Giantaxe

I don't follow this argument. Given that you are sure of getting at least what you would under the old system with 30 years of contributions, you really can't claim a need to have to "make up" 5 extra years as though they are now needed to get the same pension. They aren't. You can choose to pay for those five years (either through work contributions or by paying separately), and you get more pension than you would have got in return. Why is that unfair? Also remember that when you started working 45 years of contributions were required for a full pension.

Also note that "those coming after" will see their pension age increase to 67 in 2026, with more increases tied to life expectancy likely after that.

66 will be the pension age for those who reach it between 2020 and 2026, so obviously there will be a point where a later birth date makes no difference. Additionally, the women's pension age will equalize with men's by the end of 2018, fully 23 years after the equalisation was announced.

The reality is that the government had to find a way of increasing women's pension age from 60 to 65 (now 66). I guess it could have started the process sooner after 1995 and spread the age increases over a longer period of time, but I bet there would have been even more squealing had they done that.


Speed? As mentioned above, it will be 23 years between announcement and full implementation of equalisation.

And out of the aforementioned eighteen months, twelve are attributable to the increase in retirement age from 65 to 66, which applies to both men and women. So, as I said in my first post in this thread, a small age cohort of women will see their pension age increased by up to six months due to the government completing equalisation (in addition to the increase in the pension age to 66) by September 2020.

BEVS

I'm not having an argument nor stating that anything is fair/unfair Giantaxe. Not at all.

I'm just at the beginning of trying to get to grips with this as per my own thread .HERE

This though

I realise I'm not up to speed but I did think my pension age would be 65 . It is now 65 and 9 months.

Neither am I claiming a 'need', as you put it, over the 5 year thing. It does seem though that if one wishes to ensure some sort of full UK pension as one thought one would receive, rather than some pro-rata amount, one might need to fork out a goodly sum of pound notes as one might not have time years wise to make that up via work.

Geez. Not sure why you feel so grumpy. I'm simply trying to ensure I understand the ins and the outs of this if we should make a UK return. I always thought I'd done enough for a full state pension and that is still all I want to ensure. Nothing wrong with that is there?

At least what I do now know is that my pension age kicks in 9 months later than I thought it did . Not 65. Not 65 and up to 6 months. 65 and 9 months.


edit note:-
Giantaxe has altered their post subsequent to my own reply.

BEVS

What is puzzling me a bit over this UK state pension thing is what will be paid to those that did or had to take breaks during the 30 or 35 year NIC period.

I do mean the disabled. Those bringing up a family and so perhaps not working for a fair few years.

If these people will get a lesser amount because NIC contributions are not considered enough as such, what happens if they are in hardship? Not enough pension to pay the basic bills and the like?

Here in New Zealand it is simple. Reach age 65 , you gain your state pension.

Giantaxe

I was separating out the increase attributable to equalisation being completed by the end of 2018 from the increase attributable to the pension age increasing from 65 to 66 by September 2020. In your case, I wonder whether any of the increase from 65 is due to the former?

But the "full" amount is not static and your "pro rata" amount is at least what you would have got under the old system. Again, how is this unfair?

I'm merely trying to introduce some rational arguments into the discussion...

What if the definition of "full" has increased? Do you expect that amount without contributing more to the system in return?

And I know my pension age is 66. Not 65. And I think that's good public policy given increased life expectancy.

Giantaxe

Here's a list of situations you get credited with NICs in. It includes being in receipt of child benefit for a child under 12, being disabled, and getting carer's allowance:

https://www.gov.uk/national-insuranc...ts/eligibility

BEVS

I'm leaving you to it mate.

Not once have I claimed 'unfair' nor that I want something for nothing , yet you seem determined to paint my posts in this way.

I'm back off to trying to ensure I understand my own pension affairs with a little help from others.

I bid you good day Mr Giantaxe.

Giantaxe

Subsequent to you writing your reply maybe, but my last edit is timestamped one minute before your post.

Editha

Bevs you don't need to guess your state pension age. There are a number of calculators on the web, such as this one:https://www.ageuk.org.uk/money-matte...ll-you-retire/

Perth

Editha, do you know how long beyond 65 you can defer taking the pension? In the USA you can defer until aged 70. I have tried finding the answer on the pension's website, but all it tells you is that you can defer, and how much extra you would get per year - but not maximum number of years.

Editha

There is no limit. You can defer for as long as you like.

Perth

Interesting. Thanks!

Editha

I know somebody who has deferred for ten years and more than doubled her pension.

Perth

I am assuming this person had the 30 years already acquired? I will not have the (now) 35 years, and have paid the 6 years top-up. With that I only have 15 years total right now. If I keep working until retirement age (66 for me - another 9 years) I will only have 24 years. Can I keep working and defer indefinitely also, regardless of how many (or few) years I have accumulated at retirement age?

Editha

You can keep working and defer indefinitely. But, remember that you are losing pension every year you defer. You have got to be confident that you will live long enough to get back the money you have lost!

Unfortunately, the deferment rate goes down for people in your age group who reach retirement age after 6th April 2016. It will only be 5.8% p.a. rather than 10.4%. This considerably reduces the advantages of deferring.

Giantaxe

The percentage increase from deferring the pension due at pension age would be unaffected by the number of years of contributions.

You can keep working, but iirc you cannot add to your NI record past your pension age.