State pension let down

kevin52

Report in yesterdays Independent that 'todays tots could live to be 120'. What age will they have to work to to fund their pension?

le_loup

bigfreddiel wrote: »

Besides all my working life I've been paid in arrears so whats the differnce?

There is no difference ... except ... you get use of the money earlier, always a benefit. You could, for example, spent it earlier, save it for 1,2 & 3 weeks respectively or just see it sitting in your account rather than someone else's.
If you employers had paid you at the beginning of the month rather than the end you could save the equivalent of one month salary and earn interest on it for a year.

jennifernil

If you opt for weekly it is (or at least ours is) paid in advance.

So we get ours on a Monday to cover that week.

However, this is separate from the issue of losing some payment depending on the day your birthday falls.

As I remember it, you are entitled to your pension from the first pay day after your birthday. OH's was on a Tuesday, his pay day a Monday, so, having opted for weekly, he got paid on the Monday, for the week ahead, effectively getting nothing for the previous week.

Had he opted for 4 weekly then he would have been paid in arrears on the 5th Monday after his birthday.

What happens at the other end, I have no idea, but do remember reading somewhere that these (for him 6) days are effectively lost, not paid for.

roddydogs

The real ones to have a moan are those who were told to "Make up" the years to 49 to get full pensions, then they moved it to 30 years, and didnt give a refund back.

kidmugsy

roddydogs wrote: »

The real ones to have a moan are those who were told to "Make up" the years to 49 to get full pensions, then they moved it to 30 years, and didnt give a refund back.

That is a very good point. I wonder whether the people deferring their pensions to get Extra Pension will get their promised returns.