why top up NI contributions if a flat rate pension is being introduced?

molerat

http://www.citywire.co.uk/new-model-adviser/duncan-smith-pledges-to-push-forward-state-pension-reform/a476947?ref=new-model-adviser-latest-news-list

No real meat on the story though, the quote from IDS is

The state pension system is so complex that most people have no idea what it will mean for them now and in their retirement. And too many people on low incomes who do the right thing in saving for their retirement find those savings clawed back through means-testing

No mention of contribution record.

Did I waste £1600 on voluntary class 3's for Mrs M last year ?

seven-day-weekend

SallyG wrote: »

Do we know yet if people like me already getting Basic State Pension will receive the " new £140-a-week state pension for all" if the Treasury agrees the scheme?

AFAIK this does not apply to existing Pensioners so with my (then) required 39 years of contributions I will have to stay on my £104 a week.

bilbo51

molerat wrote: »

http://www.citywire.co.uk/new-model-adviser/duncan-smith-pledges-to-push-forward-state-pension-reform/a476947?ref=new-model-adviser-latest-news-list

Bit of a non-story really

cepheus

This answers the question, sort of.

http://www.thisismoney.co.uk/pensions/article.html?in_article_id=525058&in_page_id=6&ct=5

sammyjammy

Whats the fuss about? This is a good thing and won't bring masses of people from other countries in to claim it. We already have Minimum income guarantee of £132.60 for a single pensioner, think of all the additional tax payers money it takes to administer Pension credit, this whole agency would presumably no longer be required which would save a fortune in itself.

cepheus

It will shift money from the poor to the rich though.

Those with the basic state pension and private pensions on top will now get an increase of forty odd quid a week regardless, whilst those with a substantial pension credit, who don't recieve any private pension, will probably get less.