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UK STATE PENSION

UK STATE PENSION

Old Aug 18th 2017, 7:38 pm
  #31  
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Default Re: UK STATE PENSION

Originally Posted by bobd22
Thanks for explanation still confused lol.
I think the bottom line is that if you have sufficient contribution years then you're in the same position you would have been if they hadn't introduced the new scheme.

Having said that somebody who only contributed for 35 years receives the same amount. I think that's what people find confusing. Personally I thought when the Labour Party reduced the contribution years to 30, that it was not sustainable, 35 is a bit better, but even that is a bit low.
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Old Aug 18th 2017, 7:47 pm
  #32  
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Default Re: UK STATE PENSION

Yes that seems to be how they have done it. May have been better had Duncan Smith not touted it as a substantial pension rise 😃
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Old Aug 18th 2017, 7:52 pm
  #33  
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Default Re: UK STATE PENSION

Originally Posted by CapnBilly
I think the bottom line is that if you have sufficient contribution years then you're in the same position you would have been if they hadn't introduced the new scheme.

Having said that somebody who only contributed for 35 years receives the same amount. I think that's what people find confusing. Personally I thought when the Labour Party reduced the contribution years to 30, that it was not sustainable, 35 is a bit better, but even that is a bit low.
The civil servants that decide these numbers only work around 30 to 35 years before they retire. They forget no everybody had the same privilege.
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Old Aug 18th 2017, 8:26 pm
  #34  
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Default Re: UK STATE PENSION

Originally Posted by mrken30
The civil servants that decide these numbers only work around 30 to 35 years before they retire. They forget no everybody had the same privilege.
Don't worry seems like they are simply going to keep increasing the age at which we receive until just about every entitled person is dead or just about. Of course they will keep saying everyone is living longer, I'm sure my old mates many of whom never made 70 may disagree but it must be true because the government say it is!
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Old Aug 18th 2017, 9:44 pm
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Default Re: UK STATE PENSION

Originally Posted by bobd22
Don't worry seems like they are simply going to keep increasing the age at which we receive until just about every entitled person is dead or just about. Of course they will keep saying everyone is living longer, I'm sure my old mates many of whom never made 70 may disagree but it must be true because the government say it is!
The question I have is, because women live longer on average, will they increase the retirement age for women over men?
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Old Aug 19th 2017, 6:34 pm
  #36  
 
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Default Re: UK STATE PENSION

Originally Posted by bobd22
Don't worry seems like they are simply going to keep increasing the age at which we receive until just about every entitled person is dead or just about. Of course they will keep saying everyone is living longer, I'm sure my old mates many of whom never made 70 may disagree but it must be true because the government say it is!
Well they should have increased the retirement age lock-step with the increases in life expectancy, but as unemployment was rising in the 1970's, and high in the 1980's that likely wasn't politically acceptable. But IIRC when the state pension was first created and retirement (for men) set at 65, life expectancy was only 67, so about a third of men never received a pension - but critically that is what made the while arrangement of state pensions so affordable: it was a form of insurance, that not everyone would receive a payout from.

Last edited by Pulaski; Aug 19th 2017 at 7:40 pm.
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Old Aug 19th 2017, 6:35 pm
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Default Re: UK STATE PENSION

SERPS was a good deal for the pensioner. That is why the Wicked Witch scrapped it.
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Old Aug 19th 2017, 11:21 pm
  #38  
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Default Re: UK STATE PENSION

Originally Posted by scot47
SERPS was a good deal for the pensioner. That is why the Wicked Witch scrapped it.
Not quite sure how you reach that conclusion.
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Old Aug 20th 2017, 4:56 am
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Default Re: UK STATE PENSION

Originally Posted by CapnBilly
Not quite sure how you reach that conclusion.
Maybe you need to drink more whisky?
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Old Aug 20th 2017, 6:54 am
  #40  
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Default Re: UK STATE PENSION

Be a total abstainer like me and it will all be crystal-clear.
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Old Aug 20th 2017, 7:06 am
  #41  
 
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Default Re: UK STATE PENSION

Originally Posted by scot47
Be a total abstainer like me and it will all be crystal-clear.
Call yourself a Scot!
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Old Aug 20th 2017, 7:51 am
  #42  
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Default Re: UK STATE PENSION

I thought it was Ian Duncan Smith who scrapped Serp's/ 2nd pension when he brought in the Single Tier pension? The man who let everyone believe that all would get the £155 per week then when it came in high number of people found hang on I simply get the same as I would get before the change or so call raise. Yes the same man that says we will all be much better off outside the EU😃 leopard and spots springs to mind.

As for the age increase yes it stayed as initially was set far too long however the rapid increase since 2012 I believe is unfair in particular to women who were in their 50s and more or less in sight of retirement and their pension. Again agree this was simply down to politics by successive governments.

Imagine an insurance salesman trying to sell you National Insurance on the door step, we have this great insurance pay in you get a pension of X amount when you reach 65 and health care for life. Mmm sounds good you say, how much. Oh around 12% of your salary don't worry we sort all that out. Mmmm what about my neighbor then he has never worked and won't work how does he pay. Argh there's the beauty of it he doesn't you pay for his from what you pay and your tax, good eh. So how much does he get? Oh same as you sometimes a bit more! Do you want to join? Door slammed in salesman's face😃 make no wonder it's compulsory

Last edited by bobd22; Aug 20th 2017 at 7:56 am.
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Old Aug 20th 2017, 2:20 pm
  #43  
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Default Re: UK STATE PENSION

There are bound to be winners and losers when changes to pension/benefits are made. On the whole I think simplifying the pension/benefits is for the best although I do agree some woman appear do appear to come out of it badly.
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Old Aug 20th 2017, 4:04 pm
  #44  
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Default Re: UK STATE PENSION

Originally Posted by johnnyone
I do agree some woman appear do appear to come out of it badly.
Yes that is always the case but state pension changes should have been done over a longer period women in their 50s in my view should have been left as insufficient time for them to make up financial difference. Compounded by Pensions Minister saying those over 60 and struggling at loss of pension for 6 years could apply for apprenticeships not sure if he was serious or thought he was being clever but simply not right in my view.

Last edited by Rosemary; Aug 20th 2017 at 4:38 pm. Reason: corrected quote
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Old Aug 20th 2017, 5:15 pm
  #45  
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Default Re: UK STATE PENSION

Originally Posted by bobd22
Yes that is always the case but state pension changes should have been done over a longer period women in their 50s in my view should have been left as insufficient time for them to make up financial difference. Compounded by Pensions Minister saying those over 60 and struggling at loss of pension for 6 years could apply for apprenticeships not sure if he was serious or thought he was being clever but simply not right in my view.
Hola

I am at a loss to understand this - surely it is only for women that have stopped working that are badly affected. If a working women has to work longer, then surely she has more "working time" to build up her pension - up to six years more time

Something tells me that I have missed a trick as I know lots of ladies that say they are hard done by

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Last edited by Dxf; Aug 20th 2017 at 5:16 pm. Reason: typos
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