November 2024
14Nov

UK. HMRC issues National Insurance act fast warning to boost State Pension before cut-off date

The deadline for those impacted by new State Pension transitional arrangements is fast approaching HM Revenue and Customs bosses have issued a message to people to act ahead of a looming deadline. HMRC officials have disclosed that more than 10,000 payments, amounting to £12.5 million, have been made through the new digital service to boost individuals' State Pensions since its launch in April. With less than six months left to address any National Insurance (NI) record gaps dating back to...

November 14, 2024
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October 2024
17Oct

UK government faces “extra GBP100 million bill” for state pension rise

The UK government is facing an extra GBP100 million bill for next year's state pension increases following revised official figures published on Tuesday, according to a former pensions minister. Under the triple lock guarantee, the state pension increases every April in line with whichever is the highest of earnings growth in the year from May to July of the previous year, CPI (Consumer Prices Index) inflation in September of the previous year, or 2.5%. With inflation running at more subdued levels,...

October 17, 2024
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10Oct

UK. People have less than six months to make a vital pension change

People have less than six months left to fill gaps in their national insurance (NI) record from 2006 to maximise their state pension. More than 10,000 payments worth £12.5 million have already been made through a new digital service to boost people’s state pensions since it launched in April, HM Revenue & Customs (HMRC) has revealed. The service lets people check for gaps in their NI record, calculate if making a payment would increase their state pension, and then make...

October 10, 2024
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July 2024
12Jul

UK. State pensioners issued major update over DWP starting to ‘means testing’

State pensioners have been told the Department for Work and Pensions (DWP) State Pensions payments "can't be means tested". A former DWP employee says means-testing will never happen due to the complexity of the contributory benefit. The insider told the Daily Record: “What is overlooked is the fact that people pay cash into the State Pension scheme in the form of Voluntary Contributions. So you are not going to pay cash into a scheme unless you are entitled to the payment of...

July 12, 2024
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May 2024
28May

UK’s Sunak proposes tax cuts for pensioners in new election pledge

British Prime Minister Rishi Sunak on Monday proposed tax cuts for millions of pensioners in his latest campaign pledge, highlighting the importance of older voters in the upcoming July election. Sunak's Conservative Party said it would introduce a new age-related allowance and deliver a tax cut of around 100 pounds ($128) for each of 8 million pensioners in 2025, rising to almost 300 pounds a year by the end of the next parliament. "This bold action demonstrates we are on the...

May 28, 2024
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27May

UK State Pension expected to increase by over £650 next April, based on triple lock guarantee

Finance experts have predicted that the new state pension will increase by over £650 from next April, pushing it to just above £12,150 a year. This is based on the triple lock guarantee, which ensures the state pension rises in line with the highest of three measures - September inflation, May-July wage growth or 2.5 per cent. In April 2022, the state pension saw an increase of 10.1 per cent due to rampant inflation, followed by another substantial rise of...

May 27, 2024
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April 2024
09Apr

Cyprus. State pension fund reaching critical levels

The Fiscal Council, advising the Cyprus government on economic policies, has renewed a warning call that borrowing from the Social Insurance Fund has reached critical levels, threatening to derail public finances if action is not taken. In an announcement on Thursday, it urged the government to act on the suggestions of an actuarial study, submitted to the authority earlier in the week. The authority has warned that it needs to address its dependency on the Social Insurance Fund, as it...

April 9, 2024
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March 2024
06Mar

UK state pension could hit £13,000 ‘in next five years’

The UK state pension could pay out more than £13,000 a year by 2030 if the current triple lock rules remain in place, analysis by AJ Bell has found. Pensioners with a full National Insurance contributions record can currently get £10,600 a year (£203.85 per week). From April, this will rise 8.5% to £11,502 annually (£221.20 a week) in line with the rapid increase in earnings registered last summer. It has led to warnings that some pensioners could be landed with an unexpected tax...

March 6, 2024
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February 2024
27Feb

Urgent Action Needed Amidst U.S. State Pension Debt Crisis

By Howie Jones   The United States is grappling with a severe state pension debt crisis, with a whopping $1.49 trillion in unfunded obligations causing significant economic strain. Areas like San Jose are particularly affected, facing a staggering unpaid debt of $3.5 billion, potentially leading to a tax burden of around $3,600 per resident. This crisis could drastically impact the public sector, potentially decreasing the quality and availability of public services. San Jose’s Odd Fellows society recently held a community improvement forum...

February 27, 2024
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19Feb

Britons warned UK state pension ‘will have to be lower and paid later’ as system ‘can’t cope’

UK state pension spending is projected to cost £125billion for 2023/24, according to the Office for Budget Responsibility (OBR) Working-age Britons face getting a lower state pension and having to wait longer to get it because the current state pension system “can’t cope” with an ageing population, an expert has warned. Chief executive of life insurer Phoenix Group Andy Briggs is urging Britons to prepare for the future now, as he warns dramatic reform could lie ahead. Mr Briggs said the UK state pension...

February 19, 2024
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