TOT Electric cars will be cheaper to run

[Dave Plowman (News]

My pension come from Pearson Group. The media company.

[JNugent]

If Retirement Pension were to be set at levels which were enough for "the basic necessities of life, including housing", it would have to be set at a level which was higher than many people earn after any tax and NI has been deducted or allowed for.

Probably somewhere in the range £250 - £300. It would depend on the amount of housing costs, of course.

It isn't likely to happen soon.

[Andy Burns]

but the "self" in self-assessment is nothing to do with the "self" in self-employment, yes most self-employed will be on self-assessment, but so will be millions of directors, property owners, investors etc, anyone with sufficient income outside of "normal" employment

[Tim Streater]

Well quite. Lots of people on self-assessment because they have other income. Interestingly, in the US *everyone* is on self-assessment, because everyone has to file a tax return.

[Max Demian]

They rely on means tested benefits, provided they have less than £16,000 savings. (I think that's the threshold.) A lot less than is required to pay for a replacement second hand car every few years, as you would require if you don't live next to a supermarket.

[The Natural Philosopher]

Since Blair's Britain people are not ashamed of being unable to speak read or write correct grammar, they are *proud of it*.

Since Blair's Britain people are not ashamed of being unable to do simple sums or understand basic science, they are *proud of it*.

I can never forgive him for that.

[JNugent]

Exactly.

[Dave Plowman (News]

Given so many EU countries manage to do just this, it's no wonder you wanted out.

[Ian Jackson]

In message [e-mail]>, JNugent <jennings& [e-mail] writes

*My state pension (around 13,400 pounds) is paid in full (no tax taken). *Two relatively large personal pensions are always taxed at 20% (and taxed at source). *The (minuscule!) interests from three bank / building society (taxable) accounts are all paid in full (as is now the usual practice), and declared as such. *The tax paid on a third (and relatively small) personal pension varies from year to year, and is what the tax man decides he needs to take in order to get the exactly right amount of tax from all of my taxable incomes.

[JNugent]

Quite apart from other issues, the UK electorate would not stand for the tax increases necessary to pitch Retirement Pensions at (say) £300 pw all in one go, especially when considering that Occupational Pensions and any earnings / dividends, etc, would be additional to it..

But, albeit at a very modest pace it's getting there. The rate for people reaching retirement age from a date in early 2016 is currently pennies less than £180 pw. It rises by a minimum of 2.5% each year. Of course, not every pensioner gets it. Only more recent retirees receive that much (I don't, but am not bitter).

Extravagant and untrue claims to the effect that some (not all) EU states pay weekly pensions of c. £400, £500, etc, are often made. On investigation, it is always found that this is the approximate total for all pension income, including occupational pensions. The same would be true here too, if only we compiled our statistics as dishonestly as that. My income is somewhat in excess of the bare Retirement pension.

[JNugent]

Indeed. Retirement Pension is paid in full without deductions.

But there's a difficulty.

The current "new" RP rate is £179.60 a week (£9,339.20 per annum). The "old" rate is a fair bit less than that.

How do you get £13,400 (£257.69 a week)?

Did you pay very large sums in Graduated Contributions, etc?

In fact, the tax on that part of your £13,400 RP which exceeds the personal allowance will come out of your personal pensions, or one of them, at least).

There's a tax-free allowance for savings interest below a certain amount. I can't recall what it is offhand, but all of our savings are in ISAs.

[Max Demian]

That was just an example of why it is highly desirable to retire with modest savings, and unfortunate that prevents retirees from getting anything to pay for housing, i.e. rent.

So the UK state pension on its own isn't enough for basic necessities.

[bert]

Which means they use local shops which cost them more. Sometimes I wonder if some people don't realise that growing old is not optional

[bert]

No, 30,000 avoidable deaths per annum by fuel/food poverty amongst older people.

[Ian Jackson]

In message [e-mail]>, JNugent <jennings& [e-mail] writes

Point of Information! Your State Pension has little (or nothing) to with your retirement - and that's why HMRC and DotGov call your State Pension a 'State Pension'.

Carry on!

[JNugent]

Down at the supermarket in town, just over 4 miles away, a bottle of plonk Merlot can be bought for £3.97.

At the local Co-op (half a mile away), it can be had for £4.40.

The saved seven miles probably "earns" me about £1.40 (fuel and wear/tear). For the odd purchase, the Co-Op makes sense.

That's not to say that we don't use the supermarket(s) for most purchases.

[JNugent]

The correct title is "Retirement Pension".

"State pension" is used as a handy unofficial handle to distinguish it from any other, private or occupational pension which might be payable in retirement, but the real title is still as mentioned above.

All completely SFW.

[charles]

"State Pension" is what is printed on the paperwork which I get from The Pension Service

[JNugent]

Neither do I, especially since every household containing a 60 year old (or older) gets a £200 winter fuel allowance each December.

I do think it would be better paid in February, mind. Or perhaps even March, when it is likely the bill will be arriving.

A bit harsh.

But there is an increase in deaths in the winter, at least partly due to the easier spreading of infectious diseases at that time of year.

[The Natural Philosopher]

I buy my £1000 of winter heating oil in November. And again in February.