Pension Age Change

NSinclair

I was born on 7 August 1955 and have my 39 years of pensions contributions. Is my understanding right that as from 1 April 2010 I will not now be elible to recieve my state pension until 2020. I was expecting to receive my pension in 2015!! That looks like I will loose out on £26,000 pension benefit? This cannot surely be right as I will have paid contributions for 49 years by then. Can anyone adivse?

jem16

Question already answered where you asked on the other thread.

http://forums.moneysavingexpert.com/showthread.html?t=2313167

Annisele

And just in case you were after a second opinion, jem16 gave you the correct answer on that other thread.

mjm3346

NSinclair wrote: »

That looks like I will loose out on £26,000 pension benefit? This cannot surely be right

You are correct that is not right, it is possible that the age will have risen to 66 by 2020 (very likely if there is a change of government).
Even if the age does not change you have not taken into account the value of all the other freebies that will not come into payment until you are 65, the 5 years of free travel alone can be worth thousands of pounds.

McKneff

Look at it this way,
Someone leaving school today or this term at 16 and getting pension at 68 will
pay 52 years of NI even though they will really only need 30 years of NI to
get a state pension. Its these people who are paying NI now who are paying my pension now albeit not a full pension and i am eternally grateful to them.
I fell into the trap of the not very well explained married woman stamp in the 60s/70s and i have a reduced state pension to show for it.
If youre well enough to work till your 65 then thats good isnt it.
If you arent you can, like thousands of other people claim benefits to offset the pension that you think you should have had. Me, I'd rather work (and i do)

cyclonebri1

McKneff wrote: »

Look at it this way,
Someone leaving school today or this term at 16 and getting pension at 68 will
pay 52 years of NI even though they will really only need 30 years of NI to
get a state pension. Its these people who are paying NI now who are paying my pension now albeit not a full pension and i am eternally grateful to them.
I fell into the trap of the not very well explained married woman stamp in the 60s/70s and i have a reduced state pension to show for it.
If youre well enough to work till your 65 then thats good isnt it.
If you arent you can, like thousands of other people claim benefits to offset the pension that you think you should have had. Me, I'd rather work (and i do)

Totally agree with the sentiment of that but the highlighted bit worries me. Many people, particularly if they have worked in heavy industry or in labour intensive jobs are physically not fit enough to carry on untill 65 let alone later. I'm sure most of them would "rather work" but claim benefits because they have to do, and are entitled to. And yes I know there is the other category that does have a choice

bengal-stripe

What is it?

Last November you were over sixty, now you're only fifty four? - Are you getting younger?

NSinclair wrote: »

I have worked all my life from 16 - 60.…….

NSinclair wrote: »

I was born on 7 August 1955.........

McKneff

cyclonebri1 wrote: »

Totally agree with the sentiment of that but the highlighted bit worries me. Many people, particularly if they have worked in heavy industry or in labour intensive jobs are physically not fit enough to carry on untill 65 let alone later. I'm sure most of them would "rather work" but claim benefits because they have to do, and are entitled to. And yes I know there is the other category that does have a choice

Sorr cyclonebri, i totally agree with you, i just needed it pointed out.
(re the last bit) My Dad was a miner all his life (among other heavy manual jobs)
and i work within the building industry now and i see on a daily basis 60 year olds who are totally knackered and do genuinely want to work. I am humbled by your comment and suitably chastised.:o

molerat

To the OP (puts on tin hat and hides behind sandbags!! :cool: )

Women campaigned for years for equal rights. Now you have got them.

Mrs M stayed at home looking after the children. She will be rewarded for this by receiving a pension (although not until 64 and 11 mths). I have retired at 55 knowing that I have my 30 years in the bank for a full state pension at 65. Anyone can now leave work earlier and still get a full state pension when the time comes.

It is swings and roundabouts but overall it is fairer.

seven-day-weekend

Agree with molerat, and many more women will be entitled to full pensions in their own right.

cyclonebri1

McKneff wrote: »

Sorr cyclonebri, i totally agree with you, i just needed it pointed out.
(re the last bit) My Dad was a miner all his life (among other heavy manual jobs)
and i work within the building industry now and i see on a daily basis 60 year olds who are totally knackered and do genuinely want to work. I am humbled by your comment and suitably chastised.:o

Appreciated McK. Fall into the former group myself hence the comment, by the way my dad was a pit blacksmith after being a farm hand, tough guy to live up to. Cheers :T :T