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MSE News: Millions face waiting an extra year for their state pension

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Former_MSE_Megan_F
Former_MSE_Megan_F Posts: 418 Forumite
Newshound!
edited 27 July 2017 at 5:21PM in Pensions, annuities & retirement planning
Millions of workers in their early-40s face having to wait an extra year to collect their state pension after the Government announced its intention to change the point people hit retirement age...
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'Millions face waiting an extra year for their state pension'
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  • Paul_Herring
    Paul_Herring Posts: 7,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I can't wait for #WASPI to get onto this. Right away.

    :crickets:

    [Full disclosure - I'm affected by this one. Not that, even years ago, I expected much of a state pension to begin with and made provision with that in mind.]
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 20 July 2017 at 6:17PM
    Good to give so much notice that net monthly pension contributions of £16.56 increasing with inflation can cover the extra year.

    Assuming basic rate tax relief on the way in, historic UK stock market performance of 5% plus inflation less 0.5% charges and regular payments of gross £20.70 over 20 years to match about £8000 of state pension, all in today's money values.

    Would have been nice for MSE to explain this.
  • Paul_Herring
    Paul_Herring Posts: 7,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    jamesd wrote: »
    Would have been nice for MSE to explain this.

    But, James, that doesn't sound as scary and not likely to result in [STRIKE]clickbait[/STRIKE] headlines.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • Mortgagefreeman
    Mortgagefreeman Posts: 452 Forumite
    Paul_Herring wrote: »
    I can't wait for #WASPI to get onto this. Right away.

    WASPI are 'on the ropes' they're punch drunk and don't know which way to turn. They need to bring on their 'heavyweights' Cue Beevers beaver.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 20 July 2017 at 3:41PM
    I have an old-style pension based on 45 (I think) years of NI contributions, mostly contracted out. I suspect that I'd have to defer it for about three years to raise it to equal the new-style pension. If I'm right then that seems roughly equitable. Only roughly, I agree, since when I die my widow will inherit part of my pension in a way that she would not with the new-style. Though that does remind me that compared to the new-style pensioners my widow is herself hard done by, not getting a full pension in spite of having 35 (I think) years of contributions. Still, she did get it earlier.
    Free the dunston one next time too.
  • zagfles
    zagfles Posts: 21,443 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    kidmugsy wrote: »
    I have an old-style pension based on 45 (I think) years of NI contributions, mostly contracted out. I suspect that I'd have to defer it for about three years to raise it to equal the new-style pension. If I'm right then that seems roughly equitable. Only roughly, I agree, since when I die my widow will inherit part of my pension in a way that she would not with the new-style. Though that does remind me that compared to the new-style pensioners my widow is herself hard done by, not getting a full pension in spite of having 35 (I think) years of contributions. Still, she did get it earlier.
    People who contracted out are not hard done by the new state pension. Quite the opposite. We've discussed this ad nauseam here.
  • zagfles
    zagfles Posts: 21,443 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    Paul_Herring wrote: »
    I can't wait for #WASPI to get onto this. Right away.

    :crickets:

    [Full disclosure - I'm affected by this one. Not that, even years ago, I expected much of a state pension to begin with and made provision with that in mind.]
    Just claim you didn't get your personal hand delivered letter informing you and start a campaign.
  • Paul_Herring
    Paul_Herring Posts: 7,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    zagfles wrote: »
    Just claim you didn't get your personal hand delivered letter informing you and start a campaign.

    What about "I didn't get enough notice of the change"?
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    Paul_Herring wrote: »
    What about "I didn't get enough notice of the change"?

    Idyll only be acceptable if accompanied by a photo of you and a friedm drinking champagne in first class.
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    And millions voted agaist the govt about the triple lock.

    which will cost money so this is what has been chosen?
This discussion has been closed.
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