CRISPIANNE3 wrote: »
Well brilliant new for some. If they do bring it forward I will miss out by 6 months. I hope that the lucky ones who enjoy the increase will lose their bus passes and free prescriptions and the heating allowance. Otherwise it is very unfair on the rest of us.
wakeupalarm wrote: »
There is NO increase for the majority, it's a cut presented as an increase. What this new flat rate pension is doing is capping the younger generations state pension at a couple of pounds above the means tested guaranteed income level, so that they can take away free bus passes, free prescriptions, free eye tests, the winter heating allowance, the free TV license and cap nursing home fees for the rich.
The baby boomers as always are the ones being protected from any real cuts at the expense of the younger and future generations.
If you are 18 and earn national minimal wage and are unfortunate to not earn anything higher for the rest of your life you would have a state pension of at least £192.45 under the current system, if you earn more, than your state pension under the current system could be even higher.
Under the flat rate pension you will have a state pension of £144 regardless, a cut of at least £48.35 per week for the rest of your life in retirement.
It is a money saving measure, cutting off the possibility of increasing additional state pension a year earlier will save more money for the government.
Surely most people who get a bigger pension under the new regime would anyway have been entitled to benefits to plug the gap, so the difference in that figure isn't so much, as Snowman says above, there will be some who do gain a lot, but it is not the majority.
srcandas wrote: »
When I suggested that a year earlier would give him more he simply ranted (normal form of communication) that I did not understand and that moving it a year earlier did not impact him as it didn't say the birth date had moved back a year.
srcandas wrote: »
He worked for a few years (let's say 10) in the county court. Probably a salary of £17000 at today's rates. He then ran a book shop (sole trader for say 6 years).
He was then a self employed driving instructor until at 50 he became my mum's carer (8 years) until she died 2 years back.
Being born 27/4/1951 he has been ranting to anyone who will listen that he missed out by a year.
As he has accumulated enough years for a full state pension he assumed he would get £107.
How to make yours spendable again
Lower your band & save £1,000s
Including year's 2for1 movies for £1