State pension changes - impact on those due to retire soon?

JohnB47

Hi. Is there enough known yet to indicate what impact the new proposals will have on someone retiring between now and 2017?

I retire in December 2016 - just a few months before the change. Will I lose out?

If the answer is 'it depends' what does it depend on?

Thanks.

StevieJ

JohnB47 wrote: »

Hi. Is there enough known yet to indicate what impact the new proposals will have on someone retiring between now and 2017?

I retire in December 2016 - just a few months before the change. Will I lose out?

If the answer is 'it depends' what does it depend on?

Thanks.

Any retirement up to the start date in 2017 will remain on the old system.

DiggerUK

As proposals stand, both me and Mrs.D. will retire under a flat rate pension. So we may be 'alright Jack'

As to all of you retiring twixt now and then, some advice.
Get off your lazy !!!!!! and do something in your own interest.

If your in a union get to a branch meeting and demand a campaign to ensure you suffer no detriment if the proposals are accepted.
If you ain't in a union at least write to your MP and tell them that you won't be voting for them, or their stinking party, if they don't ensure you won't lose out.

One thing is for sure, if you sit frightened and do nothing, you will get what you deserve, a stuffing.
http://npcuk.org/
..._

mgdavid

DiggerUK wrote: »

As proposals stand, both me and Mrs.D. will retire under a flat rate pension. So we may be 'alright Jack'

As to all of you retiring twixt now and then, some advice.
Get off your lazy !!!!!! and do something in your own interest.

If your in a union get to a branch meeting and demand a campaign to ensure you suffer no detriment if the proposals are accepted.
If you ain't in a union at least write to your MP and tell them that you won't be voting for them, or their stinking party, if they don't ensure you won't lose out.

One thing is for sure, if you sit frightened and do nothing, you will get what you deserve, a stuffing.
http://npcuk.org/
..._

It's a shame it reads more like a rant than a reasoned argument. (the website not the post)

ManAtHome

Not enough detail yet - I (should) get State Pension before the change - dunno yet what they're planning for SERPS/S2P and opt-out which at last forecast took me over the flat rate (so I'll stay on me arris for now...).

System

StevieJ wrote: »

Any retirement up to the start date in 2017 will remain on the old system.

What about deferred retirement?

p00hsticks

Clifford_Pope wrote: »

What about deferred retirement?

My understanding is that whether you fall under the old or new systems will depend on the age on which you are entitled to state pension - whether you choose to defer or not makes no difference

SnowMan

p00hsticks wrote: »

My understanding is that whether you fall under the old or new systems will depend on the age on which you are entitled to state pension - whether you choose to defer or not makes no difference

And worth also saying that the proposals will be implemented at the earliest in April 2017.

So it is quite possible that those reaching State Pension Age in say 2018 will fall under the old system if the proposals are delayed.

Nick_C

Anyone seriously concerned about the proposals should read the white paper - or at least the Executive Summary. All the details are there in plain language. http://www.dwp.gov.uk/docs/single-tier-pension.pdf

kidmugsy

Nick_C wrote: »

Anyone seriously concerned about the proposals should read the white paper - or at least the Executive Summary. All the details are there in plain language. http://www.dwp.gov.uk/docs/single-tier-pension.pdf

Well done, Nick. But might not reading the summary inhibit people from their moaning?

littlemoney

p00hsticks wrote: »

My understanding is that whether you fall under the old or new systems will depend on the age on which you are entitled to state pension - whether you choose to defer or not makes no difference

Just when I thought I might get some extra money. With my luck I should have known better. Born to early for increased pension, born to late to avoid original increase in state retirement age.

Worked all my life and saved why did I bother. :mad: