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New flat rate pension
Comments
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Forgive me if this has been answerd! I'm due to retire in 2019 with more than enough contributions. I have quite a lot of additional second pension built up and I'm also entitled to my late husbands contribution. What happens to this? Will I get just the new flat rate?
Thanks0 -
Graham_Devon wrote: »So, this will benefit the self employed,
presumably though they would have to pay the full rate of NI rather than the current reduced rate0 -
not enough details to say who will gain and who will lose
will young people in final salary schemes welcome paying 1.6% more of their salary ( in NI changes)?
what about transition arrangement for people who would otherwise get more than 144?
what exactly is the point of the announcement now without the full details?
I am 41 next week and a public sector worker. I have worked for 23 years and have currently have another 26 to go (if the goal posts don't move again. From the skant information available I think I'll only have to live until 72 to benefit from this system. That assumes the NI increase on my current salary.
I could be wrong though
"You've been reading SOS when it's just your clock reading 5:05 "0 -
So, it doesn't seem as if it is a replacement for current means testing as it's claimed to be?
They say they have set it at a level that a section of pensioners currently entitled to Pension credit (savings) won't be entitled any longer. If you take a large number of people out of the equation when it comes to means testing benefits it saves the tax payer in respect to public sector pay/employment"You've been reading SOS when it's just your clock reading 5:05 "0 -
Forgive me if this has been answerd! I'm due to retire in 2019 with more than enough contributions. I have quite a lot of additional second pension built up and I'm also entitled to my late husbands contribution. What happens to this? Will I get just the new flat rate?
Thanks
There is talk of transitional protection but no detail as to how it will work."You've been reading SOS when it's just your clock reading 5:05 "0 -
it's interesting to reflect that currently we have a complicated state pension system
so we are going to replace the current complicated pension system by
three systems
a. a continuation of the current system for say another 40 years until the current pensioners are dead
b. an even more complicated one that include 'transition' arrangement which will last another 40 years
c. and the new slightly simpler one0 -
it's interesting to reflect that currently we have a complicated state pension system
so we are going to replace the current complicated pension system by
three systems
a. a continuation of the current system for say another 40 years until the current pensioners are dead
b. an even more complicated one that include 'transition' arrangement which will last another 40 years
c. and the new slightly simpler one
It will also cost ashed load of money to implement and be costly to run the three together, as you point out. Makes you wonder when the benefits will ever be realised as it will no doubt be tinkered with continuously like the present system."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
sammyjammy wrote: »They say they have set it at a level that a section of pensioners currently entitled to Pension credit (savings) won't be entitled any longer. If you take a large number of people out of the equation when it comes to means testing benefits it saves the tax payer in respect to public sector pay/employment
All good intentions it will be interesting to see what actually materialises.
I doubt the flat pension will be enough or be maintained at sufficient levels going forward. For many it still will not be sufficient on it's own. It will simply raise the bar for a couple of years and then it will start over.
In the meantime increased NI will be recovered to help fill the increasingly leaky bucket."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »But you want it both ways, avoid the taxes but still keep pulling the life raft behind.
At least the people you bemoan rowed the boat in the first place.
You do not know what the future holds for you and your family, the UK, middle east or the wider world.
Excuse me, I will be paying tax, just not at the userous rates required to support boomer pensions.0
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