Vocal Voices

Having watched a government minister on television this morning telling us how the Conservative Government looks after the pensioners, I have received in the mail a notification from a private pension telling me they are reducilng my pension by over £14 a month. It seems that thanks to the triple lock and all the help the Conservatives are giving me I will actually be better off by £2. a month. As I am self-employed and submit a self-assessment form each year I am not sure why I have been deducted at pension source and not after I have submitted my form. I have never been so disallulsioned with a government as I am with this one. They deserve to be wiped out for all the havoc they have caused. Rant over.

Ah, Meds, pensions.

I paid in for 47 years, as was I legally contracted to do when I was aged 16. I fell a couple of years short of the 49yr total due to medical problems (RAF injury) but I paid my way.

It irks me greatly that my pension is often described by the media and government as a 'benefit'. It bloody well isn't. It is contributions based. WE paid in.

If successive governments had invested our contributions properly instead of throwing them into the general pot we pensioners would be on a lot more than we are today - no triple lock needed.

I have had three attempts to phone them Frank. Two lots of one hour at a time and a third attempt when the digital adviser said too buy to help you now - goodbye.

Because I am self-employed I want to know why they have adjusted my tax via my pension provider instead of adjusting it on receipt of my self-assessment form. It is a simple question which I want answered. I have now written them a letter. Whether or not it gets read is a matter for conjecture as they all seem to be working from home.

I have now written them a letter. Whether or not it gets read is a matter for conjecture as they all seem to be working from home.

Registered, I hope?

It is what I have done with Scottish Power who I have an issue with. I now have an email and paper trail for my complaint. It puts the CEO in the loop - he's the named recipient.

Did you know that it is illegal to open a named letter if you are not that person...

Like WM I paid in from when I was 18 and left school to join the RAF. I retired at 63 and got the company pension. This was enough to have to pay tax.
I paid more tax when I starte getting the State Pension when I turned 65.

It is going to be a rude awakeningfor pensiners who only get the basic State Pension. It is difficult to know how to contact HMRC if yoy have never had to do this.

It will be like the Post Office scandal

There have been quite a few stories in the press about the ineptitude of HMRC. In particular how difficult it is to contact them and how long they take to respond to queries.

I spent almost two hours on the phone attempting to get through to HMRC about making a payment for missing NI years - then got cut off just as someone answered It took me weeks to build myself up for another attempt

My pension increase hasent done me any good
Because my housings benefit has now been nearly cut to the bone in certainly no better of
With all the increase with rent council tax bt and tv license and today a hug increase in my care alarm next up is house insurance sigh

One problem for pensioners is going to be the relatively hefty increase in interest savings rates during 2023/24.

Pensioners with cash saved in ordinary bank or building society savings accounts (i.e. not an ISA) may well have received interest exceeding £1,000 in the tax year, thanks to these enhanced rates. The excess, more than likely, could well be subject to income tax (depending on your other income levels), and you then have a conundrum - do you contact HMC&E and tell them, or wait for them to find out (which they will) and tell you?

TBH, I'm very surprised that they haven't gone back to the old system of stopping 20% tax at source from savings interest, and making you reclaim any tax you may have "overpaid". They get their tax money direct from the bank / building society, and you have to make the effort and jump through the hoops to get it back. I think they've missed a trick there.

medsec222 wrote:Because I am self-employed I want to know why they have adjusted my tax via my pension provider instead of adjusting it on receipt of my self-assessment form. It is a simple question which I want answered. I have now written them a letter. Whether or not it gets read is a matter for conjecture as they all seem to be working from home.

Because as far as they're concerned, it's the easiest way of skinning a cat, Medsec. Pension income is a regular monthly payment, equivalent to getting a wage, whereas self-employed income is inevitably variable! They get their dosh monthly; they don't have to wait until the end of the tax year and then a potentially extra 9 months or so until you submit your tax return!