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Change approved to UK Pensions

Change approved to UK Pensions

Old Aug 2nd 2014, 8:41 am
  #16  
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Default Re: Change approved to UK Pensions

Just checked mine, age as expected is increased to 66- however with 38 yrs qualifying which is more than required, the calculator says I'll only receive £113! How does that work then as the pension at the beginning says it will begin at £148?
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Old Aug 2nd 2014, 8:56 am
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Default Re: Change approved to UK Pensions

Same with me ... 43 years contributions paid but only £113 due at the age of 66.

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Old Aug 2nd 2014, 9:00 am
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Default Re: Change approved to UK Pensions

Just done my husband's too who is 3 years older than me: 46 years of contributions and at the age of 65 will get £113 ...
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Old Aug 2nd 2014, 5:12 pm
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Default Re: Change approved to UK Pensions

Originally Posted by Kath Las Colinas
Just done my husband's too who is 3 years older than me: 46 years of contributions and at the age of 65 will get £113 ...
Weird......... looks like once again the government has spent loads on an IT system that doesn't work! Surely its obvious that >35 years (now) = full pension!

As I said in the OP, only governments can make retrospective changes to the 'contract' we all had with them.

Also I don't see the 'amnesty' to top up with voluntary NIC's... that the HMRC told me was under consideration (but made it clear that I had to wait to see - no guarantee).. surely this is a way to lessen the blow, and get money for those well over 50.

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Old Aug 2nd 2014, 5:38 pm
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Default Re: Change approved to UK Pensions

Don't you only get the full pension if you have been contracted in?
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Old Aug 2nd 2014, 7:48 pm
  #21  
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Default Re: Change approved to UK Pensions

Originally Posted by bobd22
By the way the 95 act only sought to equalise pension age of women to 65 by 2020 then this government in 2011 increased it again beyond 65 for many.
My point was the increases for women to 65 didn't just happen overnight, as people seem to think, it was well trailed, so that people could plan well in advance. The more recent changes were brought in quicker.

Last edited by CapnBilly; Aug 2nd 2014 at 8:08 pm.
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Old Aug 2nd 2014, 7:58 pm
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Default Re: Change approved to UK Pensions

The state pension calculator that is being used only works out your pension under the current legislation. It then just points you to information about the new flat rate pension. It clearly states that at the end.

"The State Pension will change on 6 April 2016. When you reach State Pension age you’ll claim the new State Pension. This is an estimate of your basic State Pension under the current rules.

This will be the least amount you will get under the new State Pension rules."
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Old Aug 2nd 2014, 8:51 pm
  #23  
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Default Re: Change approved to UK Pensions

The other proposed significant change is the credit you would receive by delaying your pension.
Putting is simply you have to live longer to get the pension back you would have received if taken when reaching retirement age.
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Old Aug 2nd 2014, 8:57 pm
  #24  
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Default Re: Change approved to UK Pensions

Originally Posted by Bri and Katee
Just checked mine, age as expected is increased to 66- however with 38 yrs qualifying which is more than required, the calculator says I'll only receive £113! How does that work then as the pension at the beginning says it will begin at £148?
Thats actually the current maximum basic pension I guess they haven't updated all their systems yet
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Old Aug 2nd 2014, 10:36 pm
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Default Re: Change approved to UK Pensions

Originally Posted by CapnBilly
My point was the increases for women to 65 didn't just happen overnight, as people seem to think, it was well trailed, so that people could plan well in advance. The more recent changes were brought in quicker.
Yes then we seem to really make the same point, my view is that such changes should not affect those within 10 years of drawing the pension as a minimum, as that would at least allow them to plan and possibly do something to counter the change. The initial equalisation was correct as with equality then age for pensions should be equal and the initial time scale was fair. However what happened 2009 on was a farce chopping and changing of qualifying years etc and involved all 3 major parties.
As for the people who have sufficient qualifying years or slightly less etc, the reason for pension forecast showing £113 is that even though this change to single tier pension is only 2 years away they still haven't got their act together and it is quoting the current state pension where one only needs 30 qualifying years. Hence why I say the way this is being rolled out is farcical.
By the way one other thing people need to be aware of the way things read at the moment the single tier will not be a single tier for those who have been contracted out, service people, NHS, Teachers, Police and many other public sector workers. This is because you have paid a marginaly reduced NI contribution while contracted out, this as I mentioned earlier ignores of course that one may well have paid maybe 5 or 10 years more years than the 35 to qualify appears so far the extra years don't count. Made of course more annoying for service people who did not contribute or choose to join a pension scheme but it was just part of service with no payment being made as a contribution. Also worth bearing in mind for those with Military Service since 1975, you may well have accrued a deferred service pension one can claim at 60 for any years of service, pre 74 one required 22 years for rankers and 16 for commisioned. This of course is a bonus as in yes you can claim the deferred pension but you will also have a reduction on your state pension for equivelant years contracted out (this applies with current pension also by the way but usually only comes to light when one draws state pension) . For those that may have without knowing qualified for deferred military pension here is a link worth looking as you need to claim it they won't look for you.
https://www.gov.uk/.../system/.../20...ion_advice.pdf

