UK STATE PENSION RISE & What's next according to the OBR projections?

[@EdmundBaileyUK]

⭐The Government has confirmed that for the tax year 2023-24 the 'Triple Lock' will be reinstated. Thank you to everyone that has watched and/or commented/liked!! 😀 Its very much appreciated and please do let me know your thoughts or feelings on this subject!

[@colinrobinson7869]

Strange that the triple lock will be reintroduced when there is a general election in that year !!

[@EdmundBaileyUK]

😂

[@LickorishAllsorts]

After pensioners will have lost >20% of their pensions.

[@richardswaby6339]

Triple lock was a cast iron pledge that the UK regime reneged on. Who says that they won't renege on it again.

[@stephenmatura1086]

I think the treasury bean-counters will already be looking hard at how they can wriggle out of paying this level of increase.

[@EdmundBaileyUK]

It’s already be dodged once. We’ll have to see! 🤔

[@michaelstevens3479]

you should have put a bet on it .

[@barriewilliams4526]

One of the richest countries in Europe with one of the poorest pensions 🤔

[@michaelpower4372]

For some.

[@michaelmahon8896]

The government,, rishi rich bloke,, will be praying for a devastating new pandemic in the coming winter period,, to save paying out to all us oldies,, they did save quite a lot of money during the 2020/2021 winter,,,, or am I just to cynical

[@mindcache5650]

What’s really important to discriminate is the difference between Life Expectancy ( 79 for males and 83 for females) and HEALTHY life expectancy . According to the ONS you can deduct 18 years for men and 20.2 for females ( ONS) . What people should be focusing on is improving their health much more than piling up a huge pension pot that they will not be able to use because they are dribbling in a wheelchair . You will not be spending £ 40,000 + per year once you are an unhealthy 73 year old . Therefore it’s not having a pot to last for 20 years but more like 10 . The median age for a diagnosis of cancer is 66 with a 50% chance of contracting it.

[@markfindlay8636]

I agree , although l like these pension planners but they talk about living to 90 as if you will and still be running Parkruns. No point in being well off at 70 plus.

[@tonykelpie]

52 weeks is 364 days; multiply weekly figure by 52.1429 for yearly total (we all have calculators)

[@pearldoyle4153]

Just come across your channel pensioners need someone to voice how pensioners are treated by our governments they said we can not afford to give pensioners the rise they promised then found all that money to give to help the war and give benefits to all the people coming here that's after they said that's after they said that so our people can either eat or heat starve or freeze our lives matter to victimised as usuL

[@gordonc1827]

how can the government make different levels of pensions for different aged pensioners, this is totally unfair & causes extreme hardship on older pensioners

[@EdmundBaileyUK]

Thanks Gordon it isn't that simple as the New State Pension was brought in from April 2016 to simplify the UK state pension. The old basic state pension required fewer qualifying years, there was also additional state pension that was added to it and under certain rules some of it could be passed on on death.

[@williamtaylor874]

hi again Edmund, thankyou for all your hard work ! as you know many people cant afford financial advice me included thankyou very much .

[@EdmundBaileyUK]

Thank you William!! Really appreciate that and comments like that make it worthwhile! 🙏🙏

[@mindcache5650]

I like this . Factual and clear . Straight middle wicket informative .

[@christopherckarkson5605]

Hello, no way in this world would any government give pensioners 7.5% rise on their pensions.

[@EdmundBaileyUK]

Thanks Christopher. It'll be interesting to see if they stick to their pledge!

[@fredbassett8509]

strikes me that the government knew inflation was going ballistic. then move the goalposts..

[@EdmundBaileyUK]

Thanks Fred, it would be somewhat surprising if they didnt realise.

[@thomasboyd6093]

Awesome. Excellent information. Thanks.

[@EdmundBaileyUK]

Thanks so much Thomas!!

[@frankholehouse1393]

The state pension based on 40 hours works our at £4.50 per hour yet the living wage is just under £10.00 per hour .yet people complain about being on £600.00 That they are struggling and going to food banks just think how hard it is for pensioners living on £4.50 per hour Monday to Friday Saturday and Sunday don't count.

[@EdmundBaileyUK]

Thanks Frank, interesting way of looking at it and yes the replacement value of the State Pension in the UK is approx 30% of the average wage in the UK.

[@greenxtian]

Very useful information. Thank you

[@EdmundBaileyUK]

Thanks James! 👍

[@davewright3922]

I have payed tax and NI for 50 years, but being born before 1st April 1951 only receive the Basic Pension which is over two thousand less than the New Pension and I did not contract out. At the age of 71 I am still working and paying tax and now will have to pay NI again. Seems the more you pay the less you receive.

