We need to get rid of Labour ASAP. Those who voted Labour should be ashamed.!!
@jamiefarrell4425
Ай бұрын
And who exactly would do a better job? Please don’t say the lying, cheating, stealing Tories or the racists in Reform!
@X5493-c7p
Ай бұрын
You’ve got a long wait then the voting populace will most likely vote back in the other cheek of the uni-party!
@DavidRose-p1z
Ай бұрын
They should also do Australian immigration system
@timothyredford225
Ай бұрын
The Australian Immigration system is set up to Facilitate immigration to help the areas of the economy that are experiencing labour shortages not stop immigration.
@barrydwyer2039
Ай бұрын
Do ozzies have a personal tax allownce? UK pesioners are taxed on every £ over their allowance currently (£12,570), so if they means test it would be a form of double taxation, so why bother with a private pension? Starmer has a law for himself where he recieves a pension tax free for life.
@commuterbranchline8132
Ай бұрын
If labour wants to scrap the state pension that’s fine by me. I will expect the refund of my 36 years of contributions with inflation adjusted interest on top.
@JacobBurchell
Ай бұрын
Seems like a fair request to me! 😁 thanks for watching and commenting!
@kevint7851
Ай бұрын
@@JacobBurchell Seems like a fair request....HOWEVER Not going to happen. Just go back 4/5 years ago. women pension age went up overnight from 60 to 65 years. no compo for the women that was were just a few months away. The government will just do what they want, make no mistake.
@risenshine2783
Ай бұрын
An elected government needs to do what the majority of people want! They are our public servants and we are not their slaves
@bowjana8128
Ай бұрын
There is no incentive to work anymore
@k.avilla8061
Ай бұрын
'You will own nothing and be happy' . World Economic Forum, Klaus Schwab.
@bowjana8128
Ай бұрын
@@k.avilla8061 best way now
@Johng56
Ай бұрын
There is, just don't leave it in eyeshot of government, gold watches art etc
@k.avilla8061
Ай бұрын
@@Johng56 Gold watches and works of art ? Do you live in Knightsbridge, because you certainly don't live in my neighbourhood ! 😂😂😂
@k.avilla8061
Ай бұрын
@@Johng56 Having said that, I am currently arranging to have my private collection of Lambourghinis, Ferraris, Maseratis and Aston Martins hidden away in storage where the government can't find them ! 😆😆😆
@k.avilla8061
Ай бұрын
If they deny me the full state pension ( to which I am currently entitled ) will they give me my NI contributions (less the NHs bit) that i've been paying for 43 years back ?
@JacobBurchell
Ай бұрын
I would certainly hope so! Thanks for watching! 😁
@k.avilla8061
Ай бұрын
@@JacobBurchell Ok, Thanks for the info. I'm spreading it around to other mates who are of near state pension age.
@jamiefarrell4425
Ай бұрын
It’s actually a misconception (albeit a common one) that your NI payments pay for your pension. The reality is that it is paid for using any income that the government receives ie tax etc. Your NI payments are only relevant in that you need to have paid them for 35 to qualify for a full pension. So in essence, your payments are not ring fenced to pay your pension like a private pension is. In actual fact, your payments have been used paying current pensioners their state pensions. As such I doubt very much that you would get anything back as it’s already been spent. So on this basis, my belief is that if the Government were to make the state pension means tested there will have to be a grace period for some people. My worry would be that the qualification for this will be that you are already claiming your state pension - my hope would be that it will be that you’ve paid your 35 years NI. Additionally, I would hope for a tiered system that takes into account how close you are to reaching that threshold eg someone with 30 years NI payments would get 6/7ths of the pension and so on.
@fanfeck2844
Ай бұрын
No
@stephennoble
Ай бұрын
We pay in for 40 working years to get that pension. If that's the case, stop the NI Contributions so we can put that money into a private pension. Pension is not a benefit. It not our fault the governments spend it.
@JacobBurchell
Ай бұрын
Sadly, the governments definition of the state pension is now a ‘benefit’, not an entitlement, which really does change how it can be handled in the future. Thanks for watching!
