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MSE News: Budget 2012: Single state pension plan confirmed
Comments
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gadgetmind wrote: »I *just* managed to understand my own position, and it wasn't easy. No way do I think I could go through it all for someone else! I don't think even the Pensions Service understand it.
I've got 3 periods of contracted-out service.
Each of them has a separate contracted out deduction which each increase up to retirement at different rates. Not a single rate but a rate capped by a different rate. The rates and caps differ between the different contracted-out deductions.
These contracted-out deductions are subtracted from a notional SERPS, S2P etc entitlement (which assumes I had been contracted-in throughout) which itself increases at a different rate to the contracted-out deductions up to retirement. This notional SERPS includes a period of contracted-in service and a period where no SERPS was accruing because I was self-employed.
The SERPS itself is based on 3 different accrual rates. The SERPS is based on a complicated revaluation of annual earnings figures which differs from the method of revaluation of earnings for the contracted-out deduction calculation (so both the revaluation rates and revaluation methods differ).
This is then subject to various rules on which bits of the SERPS can be offset against each other, and on rules on whether a negative SERPS amount (which can happen because of the different revaluations) can reduce the basic state pension entitlement.
Then my final salary deferred pensions have amounts that don't increase at the normal scheme increase rate but at special 'GMP' rates after SPA. However these rates are different before and after SPA.
My pension statement shows a single figure for the state second pension which for obvious reasons is meaningless and wrong. If there is some sort of protection for pre 2017 entitlement it will presumably be based on this meaningless and wrong figure.I came, I saw, I melted0 -
So it is 35 years contributions now, how are people supposed to plan a retirement with this lot (or the other lot) in charge
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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Old_Slaphead wrote: »Simple - dice.
I am hoping you can magic another Cash Isa from somewhere like that great Coventry offer a while back
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Is it 35 years of contributions or 35 years of pension credit or both or either, you get my drift??I like the thanks button, but ,please, an I agree button.
Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)
Always expect the unexpected:eek:and then you won't be dissapointed0 -
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How does this change affect current pensioners who receive the basic pension, have a small annuity and some savings both of which make them inelegible for pension credit?.....................I'm smiling because I have no idea what's going on ...:)0
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How does this change affect current pensioners who receive the basic pension, have a small annuity and some savings both of which make them inelegible for pension credit?
No effect.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Thank you, do you mean they will get the new flat rate or they won't get it?
They won't get it.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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