MSE News: Flat-rate state pension could be £155 a week

brewerdave

Here's another interesting?? thought - I retired early and took a Company deferred (defined benefit) pension on a levelled basis ie a higher rate of pension til I'm 65 ,allowing for the payment of my state pension from "normal" retirement age (as was!!!) - God only knows what reduction my Company pension plan will make if these new schemes are in operation before my 65th birthday!!!
My retirement cashflow planning spreadsheet now has a huge "black hole" in it!!!

bilbo51

brewerdave wrote: »

Here's another interesting?? thought - I retired early and took a Company deferred (defined benefit) pension on a levelled basis ie a higher rate of pension til I'm 65 ,allowing for the payment of my state pension from "normal" retirement age (as was!!!) - God only knows what reduction my Company pension plan will make if these new schemes are in operation before my 65th birthday!!!
My retirement cashflow planning spreadsheet now has a huge "black hole" in it!!!

Remember Iain Duncan Smith said: "What we have said is that two things exist. The first is that [the current state pension system] is so complicated that nobody understands it and (they) need to get this right for an income in retirement.

So now, having been exposed to the new proposals you should have clarity... right?

roddydogs

Im puzzled by the "Women who have had time of to have families" will not lose out, so what if a women has no stamps at all, will she get the full pension, and then how can they then discriminate against men who have little or no stamps?

zagfles

roddydogs wrote: »

Im puzzled by the "Women who have had time of to have families" will not lose out, so what if a women has no stamps at all, will she get the full pension, and then how can they then discriminate against men who have little or no stamps?

They won't - it's 30 years for both.

bilbo51

zagfles wrote: »

They won't - it's 30 years for both.

So "Women who have had time of to have families" will not lose out is just a nonsense then?

JimmyTheWig

The majority of people who have time off to have families are women. If we're talking about the big points in the changes then this is a significant group who will benefit.

bilbo51

JimmyTheWig wrote: »

The majority of people who have time off to have families are women. If we're talking about the big points in the changes then this is a significant group who will benefit.

How? The reason I ask is that the green paper says that 30 years contributions will be required to get the full pension. So no change there. Other than maybe (thinking as I'm typing) that for a woman who has, say, 20 years contributions, 20/30 *£140 is bigger than 20/30*£97...?

down

Webb says many don't have a clue about pensions. Can he tell us how it would have been possible to forecast pension entitlement 40 years ago as nobody new that the government would change the classification of state pension as earnings about 3 years ago thus making the state pension taxable.

puddy

Im really confused about this. Im due to retire (so far) at the age of 68. I have a miniscule LA pension (about 2k a year) and previous state pension forecasts stated that I had a high level of SERPs(?) because I hadnt paid much company or private pension during my career. Im 39 now and financial circs have changed again, I planned to start something around now for the next 20 years or so, and cannot. We havent even got any life insurance because we are so short of money.

So I am confused about whether I'll still get the level of enhanced pension that has been forcast for me (when I sent off to the DWP for a forecast)

I get quite depressed about this pension stuff

Linton

down wrote: »

Webb says many don't have a clue about pensions. Can he tell us how it would have been possible to forecast pension entitlement 40 years ago as nobody new that the government would change the classification of state pension as earnings about 3 years ago thus making the state pension taxable.

The state pension has always AFAIK been taxable. Nothing special happened 3 years ago.