State pension ( British )

[jimeve]

1 hour ago, stevewool said:

Here is the print off boys I received telling me I am going to be richer then many of you.yer right.

Probably because the state pension goes up every year and you get yours in 2024.

[stevewool]

1 hour ago, Jollygoodfellow said:

Says forecast so my guess if someone asked for the forecast 6 months ago it might say something else and the same in a year the forecast amount might be different. 

That's right, it even says that if you do not draw your state pension and leave it for every year you will get a extra £4 and change each week ,well woopy du ,I will past on that one if I am still around

[Rooster]

23 hours ago, JJReyes said:

What I cannot understand under the British pension system is why the government makes it difficult for its citizens to relocate overseas. There are penalties impose if you want to move out of the U.K. The United States by comparison is neutral on this subject and Japan encourages their citizens to go overseas in retirement under their Silver Columbia program.

Economics.

Some Countries prosper when their citizens relocate overseas because of millions/billions in remittances sent back to the country and boosts their economy. Two examples; Mexico, Philippines.

U.K. is about the size of Oregon. Imagine if Citizens there started moving out of Oregon along with taking pensions/benefits courtesy of Oregon without spending that money (various taxes included) back into Oregon's economy. Their economy would end up like some of the states like Michigan where many departed from the loss of auto jobs. 

[sonjack2847]

On 10/1/2018 at 7:43 AM, JJReyes said:

What I cannot understand under the British pension system is why the government makes it difficult for its citizens to relocate overseas. There are penalties impose if you want to move out of the U.K

It depends if the UK has a Social security agreement with the country you are moving to.For instance I would get the same here as in the UK with the yearly rise.

[bastonjock]

On 10/1/2018 at 10:16 AM, stevewool said:

Here is the print off boys I received telling me I am going to be richer then many of you.yer right.

Your buying the booze then Steve,  us poor guys on 165 a week need beer !

[bastonjock]

12 hours ago, Rooster said:

Economics.

Some Countries prosper when their citizens relocate overseas because of millions/billions in remittances sent back to the country and boosts their economy. Two examples; Mexico, Philippines.

U.K. is about the size of Oregon. Imagine if Citizens there started moving out of Oregon along with taking pensions/benefits courtesy of Oregon without spending that money (various taxes included) back into Oregon's economy. Their economy would end up like some of the states like Michigan where many departed from the loss of auto jobs. 

If I lived to be 150 on the gov pensions, I would not break even on the amount of money that I have paid in tax over my working life , if I stayed in the UK I could not survive on a UK pension 

[Gary D]

My last forcast was about £225 a week. My worry is that they change their minds over the next 15 months and screw me over. Add to that the £150 week the asawa will get and we should be ok.

Edited November 5, 2018 by Gary D

[stevewool]

1 hour ago, Gary D said:

My last forcast was about £225 a week. My worry is that they change their minds over the next 15 months and screw me over. Add to that the £150 week the asawa will get and we should be ok.

And here was me thinking i was going to be rich.

[jrlee183]

Hi Steve,

Only just seen this post.  The reason why your pension is different from others will almost certainly be due to you being a different age to the other members and different rules applying.  At 44 years you should be fully funded, so no more contributions required.  It will also depend on whether or not you contracted out of SERPS/S2P during your working life.

the gov.uk website is actually very good (when it works) and as Steve says you can get a reliable forecast of your state pension.  For those that havent paid in for a few years, you can backdate class 3 contributions for up to seven years (sometimes even longer), and this can also be done online.  In most cases its a worthwhile exercise and cost about GBP 4 per week.

Jamie

[graham59]

Has anyone asked for their UK State Pension to be paid into a Philippines bank account during the past couple of years ?

If so, how did the process go ?