[@paulweir5031]

If inflation is 7.5% in September '22 then the state pension is forecast to rise in line; but here's a thought, people such as I who are disabled and on the flat rate pension may be in receipt of Pension Credit; if the money the DWP says that I need to live on doesn't increase commensurate with inflation then PC will be reduced. So how much better off will we be?

[@rhettcorcoran2879]

Very informative, thank you, particularly as I hit state pension age next year.

[@EdmundBaileyUK]

Thanks Rhett!! 🙏🙏

[@JohnSmith-qm6xx]

I HAVE 48 AND A HALF YEARS ON THE OLD METHOD AND MY PENSION IS NEARLY 2 THOUSAND LESS THAN THE NEW PENSION WHO WORK ONLY 35 YEARS...HOW THE HELL CAN THAT BE FAIR?????

[@EdmundBaileyUK]

Thanks John, i can only assume that you were contracted out?

[@JohnSmith-qm6xx]

YES YOU ARE CORRECT 4 YEARS BEFORE I RETIRED!!

[@paulweir5031]

Claim Pension Credit.

[@martinstevenson7462]

Hi Edmund thank you for your hard work is there any figures on how many people don’t get to reach retirement and get a pension and then what happens to their pension money

[@EdmundBaileyUK]

Thanks Martin! Possibly if specifically referring to the State Pension as inevitably there will be some that will effectively never benefit from the State Pension despite having paid for someone else’s state pension whilst working but that’s the fundamental nature of the way the scheme works. On the flip side some will live very long lives and get more than they contributed in. It’s an interesting one.

[@goodtobecaring4035]

Excellent report. What a great channel

[@rickkyp4065]

As for the Government paying pensioners 7.5% well that's unlikely to happen. They will doubtless suspend the triple lock again. But Pensioners surviving on under £10k this winter who do not have any other source of income is not going to fly. It is estimated that annual average combined gas and electricity bill will rise from £1,971 in the summer to £3,582 in October. This is then expected to rise to more than £4,000 by January. That is close to 50% of the £9627 new state pension! So £9627 minus £3582 leaves £6045. That's £116 per week or £16 per day to live off; to cover food, water rates, council tax, TV licence (stopped free licence for over 75's in 2020). Is the Government really going to allow this to happen?

[@LickorishAllsorts]

Double "official" inflation and you will be two thirds of the way towards the bottom end of actual inflation.

[@EdmundBaileyUK]

Certainly CPI seems to dampen the real number!!

[@FrankMike2012]

Thanks again Edmund; yet again a very cogent and easily understandable video on the complexities that is the UK State pension system! I'm not sure if anyone knows but what is the minimum value of voluntary contributions to achieve a 'qualifying year'. Thanks again- great video!

[@macman6421]

The figure you are looking for is the Lower Earnings Limit (LEL) which is £533 a month. On this amount you get you qualify for the pension contribution but don't actually pay and NI.

[@FrankMike2012]

@@macman6421 Thanks!

[@Handygrandad]

Just means the tax man will be clawing back more income tax from the poorer section of society

[@williamclark-hall2880]

Local Government Pension Scheme is on CPI from 2014. Do feel this needs to be pointed out.

[@jacquibradley1598]

Dear Edmund, I have heard from the Pensions Office, but it still does not give me the information I requested. They say I will get £143.68 per week based on my NI up until 2 April 2021, but it still does not give the amount required for the shortfall. Are they in so much disarray! Regards

[@tbip2001]

Hi, what happens if you get to pension age and you haven't contributed for 37 years?

[@g7usl]

How does that effect Pension credit?

[@EdmundBaileyUK]

Pension credit is linked as well, so in the same way.

[@ianherd569]

The CPI for September is what they use to calculate pension increase in April. Watch how low September s CPI will drop to - huh!

[@Jeffybonbon]

With Auto enrollment i cant see everyone getting the state pension ??

[@EdmundBaileyUK]

I really and sincerely hope we don’t see a means tested state pension… that would be atrocious!!

