Question SERPS & Graduated Pension

Dimey

Does anyone know whether we will get refund of SERPS & Graduated pension payments when the flat rate pension comes in? The DWP have told me I will get the same £144 pension having contributed 43 years as someone who has only contributed 2 years.
My pension planning has already been knocked off course having lost to Equitable life and employer pension going bust. Not to mention having left work at 60 only to find I can't draw state pension till I'm 67.

Sorry if this question is duplicated. I'm new and couldn't work out how/where to post.

dunstonh

Does anyone know whether we will get refund of SERPS & Graduated pension payments when the flat rate pension comes in?

no

The DWP have told me I will get the same £144 pension having contributed 43 years as someone who has only contributed 2 years.

That is not how it works.

Not to mention having left work at 60 only to find I can't draw state pension till I'm 67.

You havent been able to take state pension at 60 for twenty years. What made you think you could? The increase to 67 is also many years old now

keith1950

The DWP have told me I will get the same £144 pension having contributed 43 years as someone who has only contributed 2 years.

There is still a minimum number of contribution years required , I think it is rising back up from 30-35 and someone starting now and completing those years will probably pay more in ( at the same pay level) as you would have because there will not be the option to opt out ??

May be dunstonh could clarify things !!

jem16

Dimey wrote: »

Does anyone know whether we will get refund of SERPS & Graduated pension payments when the flat rate pension comes in? The DWP have told me I will get the same £144 pension having contributed 43 years as someone who has only contributed 2 years.

If that's what the DWP told you, then either you didn't explain your question very well or someone at the DWP has no clue at all.

You will get more than the £144 flat rate pension as you will get the higher of the entitlement under the old and new schemes. As your basic pension plus SERPS/S2P will be higher(assuming no contracted out periods), that's what you will get.

Have you got a state pension forecast?

My pension planning has already been knocked off course having lost to Equitable life and employer pension going bust. Not to mention having left work at 60 only to find I can't draw state pension till I'm 67.

If you have already left work at age 60 you must have been born either in 1953 or before. If male your state pension age is 65 as it always has been. If female your state pension age is no more than 63 years 2 months 25 days.

Where does age 67 come from?

xylophone

Not to mention having left work at 60 only to find I can't draw state pension till I'm 67.

When were you born? Are you male or female?
http://www.thisismoney.co.uk/money/pensions/article-1679780/New-state-pension-age-retire.html

It appears that you are already over 60?

http://www.ftadviser.com/2013/03/18/pensions/personal-pensions/osborne-fast-tracks-single-tier-pension-to-0i4MbDWwoTbRvqdnQkGSOL/article.html

http://www.dwp.gov.uk/docs/single-tier-pension.pdf

http://www.telegraph.co.uk/finance/personalfinance/pensions/9817508/New-state-pension-how-am-I-affected.html

jem16

keith1950 wrote: »

There is still a minimum number of contribution years required ,

It will be 10 years minimum.

I think it is rising back up from 30-35 and someone starting now and completing those years will probably pay more in ( at the same pay level) as you would have because there will not be the option to opt out ??

For someone starting now they will end up paying more as they will have to contribute for longer. They will also not get as much as they would have under the old scheme.

xylophone

You havent been able to take state pension at 60 for twenty years.

What exactly do you mean by this?
Women born before 6 4 50 have the right to a state pension at 60.

http://www.web40571.clarahost.co.uk/statepensionage/SPA_history.htm
http://www.thisismoney.co.uk/money/pensions/article-1679780/New-state-pension-age-retire.html

jem16

xylophone wrote: »

What exactly do you mean by this?
Women born before 6 4 50 have the right to a state pension at 60.

http://www.web40571.clarahost.co.uk/statepensionage/SPA_history.htm
http://www.thisismoney.co.uk/money/pensions/article-1679780/New-state-pension-age-retire.html

Changes to the state pension age for women has been know since before 1995. If the OP is complaining that she (assuming) can no longer take her pension at age 60 but thinks it's age 67, then she is not likely to have been born before 1950 and should have been aware of the changes for at least 20 years.

xylophone

Changes to the state pension age for women has been know since before 1995. If the OP is complaining that she (assuming) can no longer take her pension at age 60 but thinks it's age 67, then she is not likely to have been born before 1950 and should have been aware of the changes for at least 20 years.

This is not what duncanh said?

The OP indicates that he/she is already at least 60? .

Not to mention having left work at 60

SPA cannot be 67.

jem16

xylophone wrote: »

The OP indicates that he/she is already at least 60? .

SPA cannot be 67.

I've already said that in Post 4.

keith1950

Quote:
Originally Posted by keith1950
There is still a minimum number of contribution years required ,
It will be 10 years minimum.

Please correct me but I thought the minimum number of years to get the full pension will rise to 35 years, how can anyone be entitled to a full pension on 10 years contributions ??