Can action be taken against the Government

cathg_3

Thirty five years ago, I started paying towards a pension on the basis that I would take the pension at the age of 60.

I have now been told there will be no pension for me until 6 years later than the original proposed date.

Is there anything I can do with regard to this, or do I just have to accept it. I wouldn't mind so much if I could still take the pension at 60 but at a reduced rate.

Thinking about endowment policies over the last few years - when they didn't pay out the promised amounts, compensation was given. I feel that this situation is not too different from that.

jem16

cathg wrote: »

Thirty five years ago, I started paying towards a pension on the basis that I would take the pension at the age of 60.

You didn't really. You paid NICs to entitle you to a range of benefits, one of which was the state pension. However as long as you were working you didn't have a choice - you have to pay them just like you have to pay income tax.

If you really wanted to have control over your own pension you could have started your own pension.

Is there anything I can do with regard to this, or do I just have to accept it. I wouldn't mind so much if I could still take the pension at 60 but at a reduced rate.

Not a lot unless you want to follow the example of the French.

Andy_L

Assuming you're talking about the state pension, no, becasue there is no contract for the state pension, "paying your stamp" for a year entitles you to a piece of paper saying you've paid it for that year.

If you're talking about a private/company pension then you can still take it at 60

dunstonh

Thirty five years ago, I started paying towards a pension on the basis that I would take the pension at the age of 60.

Personal pensions didnt exist 35 years ago. So, what type of pension is it?

I have now been told there will be no pension for me until 6 years later than the original proposed date.

There has been no change in legislation preventing occupational schemes and personal schemes being taken at age 60. There was a change in 2006 making the minimum age 55 but that doesnt apply to you as you are through that.

If you are referring to the state pension (which is not clear as you say you started paying towards it which suggests a private or occupational scheme), then the age change from 60 to 65 was put in place over 15 years ago. So, the fact you say you are only finding out now means you probably are not talking about the state pension.

Thinking about endowment policies over the last few years - when they didn't pay out the promised amounts, compensation was given.

No they didnt. The redress payments had nothing to do with performance. Although I doubt anyone would have complained if they had hit target (although some did!)

I feel that this situation is not too different from that.

If you are suggesting that you sought financial advice 35 years ago and that advice was incorrect at that time then you have a right to complain. However, regulation didnt come in until 1988 and pension contracts are always subject to legislative changes and you would not expect a complaint to be upheld if legislation changed over 35 years and you didnt update with it.

jem16

dunstonh wrote: »

So, the fact you say you are only finding out now means you probably are not talking about the state pension.

I would suspect that the OP is female and like me has had her state pension age change from age 60 to age 65 (yes known about for quite some while now) and then in the last few days change to age 66.

dunstonh

Perhaps I should have added a sarcastic smiley

jem16

dunstonh wrote: »

Perhaps I should have added a sarcastic smiley

Yes you should have - much too subtle for me tonight.

cathg_3

Thanks for your replies. I guess I knew the answer really, I'm just really fed up with the thought of having to work until I'm 66....

jem16

cathg wrote: »

Thanks for your replies. I guess I knew the answer really, I'm just really fed up with the thought of having to work until I'm 66....

You can console yourself with the fact that you're not the only one - they keep moving the goalpost for me too.

When I first started teaching they had a 12 point pay scale. Every year I moved one point up the scale only for them to rejig the pay scale and move me back down again! By year 3 of teaching I was still only on point 1 as they had changed the scale from 12 points to 10. It took me 15 years to actually reach the top of the pay scale!

Now they do the same with my state pension which I now have to wait until I'm 66 for.

However I have no intention of working till then as I have made other provision of my own.

dunstonh

cathg wrote: »

Thanks for your replies. I guess I knew the answer really, I'm just really fed up with the thought of having to work until I'm 66....

My state pension age is 67 so you are one better than me. It will probably be closer to 70 by the time I get there as well.

I know its late for you now but for others reading, the key is not to try and rely on the state if you can help it.

bendix

cathg wrote: »

Thanks for your replies. I guess I knew the answer really, I'm just really fed up with the thought of having to work until I'm 66....

You don't have to work until you're 66. Or you wouldnt have to, if you had bothered to save for a private pension instead of relying on the goverment.