@stephennoble
Ай бұрын
@@JacobBurchell then if it is a benefit then we should all have the winter fuel allowance but that is not the case.
@paulleach1480
29 күн бұрын
Nick Hewer was in the adverts promoting the Government backed workplace pension auto enrollment in 2012. The words used by him in the advert stuck with me, " the pension is to take pressure off the government." Only implies a means tested state pension to me.
@TamsinSimmons
Ай бұрын
It made me nervous when UK retirement pension became a benefit.From what you said most people will not be affected.The trouble is if the UK Government tweak the threshold.
@JacobBurchell
Ай бұрын
I think it did for a lot of us! But don’t panic, just try and concentrate and the things you can control and what will be will be in regards to the state pension. Thanks so much for watching! 😁
@UtubeRfarlefty
Ай бұрын
It's only a benefit to those who have never paid into it (typically been on benefits all their lives, some genuine, most not). If you have been forced to pay into the scheme for over 40 years it is not a benefit.
@X5493-c7p
Ай бұрын
I had been looking at other countries to retire to, but one of my concerns was that the state pension is frozen when you leave you don’t get any CPI increases! Now that I won’t get a SP I might as well give this country the middle finger and bu99er off and for an income stream in my new homeland rent our house out to our new arrivals and get money from the state to make up the shortfall on not getting the State Pension 😁
@fanfeck2844
Ай бұрын
And they will
@nickcastings1568
Ай бұрын
And if this Labour gov get this ball rolling it’s odds on that your home will definitely be an asset!
@John-se7rc
Ай бұрын
Labour plan to just adopt the mean bit as in , you ain't fking getting a pension 😅
@JacobBurchell
Ай бұрын
Let’s hope that’s not the case 😆 thanks for watching, I really appreciate it!
@antman6519
Ай бұрын
My advice is to enjoy your savings before retirement, and don’t pay into company pensions!
@JacobBurchell
Ай бұрын
Each to their own! Thanks for watching 👍🏻
@stuartr7832
27 күн бұрын
Yeah its crazy to have a Private Pension. Its like sayings , dont give me a pension please.
@veronicaodonnell2893
Ай бұрын
My husband and I have worked over 100 years between us. I have retired at 66 and worked through ill health and stress caused by that and still have to work part time to survive Why are government and council,workers being paid a pension that we have contributed to. We are not wealthy. Most folk who have worked full time all their lives are entitled to the pension we expect.
@JacobBurchell
Ай бұрын
Thank you for watching and commenting. I’m sorry to hear you still have to work part time in retirement just to make ends meet. Its seems to be a far more common thing these days which is something the government should be trying to address and improve, not make it worse. I wish you all the luck and good health in your retirement, I hope you can keep making it work for you 😊
@j.kbarnett7640
Ай бұрын
Hope not. Am a Enlish born citizen of new zealand and was maybe thinking of retiring in aus. Problem, retirees get the means tested on steroids. So far everyone over 65 gets full state pension and winter energy payment, no questions asked. After paying taxes, and more, during a working lifetime, it is not fair to then gouge more. Government listen, if you want to piss people off, means test them.
@andypandy9931
Ай бұрын
This would discourage people from saving. I would hope they would stop paying the channel freeloaders first
@hobbabobba7912
27 күн бұрын
Why? People still have ambition and still want to live a good life.
@johnstanton8499
Ай бұрын
It would probably cost a fortune to administer ?
@ronaldford8527
Ай бұрын
Mind you, if the stock market collapses like 1929, noone is getting much of a pension whether govt or private, all moneys invested in stocks
@chrisj6321
Ай бұрын
Your total amount in your private pension pot is included in the asset test. Any income u receive from that pot as an income is counted in the income test. If affects more people than i think
@Nick-ew2cb
Ай бұрын
I watched your previous video and now this video popped up in my feed, I’ve now subscribed 👍🏼
@JacobBurchell
Ай бұрын
Thanks a lot, I really appreciate that! I’m getting so close to 1000 subs now 😁
@NeillTurner
20 күн бұрын
pensions are not taxable income in australia.
