New State Pension

independance

Has anybody got a best guess as to when they will implement the new sate pension i.e. £140

BLB53

The government are committed to introduce the flat rate pensions 'early in the new parliament'. So 2016 or so.

independance

Thanks for that.

mark5

Its only £140 if you never opted out of serps or sp2.

mgdavid

and IIRC it's only 140 if you area new pensioner after the legislation, existing pensioners will continue to get a mix of pension and top-up benefits

whitesatin

mgdavid wrote: »

and IIRC it's only 140 if you area new pensioner after the legislation, existing pensioners will continue to get a mix of pension and top-up benefits

I doubt if I will get a top-up benefit. I will get my pension next March, a year and a half after turning 60. I paid in for 37 years but you only need 30. I won't qualify for benefits of any kind as I have a modest pension from teaching.

Not to worry, I will just sit back and watch people enjoy their £140 and wonder why I bothered.

Benefits? Never had any of those.

Stargazer57

whitesatin wrote: »

I doubt if I will get a top-up benefit. I will get my pension next March, a year and a half after turning 60. I paid in for 37 years but you only need 30. I won't qualify for benefits of any kind as I have a modest pension from teaching.

Not to worry, I will just sit back and watch people enjoy their £140 and wonder why I bothered.

Benefits? Never had any of those.

The only people who will get 140 are those who never contracted out of SERPS. While you were a teacher you did, and you may have done at other times as well.

Jennifer_Jane

whitesatin wrote: »

I doubt if I will get a top-up benefit. I will get my pension next March, a year and a half after turning 60. I paid in for 37 years but you only need 30. I won't qualify for benefits of any kind as I have a modest pension from teaching.

Not to worry, I will just sit back and watch people enjoy their £140 and wonder why I bothered.

Benefits? Never had any of those.

This sounds a little bitter, whitesatin. I think that's pointless and doesn't help you.

Millions of people have not been on benefits and millions have worked longer than the 44 years that men needed to qualify for the full pension and the 38 years (IIRC) for women so you are not alone in that.

My own little regret is that I missed not being allowed to buy more years in order to get the full pension by one year.

Re the £140, is this going to be £140 in 2016, or will it be inflation-linked from now? If it's £140, then we do not know how much the Basic State Pension will be by then (although I doubt it will be that much, of course).

A friend of mine was complaining that she shouldn't have bothered paying in to a Company pension all these years and then she could have claimed pension credit. But I don't think she could live on £130 a month (apart from the moral point of looking after yourself and not purposely depending on the State).

McKneff

whitesatin wrote: »

I doubt if I will get a top-up benefit. I will get my pension next March, a year and a half after turning 60. I paid in for 37 years but you only need 30. I won't qualify for benefits of any kind as I have a modest pension from teaching.

Not to worry, I will just sit back and watch people enjoy their £140 and wonder why I bothered.

Benefits? Never had any of those.

It's my understanding that present pensioners will be on a sort of par anyway by the time it gets to 2016 anyway.

I'm only too glad I took a pension out for myself, yes its modest at £144 a month but it money that I earned for myself and I dont have to rely on handouts from the state, and for the record I only get 60% of state pension.