[@Jeffybonbon]

@@EdmundBaileyUK I was an IFA in the 80s and 90s and i recall a presentation from Norwich Union entitled 2025 at that time they forecast a lot what is coming true now? We have an ageing population and we are getting close to the point where more will be takeing there state pension and not enough workers will be paying into it on to of that NHS and care costs are going to rise The only way for this to be paid for is mass immigration our population cant afford to keep this going in the way it has and Means testing will come The promise of triple lock has gone and it wont come back The UK has kicked this topic down the road for too long and we are going to see a great number of pensioners working well past 66 because they have little or no provision for old age Auto enrollment should have happened 30 years ago and we may not have been in the position we are going to see as the years roll on The Baby Boomers have had a great ride but our Children and grandchildren are going to see a a differnt world from the one I have seen I get my State pension in 2024 and how lucky i will be to have it onto of a Final Salary Pension

[@Neil2022]

Hi mate, I left my NHS pension scheme for a couple of months. Will I lose my special status as I have now jumped back into the scheme.

[@williamclark-hall2880]

I would contact NHS Pensions. Public Sector pension schemes are quirky. It depends why you have left. In Local Government Scheme if you opt out you close your record and can never re-open it or combine it into your new records (refund accounts excluded). So if you were final salary - you cannot use your actual post-opt out final salary when you retire. NHS might have similar rules. If you left because an employment ended and you have re-started matters are different.

[@RoyMusic11111]

Your state pension figures stated may well be approximate cpi % figures for 2022-2023 and 2023-2024 but all pension journalists and pension advisors and especially the UK Government and the DWP always want to keep very quiet about is! If you have already retired and are in receipt of the state pension and a Local Government final salary pension then the arrangement made by the UK Government and the Scottish Government is to Deduct in Scotland 19% tax automatically from your workplace pension at 19% on the first £2162 above the UK Tax threshold of £12,570 and everything you earn annually Gross HMRC call this your Total Gross Annual Income and to get round actually saying you do not pay any tax on your State Pension HMRC simply deducts ALL THE TAX OFF OF YOUR WORKPLACE PENSION but here is the part lie or call it being liberal with the real truth the UK Government adds together your Gross Annual State Pension amount together with your Workplace Annual amount and then all pensioners who are in receipt of a low state pension and a low workplace pension are taxed at 19% by the Scottish Government PLUS 20% by the UK Government then add both total taxation together and Pensioners will have approximately £1200-£1400 minimum tax deducted from their pensions. Why is this tax deductions never ever spoken about during the chancellor's budget speeches or by Pension journalists up and down the country. The scandal here is if the UK Government deducted this amount of tax from your State Pension this would leave 44% of UK Pensioners who are in receipt of the Full New 100% UK State Pension from April with approx £1200 to £1400 less. This will be far far worse for the remaining 55% of UK Pensioners who have been opted out of the UK Government State Earnings Related Pension Scheme by their Local Council employers if they had been deducting a lower rate of N.I.C.'s automatically from your weekly/monthly payroll many of whom had never ever! Been told verbally or in writing by their employers that they would never ever! receive a full weekly 100% UK State Pension when they were due to retire at at 60 women or age 65 for men on their 65th birthday. Today hundreds of thousands of pensioners who had been opted out of serps will now be receiving approx £30 to £38 a WEEK less than the £185.15 in April 2022 state pension. If the UK Government and the Local Authorities had been open and totally transparent and advised their employees they will NEVER EVER! receive a full weekly state pension because of their council deciding to opt out of serps then the employee should have been given the opportunity to INCREASE THE AMOUNT THEY PAID FOR THEIR WEEKLY N.I.C.'S so they will receive a full weekly state pension and have 35 full qualifying years when they retired. This never happened because the UK Government totally FAILED to provide this VITAL PIECE OF INFORMATION to Local Authority Pension Administrators for example "Aberdeen City Council" who claim they never ever received any guidence or information about how much state pension their employees will actually receive when they were due to retire because the council had opted out of serps but both parties failed to be truthful and transparent. I believe both the UK Government and Local Authorities knew 20 to 30 years ago that they were going to CHEAT THOUSANDS OF LOCAL GOVERNMENT PENSIONERS OUT OF EVER RECEIVING A FULL WEEKLY STATE PENSION AMOUNT UPON RETIREMENT. I would like to see more journalists print new more accurate pension NET OF TAX FIGURES because at the end of the day pensioners only have their NET Pension amount to pay for all of these very high price increases and not £185.15 it is more like £142 a week LESS TAX.

[@mondaview5565]

Will we get the help for inflation in spain we are British

[@jamescaley9942]

Governments should have learnt from Equitable Life, they should avoid offering "guarantees". Targets maybe, but not guarantees. Reason: prediction is difficult, especially about the future.

[@EdmundBaileyUK]

Very true!

[@robertagardner5079]

Is this pension for a single person ? What does a married couple or widow receive ?

[@EdmundBaileyUK]

It is the State Pension so based on one individuals State Pension and this is dependent on the number of years of NI contributions/qualifying years.

