55 year old women lose approx £30k in State Pension

wakeupalarm

hansi wrote: »

I'm afraid he does if he continues working, but the big con is that although you continue to pay NIC's until the age of 65, you don't get any extra state pension, it's just going into a black government hole:mad:

Is this correct? I thought you still got extra serps/s2p/additional pension?

BLT_2

BM_Surrey wrote: »

I am 55 years old. I have been advised that I cannot now draw my state Pension until I am close to 65 years old. All my working life I have been lead to believe that I will get my state Pension at the age of 60. It seems that, over night, I have lost 5 years of state pension which amounts to around £30,000. I cannot understand why more women my age are not up in arms about this??!! Particularly, as the wait to collect my Pension has doubled from 5 to 10 years overnight!!!!

And your point is? Why on earth do you believe that you should have an entitlement to a pension at an earlier date than a man. The reason more women are not up in arms about it is probably because they realise it would be hypocritical to demand equal rights and then bleat because they aren't receiving additional benefits to men.

Pollycat

ES10 wrote: »

So when do women get the equal pay and opportunities to go with equality in the pension age ?

When I started work in 1970, women had equal pay and opportunities with men.

OK, maybe that wasn't true in many occupations but it certainly was in the company I worked for.

molerat

wakeupalarm wrote: »

Is this correct? I thought you still got extra serps/s2p/additional pension?

You do get that but once you have passed the 30 year point the NI is an awful lot of money for what you will get out at retirement. As an example my aditional pension for an additional 1 year contribution was £1.80p per week.

markr007

The point is that 30 years is probably good value and by paying for more you end up with fair value. Ask the question, would it make you feel better if it took 40 years to build it up so the last few years didn't seem poor value?

molerat

I am quite happy with the 30 year scheme compared to the old scheme as it gave me the opportunity to retire at an earlier point and retain full state pension entitlement (at some moveable random point in the future ). Also under the new scheme mrs molerat will have an almost full state entitlement at just under 65, rather than next to nothing at 60, although having spent most of her life as a stay at home mum and not working / making NI contributions. In my view a win.

harz99

molerat wrote: »

I am quite happy with the 30 year scheme compared to the old scheme as it gave me the opportunity to retire at an earlier point and retain full state pension entitlement (at some moveable random point in the future ). Also under the new scheme mrs molerat will have an almost full state entitlement at just under 65, rather than next to nothing at 60, although having spent most of her life as a stay at home mum and not working / making NI contributions. In my view a win.

You are one of the few lucky ones; although I retired early I still needed to have paid/been credited 40 years worth of NICs to get a full pension (I hope) when I reach 65.

Conversely my wife although having already reached 60 and drawing her state pension, cannot get a full pension as she has not made enough contributions (her qualifying years needed being more than 30, and no home responsibilities credits in our day). Yes, there was an option to buy additional contributions, but the lump of cash required to do so did not justify the difference in pension that would have been paid.

As I said earlier, people who will enjoy the 30 year rule, are some of the few lucky ones who may see some benefit from recent changes (eventually).

StevieJ

BM_Surrey wrote: »

I am 55 years old. I have been advised that I cannot now draw my state Pension until I am close to 65 years old. All my working life I have been lead to believe that I will get my state Pension at the age of 60. It seems that, over night, I have lost 5 years of state pension which amounts to around £30,000. I cannot understand why more women my age are not up in arms about this??!! Particularly, as the wait to collect my Pension has doubled from 5 to 10 years overnight!!!!

When you say all your working life, does that mean you have more or less paid in the same as an average bloke?

StevieJ

ceridwen wrote: »

1. The current generation of women will probably live for much the same length of time as men - I believe the relationship between the two lifespans is starting to change (possibly because of all the women who are now doing "double shift" - ie both a paid job AND the lions share of the housework at home, thus saving the man doing some of HIS share.......).

More likely because of this :eek:

mumps

TMFTP wrote: »

"Hard work never killed anyone is a line touted by RM management"

And something my grandad always told me. When he was a postie. And no, he wasn't management. And my other grandad - who wasn't a postie. And a bunch of other people who weren't posties. Farm workers. Military. Police. Firemen. The point stands.

We know you've got a chip on your shoulder, custardy - we got the message. This is a forum for discussion - not browbeating people. Can you ease up a little?

My granny used to say, "Hard work never killed anyone but it never did them any good."