pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
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Post by pikestaff on Jul 30, 2024 14:17:55 GMT
Not gone but restricted to those on pension credits or other means-tested benefits. About time too. There are lots of more deserving cases and it was always ludicrous that the likes of me should get it. it is ludicrous that it is a universal benefit. However it is also ludicrous that receipt of such benefits is binary and tied to pension credits. 86 Y/O MIL is about £1 or £2 over the limit for pension credits (thanks to deliberate decision to TOP UP NICs during working life) and therefore ultimately is £000's out of pocket because of losing out on other benefits which are directly tied. So in her case, this will be a significant blow to her finances. Unless there are other reforms which will remove that direct connection or raise the clip level. I don't disagree. Unfortunately the benefits system is full of anomalies caused by binary benefits. Income-related clawbacks - which can see the low paid facing effective marginal tax rates close to 100% - are often no better. If benefits were non binary, and income-related clawbacks were revised to cap the effective marginal rate of tax for all but the highest paid at say 40%, a revenue-neutral solution might be to reduce personal allowances for everyone. I'd support that, but it would create a lot more losers than winners.
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Post by mostlywrong on Sept 10, 2024 15:17:19 GMT
I watched bits of the parliamentary debate about the withdrawal of the Winter Fuel Payment. The whips had, obviously, been busy and many Labour MPs were struggling to cope with their lines-to-take and the idea that their future career was slipping from their grasp!
I am puzzled as to why Sir Keir and his sidekick have chosen this hill on which to die.
Saving £2bn or so whilst upsetting 10 million pensioners seems very strange to me. Or is Sir Keir aiming to knock Mrs Thatcher "the milk snatcher" off her podium? Other daft government policies of the day are available (student loans anyone?).
I note that the Work and Pensions Secretary repeatedly referenced her figures back to the "new state pension". As the new state pension has only been in place since 2016 (which probably makes it a Coalition effort?) and is, apparently paid to considerably fewer pensioners, that might come back to bite her.
None of this makes much sense to me.
And I thought the Tories were daft.
MW
Edited to add the topic...
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,582
Likes: 2,615
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Post by keitha on Sept 10, 2024 16:12:21 GMT
Is it because those on state pensions tend to vote Conservative.
Also you have the issue that apparently 1 in 4 pensioners is a millionaire if you take the pension pot and house into account, to get a pension circa £25,000 you need a pot of £600,000 ( seems high but that's what experts say )
the thing is I have a pension of £25,000 or so, but unless I remarry it dies with me. So although I appear to be well off I can't touch that money only take the pension. Yes I'd say I'm relatively well off, again the average pension income is £360 or so a week after tax and housing costs, so I'm above average.
I saw someone the other day saying how good we had it with low mortgage rates, and how they now have to pay ridiculous rates like his current 4.5%, he point blank refused to believe that many of us paid 8/9/10% over the lifetime of our mortgages. I suppose the big difference is I bought a House on an £8000-£9000 salary at £23,000 with a £4,000 deposit. so I had a multiplier < 2.5, now many youngsters are looking at 5 x multiplier on joint incomes. So on my mortgage at £20,000 at 10% that was £2,000 a year then MIRAS reduced that to around £1,500 then you had capital of say £500 making £2,000 a year this would equate to around 33% of my take home pay. £200,000 at 5% would be £10,000 plus say £5,000 capital. £80,000 Salary take home £56,200 so would be around 28% of take home pay. the issue being many people on £80,000 have mortgages well in excess of £200,000 Also IIRC my rates on that house were < £200 a year and that included water, Now many pay £2,000 plus water
many younger people also find it difficult to come to terms with the fact that we paid tax on all our income there was no tax free allowance, and in the late 70's early 80's Income tax was 30p in the £.
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Post by mostlywrong on Sept 10, 2024 18:52:46 GMT
the thing is I have a pension of £25,000 or so, but unless I remarry it dies with me. Oh go on, you smooth b******d.
You've pulled.
When can I move in???
MW
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Post by overthehill on Sept 10, 2024 21:32:50 GMT
the thing is I have a pension of £25,000 or so, but unless I remarry it dies with me. Oh go on, you smooth b******d.
You've pulled.
When can I move in???
MW
If you re-marry it'll cost you £50,000...
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