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Old 13.01.2015, 18:48
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UK state pension, new rules after 5. April 2015

I haven't researched the subject very much, as I am already drawing my UK pension. But recently I have learned that the rules are being changed in April this year, enabling people to remove all their funds and spend the cash! Yes, it is unbelievable to me, but the government is unlocking the goodies cupboard. Another new ruling is there will be a new flat rate pension of £160 per week after April 2016, but only half the population will receive it. (Existing pensions remain the same) The consequences will be dire, as more people will be on social security.

http://www.bbc.com/news/business-26666103

https://uk.news.yahoo.com/2m-wont-fu...9.html#3GXT7LF

http://www.bbc.com/news/business-30777166

It is now likely that people approaching retirement will be targeted with a string of investment scams. Already on TV there are reports of people being offered investments in car parks and warehousing.

Last edited by Sbrinz; 13.01.2015 at 19:07.
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Old 13.01.2015, 19:09
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Re: UK state pension, new rules after 5.4.2015

It is not the state pension which people will be allowed to have in full to spend as they wish, but private pensions, which previously people would have had to use to buy annuities. As far as I understand anyway.
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Old 13.01.2015, 19:21
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Re: UK state pension, new rules after 5.4.2015

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It is not the state pension which people will be allowed to have in full to spend as they wish, but private pensions, which previously people would have had to use to buy annuities. As far as I understand anyway.
Yes, I think you are correct.

But the state pension will be a fixed amount, with many not entitled to anything. Then the social will have to pay up, or there will be starvation, as even £ 7'000 each year from the state is not enough to live on.
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Old 13.01.2015, 19:35
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Re: UK state pension, new rules after 5.4.2015

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But the state pension ....
... has long since been squandered by the no-more-boom-and-bust Brown.

It has always been the Labour party's policy to destroy wealth.
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Old 13.01.2015, 20:57
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Re: UK state pension, new rules after 5. April 2015

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I haven't researched the subject very much, as I am already drawing my UK pension. But recently I have learned that the rules are being changed in April this year, enabling people to remove all their funds and spend the cash! Yes, it is unbelievable to me, but the government is unlocking the goodies cupboard. Another new ruling is there will be a new flat rate pension of £160 per week after April 2016, but only half the population will receive it. (Existing pensions remain the same) The consequences will be dire, as more people will be on social security.

http://www.bbc.com/news/business-26666103

https://uk.news.yahoo.com/2m-wont-fu...9.html#3GXT7LF

http://www.bbc.com/news/business-30777166

It is now likely that people approaching retirement will be targeted with a string of investment scams. Already on TV there are reports of people being offered investments in car parks and warehousing.
So the UK government is coming into line with the Swiss System for Pillar 2!
They are salivating about the extra tax take
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Old 13.01.2015, 22:15
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Re: UK state pension, new rules after 5. April 2015

I do not know how the Govt. justify a two tier pension system ( the low paid and the higher paid) when both tiers presumably made similar contributions to the system?
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Old 13.01.2015, 23:06
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Re: UK state pension, new rules after 5. April 2015

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I do not know how the Govt. justify a two tier pension system ( the low paid and the higher paid) when both tiers presumably made similar contributions to the system?
Payments are based on NI contributions so the higher paid are worse off as always in a socialist or 'fair' system, however it's a good return overall.
In CH the Pillar 1 pension virtually doubles for the higher paid worker from lower wage earner with 44 years of contributions.
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Old 13.01.2015, 23:45
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Re: UK state pension, new rules after 5. April 2015

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Payments are based on NI contributions so the higher paid are worse off as always in a socialist or 'fair' system, however it's a good return overall.
In CH the Pillar 1 pension virtually doubles for the higher paid worker from lower wage earner with 44 years of contributions.
No I meant there are two tiers of pension payments; current pensioners will the "low paid" while new pensioners will be the "higher paid".
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Old 14.01.2015, 09:07
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Re: UK state pension, new rules after 5. April 2015

