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New basic state pension

2

Comments

  • Savvy_Sue
    Savvy_Sue Posts: 46,884 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    castle96 wrote: »
    stay at home mothers, carers,
    my understanding is that when I was a stay at home mum claiming Child Benefit, I had Home Responsibilities Protection, ie conts were made which will benefit me if I live long enough to be able to retire.

    However from Woman's Hour this morning:
    Plans to increase the retirement age for women to 65 by 2018 and to 66 years by 2020 could leave many women now in their 50s seriously short of pension provision. We talk to the Director General of Saga Magazine and financial expert, Ros Altmann about her fears that increasing the retirement age for women so quickly will disadvantage those who already struggle to get adequate pension provision after breaks and part-time working to look after children.
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  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    McKneff wrote: »
    I presumed that SDW meant that living on benefits that yu still get a NI contribution credit. Therefore a full pension.

    Not everybody does, but I realise now what she meant.
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    Savvy_Sue wrote: »
    my understanding is that when I was a stay at home mum claiming Child Benefit, I had Home Responsibilities Protection, ie conts were made which will benefit me if I live long enough to be able to retire.

    However from Woman's Hour this morning:

    I can't see why increasing the retirement age should make women have fewer contributions than at present - rather the opposite I'd have thought.

    The WH article also seems to be about private pension provision, not state.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    edited 24 January 2011 at 3:54PM
    McKneff wrote: »
    I presumed that SDW meant that living on benefits that yu still get a NI contribution credit. Therefore a full pension.

    That is what I meant, thanks.

    I do know that not every Benefit generates a contribution, but I was thinking of the common ones that people get who are not working, such as Jobseekers' Allowance and IB/ESA. Carers and people claiming Child Benefit are also covered.

    To be in a position where you do not have any contributions must surely be a lifestyle choice?
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • Savvy_Sue
    Savvy_Sue Posts: 46,884 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I can't see why increasing the retirement age should make women have fewer contributions than at present - rather the opposite I'd have thought.

    The WH article also seems to be about private pension provision, not state.
    I was only half listening: the point seemed to be that whereas we thought we knew how much longer we'd got to wait before our state pension would kick in, there were plans from the coalition to make us wait longer. so you've done your sums and think you can manage for the next X years and then your pension would start, but actually it could be x + 2 years, and you've got no way of making up the shortfall. especially difficult if you give up work to care for a partner, thinking you can survive for x years ...
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  • Mrs_Money
    Mrs_Money Posts: 1,602 Forumite
    Part of the Furniture
    Savvy_Sue wrote: »
    my understanding is that when I was a stay at home mum claiming Child Benefit, I had Home Responsibilities Protection, ie conts were made which will benefit me if I live long enough to be able to retire.

    Yes we do get Home Responsibilites Protection while claiming Child Benefit - BUT - be aware that if you worked at all in any year that you claimed Child Benefit (even if it was an hour, a week, temporary or whatever) your Home Responsibilites is not given for that year.
    I found this out whilst checking up on my contributions for a year I thought I was covered- I worked temping for a few weeks so didn't get HRP, but didn't work long enough to pay a whole year of contributions! I was able to pay to make it up though - and I think (hope) it was money well spent!
    It's worth a phone call to the pensions people to check how many years you have accrued - a few years ago they started sending people little notice letters every year with a giro form at the bottom - just to let you know you could pay if you had some contributions missing. They don't seem to have kept this up though!
  • patanne
    patanne Posts: 1,286 Forumite
    Maybe the lack of notification of contribution shortage now has more to do with only needing 30yrs worth of contributions (both male & female) for a full basic state pension compared to the pre April 2010 requirement of 39yrs female & 44yrs male for exactly the same thing. As long as a woman never pays that 'married womans stamp' 30 yrs before age 65 is a lot easier to get.
  • Savvy_Sue
    Savvy_Sue Posts: 46,884 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Mrs_Money wrote: »
    Yes we do get Home Responsibilites Protection while claiming Child Benefit - BUT - be aware that if you worked at all in any year that you claimed Child Benefit (even if it was an hour, a week, temporary or whatever) your Home Responsibilites is not given for that year.
    that's true: although I think it's not a question of working at all, but earning enough to pay NI. so a single hour's week would be unlikely to tip you over.
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  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    Mrs_Money wrote: »
    Yes we do get Home Responsibilites Protection while claiming Child Benefit - BUT - be aware that if you worked at all in any year that you claimed Child Benefit (even if it was an hour, a week, temporary or whatever) your Home Responsibilites is not given for that year.

    And you don't get HRP for a child over 12.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 26 January 2011 at 9:01AM
    Mrs_Money wrote: »
    Yes we do get Home Responsibilites Protection while claiming Child Benefit - BUT - be aware that if you worked at all in any year that you claimed Child Benefit (even if it was an hour, a week, temporary or whatever) your Home Responsibilites is not given for that year.
    I found this out whilst checking up on my contributions for a year I thought I was covered- I worked temping for a few weeks so didn't get HRP, but didn't work long enough to pay a whole year of contributions! I was able to pay to make it up though - and I think (hope) it was money well spent!
    It's worth a phone call to the pensions people to check how many years you have accrued - a few years ago they started sending people little notice letters every year with a giro form at the bottom - just to let you know you could pay if you had some contributions missing. They don't seem to have kept this up though!

    This is incorrect. It is given if you were working and not earning enough to pay NI. I was given it for all the years I was working as a lollipop lady (about eight) as well as the years I was either at Uni (but claiming Child Benefit) or not working at all (ditto). I have thirteen years HRP in total (under the old rules ).
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
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