Things you want to share with P&B

[Leith Green]

41 minutes ago, Melanius Mullarkey said:

How much is the pension these days anyway?

I was doing my tax return yesterday and had to check my NI record, so this is bang up to date - £221 per week (assuming you were born after the mid 1950s).

It also rises (at the moment) by the triple lock which inflation proofs it for them. I struggle to see that still being in operation by the time I get to 67 tho.................

[Melanius Mullarkey]

34 minutes ago, Leith Green said:

I was doing my tax return yesterday and had to check my NI record, so this is bang up to date - £221 per week (assuming you were born after the mid 1950s).

It also rises (at the moment) by the triple lock which inflation proofs it for them. I struggle to see that still being in operation by the time I get to 67 tho.................

 

[alta-pete]

On 08/04/2024 at 16:03, BFTD said:

Our neighbours have a Bassett Hound that's the size of a St Bernard. Is this normal? I'd always thought they were fairly wee. Freaks me out when I'm doing the dishes and it's out in the garden, as I think my sense of depth perception has fucked up due to a tumour or something.

I'd take a picture but I don't want @Hedgecutter knowing where I live.

 

On 09/04/2024 at 14:29, BFTD said:

Not seen him yet today, but I don't remember them looking proportionally different to what I'd expect from a Bassett.

Apparently it's not that uncommon for them to grow to that size and they're considered a medium/large breed, so I guess I've only seen the wee ones. He's quite a chonky boy too, which probably helps with the overall Dogzilla look.

I'll just try to grab a picture. As DA says, Hedgecutter has detailed files on us already.

 

On 09/04/2024 at 22:25, BFTD said:

I'm having a Mandela Effect moment with this - I swear Bassett Hounds were a small breed in the dimension I used to live in. Then again, I could probably count the number of them I've seen in person on one hand.

The owner was out in the garden earlier with their other dog, the breed of which I'd forgotten, but it's a smallish Labrador and it gets dwarfed by Kaiju Droopy. Really hoping he's not on P&B  

 

[Hedgecutter]

18 hours ago, GordonD said:

Don't see how they could make that one fly. If you've been paying your National Insurance as well as into a private scheme then how can they refuse to give it back to you?

Unfortunately NICs aren't used exclusively for the state pension.  The NIC pot is also used for various other benefits, which are of course already means tested.

Political suicide aside seeing as polling days are in every pensioner's kitchen calendar, all that's going to happen if they threaten to make it means tested is that most people will say "what's the point in a private pension then?" and spend what would have been private contributions elsewhere.  Even with a private pension fund well above the average worker's retirement pot, most rely on the state pension top-up to live at a 'comfortable' level.  So the state one alone wouldn't be much different to a private pension minus the state one.  There's zero incentive to throw money away to opt for the latter.

I think Australia has a means tested state pension scheme, but I'm too lazy to check the details of how exactly it's means tested (total estate value, private pension pot value, whatever).

Edited April 11 by Hedgecutter

[Swarley]

31 minutes ago, Hedgecutter said:

 

I think Australia has a means tested state pension scheme, but I'm too lazy to check the details of how exactly it's means tested (total estate value, private pension pot value, whatever).

I've been here 16 years and I still don't really know. I leave all the money stuff to the Wife. 

My understanding is that there's a state pension which is a pittance and is means tested on income and assets. So the richer you are when you retire the less you'll get. 

Your employer pays money into a Super fund (Superannuation). That's a percentage of your salary and is compulsory. It's currently 11% and rises each year. So the higher your salary, the more you'll get. You can also voluntarily contribute more of your salary to your Super fund. 

You can also contribute to your own private retirement fund. 

@Eednud does that sound about right? 

Edited April 11 by Swarley

[Hedgecutter]

52 minutes ago, Swarley said:

I've been here 16 years and I still don't really know. I leave all the money stuff to the Wife. 

My understanding is that there's a state pension which is a pittance and is means tested on income and assets. Do the richer you are when you retire the less you'll get. 

Your employer pays money into a Super fund. That's a percentage of your salary and is compulsory. You can access that fund when you retire. 

You can also contribute to your own private retirement fund. 

@Eednud does that sound about right? 

It's compulsory here for employers to pay X amount too, but even with that your average British worker is well below the recommended target.

A fundamental issue to understand is what exactly is 'rich'? You'd imagine that somebody asset poor and cash rich would have a more enjoyable retirement than somebody asset rich but cash poor.

Is the lesson here 'do not buy a big house and spend everything on holidays instead'?

 

ETA: to play Devil's Advocate here, if people on lower incomes already pay less tax that than those on higher rate wages, should it be a big deal if the former should receive a better state pension?

Edited April 11 by Hedgecutter

[tamthebam]

6 hours ago, Sergeant Wilson said:

We're talking about 2 different systems in 2 different countries. 

