Pensions ,Prescriptions & Racheal Reeve’s

growstuff

PS. I didn't use the term 'wealthy' for any group.

No, I realise that, my post was a general observation on many posts on GN. It's a term often used.

Allira

Dickens

Allira

What is the GN definition of wealthy please?

What income would a pensioner have to be receiving to be thought of by posters as a wealthy pensioner?

Apparently, younger people with an income of up to £100,000 are struggling and deserve help with childcare costs so what are the criteria?

I thought the term wealthy applied to those with income and assets in the millions or billions.

I thought the term wealthy applied to those with income and assets in the millions or billions.

That's what wealthy means to me.

Not a couple living in London with kids on £100k. They might be financially OK-ish, but childcare costs, mortgages, rents, hmm.

I don't have that kind of income - but I still don' t consider such families to be wealthy.

I guess it's subjective.

To me, the wealthy are those who are very very wealthy, who siphon money out of the economy into their offshore bank accounts, property, investments, etc - or who have inherited wealth - those who buy yachts / super yachts, even have their own jets, etc, have homes in various countries. That is what I consider to be real wealth.

That would be my definition too.

Comfortably off is not wealthy so would that be the term for those in the band between being eligible for Pension Credit (is that £11,364 pa and an income over £68,400 pa (after taxes), which is considered wealthy, apparently?

An income of £12,000 is not comfortably off yet a single person with that income has lost the WFA.

There is quite a difference between those two incomes, depending too, on other outgoings such as rent.

^The UK government’s data for 2023 shows the average weekly income for pensioners to be £267. This works out at around £13,884 per year.^

Just a slight correction. The government's figures show that the average weekly income for all pensioners was £387 in 2023.

www.gov.uk/government/statistics/pensioners-incomes-financial-years-ending-1995-to-2023/pensioners-incomes-financial-years-ending-1995-to-2023#:~:text=Average%20weekly%20income%20of%20pensioners%20(%20AHC%20)%20by%20gender%20in%20FYE,This%20difference%20is%20statistically%20significant.

In FYE 2023, the average income for pensioner couples was £561 per week. This was more than twice that of single pensioners, who had an average income of £267 per week. This difference is statistically significant.

www.gov.uk/government/statistics/pensioners-incomes-financial-years-ending-1995-to-2023/pensioners-incomes-financial-years-ending-1995-to-2023#:~:text=In%20FYE%202023%2C%20the%20average,of%20%C2%A3267%20per%20week.

£267 × 52 = £13,884

I wonder how the pension credit is assimilated into pensioner income? My impression is that the people who are struggling the most aren’t those with the very lowest incomes, because they do get pension credit. It’s the people who get a little bit more than that, but who aren’t entitled to any help. That’s why raising the pension credit threshold and the personal allowance would make a big difference?

David49 you obviously live in a different part of the UK than I do,most pensioners here are on low incomes.We are in an area of deprivation after all the big ,wel paying businesses closed decades ago.Theres really only hospitality based jobs and supermarkets.The town centres have charity shops bookies and pubs that are only open two days a week.

In which case they will get the WFA, and I hope measures are taken to help those marginal pensioners who need help, but the principle remains, handouts should not given to those who don’t need it .

As for those on higher income they need to realize that the services they are using cost more than they have contributed and taxing “millionaires” won’t be enough, the burden needs to go across all incomes.

Casdon

I wonder how the pension credit is assimilated into pensioner income? My impression is that the people who are struggling the most aren’t those with the very lowest incomes, because they do get pension credit. It’s the people who get a little bit more than that, but who aren’t entitled to any help. That’s why raising the pension credit threshold and the personal allowance would make a big difference?

I agree. Raising the tax allowance to £20k and the PC threshold to £15k would keep those on PC out of tax, and stop the anomaly whereby those with a small pension do pay tax and end up worse off than if they hadn't got one and claimed PC.

I would also change the boundaries so there isn't one for those on £12.5k-£50kish, and then another for those on £50-£125k then a third one for anything over that. There is a huge variation within those bands, and it would be fairer to have steps rather than hills.

Allira

£267 × 52 = £13,884

But £267pw isn't the average for all pensioners.

Look at the source I posted.

Look at the source I posted.

I can't. None of the links posted today on N & P are working for me🙁

Wyllow3

OK, lets be clear about the "who started"the rumour

Its in the front page of the Telegraph today.

Everyday I player news shows the front pages and gives a summary so:

"The paper's top story says the government is looking at making cuts to the tax-free lump sum savers can withdraw from their pensions (per annum).

It says the government has asked one of the country's leading pension providers to assess the impact of cutting it from a maximum of £268,275 to £100,000."

so if all this actually comes to be as opposed to speculation then its not down to "being done away with"

but setting an amount as opposed to a percentage of non-tax withdrawals.

EVERY single day I’ve noticed The Telegraph “scaremongering”

Whilst I accept some of their “news” is accurate, much isn’t and just done to further smear the current govt.

Whilst I don’t mind that too much, it’s fair game, I truly object to the effect it has on some readers anxiety and mental health.

I’ve literally trained myself over the years not to worry about what “might” happen and concentrate on solutions for what is or has actually happened.

