Ipswich Unemployed Action.

Campaigning for Unemployed Rights.

Posts Tagged ‘Pensions

Pension Age to Rise – Yet Again. “Basically a Huge Tax Rise”.

with 113 comments

Image result for MInister of state for pensions Richard Harrington MP

Harrington Smiles at Prospect of Pension Age Rise.

Some years ago I heard that people I knew were being transferred from JSA to Pension Credit.

They were just over 60 years old.

Some years ago I heard that these people had received the same rate of benefit as pensioners – a lot more than JSA.

Some years ago I heard that the retirement age was due to rise.

That all this credit stuff had been got rid of.

A few years later I heard that there were moves afoot to raise the pension age – apparently the country couldn’t afford to keep on paying pensions unless young people worked until they were seventy.

Young people – people who if they went to University have to spend a lifetime paying off their loan and fee debt to the state’s usurers, and who are in hock, if they are lucky, to mortgage lenders half their lives – have to drudge until this age.

Young people, who, under the magic age of 25 are expected to live on less benefit than everybody else, and get a special rate of minium pay:

Over 25 £7.20
21 to 24 £6.95
18 to 20 £5.55
Under 18 £4.00
Apprentice* £3.40

Now they will have to wait longer to be pensioners.

And there is this (thanks to people signaling it in the comments):

‘Basically a huge tax increase’: readers on proposed pension age rise

Former pensions minister Steve Webb says the government is considering raising pension age sooner than previously planned

Tens of millions of workers under the age of 55 could be affected by changes to pension age sooner than previously planned, according to a former minister.

Steve Webb, pensions minister in the coalition government between 2010-15, says documents produced by the Department of Work and Pensions suggest the government is preparing a “more aggressive” timetable on state pension age changes.

Pension age may be about to rise again, says former minister (Guardian)

Steve Webb says government considering faster timetable for higher state pension age of 70, affecting millions of workers

The government may be preparing to increase the official state pension age to 70 for millions of people currently in their 20s, a former minister has claimed.

Steve Webb said documents produced by the Department for Work and Pensions suggested a “more aggressive” timetable on state pension age (SPA) increases than previously planned was being prepared.

This could affect tens of millions of workers aged under 55, and bring a pension age of 70 into the official timetable for the first time for people currently aged between 22 and 30, he added. The current official SPA for people in their 20s is 68, though under the existing schedule it could be expected to rise to 69.

The SPA is the earliest age someone can start receiving their state pension, and is due to rise to 66 between 2018 and 2020, to 67 between 2026 and 2028, and then to 68 between 2044 and 2046.

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Written by Andrew Coates

November 28, 2016 at 4:51 pm

Retirees who raid pensions will be blocked from state benefits

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Obviously somebody has been thinking about this.

Very quickly the DWP’s jumped in.

The whole pensions ‘pot’ thing is open-season for scams – but they’ll make damm sure that the lower orders won’t benefit.

This is a very important issue, which cannot be hidden by all the talk about the “freedom” this move will mean.

Holiday firms set sights on billions from pension pots

Up to 75% of people planning to withdraw money under new changes are considering spending some of it on travel.

Pension freedom reforms are now giving more than half a million over-55s the opportunity to take control of their own retirement savings and spend, save or invest them as they wish.

The huge overhaul allows older savers unrestricted access to their whole pension pots, and removes the need to buy an annuity to provide guaranteed income for life.

But pension experts warn the freedom reforms bring big and serious risks, like fraudsters stealing people’s life savings, baffled retirees paying far too much tax, and the possibility of some treating their savings like a cash windfall and blowing them too fast.

The real ‘freedom’ will be for the ‘financial services industry’ to make money……out of money.

Benefit tales

Retirees who purposefully exhaust their pension pots and fall back on the state will not be given means-tested benefits, the government has confirmed.

The Department for Work and Pensions (DWP) has clarified how it would deal with those who spend their pension and then expect the state to fund their retirement, which many were concerned would add extra pressure on taxpayers.

It has now confirmed that if someone spends or gives away their pension fund, the DWP will treat them as if they still have that pension fund when calculating entitlement to means-tested benefits. Individuals will have to tell DWP and their local authority, which pays out some benefits directly, that they have accessed their pension pots.

The DWP uses pension credit – which is used to top up the incomes of the poorest pensioners – to illustrate its point.

It said in a document: ‘Once you (or your partner)…

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Written by Andrew Coates

April 7, 2015 at 9:50 am

Posted in DWP, Food Banks, Fraud, Government

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