In message <[EMAIL PROTECTED]>, Geoff
Wicks <[EMAIL PROTECTED]> writes
----- Original Message ----- From: "Billy" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Thursday, October 23, 2008 9:56 PM
Subject: Re: [Ql-Users] The forgotten half
The North East Group died out a few years ago, I still read this
list and fire up QPC now and then.
I retired from work two weeks ago so I hope to rekindle my interest -
so far I have not had time ( I'm still a few weeks off full recovery
from mitral valve replacement)
If Roy reads this then I should explain that due to my retirement and
not having full knowledge of what value my pensions will be (
thankyou bankers ) I did not renew my subscription to QLWorld, but
hopefully when the dust settles funds will allow me to resubscribe.
Thanks for the message. I know the problem of pensions as I had all
that last year. I hate to make all you UK wrinklies jealous but half my
income now comes from the Netherlands.
My 62% UK state pension is £60.73 p.w. plus a single heating allowance
of £250 each year.
My 40% Dutch state pension is (at the latest exchange rate) £72.32 p.w.
plus an extra single payment of £300 "holiday money" each May.
If you have the time or an opinion, I'd like a little help. I suspect
there are many Quanta members in your situation although in your case
there is an additional problem that you live in a distant part of the
country. How could Quanta best serve members like you?
Best Wishes,
Geoff
Hi Geoff,
Interesting what you are receiving in pension.
The Basic State Pension is around £87 per week, for a single person, in
the UK.
Yet few people actually receive this, because it is Contributory through
the "Stamp" - National Insurance Contribution ( NIC) - the latter being
very appropriately named as an acronym .. :-) ... as is money that the
Government "nicks" off you every week from your "wage packet".
However, the Government has recognised that the current level, for a
single person, should be around £124 per week - to live on. So, what
they have done is to make it up to this amount via the "Tax Credit"
system.
This system is beloved of Gordon Brown, yet it highly complex to
administer and to understand; and very few people do. Even those who
run it the Governments behalf.
There has been a strong voice to just re-organise the Tax System in the
UK to a much more simple basis - as yet, this has been resisted by the
current Government.
Thus, in your case, you would have to "apply" for the Tax Credit to make
up your State Pension to the full amount of around £124 per week. It is
not automatic, and the Form is a "nightmare" to complete; and many
people find it intrusive. Because it is like a "Means Test".
Therefore millions of Pounds are not claimed back through the Tax
Credit, by Pensioners, and the Government just pockets the money, and
uses it for its own purposes.
Another factor is that if you have personal savings above £6K ( not much
these days ... ), your Tax Credit gets reduced on a scale. Also,
whether you own your own Home, etc.
In your case, again, your other Pension just takes you above the Tax
Credit compensation amount; so you cannot apply anyway ... :-(
I don't know of Bill's circumstances, yet it worth claiming the Tax
Credit "Top up" if you fall below the £124 per week - despite the
hassle.
A friend of mine, who has just taken his own State Pension, has worked
all of this out; and helped others to understand the complexity.
Resulting in another person claiming back the Tax Credit that should
have been due to her over a number of Years - resulting in a "Lump Sum"
rebate.
--
Malcolm Cadman
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