Mitzyboy

For those of you pre retirees that want to keep an eye on what your pension is doing, you can register here and keep a check on what its worth

https://addvantage.capitahartshead.c...chi/login.html

Fred James

I'll bet they are still going up, unlike the pensions for the rest of us!

poshnbucks

Only 5% this year Fred.

bigglesworth

"pre-retirees" may want to keep an eye on this as well

http://www.dmo.gov.uk/

Central Government pensions were broadly always unfunded, so the cost to the tax payer, although large, has always been identifiable.
Local Government schemes (and many quasi public) however have been partly funded.
The clever little wheeze that Gordon came up with was to use FRS 17 to push pension funds (particularly LGPS) to match the duration of their liabilities (20 to 30 years) with similarly long-lasting assets. The only one of which happened to be ....

Government Stock!!

Which was great for financing his spending splurge, not so good for the poor future pensioners.

Because as any fule kno Government stock pays an appalling return (often less than inflation). Therefore the pension funds never grow in real terms to much more than the amount paid in.
This has left all Local Authorities with increasing shortfalls, which heretofore they have covered by increasing council tax. But the collapse in the stockmarket has doubled the deficits and when inflation takes off next year after Gordon's latest credit boom they will balloon.

Factor in a further 1.9 percent decline in private sector wages and a 3.6 percent increase in public sector wages, and ask your selves where (or indeed if, given the disparity in remuneration between the two sectors) the private sector, many of whom are already unemployed, will find the money?

Another cheery little toxic liability brought to you by Gordon and the Innumerati.
There never was such a thing as a free lunch, and this one will be no different.

fionamw

As an ex of a pre- or very-nearly - retiree, I'm predictably interested in the welfare of my third of a pound of flesh........ do I have to be of retirement age or do I get the dibbings simply because he's retiring?

bigglesworth

PM me and I will tell you my (very private and somewhat amateur) thoughts

ForHotspot

Can anyone please tell me if a person is on a private pension, can she still apply for the govt pension at 60?

Thanks.

bigglesworth

If by Government pension you mean state pension, then yes. It is adjusted for years of stamps, but I don't know the ratio.
I expect Fred will be along soon and give you the exact answer

cymruambyth

and it is well worth paying for missing years - doing it at the moment for my wife.

ForHotspot

Yes it's the UK state pension. I also have a pension from the company I worked before I left UK. I'll be moving to Spain next year. I wonder if I can apply for the state pension in UK next year.

bigglesworth

If you check the thread, I am sure i read somewhere that if you claim the pension BEFORE you leave, you will get the winter fuel payment too

ForHotspot

I can't claim till next year but I've left UK since 1995. I don't know whether I qualify for the pension though I've worked in UK for over 17 years (permanent job) & also on & off during the vacation terms.

bigglesworth

I think you still get state pension, but may not get winter fuel allowance. But wait for Fred, he will know much better than I.

Fred James

You will be entitled to a state pension based on 17 years contributions (assuming you made them). At the moment the requirement for a full pension is 44 years for a man but as from April 2010 that drops to 30 years.

On that basis you would get 56% of the state pension. I think you may have passed the point where you can make any further voluntary contributions to increase your pension.

ForHotspot

Thanks Fred for your info.

I've contributed over 17 years plus I've contributed extra 3,000 sterling pounds to the system before I left.

Is that 30 the number of years of contribution to the system? What is it for a woman?