It doesn't apply to anyone currently drawing their pension. They remain on the old rate

Dom was it not 44 years for men until they dropped it to 30?

One other way that my wife looses out is as I was serving overseas in the Forces and she accompanied me on two 3 year tours, she lost out on 6 years NI contributions, so now suffers. I have said it before but when the Government mention the word fair the working person needs to watch their back.

It's quite sad really that I now find pensions such a gripping subject - I remember at 20-odd thinking "how boring" if they were even mentioned! I suppose I was of the "hope I die before I get old" generation!

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 !

So it's not really a flat rate pension at all then. It also mentions that those that don't have 10 years contributions will not get the pension? so what will they get? Like I said earlier it seems to me that the real winners are those that have done and saved nothing all their lives.

presumably gathering no moss

I got a letter saying full pension despite being contracted out
then I got a letter saying they had re-assessed it, and I got more due to my Serps
still can't understand why when they had 65 years to plan it they couldn't get it right the first time.

`

Yes me and the wife tried that planning our retirement, then in the last 5 years everything changes for us, still no one said life was fair.

If I am reading this right, this aspect is something that has not been mentioned in any of the media coverage I have been able to find, which means the Govt is keeping very quiet about it and hoping it is buried in the small print - because it would mean that no-one who has been paying into an occupational pension scheme, and has thus been contracted out of SERPS, will in fact qualify for the full flat rate pension even if they retire after 2017?

it should be if you are obeying all the rules Bob, just that they seem to backdate things to make it unfair to as many as possible

Same generation, just different band!

Now the Government is hoping we ALL die before we get old, to avoid paying us anything at all!

Spot on Dom

Yes Lynn seems to be just something that they forget to mention in the run up. What gets me they say that those that have opted out will now start paying the full NI or whenever the new scheme comes in. So if they pay that for say 6 months then reach retirement age will they get full flat rate? and they say it is to simplify it

The point about the reduction for being contracted out is that you paid reduced NI, and the government paid an amount (no idea how much) to your occupational scheme, so you received an enhanced pension. In occupational pensions, this is what they are referring to when they talk about GMP (guaranteed minimum pension). So, in all fairness, its right that there is a reduction, unless you want to give up some of your private pension.

The 10 years is the minimum number of years to qualify for anything. Less than this they will get nowt in terms of pension. however, I thin k there will still be some sort of welfare payment for people who don't qualify, but it will be means tested.

my beef is with pvt pensions, the company changed the rules to facilitate a "seamless" merger with another company, changing from 60ths to 80ths amongst other things.
then they started telling us the investments hadnt done so well (as if it was MY fault) so the payouts would not be so high as forecast, then the investments went up but the payouts didnt.

how can one plan in such a fluid environment - no wonder Granny kept it all under the bed.

apologies, my altzheimers clicked in, can't think Who I was thinking about