Member Info for longtimeinvestor

flec
?

You can give a regular amount to whoever you want

flec
what's the definition of regular income, and regular payment?

My pension is a regular income as is dividend income.
I pay a regular monthly amount

''If you make regular payments
You can make regular payments to help with another person’s living costs. There’s no limit to how much you can give tax free, as long as:

you can afford the payments after meeting your usual living costs
you pay from your regular monthly income''

https://www.gov.uk/inheritance-tax/gifts

Flec
I live in London - and that is the rule

flec
I already give a 4 figure sum away each month that I do not need. As I said, so long as it is regular and not a one-off large give away from assets them it is outside the scope for inheritance tax

flec
any regular amount that comes from unneeded income is outside of the 7 year rule

flec
if only i didn't have family members to help out

flec
yes 29 years of NI.

Never asked for or will ask for a projection. What ever the amount I won't be keeping a penny of it. I already give a lot from my HSBC pension and dividends away.

67s
There are certainly many people who are not in need of a state pension - I for one don't need it - whatever it is , which won't be much having left the workplace after 29 years of work and most of that 'contracted-out' will be given away.

s67
''The forecasts of state pension that we get while we are still working are not a guarantee of what we will receive, unlike db schemes.''

Under the current system you are guaranteed whatever the projection it will increase by at least inflation.

67s
''as it wasn't an inflation linked rise last year.''

State pension went up last time by the inflation rate (3.1%)

Income option was ignored due to it being artificial having come out of furlough schemes

67s
the rnid scheme was closed to new employees over 20 years ago, so I assume you have been there a long time.

State pensions - also unfunded

No fund but guaranteed to go up with CPI - no limit.

Things need to change to be put on the same footing as private pensions that actually have a fund

So basically most public service pension schemes have no fund to go bust

67s
Most public service pension schemes are 'unfunded'.
I think local government my be funded

67s
I have gone by people i know who receive or will receive a public sector pension, and -
'' Savers with public sector pensions are not suffering the same fate.
'Most public sector pension schemes increase every year by the full rate of Consumer Prices Index inflation, which is really the gold standard,' says Hemal Popat, partner at actuarial consultants Mercer''

https://www.thisismoney.co.uk/money/pensions/article-10816063/Think-pension-inflation-proof-Prepare-shock.html

s67
I believe that g13 may have been hinting at the fact that most public sector pensions are completely inflation proof whereas private pensions are not.

It would indeed be a brave thing to do to get a transfer value out of a final salary scheme

67s
''an inflation proof income for life''

if only - my last increase was below RPI.
I only get guaranteed increases in RPI up to 5%. October when rpi is taken for my rise RPI could be at 12% ??

gb (stupid)
The 'Great' in Great Britain - It is known as 'Great' because it is the largest island in the BRITISH Isles, and within it has England,Wales and Scotland.