Will new S Pension cause resentment?

ipri wrote: »

my mate had less years than me, by far...and retired early, and now a better state pension. He's only 1yr younger than me.

In which case, given what you've also said, he must have been contracted-in, paying the full rate of NI, and not benefiting from a very generous final salary scheme on top like yourself.

ipri wrote: »

Will people who get the new SP not be a source of resentment from those who , if I'm correct, will receive less?

zagfles wrote: »

For instance there seems to be a lot of ignorance that the new state pension replaces both the old basic state pension and the SERPS/S2P earnings related element. For most people the old system was more generous.

dunstonh wrote: »

People who are 60 today have similar health to those that were 40 in the 1970s. They are likely to be paid their state pension much longer than those in the past, even though the state pensions used to be higher (on full qualification).

There is always the exception to the rule. I'm still struggling to understand how the new rules will affect me, so I've finally requested a pension statement to see if this will clarify, (just out of interest.) I belong to the group of people who were hit the hardest by the last pension reforms.

What i do know is :

I've worked and contributed for 45 years

I didn't contract out of SERPS (or second state pension)

I can no longer retire for another 6 years, (collect my state pension)

I currently receive half the amount of income i would if i were "officially" retired (fantastic government cost cutting exercise)

I'm too ill to work and actually have the the health of someone in their 80's (but still have the stress of proving i'm too ill to work)

I accept it's unlikely i will ever collect my state pension, in any case (i have life limiting illnesses)



Like i said, there is always the exception to the rule.


I would love to be in receipt of my state pension which would have been around the £276 a week stated.


Am i resentful?


I won't answer that question, but i could be in a far better financial situation than i am currently.

fredandwilma wrote: »

http://www.which.co.uk/money/retirement/guides/state-pension-explained/state-second-pension-and-serps/


How much state second pension do I get?
The amount of state second pension you get is based on your earnings over the years that you have made National Insurance contributions.

The maximum state second pension you could get in 2015/16 was around £160 a week. This was in addition to the maximum basic state pension of £115.95 in 2015/16, which could potentially take your total state pension to around £276 a week.

I'm still struggling to understand how the new rules will affect me,

Based on what you have said, you will be entitled to a full new state pension plus a "protected payment".

https://www.prospect.org.uk/at-work/pensions-retirement/statepensions/howmuch

Thanks for all the replies.


I didn't realise there was still a "protected payment" although there's still time for things to change. I will still have the maximum amount of contributions for the "qualifying" years. That's good to know, although i know i can claim pension credit. I still doubt i will ever see my pension. Money can't buy you health and however much planning you do, you can't plan for the unexpected. Even if the government introduces means testing, it still won't affect me.