State Pension

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  • farquarpigmix
    farquarpigmix Posts: 274 Forumite
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    atush wrote: »
    Have you looked into how much SP you will get? Will it be the new full rate (ie around 155/w) or have you been contracted out and will get less?

    If door number 2, your extra years from now on of NI WILL buy you more state pension, up to the new full rate. around 4 quid per week for life for each extra year.



    Been told £148.00 Because I must have contracted out at some time?
  • farquarpigmix
    farquarpigmix Posts: 274 Forumite
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    colsten wrote: »
    what would a fairer system [to everyone in society, not just to yourself] look like in your opinion, and how would you finance it?


    Why are you complaining then? How else would you insure yourself against unemployment and disability if not by paying some sort of an insurance premium? How would you suggest the working age benefits available to all in our society would be funded if not by the contributions of everyone of working age?


    Have you ever sat down and worked out the size of the investment you'd need to have to guarantee you an index-linked income for the rest of your life? How would you finance the required amount?


    with an appropriate increase in NI and/or taxes, all that could be provided for "free". I'd love to see you being the one one responsible to sell that idea to the electorate.



    When I was made unemployed after 25 yrs work I had to fight tooth & nail to get anything.


    Am not a politician. Am enjoying my rant this thread.
  • jamesd
    jamesd Posts: 26,103 Forumite
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    farquarpigmix wrote: »
    Been told £148.00 Because I must have contracted out at some time?
    Yes, quite likely. Did you know that those who contracted out and have more years to state pension age are winner under the flat rate system?

    Someone who wasn't contracted out hits 155 or is above it already. But a person who was contracted out would still be under 155 and accruing more state pension for extra years worked. And they also get the contracted out pension money.

    So contracted out get money for working more years than those not contracted out.
  • farquarpigmix
    farquarpigmix Posts: 274 Forumite
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    jamesd wrote: »
    Yes, quite likely. Did you know that those who contracted out and have more years to state pension age are winner under the flat rate system?

    Someone who wasn't contracted out hits 155 or is above it already. But a person who was contracted out would still be under 155 and accruing more state pension for extra years worked. And they also get the contracted out pension money.

    So contracted out get money for working more years than those not contracted out.


    best part is I can't remember contracting out?
  • xylophone
    xylophone Posts: 44,426 Forumite
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    best part is I can't remember contracting out?

    Did you ever work for a company with a contracted out pension scheme?
  • atush
    atush Posts: 18,726 Forumite
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    Or a public service job with DB pension?
  • mgdavid
    mgdavid Posts: 6,705 Forumite
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    farquarpigmix wrote: »
    best part is I can't remember contracting out?

    never let the facts get in the way of a good rant :T
    The questions that get the best answers are the questions that give most detail....
  • dunstonh
    dunstonh Posts: 116,383 Forumite
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    I am so biting my tongue.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • farquarpigmix
    farquarpigmix Posts: 274 Forumite
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    xylophone wrote: »
    Did you ever work for a company with a contracted out pension scheme?



    I must have according to state pension people. ?
  • farquarpigmix
    farquarpigmix Posts: 274 Forumite
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    atush wrote: »
    Or a public service job with DB pension?


    Sorry what's DB pension?
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