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LINKS
FINANCIAL ADVANTAGES
OF BEING AN OLD FART
Following the B Squadron "SLOBBO" reunion, when amongst other things the advantages of being over 60 were discussed, Andy Griffin kindly sent all members an interesting case study on how to improve ones finances in old age. This was followed up by Richard Slogrove and Tony Steel with even more ideas on how to capitilise out of old age.
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As a result of this, and of my receiving a surprise cheque in the post in Nov 2004 for £200 from the "Veterans Agency" for my winter fuel, I thought it a good idea of Richards to share information on the financial benefits of being an old fart. I therefore publish their letters of advice! (Unedited and without their permission!) (By coincidence, my £200 arrived the same day as Richard's email - I assume it's to be spent on fuel that heats from the inside!) |
NOTE - A pint to the first man to tell me what SLOBBO is an acronym for?
From Andy Griffin - BOOSTING YOUR PENSION
Dear All,
It was a good evening wasn't it? I think I got poisoned by champagne opened with a dirty sword.
For those who might be interested, the details about boosting your pension by paying a lump sum in lieu of contributions are as follows:-
You can pay up to 7 years of non-contribution. In my better-half's case the figures were:-
| Tax year | Total amount of voluntary Class-3 contributions needed | Last date to pay this |
| 1996 | £309.40 | 5 April 2008 |
| 1997 | £314.60 | 5 April 2008 |
| 1998 | £325.00 | 5 April 2008 |
| 1999 | £335.40 | 5 April 2008 |
| 2000 | £340.60 | 5 April 2008 |
| 2001 | £351.00 | 5 April 2008 |
| 2002 | £356.20 | 5 April 2005 |
The maximum lump sum to pay was therefore £2332.20
The result in Pat's case was to raise her weekly pension from £40.62 to £53.68.
In other words an investment of £2332.20 gave a return of £13.06 a week or £679.12 a year, which even I can work out is a "good deal".
You probably all know that the contact address for all this is:-
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Retirement Pension Forecasting Team The Pension Service Whiteley Road Newcastle-on-Tyne NE98 1BA 0845-3000168
Keep taking the pills
Andy Consultant to 89B on pensions and getting your own back on Gordon Brown
PS. I suppose we shall be discussing the relative merits of supercharged zimmer frames next time. |
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For the Retirement Pension Forecasting Team web site CLICK HERE 8th November 2004
From Richard Slogrove - GO FOR YOUR FUEL ALLOWANCE
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3 members of 89B spotted enroute to collect their Fuel Allowance - Nov 2013 |
Andy's thesis on matters financial was very useful. It is better than a 33% return on investment, provided one lives longer than 3 years. After 3 years you have your money back and thereafter it is all profit. Suggest the true return is to take average life expectancy, subtract your retirement age and multiply the number of years by the increase in pension. It makes really good sense to do this calculation for your wife : she is eligible for a pension at 60 rather than 65, and women have a life expectancy of 78 yrs compared with our 74 yrs.
Require financial bulletin on Fuel Allowance from those successfully obtaining their annual allowance of £200 tax-free, which is worth £332 to those of you on 40% tax rate.
Maybe one of the benefits of SLOBBO is the sharing of useful info. We'll have to do this by email, because I can't remember what any of us said last Sat/Sun, owing to deafness, the fact that we all spoke at once and, possibly, alcohol consumption |
Such a good time! Thanks to one and all.
Richard. 9th November 2004
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Editors note - If you then spend your Fuel Allowance on "internal fuel" in Spain, where it's less than 1/2 UK price, you can more than double your money!! ....... In mid November Dick Shuster and I went to spend ours in a little town called Les. It's just over the French border in the central Pyrenees! We took a big white van and bought enough booze to last me a year and Dick a month (I live near there in a village called Monleon Magnoac [some of the time] and 89ers are always welcome) Tel - 05 62 99 47 24 |
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From Tony Steel - SLOBBO PENSIONER'S DATABASE
Slobbos All,
Having just passed the 60 point I am still learning about the 'benefits' on offer. Richard's idea of a SLOBBO PENSIONER'S DATABASE could help pay for the next Slobbo!!
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Here's my input: So far, I taken advantage of: -Winter Fuel Allowance, -Paid reduced rates at my local swimming pool (£2:70 reduced to £1:50), -Gained a discounted rugby season ticket (£225 reduced to £90), The last two were not offered - I had to ask - investigating could be a lucrative hobby! I don't need them yet but I'm still researching bus and train passes. What about prescriptions, dentistry etc? At least we all still drink our wine through real teeth!! Regards Tony 10th November 2004 |
From Dick Shuster - GO FOR YOUR BUS PASS
I did - the day after I retired from RAF service!
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Mind you I'm still waiting for the bus...... I was told that the one on the right was seen heading towards York around 1945. It's now just gone 20.04 and there's not another in sight! |
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USEFUL LINKS FOR OLD FARTS
(Click on the title
for the relevant website)
In 1963, who'd of thought we would ever be looking at these sites?