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No I meant there are two tiers of pension payments; current pensioners will the "low paid" while new pensioners will be the "higher paid".
Thats incorrect, everybody who has 35 years of NI contributions will get the higher rate. Previously their pension was made up of basic pension, graduated pension & SERPS. Now everybody will get the same.
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Old 14.01.2015, 12:48
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Re: UK state pension, new rules after 5. April 2015

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Thats incorrect, everybody who has 35 years of NI contributions will get the higher rate. Previously their pension was made up of basic pension, graduated pension & SERPS. Now everybody will get the same.
How new State Pension affects current pensioners

The new single-tier pension will only affect people reaching State Pension age from 6 April 2016 onwards. That is:
◾women born on or after 6 April 1953
◾men born on or after 6 April 1951.

The current State Pension and benefit systems will continue for those who are already pensioners or who reach State Pension age before 6 April 2016.
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Old 14.01.2015, 13:11
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Re: UK state pension, new rules after 5. April 2015

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How new State Pension affects current pensioners

The new single-tier pension will only affect people reaching State Pension age from 6 April 2016 onwards. That is:
◾women born on or after 6 April 1953
◾men born on or after 6 April 1951.

The current State Pension and benefit systems will continue for those who are already pensioners or who reach State Pension age before 6 April 2016.
So you're saying anybody reaching Pension age before the magic date will continue to receive the old rate (£113) even after that date?

Don't think so!
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Old 14.01.2015, 13:30
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Re: UK state pension, new rules after 5. April 2015

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So you're saying anybody reaching Pension age before the magic date will continue to receive the old rate (£113) even after that date?

Don't think so!
Good to know what you think; do not let this deter you from understanding the facts!

You could try reading the first post in this thread? I quote "Existing pensions remain the same"
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Old 14.01.2015, 15:12
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Re: UK state pension, new rules after 5. April 2015

[QUOTE="Existing pensions remain the same"[/QUOTE]

Beyond 2016?
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Old 14.01.2015, 15:21
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Re: UK state pension, new rules after 5. April 2015

Anyone have experience in transferring NHS pension cash to Switzerland? Before we moved here, we both worked in the NHS and therefore have several years' worth of pension to transfer. Since we are now entitled to the cash, I presume we are no longer restricted to transferring only to QROPS? I did enquire a few years ago, but my employer pension scheme at the time was not on the QROPS list.
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Old 14.01.2015, 15:23
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Re: UK state pension, new rules after 5. April 2015

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Anyone have experience in transferring NHS pension cash to Switzerland? Before we moved here, we both worked in the NHS and therefore have several years' worth of pension to transfer. Since we are now entitled to the cash, I presume we are no longer restricted to transferring only to QROPS? I did enquire a few years ago, but my employer pension scheme at the time was not on the QROPS list.
You can do it until April. And no, you still have to transfer to a recognised scheme or you'll be liable to Swiss income tax for that year.
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Old 14.01.2015, 15:27
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Re: UK state pension, new rules after 5. April 2015

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You can do it until April. And no, you still have to transfer to a recognised scheme or you'll be liable to Swiss income tax for that year.
So what happens after April? I won't be able to access it at all until I retire?
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Old 14.01.2015, 15:29
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Re: UK state pension, new rules after 5. April 2015

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So what happens after April? I won't be able to access it at all until I retire?
After April, access it when you like. But there's always income tax to pay. Are you thinking this might be a government scam to get at your money? Are you?
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Old 14.01.2015, 15:30
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Re: UK state pension, new rules after 5. April 2015

Sorry, you mean if you left it there - yes, NHS and other goverment schemes aren't transferring after April. You can transfer it now though - there are even UK SIPPs that will accept your money.
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Old 14.01.2015, 15:31
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Re: UK state pension, new rules after 5. April 2015

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Beyond 2016?
Existing pensioners excluded. Anyone who reaches state pension before 5 April 2016 will be excluded from the single-tier pension. Some could have got more under the new rules
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Old 30.01.2015, 16:01
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UK Personal Pension after April 2015

Does anybody know whether the 2015 changes to the UK Pension law will mean that a Personal Pension Pot will have to be declared on the Swiss Tax return from now on?
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