@chrisj6321
Ай бұрын
The income test effects most people as it included your private pension earnings (superannuation)
@Nick-ew2cb
Ай бұрын
This is the thing I’m confused about. I want to know how much the private pension income affects your state pension
@chrisj6321
Ай бұрын
@Nick-ew2cb as a couple if you earn about 900 pounds a week in private pension you get no state pension at all
@Nick-ew2cb
Ай бұрын
@@chrisj6321 ah ok, my private pension isn’t great at the moment. My private pension forecast (I pay 11% of my wages into it) saying it will be about 14k a year. So assuming we get a state pension I’d get roughly 25k a year. Hopefully that would fall below any means testing.
@chrisj6321
Ай бұрын
@Nick-ew2cb yes that amount in Australia would be OK. Single person cut off is about 500 per week
@paulleach1480
29 күн бұрын
@Nick-ew2cb the thing that concerns me is.... I'm 36 I have a workplace pension and a couple sipps and a lifetime Isa. I'm calcuted with all investments to have a pot around 750k in 23 years. 4% drawdown would be 30k a year, plus there will be income tax on alot of that and 25% tax free. 30k now is great a year, but in 23 years when the buying power of that is halved, it doesn't seem so good.
@outdoorsman1140
Ай бұрын
Thanks for the overview of the Australian system including currency conversions. Defined Benefit (DB) and Defined Contribution (DC) pensions (inc. the newer auto-enrolled pensions eg. NEST), and annuities would all be income (not just jobs) therefore, many people would have their state pension reduced. It wouldn’t just be people working a job while on state pension, it would be other pension income, which you’ve paid into and saved for, for years during your working life as well. Taking this into account, the thresholds are actually very low. N.B. On top of the reduction, you also pay income tax on your pension income… a double whammy! Even my late father who was a factory worker would have likely had his state pension docked as he bought an index-linked annuity with the factory pension that he had built up over decades! Anyone with less than ten years to go (and probably longer) before state pension age wouldn’t have time to adjust and save extra for the unplanned/unforeseen losses that they will incur.
@kevint7851
Ай бұрын
Your figures may be correct, as I assume you have done your homework. However. We are not in Australia. We are in the UK. Here in the UK we cannot susstain the pension as is right now. So sooner or later it has to be means tested. my guess would be within the next 20-25 years. The powers that be already know this for sure, that's the reason all employees have to enrol in company pension scheme after a short period of employment. It's already planned. I also don't agree with your assumption it will go on wealth, property etc.etc.etc. Just savings as we do here in the UK. Same as for claiming social security benefits etc.etc. It won't matter which party are in power! it has got to be done. UK cannot afford to pay millions of pensioners each week. Nothing coming into the country, other than more people. Thats my thoughts.
@JacobBurchell
Ай бұрын
Hey thanks for watching! My assumptions were purely off the way Australia currently do things, ofcourse not guaranteed we’ll do it the same but potentially something similar.
@gregrobinson7915
26 күн бұрын
What if you don't work and receive a private pension?
@JacobBurchell
26 күн бұрын
The only thing changing in regards to private pensions looks to be the age in which you can access them which is currently 55 👍🏻
@michaelwellard701
Ай бұрын
Many Australians do not receive a full State pension whilst many receive a part pension only. In 1992 Australia introduced a mandatory pension scheme where Employers and Employees made contributions . The current rate that your Employer puts in is 11.5% Many retirees have built up large pension funds (encouraged by tax breaks) these funds are now used in the Asset test and at a deeming rate for income. This clever move in 1992 has impacted the current Administration not to have to pay full and part pensions to .a significant number. New Zealand introduced their version of a mandatory system in 2007 but it is still in it's infancy in comparison with Australia .
@Phucket24
Ай бұрын
Is unearned income ( company pension) treated like earned income (working for a company) ?