The Main difference between us, is I won't go mental with a gun if my giro doesn't turn up.

Normal for Lanarkshire though

[Eednud]

3 hours ago, Swarley said:

I've been here 16 years and I still don't really know. I leave all the money stuff to the Wife. 

My understanding is that there's a state pension which is a pittance and is means tested on income and assets. So the richer you are when you retire the less you'll get. 

Your employer pays money into a Super fund (Superannuation). That's a percentage of your salary and is compulsory. It's currently 11% and rises each year. So the higher your salary, the more you'll get. You can also voluntarily contribute more of your salary to your Super fund. 

You can also contribute to your own private retirement fund. 

@Eednud does that sound about right? 

Sounds about right. A brief version of the means test is below. There are some additional benefits such as a Commonwealth Seniors Health Card entitles the holder to cheaper health care and discounts for some utilities but think they vary for each state or territory. This card is now available to some who don’t receive a state pension but meet an income test which is different from the pension test. Surprisingly despite being self funded retirees we qualified and get/will get a discount on electricity, council rates and state emergency services levy. 

If you draw a pension from your super fund there is a minimum you have to withdraw based on age, 4% pa below 65, 5% 65-74, 6% 75-79, 7% through to 14% 80 to 95 and older. 

As you say you can voluntary contribute more than your employer’s contribution to super but there is an upper limit which includes the employer contribution. Paying too much has tax implications. SMSF (Self Managed Superannuation Funds) are popular here but you’d need to be a financial whizz or have a good and trusted financial advisor.

It’s a complex system.

 

 

Assets test

To qualify for a full Age Pension as a single person your assets must also be valued below $301,750 if you own your own home, or $543,750 if you don’t own your own home.

You can still be eligible for a part Age Pension if your assets are worth less than $674,000 if you own your own home, or $916,000 if you don’t own your own home.

For a couple to qualify for the full Age Pension, your combined assets must be below $451,500 if you own your own home, or $693,500 if you don’t own your own home.

You can still be eligible for a part Age Pension if your assets are worth less than $1,012,500 if you own your own home, or $1,254,500 if you don’t own your own home.

Edited April 11 by Eednud

[Bert Raccoon]

My life insurance will pay out early if I lose a limb or an eye so I'm glad I have that to fall back on if all else fails 

[RawB93]

9 minutes ago, Bert Raccoon said:

My life insurance will pay out early if I lose a limb or an eye so I'm glad I have that to fall back on if all else fails 

You up for going halfies?

[Venti]

Pretty sure my neighbour is an Uruk-hai. Bald heid & pointy ears.

[Bert Raccoon]

1 hour ago, RawB93 said:

You up for going halfies?

Top half or bottom? I quite like my hands tbh 

[Jacksgranda]

10 hours ago, Melanius Mullarkey said:

How much is the pension these days anyway?

Mine is currently 216.85. I deferred my pension for a year and got a wee bittie extra.

10 hours ago, Sergeant Wilson said:

We're talking about 2 different systems in 2 different countries. 

The Main difference between us, is I won't go mental with a gun if my giro doesn't turn up.

If my pension hasn't increased by 8.5% next week, I may well be exercising this option...

Edited April 11 by Jacksgranda
sllepnig

[Venti]

Forgot Super Ghouls n Ghosts was so hard. Wiped on the 1st level.

[sophia]

I'm not sure if Crouchy is more near than tall

 

 

[BFTD]

4 hours ago, Venti said:

Forgot Super Ghouls n Ghosts was so hard. Wiped on the 1st level.

Give up now - it's a b*****d and, after you've spent years grinding your way through to the end, it just gives it, "ha ha, you didn't finish the game using a rusty spoon, so no end sequence for you!"

Also, you're not a kid anymore and your reactions have gone to shite. Get back to Plants vs Zombies with the rest of us decrepit codgers.

[Venti]

2 minutes ago, BFTD said:

Give up now - it's a b*****d and, after you've spent years grinding your way through to the end, it just gives it, "ha ha, you didn't finish the game using a rusty spoon, so no end sequence for you!"

Also, you're not a kid anymore and your reactions have gone to shite. Get back to Plants vs Zombies with the rest of us decrepit codgers.

My reactions are fucking on point. Can chopstick a fly anytime.

[alta-pete]

7 hours ago, Bert Raccoon said:

Top half or bottom? I quite like my hands tbh 

Yeah but what would you use your hands for if you were missing your bottom half? 

[Zen Archer (Raconteur)]

YASSSSSSSSSSSSSS!!!

Bring back SHOUTY MAN.

Commonwealth Games 2026: Scaled-down Glasgow event option to be proposed - BBC Sport

[Swarley]

Any P&Bers attended a 'Lingerie Night' only to be forced to take your clothes off and participate in a bit of swinging?

Cops raid Scots' swingers club on industrial estate after disturbance at 'lingerie night'