Re: Pension question
 

As I understand the current legislation SERPS is what you have actually earnt. So depending upon when you got your forecast ( I might be wrong on this, but I think they quote on today's figures) it will be made up of the basic pension plus your SERPS, so if it was today it would be £107 basic plus SERPS. This would be based on needing 30 years contributions.

. If this changes to 35 then your basic would be £123 as you say , but I would then expect your SERPS contributions to be added. However, it may say in the white paper that the maximum is £144 and you lose it. We won't know until this afternoon, but it doesn't seem right that you end with less. That doesn't mean it won't happen of course.

Re: Pension question
 

Very true but lets be honest the real winners will be those that have never actually worked in their life hence have paid no NI as it has been paid by the rest of us that have worked.

Re: Pension question
 

Looking at the BBC site re this the government have not yet decided if those that have been opted out of SERP's will get the full amount under this new proposed scheme? That being the case then it looks to me that they have added the SERPs paid in will be covered by the new flat rate. So even though we are waiting for the white paper to be published it doesn't seem as though the whole thing is thought out yet.

Re: Pension question
 

all this is doing is perpetuating the "double standard" pension rates that are dependent on which country you retire to and bringing it in to the mainland.

in overall employment terms those older people getting or about to get pensions will have generally have been working longer before getting their lower pension and be worse off when compared with those who retire having attained less qualifying years whilst having their stamps paid for whilst out of work.

take a couple of semi's,
#1 occupied by always out of work family, paying rent to council, continually drawing the maximum of benefits, always down the pub/club, smoke like chimneys and run a clapped out Mondeo.
on retirement nothing changes, when they need to go into a council care home have no money so make no payment towards costs.
#2 occupied by always in work family, bought house on mortgage, only needing benefits for a couple of weeks in their lives. Rarely go out, save for their pension, don't smoke, good credit rating, drive a small fuel efficient motor.
on retirement they are stopped from getting anything other than their pension. when they need to go into a council care home they have to liquidate their property and contribute large sums because they have "excess wealth"

which one's do you know best ??
:frown:

Re: Pension question
 

The new date of 2017 was originally 2015.
Both my wife and myself have gone from being one of the first to receive the new pension to one of the last to receive the old pension as we both reach pensionable age in 2016.
In any change there are bound to be winners and losers, however if it is right for the country overall then I have no problems with that.
Whether it is right though is another matter.

Re: Pension question
 

Well, it certainly seems that as someone with 33 years' Class 1 NI contributions paid, I am set to receive slightly less than the full flat rate pension, whereas someone who has received credits for claiming benefits could end up with the full flat rate pension. How is that fair? At least when you needed only 30 years to qualify I would have got the same.:thumbdown:

Re: Pension question
 

but didn't I have to have 40years paid up to get my pension ??

`

Re: Pension question
 

I think what annoys me most is that I only had 29 years contributions so had a forecast and opted to pay the final year so that I would get a 'full' pension.

I now find that, a couple of months later, I (might) have to buy another 5 years worth of contributions.

My wife had the full 30 years plus serps but will now also have to buy another 5 years.

It's rather blown all of our calculations clean out of the water!

Re: Pension question
 

Yes, but at least you ended up getting what you signed up for, at the age you expected to get it when you started work!

Re: Pension question
 

will depend on your retirement date, if it's before the new regulations kick in then I suppose the old 30 years will still be in force?

Re: Pension question
 

it is so long ago and retirement was so long away that i didnt give it any thought - then all of a sudden there it was
:eek:
I don't think people of my age gave much thought to it for most of their lives, things were reasonably steady, unlike the roller coaster of today's world.
although many newspaper reports indicate that many people just aren't bothering.
is that reliance on the Welfare State, or a hope that they can get a good price for the house they live in
:blink:

Re: Pension question
 

Nope, current retirement date (unless they move it again) is July 2027 for my wife and March 2024 for me!

Re: Pension question
 

Wow, I though mine was a long time away at 2020

Re: Pension question
 

Had a quick scan through the white paper, and the way it reads is that in terms of SERPS they will work out what you would have got under the old (existing scheme), and if it is more than the single tier pension, then you will get the additional amount.

One thing which does emerge is that if you have been contracted out, then you won't get the full amount, there will be a deduction to reflect that you didn't pay the full amount of NI contributions. It's called the rebate derived-amount, but it doesn't say anywhere how much it will be !

Re: Pension question
 

Why do we have to wait 4 years for to get £144 a week pension