@JacobBurchell
Ай бұрын
I believe so, although the Australian policy allows an income of approx 900asd per week before you are penalised, which would equate to something close to £500 a week for us, so that’s a fairly high private pension income threshold that you would theoretically be able to earn before any sort of reduction. But of course that is if we adopt the Australian rules. Thanks for watching!
@cheshirehomebrew
Ай бұрын
Great video, but I imagine having a private pension income has the same implications as earned income? If that's the case then a lot of people would be impacted as I myself would. Cheers, David.👍
@JacobBurchell
Ай бұрын
It does your quite right which I forgot to mention, although the Australian policy allows a pension income of approx 900asd per week before you are penalised, which would equate to something close to £500 a week for us, so that’s a fairly high private pension income threshold 👍🏻
@cheshirehomebrew
Ай бұрын
@@JacobBurchell Brilliant, thanks.
@skymanste7630
28 күн бұрын
Hi Jacob. Question regarding Australian means tested pension. The "Income" as you mentioned. Is this ANY income ( including personal pension savings?). Or is this just based on work related income?
@JacobBurchell
28 күн бұрын
They include pretty much any type of income, so private pension related income too 👍🏻
@johngibson.youhavesuchachi3084
Ай бұрын
If upon retirement you receive a private pension from your employer which a lot of people do, for me a civil service one, would this then be treated as income and means tested for the state pension or is it only if you continue working after 66 or 67
@JacobBurchell
Ай бұрын
I believe so, although the Australian policy allows an income of approx 900asd per week before you are penalised, which would equate to something close to £500 a week for us, so that’s a fairly high private pension income threshold that you would theoretically be able to earn before any sort of reduction. But of course that is if we adopt the Australian rules. Thanks for watching!
@garywright8846
Ай бұрын
Well remember this In Australia they have a private pension scheme called Superannuation. Your employer has to pay 12% of your salary as ad add on to your chosen super fund, this is tax free, added to that you can salary sacrifice part of your salary before tax and that is tax free. You can build that up over the years and once you reach 55 you can retire, you don’t have to but you can. When you retire you must draw down each year a minimum of 5.5% of your fund, that drawdown is also tax free, you can draw all of it if you wish, again it’s tax free. So in Australia allot of people have a large super fund so get no state pension. This system was designed believe or not by a Labor government with the idea of getting people off the public purse, it has worked well, too well I think most politicians feel so IMO it’s just a matter of time before they try and get their grubby hands on some or all of it. Watch this space.
@JacobBurchell
Ай бұрын
Great explanation, and to be honest I could see the UK government trying to implement a very similar policy which over time would wean a large proportion of the population off the state pension exactly as it has done in Aus, alleviating the pressure on the public finances.
@davidnichols1979
Ай бұрын
One minute triple lock to keep pensioners happy then withdraw it if youve saved for retirement.
@raymondadams7570
Ай бұрын
we pay national insurance in britain,i don't think ozzys do
@squishedfrog99-gp4qq
Ай бұрын
So what is the pension value in Australia compared to the UK, and do private pensions count as income?
@chrisj6321
Ай бұрын
It's about 15000 pounds a year if u get the full amount
@chrisj6321
Ай бұрын
Yes private pension counts as income. That's the whole idea of it if u getting a good private pension they think u don't need the state one
@squishedfrog99-gp4qq
Ай бұрын
So better than the UK. Food is more expensive but everything else is a lot cheaper.
@chrisj6321
Ай бұрын
Also want the extra fun bit you get audited and you have to explain to the government every couple of years how you have spend your own money. To make sure u have not hidden it or given it away so u can claim the pension
@JacobBurchell
Ай бұрын
Sounds like they are very strict on it then! Gonna be interesting to see how it plays out in the UK in the years to come.
@andyjackson5986
Ай бұрын
What if your an expat
@JacobBurchell
Ай бұрын
That’s a good question. We’ll have to wait until they complete the pensions review and see what changes they want to implement, but hopefully expats will be fine 👍🏻 thanks for watching.
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