MSE News: State pension could rise to £140 a week

Stargazer57

dunstonh wrote: »

The very early info suggests ALL previous qualifications will be voided and replaced with the new method.

Have you got a source for this, other than your desperate link to some hopeful guesswork in Money Marketing (aka the IFA Fanzine).

Rikki

dunstonh wrote: »

At the moment we dont know.

It will either be a line drawn in the sand and all additional pensions removed and the new rules start from X date with all previous qualification voided and replaced with a new method. Or it will be a case of retaining the benefits you have accrued to date and moving to the new method for future benefits.

if the former is the case you would have just one pension payment. If the latter is the case you would have graduated, SERPS, S2P, "old" basic state pension and then "new" state pension.

The very early info suggests ALL previous qualifications will be voided and replaced with the new method. However, its way way way too early to tell.

Thank you for explaining it as it is understood to be now. I know it's only early days. It will be a shock to many people I'm sure.

It would be very unfair to loose all the extra contributions made over the years. I'm sure he will not be the only one waiting to find out.
Lets hope for the latter.

They shouldn't be able to drop his state pension to £140 after him already claiming his pension.

Could the extra contributions be claimed back, I wonder? :think:.

dunstonh

Have you got a source for this, other than your desperate link to some hopeful guesswork in Money Marketing (aka the IFA Fanzine).

Have you got a source saying different? or are these your desperate attempts to try to impress a limited anti IFA crowd?

Stargazer57

dunstonh wrote: »

Have you got a source saying different? or are these your desperate attempts to try to impress a limited anti IFA crowd?

You used the word "info". I assumed that meant you had some.

SailorSam

I've got another 8yrs to go yet before worrying about my pension, but over the weekend have been gathering paperwork to work out what to do with a small private pension i've paid into, it's very close to the triviality threshold and i wondered if i'd be better off cashing it in.
I phoned the pensions advice line this morning, then this news came out in the afternoon. Now i'm more mixed up than ever.

bendix

SailorSam wrote: »

I phoned the pensions advice line this morning, then this news came out in the afternoon. Now i'm more mixed up than ever.

For heaven's sake. There is no news here. It's a vaguely articulated proposal that is a million miles away from implementation.

Don't change your plans.

Aberdeenangarse

Stargazer57 wrote: »

You used the word "info". I assumed that meant you had some.

Are you the village idiot?

tobykim

I wonder what will happen if you have already retired and are receiving your pension plus second pension and have been for a few years, if they make it into one pension of £140 that will be a considerable drop

jennifernil

bryanb wrote: »

Yes we seem to have gone round in a circle. Answer is they do get £97.65 each, subject to sufficient NI contributions in their own name. Of course, in the past many women did not have full cont.record so they got a dependant adult allowance added to their husband's pension. That system ceased in April 2010.
It was the £156.16 I had an issue with as that is no longer the case unless it was claimed prior to April. I guess my reply should not have quoted your's.

Edit, Sorry, I think I am mistaken about the £156.16 finishing in April, It is still in effect where a woman does not have sufficient NICs and is over 65. (I have a younger wife)

Just to clarify this.....

Previously, when a man reached 65 and claimed his pension, if he had a dependant wife (as in no earnings of her own) of any age (there may have been a lower limit) then he could claim an extra allowance of 60% of his pension for her.

When said wife became 60 this amount was then paid to her.

Now, he cannot claim this extra amount, but his wife can claim a pension of 60% of his basic pension when she reaches 60 (or whatever it is now), if this is more than her own contributions entitle her to.

This pension + 60% is what is (erroneously) referred to as the "married couple's pension.

PasturesNew

A single person with minimum income guarantee gets £132 now, and will get £140. £8 increase.
A couple with minimum income guarantee gets £202 now, and will get £280. £72 increase.

Every time anything changes, singles always get stuffed again.

And, as dunstonh points out - a lot of singles will be worse off as the 2nd pension will disappear too.

And people wonder why I really stopped bothering to care or join in and get a job 2-3 years ago.