I have the old state pension, but I do work part time so my annual income is approximately £19,000
No private pension, no other income but I do own my house which I was able to do when my father died and left me some money so I manage quite well on the income I get
I don’t drink alcohol I don’t drive and I don’t smoke.(smoking and drinking I did do to excess up to my 30s.)
I am 71..

MaizieD

^Look at the source I posted.^

I can't. None of the links posted today on N & P are working for me🙁

Hmmm! No idea why not. They're working for me - I use a PC.

I'd like to see free prescriptions set at the retirement age BUT maybe more items that are free for those suffering extensive age related conditions. Also, I'd like to see more exceptions for congenital conditions. My adult children all suffer from a systemic syndrome where they suffer from a variety of things needing treatment from replacement saliva, eye drops. digestion meds, some vitamins and hefty pain killers as a minimum. My daughter can't work but receives income related incapacity benefit which means that she is low income but too high for free prescriptions. This means she goes without what she needs. She will need all the things all her life and not taking what she needs costs the country more.

Wales and Scotland and illegals get free medication so why pick on ENGLISH???

Now there is mention of tax on taking money from your pension pot !

So it should be. The money placed in a pension pot hasn’t been taxed.
We pay tax on income from private pensions so what’s the difference?

growstuff

MaizieD

Look at the source I posted.

I can't. None of the links posted today on N & P are working for me🙁

Hmmm! No idea why not. They're working for me - I use a PC.

Thanks. I've tried them on my laptop and on my Ipad. I've even tried copying and pasting them. Nothing works...

Perhaps it's my ISP....

But links from other sites are working fine...

I am taxed on my personal pension already

janeainsworth

^Now there is mention of tax on taking money from your pension pot !^

So it should be. The money placed in a pension pot hasn’t been taxed.
We pay tax on income from private pensions so what’s the difference?

This has been discussed at length above. It refers to tax if you decide to take money out of your pension pot,

and is already taxed

It's a question of how much, and whether it should be a set fixed amount kept tax free or a percentage. See the discussion on page 2.

icanhandthemback

I'd like to see free prescriptions set at the retirement age BUT maybe more items that are free for those suffering extensive age related conditions. Also, I'd like to see more exceptions for congenital conditions. My adult children all suffer from a systemic syndrome where they suffer from a variety of things needing treatment from replacement saliva, eye drops. digestion meds, some vitamins and hefty pain killers as a minimum. My daughter can't work but receives income related incapacity benefit which means that she is low income but too high for free prescriptions. This means she goes without what she needs. She will need all the things all her life and not taking what she needs costs the country more.

Is incapacity benefit over the limit for an HC2 certificate?

MaizieD

growstuff

MaizieD

Look at the source I posted.

I can't. None of the links posted today on N & P are working for me🙁

Hmmm! No idea why not. They're working for me - I use a PC.

Thanks. I've tried them on my laptop and on my Ipad. I've even tried copying and pasting them. Nothing works...

Perhaps it's my ISP....

But links from other sites are working fine...

Sorry, I can't help you.

I guess you could copy and paste the links into your browser.

The issue as I see it, only my opinion, is that the pension age continues to rise. While life expectancy is commensurate with that, freedom from debilitating illness and disease is not. Are people working heavy manual jobs, or even as my self in demanding healthcare positions expected to act as a 20 year old? There is poor provision for those unable to continue their previous jobs due to illness. Sickness benefit is minimal. While medical research gives options they are not freely available due to cost. Do we really expect 70 year olds on scaffolding. Retraining opportunities are scarce in our age group. I’ve applied for 100s of positions well below what im training for because I am no longer able to fulfil my previous role. I acknowledge that. But I also provide unpaid child care for my grandchildren, am a registered caregiver for my older husband , which means I can only earn £125/ week without losing the huge £85/ week benefit for a minimum of 35 hours/week care the state doesn’t provide. No employer wants me with so little flexibility. So im basically unemployable with 5 years till I receive my delayed state pension. Then carers allowance stops… but I will still be doing it. To consider us non productive members of the workforce is a huge insult. I voted labour, first time ever.
How stupid was I

My sympathies - this must be fairly common, what do you suggest should happen? I'm not clear what measures would have helped you that Labour have specifically neglected?

Angelnan I empathise with your situation and I wholeheartedly agree with your post … apart from your final sentence.

You were not stupid to vote Labour IMO.

Most of the issues you describe have arisen due to the Conservative government - not Labour. I’m sure you didn’t expected Labour to turn things around in a matter of weeks!

Voting Conservative would be voting for more of the same - or worse.

It makes more sense to me to say all people over 60 we ho still work can pay for their own prescriptions and as for WFA which I agree many pensioners do not need but many do rely upon and need to stay warm it makes sense to me to say no more WFA for 40 percent tax payers but anyone paying 20 percent tax or lower should still get it. The problem as I see it is not many pensioners vote Labour so they are an easy target for RR as it would not affect their vote share in next GE. If she targeted other groups who traditionally are more likely to vote Labour future votes would be more affected. What I don't think RR foresaw was the unions and general public backlash for cutting £200 WFA from pensioners whilst MP's still claim anything up to £4k per year free fuel on second homes.

@lizxiedrip, how can it be Conservatives to blame for cutting WFA from pensioners when Conservatives did pay it and Labour have immediately cut it whilst giving train drivers already earning £70k per annum a big pay rise? It's almost as if you don't want to face the actual facts.