Category Archives: over 60s

Millions may have to wait until age 68 to claim

The state pension age could increase to 68 by 2039 – seven years earlier than planned, according to former CBI director general John Cridland, the Government’s independent reviewer of state pension age.

And the triple lock guarantee which sees the State Pension rise by at least 2.5 per cent should be scrapped during the next Parliament.




If the recommendations are taken up, people now in their 40s face their state pension age being pushed back a year meaning more than five million people – around 750,000 people a year for seven years – would be forced to wait longer for the state pension.

Those workers currently in their 30s and younger may eventually face the possibility of drawing their pension at 70.

The state pension age is already due to go up in stages, with a rise to 67 by 2028. The next increase to 68 is not due to happen until between 2044 and 2046.

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Feelings mount on the Pension age controversy.

Most of the national newspapers carry stories of the unhappiness of many people with the way in which the pension age is being raised to age 67.

The Daily Telegraph says Women are being “shafted and short-changed” by a decision to accelerate the rate at which the state pension age.

The Sunday Times mentions the case of 2 sisters aged 19 months apart   where the elder of the 2 has to wait 4 1/2 years longer than he elder sister.

The Guardian says  :

Ministers accused of ‘mis-selling’ during debate over women’s pensions

MPs queued up to criticise government at Westminster Hall meeting to discuss pension-age increases that were described as ‘cruel and heartless’

The independant says Campaigners have claimed a major victory after MPs unanimously voted by 158 to 0 to help women hit by state pension age rises.

Our readers have been expressing their dissatisfaction with the raising the state pension age for a long time.  It is no wonder George Osborne likes the changes as it is saving the government a fortune

How much will these changes save?

The proposals in the Pensions Bill are estimated to save £30bn in benefit payments and make a further £8.1bn in tax and National Insurance receipts under the proposed timetable.

Thousands of OAPs trapped by crippling equity debts from equity release loans

80,000 couples took out ‘equity release loans’ more than one decade ago
But compound interest charges mean their debt has more than doubled
They are also hit with early-redemption charges if they have to sell house
Experts calling for Financial Ombudsman Service to launch probe after hundreds of complaints.

Thousands of pensioners who took cash out of their home for a more comfortable retirement face crippling charges and early-repayment fines if they have to sell their home, it has emerged.

More than 80,000 couples who took out so-called equity release loans more than a decade ago have found that compound interest charges mean their debt has more than doubled.

In addition, if they have to sell the house because one spouse dies, or has to go into residential care – or if they simply want to downsize – they are hit with early-redemption charges of up to 25 per cent of the original loan.

Read more: http://www.dailymail.co.uk/news/article-3193011/Thousands-OAPs-trapped-crippling-equity-debts-Pensioners-facing-crippling-charges-early-repayment-fine-sell-home.html#ixzz3iXFVYvgX
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Some in northern counties envy the Scottish benefits – but would they last?

Men from the Ministry/Scots Referendum
As we near the fateful day, it perhaps isn’t surprising that there are people south of the border who are envious of the benefits which people in Scotland enjoy free:

  • Prescription charges
  • Elderly Care
  • University Tuition Fees
  • Bus Passes from age 60
  • Bedroom Tax
  • Hospital parking charges
  • Bridge Toll Fees

Listening to some of the televised debates one could take an implication that an independent Scotland would be able to make more things free. In reality we think it might be wise to keep hold of this list, and see how many remain after a few years of independence, and the facing of reality alone. I’d put a better chance on them remaining if Scotland decides to remain part of the Union.

Manchester – the UK’s first ‘age-friendly’ city ?

No public toilets, not enough benches – for many older people towns and cities have become no-go areas.

But with the number of over 65-year-olds expected to double in the next 30 years – how do you make places more accessible to older people?

Graham Satchell has been finding out in Manchester, the UK’s first city to be recognised as age-friendly by the World Health Organisation

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Elderly and disabled ‘could lose bus services’

Elderly and disabled passengers could lose vital bus services because of cuts in government funding, councils in England warn.

The Local Government Association (LGA) says support for the concessionary fares scheme has been reduced by over a third since 2010.

Under the scheme, councils have to provide free off-peak travel for those aged over 62 or disabled.

The government says it provides funding to meet subsidised travel costs.

Local authorities say the funding from central government for concessionary fares has been cut by £261m since the coalition came to power.

Now councils say they are forced to subsidise the scheme, often by cutting back on other local transport services.

It is a particular problem for county councils trying to provide relatively expensive rural bus routes and school transport.

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Australian approach to funding pensions: no Aus. pension for some but UK pensions welcome !

This article has been submitted by a UK resident familiar with our blog.

There is much discussion and comment in the UK on pensions for older people, including the adequacy of state pensions, and the problems of funding state pensions for the growing proportion of elderly people. Is the government looking at this issue in as wide a way as they might ? In Australia, with many connections with the UK, the approach is quite different, as a few key aspects of the Australian system will show:
• A full state pension for a single person in Australia is approx. £13,400 per annum or for a couple approx. £20,200. (The higher rate proposed by the UK government of £140 per week amounts to a mere £7,300 per person year)
• No tax payable on pension income
• No state pension is payable to ‘wealthy’ people (see definition of wealthy below)
• People who fall between the minimum and maximum income/assets rules receive a part state pension.

What is wealthy?
No state pension is paid in Australia to a single person with an annual income above £29,400 or £45,000 for a couple.
A full state pension (amounts set out above) is paid in Australia to older people with assets (excluding their home) up to the figures set out below:
Age Pension assets test – for FULL Age Pension
Situation Home-owner Not Home-owner
Single £128,400, £221,000
Couple (combined) £182,000 £275,000

No state pension is paid to older people with assets above the following:
Age Pension assets test (upper limit)
Situation Home-owner Not Home-owner
Single £472,000 £565,000
Couple (combined) £703,500 £794,000

People who fall between the two asset levels set out above receive a part state pension.
Assets include
• Property other than main residence
• House contents
• Cars
• Boats
• Shares
• Bank accounts
• Superannuation funds

The income and asset rules operate separately, i.e. if you fail on either test (on income or assets) no pension is received. (But bear in mind that no tax is payable on pension(superannuation) income which may more than compensate for loss of state pension.)

There is a certain irony in the fact that expats from the UK may well be able to receive a UK state pension, whilst getting no Australian state pension where rules set out above exclude entitlement.
Offical Australian Governmentwebsite info

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