New flat rate pension

ukcarper

posh*spice wrote: »

In 4 years time the boomers are going to receive more pension - financed by the rest of us.....no surprises there then! :mad:

I'm a boomer and I won't be getting more pension

kabayiri

I thought one of the central arguments for a massive immigration policy was to grow the employee base to fund future retirees?

Personally, I think it's a good thing if we set a baseline expectation in pension terms. If you have poor pensioners who can't afford to live, they do costly things like ending up in hospital needing expensive support.

Change is never going to be fair for all groups concerned.

coastline

winners and losers..

http://www.thisismoney.co.uk/money/pensions/article-2262134/Flat-rate-state-pension-changes-explained-Winners-losers.html

another link..

http://www.thisismoney.co.uk/money/pensions/article-2261247/Around-6million-workers-face-paying-higher-tax-flat-rate-pensions--recoup-money-credits.html

http://www.dwp.gov.uk/policy/pensions-reform/state-pension/

CLAPTON

coastline wrote: »

winners and losers..

http://www.thisismoney.co.uk/money/pensions/article-2262134/Flat-rate-state-pension-changes-explained-Winners-losers.html

the article doesn't seem to make any sense


it says the new system gives married couples independant pensions rather than a married couples one

but that's true of the current scheme (with a minimum for the wife if her own one is less than 60% of husband)

it says that people that look after children will get credits; but they do already

doesn't make anything any clearer

BertieUK

CLAPTON wrote: »

the article doesn't seem to make any sense


it says the new system gives married couples independant pensions rather than a married couples one

but that's true of the current scheme (with a minimum for the wife if her own one is less than 60% of husband)

it says that people that look after children will get credits; but they do already

doesn't make anything any clearer

I think that I would have to have a PHD in Economics to make it clear and simple as they say it is. What are the differences?

... I'm confused but here it is spelt out in simple terms...

http://www.professionalpensions.com/professional-pensions/news/2235988/simpler-flatrate-state-pension-set-for-2017

grizzly1911

I found this point re losers interesting:-

Low-paid, manual workers and those living in deprived areas: Life expectancy is closely associated with income, profession and geography so some social groups will be hit disproportionately by future rises in the pension age.

http://www.thisismoney.co.uk/money/pensions/article-2262134/Flat-rate-state-pension-changes-explained-Winners-losers.html

Recently reading an article on the USA where some companies contribute (or used to) less to "blue collar" workers pensions on the basis they would have a lower life expectancy.

BertieUK

BertieUK wrote: »

I think that I would have to have a PHD in Economics to make it clear and simple as they say it is. What are the differences?

... I'm confused but here it is spelt out in simple terms...

http://www.professionalpensions.com/professional-pensions/news/2235988/simpler-flatrate-state-pension-set-for-2017

The government said this was fairer for the self-employed and many mothers.

CLAPTON

BertieUK wrote: »

The government said this was fairer for the self-employed and many mothers.

well

self employed will receive the flat rate just like employed people: one will have to wait and see whether their NI payments go up (what would you guess?)

the situation with mothers is less clear: there is already provision for stay at home mothers to be credited with NI years so I'm unclear how the new scheme helps them.

PaulF81

ukcarper wrote: »

I'm a boomer and I won't be getting more pension

More pension than later generations might be what they meant.

CLAPTON

PaulF81 wrote: »

More pension than later generations might be what they meant.

maybe you could tell us what the average pension is for existing pensioners

and what the expected average pension will be for the boomers

and what the expected average pension will be for those that will come after the boomers (say people born 1966-1986) although many of these will be rather young and so have plenty of time to improve their pension prospects