Last edited by bobd22; Aug 2nd 2014 at 10:49 pm.
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Old Aug 2nd 2014, 10:42 pm
  #26  
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Default Re: Change approved to UK Pensions

Sorry link didn't,t work here is one but quite long winded I will also copy and paste a concise explanation from FB
https://www.gov.uk/pensions-and-comp...e-armed-forces
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Old Aug 2nd 2014, 10:42 pm
  #27  
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Default Re: Change approved to UK Pensions

Just in case anyone isn't getting an Army Pension when they are entitled: applies to all 3 Services not just army

Have you served in the military since 1975?

It is possible that you have earned a preserved pension payable at age 60 (or 65 if you joined after April 2006).

Read the following to see if you qualify and follow the links for the application forms if you do.

Pensions

There are currently two Armed Forces Pension Schemes (AFPS) available to service leavers; AFPS 75 and AFPS 05.

AFPS 75 pension benefits are based on rank and length of service. All personnel serving between 6 April 1975 and 6 April 2005 will have served under the AFPS 75 scheme.

AFPS 05 pension benefits are based on length of service and final salary and personnel who joined after 6 April 2005 will be serving under the AFPS 05 scheme. However, personnel serving between July 2005 and March 2006 were given the option to move to the AFPS 05 as part of the Offer to Transfer process.

There are some fundamental differences between the schemes that cover both retired benefits and dependants benefits. To find out what benefits personnel are entitled to, read the information below and download the booklets that are applicable to the AFPS that you/your spouse are/were serving under.

Service preserved pensions
Prior to 06 April 1975 there was no provision for a preservation of pension benefits and service personnel who left the armed forces had to have completed 16 years from age 21 (officers) or 22 years from age 18 (other ranks). Those who left before that date without completing the above criteria, lost all pension entitlement.

The rules changed on 6 April 1975 to provide for pensions to be preserved for payment at age 60 for all those discharged over the age of 26 with a minimum of 5 years service. On 6 April 1988, the qualifying period was reduced from 5 to 2 years and the age criterion was dropped. Preserved pensions have to be claimed at age 60 or at age 65 if your service began after 5 April 2006. However, you can claim your preserved pension sooner if you become permanently incapacitated.

Service pensions are administered by the SPVA but pension payments are made by Paymaster (1836) Ltd, the paying authority for the Armed Forces Pension Scheme (AFPS).

Contact details
For help and information on your armed forces pension please ring the SPVA on 0800 085 3600
or write to:

JPAC Enquiry Centre
Mila Point 465
Kentigern House
65 Brown Street
Glasgow, G2 8EX

For help and information on your compensation claim please ring the SPVA on 0800 169 2277

or write to:

SPVA Norcross
Thornton Cleveleys
Lancashire, FY5 3WP
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Old Aug 2nd 2014, 10:45 pm
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Default Re: Change approved to UK Pensions

Originally Posted by johnnyone
Don't you only get the full pension if you have been contracted in?
yes it seems to be so also I believe any already accrued SERP,s will be honoured?
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Old Aug 3rd 2014, 1:28 am
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Default Re: Change approved to UK Pensions

Originally Posted by bobd22
yes it seems to be so also I believe any already accrued SERP,s will be honoured?
Only the difference between the new pension and any SERPS/SP2's accrued above that amount and not the full amount paid for.
It would have been better for me to have stayed contracted out when I was advised some years ago to contract back in.
On the other hand my wife should benefit from the new scheme.
There are bound to be winners and losers but overall if it simplifies things and saves admin costs it must be good.
I do think there will come a time when the Country will realise it just cannot afford its pension obligations including the public sector because they are paid from future taxation.
I do not believe successive governments have got to grips with that for obvious reasons.
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Old Aug 3rd 2014, 2:49 am
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Default Re: Change approved to UK Pensions

Yesi agree I mentioned earlier in the thread that successive governments have failed to deal with the issue and now as if it has happened overnight say everyone is living longer, of course yes some may some may not. Reality is over the last certainly 30 years probably more so many have not been paying anything into the pot (to coin a phrase) due to being on long term benefits but of course will be entitled to a full pension. As you say some you win some you loose. I am going to base my future state pension on what it is today I.e. £113 if I get any more it will be a bonus. I do wonder how they back track the qualifying years? As I should have a few years not contracted out but if they go by the last 35 years of NI they won't count. I must admit I was not aware that it was only any seeps over the single their that count, I thought at least my wife may benefit from that but from what you say I now doubt that.
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