My occupational pension scheme payment offsets my state pension by £74.12???. this is called the SERPS opt out clause. more like a stealth clause.
Yet one more way to let the pensioners feel a burden upon society having contributed for some 50 years.
I feel for our son's and daughters, who prepare in the same way as us parents, do they all know the treasury is also preparing, to share their fate?.
Why dose the Inland Revenue contact the pensioners after the age of 65, asking for their savings account details?, and is it the norm?.
Is it realy any benefit to this next generation of pensioners to save for their retirement, given it appears to me one would be looked after anyway?
2006-08-05 00:01:55 · 3 answers · asked by tom c 1 in Business & Finance ➔ Personal Finance
My parenst have suffered this issue, they both prepared well for their retirment, also paying their full NI contributions for all the required years only to find they are penalised for the preparations they made. They have bewteen them, about £5.00 per month too much coming in to qualify for any of the council tax benefit, so have to pay full tax, yet don't have the capacity of earnings as before they retired! Yes, they were also asked about their savings and even what cars they owned! Its so very wrong. I have always beleived that if one has paid their taxes and NI all their life, once retirement age is reached, no more taxes of any kind should be paid and all the pension should be in their pockets! They have worked all their lives and contributed in so many taxes over the years, plus my father gave many years to the country through National Service and following that, as a volunteer for many years, and then on leaving the army,. he ran Army cadets, preparinf young people for the forces, I think he's given enough!
For myself, I have worked in the financial services sector for many years, and when I think back of when I used to see all the advisors telling people to save for the future, pay into pensions and savings plans, going without to make good preparations for retirment, and compare it with my parents, I have taken a conscious decision not to bother! I will simply ask the state for money as that will give me food and heating etc, and without the stress of how to find the extra money when prices rise, I am living for now, not the future as its just not worth it
2006-08-05 00:16:17 · answer #1 · answered by SunnyDays 5 · 1⤊ 0⤋
Ring your nearest local Pension centre.
2006-08-05 07:05:28 · answer #2 · answered by brogdenuk 7 · 0⤊ 0⤋
visit your citizens advice centre
2006-08-05 15:51:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