New UK State Pension
#1
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New UK State Pension
There should be an automatic calculator available soon to work out your entitlement.
New 'flat-rate' state pension: how much will you get? - Telegraph
It is simply not true as some have suggested that all will receive the new pension.
So please everyone, contact DWP directly and doublecheck everything you are told. This is after all just as new to the people you speak to there as it is to us.
New 'flat-rate' state pension: how much will you get? - Telegraph
It is simply not true as some have suggested that all will receive the new pension.
So please everyone, contact DWP directly and doublecheck everything you are told. This is after all just as new to the people you speak to there as it is to us.
#2
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Re: New UK State Pension
It's been done to ensure that everyone is over the income limit to get the benefit Pension Credit, as the total of your pension/s will take you over that limit. Pension Credit is a passport benefit that gives access to lots of other benefits; even if they are only entitled to 1p of Pension Credit.
They plan to stop most people getting Pension Credit if they have savings, but I assume with this new pension, they can now remove the low income part too and get rid of the benefit Pension Credit? They are already stopping those with a younger partner from claiming Pension Credit and now that partner will now have to work and keep them, instead of what happens now where the welfare state keeps them and their younger partner through Pension Credit.
Lots of concessions (taxes and with benefits for their children) are being given to those who put more in their pension pots and new pension changes for companies. Moving away it seems from, the UK will keep you in old age?
Last edited by formula; Sep 1st 2014 at 11:54 am.
#4
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#5
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Re: New UK State Pension
Formula I think you need to wait and see on what people will receive.
I for example have contributed for well over 35 years and I was told a few months ago by DWP that I will not get the full amount. (I was contracted out of SERPS for part of the time).
As to your comments on Pension Credit I must confess I do not understand. But then I do not really know anything about it. Could you explain or provide a link or whatever?
Your last paragraph is a bit counterintuitive as all I read is increased limits on the amounts and ways people can save for their retirement. Again could I ask you to elaborate?
I for example have contributed for well over 35 years and I was told a few months ago by DWP that I will not get the full amount. (I was contracted out of SERPS for part of the time).
As to your comments on Pension Credit I must confess I do not understand. But then I do not really know anything about it. Could you explain or provide a link or whatever?
Your last paragraph is a bit counterintuitive as all I read is increased limits on the amounts and ways people can save for their retirement. Again could I ask you to elaborate?
#6
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Re: New UK State Pension
If they have contributions in thier own name for at least 10 years
Last edited by formula; Sep 1st 2014 at 12:05 pm.
#7
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Re: New UK State Pension
Basically, most of these changes; even the new state pension; are to stop people using benefits as a lifestyle choice. And to make it fairer to those who work and who plan their finances for retirement; plus they now won't be funding a good lifestyle to those who chose not to do this.
It's no accident that the government have arrived at this new minimum amount state pension. It will save the UK money in benefits and those who worked and put in to a pension, will now be better off than those who didn't bother. The latter group will be worse off.
The state pension will be based on your own contributions and not based on what your partner paid. Those who raised children in the UK while they stayed at home and their partner worked, have their contributions paid for x years by being linked to Child Benefit payments.
Paying more into a pension from you salary, reduces your tax liablilty.
Companies now have to provide pensions. Before, many of the smaller ones didn't. Same as the big firms now, employees put in and employers do too so that everyone who works ends up better off in old age.
Last edited by formula; Sep 1st 2014 at 1:00 pm.
#8
Re: New UK State Pension
For those who would only have been eligible for the old Basic State Pension, the new pension is a substantial increase in benefit even if it does require an extra 5 years of contributions.
#9
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Re: New UK State Pension
Okay formula thank you for that - I just thought you were saying a bit more. Mea culpa. Thanks for clarification.
#10
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Re: New UK State Pension
But a massive loss in all the other benefits they could have claimed if they didn't contribute to a private pension or SERPs
#11
Re: New UK State Pension
For UK expats with lots of Class 2 NICs and, no complications of SERP, the new pension rate is a big added benefit.
#12
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Re: New UK State Pension
Yes, it has now been pointed out to them that under their present plans, class 2 NICs will be better off; and that the government lose more money and more importantly (to them) they will risk upsetting the resident voters. There is still time to change things before 2016.
Last edited by formula; Sep 1st 2014 at 1:44 pm.
#13
Re: New UK State Pension
Yes, it has now been pointed out to them that under their present plans, class 2 NICs will be better off; and that the government lose more money and more importantly (to them) they will risk upsetting the resident voters. There is still time to change things before 2016.
Last edited by nun; Sep 1st 2014 at 2:51 pm.
#14
Re: New UK State Pension
Some people can now get a pension forecast which shows how much they will get under both the existing system and the new system.
Now everyone can get a forecast based on the new system yet - just those that will reach state retirement age fairly soon after the change date - April 2016. I think that equates to people who have a date of birth some time in 1955.
I also heard on the news that each month the dob eligible for a forecast will shift (can't find a link to confirm that).
There's a thread on MSE which is talking about it, and I daresay more will pop up as people get their forecasts.
Pension forecast April 2016 - MoneySavingExpert.com Forums
Anyone here got a new forecast?
Now everyone can get a forecast based on the new system yet - just those that will reach state retirement age fairly soon after the change date - April 2016. I think that equates to people who have a date of birth some time in 1955.
I also heard on the news that each month the dob eligible for a forecast will shift (can't find a link to confirm that).
There's a thread on MSE which is talking about it, and I daresay more will pop up as people get their forecasts.
Pension forecast April 2016 - MoneySavingExpert.com Forums
Anyone here got a new forecast?
#15
Re: New UK State Pension
Formula, I object to the tone of your contribution. Whether or not someone has an adequate pension on retirement depends on a large number of factors, not just whether they 'could be bothered' to save, or 'choosing benefits as a lifestyle choice'. Factors such as their income during their working years, time lost because of ill health, unemployment or caring responsibilities, and whether their employer ran a pension scheme are going to be much more important.
Let's try to give useful information on this forum without stigmatising the less well off who might seek advice here.
Let's try to give useful information on this forum without stigmatising the less well off who might seek advice here.