horizon Europe, so UK researchers have lost billions in potential funding. It's also started a brain drain of scientists and technologists to the EU.

Thanks growstuff - I couldn't find the exact thing I was looking for.

MaizieD

This was not a budget for growth. That's the long and short of it.

Just be prepared for public services to get worse and worse and for the NHS to decline further.

The OBR forecasts are dire.

All to 'pay back' a non existent debt...

Ah Maizie! You obviously weren't listening to Mr Rees-Mogg. The OBR is wrong - allegedly.

Urmstongran

And at least we keep HS2.
🙁

What is it with HS2? I live in the NW and don't know one person in favour of it! I thought surely when we need to re-coup so much money this stupid white elephant will get the chop, but it seems to be mysteriously protected!

Urmstongran

Any pensioners paying 20% tax obviously are in receipt of a private as well as a state pension. It is this total amount that takes them over the c.£12,600 personal allowance before tax kicks in.

Am I right?

Yes, I will be in that position. I have worked well over 40 years but because I was contracted out a lose a very small amount of my state pension.

growstuff

Yes.

So what?

They've paid for it.

All I've been pointing out is that it's not a 10.1% increase for anybody who pays tax.

It is a 10.1% increase. It is also an increase in tax but then everyone earning the same amount as the pensioner is drawing will pay the same in tax.

Those are the facts. Whether you like the policy or dislike the policy is opinion. You cannot change the facts to suit the opinion.

GrandmaKT

Urmstongran

And at least we keep HS2.
🙁

What is it with HS2? I live in the NW and don't know one person in favour of it! I thought surely when we need to re-coup so much money this stupid white elephant will get the chop, but it seems to be mysteriously protected!

I trust you realise my comment was tongue in cheek?

If Labour pledged to scrap it in a GE manifesto they’d romp the election hands down.

rafichagran

Urmstongran

Any pensioners paying 20% tax obviously are in receipt of a private as well as a state pension. It is this total amount that takes them over the c.£12,600 personal allowance before tax kicks in.

Am I right?

Yes, I will be in that position. I have worked well over 40 years but because I was contracted out a lose a very small amount of my state pension.

Himself is in exactly the same boat. He thinks better to be above the personal allowance threshold and pay tax than below it and not. I see his point.