Pension transfer - fees advice please

ArmyDilllo

Silvertabby wrote: »

Armydillo - that's just plain silly.

xylophone wrote: »

Theft is against the law.
The Government's making alterations to State Pension Age isn't.

Precisely.
:T

mgdavid

dunstonh wrote: »

They ought to bring in compulsory euthanasia for those that think they have been robbed because their state pension age has changed by two years. Maybe tell them they can get their state pension those 2 years earlier but will have to give up their the life expectancy gains and suffer compulsory euthanasia 10 years earlier.

Genius idea - why didn't you think of that when WASPI kicked off?!
:beer:

ArmyDilllo

PensionTech wrote: »

The State Pension is not your property. It is a state benefit. I wonder whether you would make the same argument when changes are made to state benefits for the unemployed/disabled/working poor etc.

It is a state benefit to which I am due under a pre-agreed verbal contract with the Govt.
I paid for it and voted for MP's on the strength of it.

I would argue the same way for benefits for those members of civilised society who try to contribute but cannot, not for the few who think the money is generated by the Govt. and do not wish to contribute.
I have spent 36 months of my working life out of work.
24 because I could not get work and 12 through disability.

For the first 12 I did not try to claim benefit and did not realise that I had to in order to keep my NI record up to date.
I was made to promise to apply for three vacancies per week, and pointed out that I had applied for twenty two in the hour prior to my appointment to be told that and would have applied for seven more weeks' worth had I not had to attend.

For the second 12 I was disabled and was granted disability payments of £65.00 per week for the duration.
Unfortunately my train fare to the hospital for treatment three times per week exceeded that amount by some distance so I still had to fund my food and utility bills for 12 months.

The final twelve, I was told that I could not claim benefits as my savings exceeded a certain amount.
I was told to apply for waiting and brick-laying jobs.
When I pointed out that I did not have those skills and would lose access to my industry and salary if I was out of it for too long.
I was told "the system is not there for people like you. It exists for thickos, so we only get those jobs and have to send everyone for them." !!!

The benefit system has not helped me, so I have few sympathies with it.
I have funded my entire life through my savings in good or bad times and intend to continue doing so, allowing as little further intervention from our Govt. as I am able to.

PensionTech

It is a state benefit to which I am due under a pre-agreed verbal contract with the Govt.
I paid for it and voted for MP's on the strength of it.

Excuse me, what? When did you "pre-agree" a verbal contract with the Government? What was that agreement? What did you volunteer to do in exchange that you wouldn't otherwise have done - pay NI? (I'd be interested in which MPs you voted for on the strength of that verbal contract, as the 2011 changes to state pension age were an explicit Tory manifesto promise in 2010.) What did you think about that when S2P and SERPS came in then? Or when the link to earnings was removed? Or when the single-tier pension came in? Are these not changes to your "verbal contract"? Utter rubbish. You get whatever the government of the day wants to pay out, just like any other benefit. If you didn't realise that, it's on you. And you haven't "paid for it" - the state pension is unfunded. You have paid a tax which funds the state pensions in payment during your working life, amongst other things. Your own state pension will be paid by the NI contributions of those who are working while you've retired (many of whom, by the way, will enjoy a state pension age of at least 68), and research suggests you'll get more out of it than you ever put in yourself.

I would argue the same way for benefits for those members of civilised society who try to contribute but cannot

OK, so have you protested against the many detrimental changes to disability benefits that have taken place and continue to take place?

The final twelve, I was told that I could not claim benefits as my savings exceeded a certain amount.

You mean you were financially able to help yourself so the welfare system, which is designed to provide a safety net for people who have no other option, didn't pay out for you?

I was told "the system is not there for people like you. It exists for thickos, so we only get those jobs and have to send everyone for them." !!!

Repeating other people's bigotry does not validate it.

The benefit system has not helped me, so I have few sympathies with it.

How civic-minded of you.

steampowered

ArmyDilllo wrote: »

It is a state benefit to which I am due under a pre-agreed verbal contract with the Govt.

When you say "I have a right", what you really mean is "other people should be forced to pay for it".

The point with the state pension is that people who are retiring now will receive far more in benefits and services from the state than they paid in taxes. Your generation is being subsidised by your parents' generation and your children's generation.

To put some numbers on it - if the state pension continues at its present level, that subsidy is estimated to be about £250,000 during the course of your life. That figure is presumably increasing due to the triple lock and ever increasing life expectancy.

I am a high earner in the younger generation, so I will be paying through the nose for decades for your "verbal contract". I'll be paying much, much more towards your state pension than I can ever expect to receive for my state pension. Why should I and my generation be forced to subsidise you for your "verbal contract", which we never agreed to, and will never see the benefit of?

I've no problem with you getting what you paid for. But if you want to get more than you've paid for, you should fund it yourself through work or savings.

ArmyDilllo

steampowered wrote: »

I've no problem with you getting what you paid for. But if you want to get more than you've paid for, you should fund it yourself through work or savings.

I agree.
And I am.
Which is how and why I retired at 56 (I would not have received my state pension until 2025, now 2026).
I paid into a state pension to fund the pensions of those older than myself and the younger generation will pay for mine.
[Which is why there will never be a curb on population growth in this country to the obvious and further detriment of subsequent generations].
I am angry that a year of mine has been stolen while some others have lost another and people of your generation are probably going to have a further three stolen from you (taking you to 70) before you can claim it.

The state pension is NOT a benefit.
If you pay for it you should receive it when it's your time.
My time was 65 until I'd accrued the relevant contribution years and the goalposts started moving.
The relevant contribution years were changed and then the age at which I could receive it was changed.
I appreciate the euthanasia suggestion, but feel it would be much fairer directed at the ministers responsible for robbing me of a year of my state pension.

http://www.telegraph.co.uk/finance/personalfinance/pensions/11194265/State-pension-is-not-a-benefit-says-minister.html

PensionTech

The state pension is NOT a benefit.

https://www.gov.uk/income-tax/taxfree-and-taxable-state-benefits

https://www.pensionsadvisoryservice.org.uk/about-pensions/the-state-pension/other-state-benefits

Sorry, but that has a bit more credibility than a politician advising the best way to coddle pensioners who get upset when they feel lumped in with people on welfare payments.

mgdavid

ArmyDilllo wrote: »

I agree.
And I am.
Which is how and why I retired at 56 (I would not have received my state pension until 2025, now 2026).
I paid into a state pension to fund the pensions of those older than myself and the younger generation will pay for mine.
[Which is why there will never be a curb on population growth in this country to the obvious and further detriment of subsequent generations].
I am angry that a year of mine has been stolen while some others have lost another and people of your generation are probably going to have a further three stolen from you (taking you to 70) before you can claim it.

The state pension is NOT a benefit.
If you pay for it you should receive it when it's your time.
.......

But you don't pay for it, as you stated and explained in the previous paragraph.

On re-reading your posts I now realise you appear to contradict yourself quite often, apparently due to flawed logic, or absence of. If you so vehemently dislike this country's political system of government I'm surprised you haven't long gone elsewhere.