[@rickwhitehill1801]

My father in law has a state pension in Germany of just over 2k euros......

[@EdmundBaileyUK]

Thanks Rick. Per month?

[@rickwhitehill1801]

@@EdmundBaileyUK yes as far as I'm aware.

[@williamclark-hall2880]

They pay more into the pension scheme in the Germany. It also rewards higher tax payers. More you pay in more you get out. Our State Pension will reward all workers with the same state pension after 35 years irrespective of what you pay. You’re not comparing the same system.

[@ajwatson9974]

Hi I am 66 March 2023 and due to receive my state pension. I stopped working in 2018 and wondering if I owe any contributions so as to receive my full pension. I am not sure whether I could have signed on as unemployed. Please advise!

[@EdmundBaileyUK]

Thanks A & J Watson, you need to go to Gov.uk and check your NI record and state pension forecast to see if there are any gaps and then call the pension future centre.

[@ajwatson9974]

@@EdmundBaileyUK Thank You I have there are gaps in 2019-2021 I will contact them.

[@rogerratcliffe4906]

Yes people don't hear. I heard in the 60s and now have 3 pensions. People would rather spend on I phones and large tvs. So be it, but don't expect sympathy.

[@Tensquaremetreworkshop]

Over the last ten years, my state pension has risen overall by 32% (inc this April's rise). My costs from then up to this year have increased by 3.51%. So my inflation can go to 28.5% over the next year, and I will be no worse off that I was back then. Think I can relax. BTW, I delayed my pension for a year, and therefore get 10.8% more, every year, including increases. Kerching! Can't get a deal like that anymore...

[@slayerrocks2]

They reduced the deferral bonus to 5.8% so I assume you reached pensionable age before 2016? For those of us who didn't, and are likely to have a pensionable age of above 65, it isn't very lucrative. If someone who would normally retire at 67 deferred for 5 years, it would take 17.2 years to receive the amount they had missed for 5 years. So, they'd be 84 before being "in profit". When not as mobile and spending less statistically. They would be better off taking it, and if not needed, investing it in a private pension.

[@Tensquaremetreworkshop]

@@slayerrocks2 Correct- that is why I said it was no longer available. Amazing deal… more than had it back. Thanks to serps, my pension is already higher than the 'new' state pension.

[@slayerrocks2]

@@Tensquaremetreworkshop I'm truly happy for you. It isn't often we get the chance of backing a winner like that. They get closed off often. My comment was more for the benefit of others, who may have thought they had the chance to do the same. Well, they can, but it wouldn't be worth it at 5.8%, for most people.

[@Tensquaremetreworkshop]

@@slayerrocks2 Some of us could see it coming- actuaries were clearly behind the curve when it came to life expectancy. I took my annuity (all you could do with pension pots back then) early- good move, as five years later the rates were the same as I had got- five years free money... My regret is that we did not take the delay offer on my wife's pension over the first five years (from 60 then)- that would have really paid off. Can't win them all...

[@slayerrocks2]

@@Tensquaremetreworkshop glad you were on the ball. It has taken me reaching 50 to take a real interest in retirement planning. Wish I had done it sooner. I'm buying class 3 NI credits for my wife. 3.5 years to break even, then free, tax-free money. I'll be taking a drawdown to go at 58, until my lump sum, final salary, and her state pension kick in. Then I'll draw down at 2% when my state pension kicks in. Hoping to leave the kids a decent IHT-free inheritance.

[@pilott7435]

There is currently a petition for pension increase for over 60s it needs 100-000 signature's it is at 86-000 so please everyone sign into Government and Parliament websites

[@tonykelpie]

There are very few pensions linked to RPI these days. NHS pensions switched to CPI several years ago

[@deanduggan2915]

Yes u vet raise but Canada 0 for pensions need a raise

[@thomasboyd3039]

It £300 state pension in Austria Vienna politically Thomas Saibot Austrian told you truth Thomas Thomas. Austrian pensioners are better off than England Britain. Reno gold he US Democrat said US pensioners get 20% rise social security in one go. $12000 per year state pension in US citizen Age 6O to 100. Art Bezukavenko said need to change UK voting system for UK general election it STV voting system Liberal Democrats politically do it. Awesome. Excellent channel. Anglo Irish are split half support Toriea other half support Liberal Democrats.

[@thomasboyd9857]

Chris asleep English he Tory party Thomas he only middle class he elephant trap you walked into it. Art Bezrukavenko told vote Liberal Democrats politically in UK general election politically. He give good advice. English Chris asleep said could lose UK general election in May 2024.