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Ending of age allowance for pensioners in budget

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  • luxor4t
    luxor4t Posts: 11,125 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    pineapple wrote: »
    I think you stuck an extra 6 on there :D...

    Shh, they'll hear you and raise the age again :eek:
    I can cook and sew, make flowers grow.
  • Bigmoney2
    Bigmoney2 Posts: 640 Forumite
    pineapple wrote: »
    I think you stuck an extra 6 on there :D
    I managed to collect my pension at the age of 60 plus a few months so consider myself lucky.
    One thing that has annoyed me - Channel 4 News in it's headlines announced that 'middle income' pensioners had been raided. Scuse me? The extra personal allowance is being frozen out for age 65 plus - some of those affected may just be on a state pension. No 'middle income' about it! Sheesh.... :mad:
    The other thing is there has been more talk on linking pension age to life expectancy. So who knows whether people will have to work even longer. Ironically those who need the income most and who are likely to be in poorer health will have to keep on grafting.
    And what about our state of health during our latter years? I took the hit at 60 and left my job because I didn't feel able to do my job any longer. But at least I got a pension. And what is a man to do if say he has been in a hard physical job all his life...? Is he expected to continue to nigh on 70? How much chance does he have of finding something else? Ghrr...

    Those on state pension only will be below the tax threashold anyway so will pay no tax no matter what the tax free allowance is.

    Those with incomes above 24k have the additional age related allowance eroded currently.

    The age related allowance is also a relatively recent thing brought in when the 10% tax band was abolished on the first 2k of income above the tax free level, so was designed to compensate those on low incomes, there wa sno guarranttee it would remain indefinately.
  • DiggerUK
    DiggerUK Posts: 4,992 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    luxor4t wrote: »
    Shh, they'll hear you and raise the age again

    666!! think I might pawn my soul to the devil anyway...what's to lose.

    Most of us seem to be more angered because we have worked, saved, been financially responsible, and stiffed over at the last hurdle.
    Still, to every problem there is a solution. Tonight a couple of beers will do as a short term solution.
    Manana, we at Digger Mansions will get up, grab what's to hand, and just get on with it.
    ..._
  • pollypenny
    pollypenny Posts: 29,433 Forumite
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    scotsbob wrote: »
    I do not remember seeing anything about this in either the Tory or Liberal party manifestos last year did I miss something?



    Annhilation of the NHS, reorganising constituency boundaries to cut number of MPs, making a statuary 5 year parliament etc etc etc.

    Not very much of what the Condems have done was in their manifestos.

    They have no mandate!
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
  • Byatt
    Byatt Posts: 3,496 Forumite
    DiggerUK wrote: »
    666!! think I might pawn my soul to the devil anyway...what's to lose.

    Most of us seem to be more angered because we have worked, saved, been financially responsible, and stiffed over at the last hurdle.
    Still, to every problem there is a solution. Tonight a couple of beers will do as a short term solution.
    Manana, we at Digger Mansions will get up, grab what's to hand, and just get on with it.
    ..._

    Exactly! I obviously made all the wrong decisions back in the 70's (was responsible, worked etc supported family, stayed in a job I loathed), and totally regret them now. What a utter b£oody waste of my life. :(

    If I ever reach pension age which is continually being extended, all other benefits will have been eroded. And because I was led to believe I would retire at 60 all of my working life, it is too late to try and get anything decent in the way of a pension for these extra years. Missing out by a matter of 3 months.
  • Annihilation of the NHS, reorganising constituency boundaries to cut number of MPs, making a statuary 5 year parliament etc etc etc.

    Not very much of what the Condems have done was in their manifestos.

    They have no mandate!


    The things the Conservatives leave out of their manifesto as
    always worried me over the years.

    Flogged off our water.
    electric and gas.
    railways.
    Telephone.
    I expect the list can go on and on.
  • I say raise the personal allowance to a decent level for everyone.

    I don't otherwise see why it's right or logical that a 65 year old gets more than a 64 year old.

    It just depennds what the the set level is!

    The tax on income is relatively high compared to taxes and possible abvoidances on unearned income and capital.
  • Rollinghome
    Rollinghome Posts: 2,729 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 22 March 2012 at 1:24AM
    Bigmoney2 wrote: »
    The age related allowance is also a relatively recent thing brought in when the 10% tax band was abolished on the first 2k of income above the tax free level, so was designed to compensate those on low incomes, there wa sno guarranttee it would remain indefinately.
    I think you'll find that the current age allowance system has been in place since 1975 replacing an earlier age concession introduced in 1957. Before that, what was called the "old age relief" was introduced in way back in 1925. In 2008 personal allowances were increased by £600 from £5435 to £6035 to compensate for removing the 10p tax band I believe.

    A pensioner earning just a few pounds over the allowance of £10500 will be affected so would agree it does seem to be pushing it to call them "middle income pensioners".
  • NAR
    NAR Posts: 4,864 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I don't otherwise see why it's right or logical that a 65 year old gets more than a 64 year old.
    Because over 65's are not earning a salary any more, only getting pension(s) income, which is considerably less. So IMHO it is only right that the tax allowance for over 65's should protect a little more of that income.
  • zygurat789
    zygurat789 Posts: 4,263 Forumite
    Part of the Furniture Combo Breaker
    It's the differential not the final figure which is important. Pensioners had an age allowance because they have additrional expenses because of their age such as not having a place to spend all day where the temperature has to bec at least 68 by law, pensioners have to pay for this themselves.
    Did nobody else notice that GO ncan now run his private pleasure boat on red diesel - yes we're all in this together.
    The only thing that is constant is change.
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