Question SERPS & Graduated Pension

xylophone

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 ??

You wouldn't get a full pension on ten years contributions. http://www.dwp.gov.uk/docs/single-tier-pension.pdf

jem16

keith1950 wrote: »

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 ??

It will rise to 35 years.

I was referring to the OP's post which you answered about the DWP saying that someone with 2 years contributions would get the same as someone with 43 years. I assumed your reply was saying that the contributions were rising to 35 years but that there was also a minimum level of contributions.

Under the present scheme you need 30 years with a minimum of 1 year to get any pension at all. With the proposed new flat rate scheme it will be 35 years with a minimum of 10 years.

keith1950

Sorry I meant to compare the OP's situation with the situation of someone starting now and completing 35 years contributions.

I hadn't realised that under present conditions someone with 2 years would be entitled to anything.

I didn't make it clear that I meant the minimum number of years to get a full pension not the minimum number of years to be entitled to any pension.

stinktankcynic

I think it's even worse for people who have not started working yet, don't they lose the starter 3 years worth of credits from 16 to 18?
Also, people who are already working may not need to complete the full 35 years as they may well have enough contributions, SP2, serps etc to get them to or above £144. I suppose if you have been contracted out for a long time, then working past the 30/35 years will be worth it if you can increase your pension to £144. If your at £144 in 2016, any further NI payments are lost. Seems a bit unfair, but that's life. I guess having time out, taking two part time jobs reducing NI etc will be no problem then. I wonder how long the government will wait until it changes the NI rules, so part time jobs are added together for NI purposes. That must be happening sometime? Maybe more so now with real time payroll info upon us.

Dimey

Thanks for your insight everyone. Its very useful. It was the DWP who told me the pension age is now 67 and that it would likely go up to 68 within a couple of years. They can't give me a pension forecast yet because they are waiting for details about the new flat rate payment from the government. They said it could take a year to come through. I'm just 60 and living on savings till I can claim pension. If the savings run out I'll go back to work.

jem16

Dimey wrote: »

Thanks for your insight everyone. Its very useful. It was the DWP who told me the pension age is now 67 and that it would likely go up to 68 within a couple of years.

It is but not for your age. Did you give them your specific date of birth when you called?

They can't give me a pension forecast yet because they are waiting for details about the new flat rate payment from the government.

You can get a state pension forecast of your entitlement under the present regulations which is what you may well fall under anyway. What is your date of birth?

https://secure.thepensionservice.gov.uk/statepensionforecast/default.aspx

They said it could take a year to come through. I'm just 60 and living on savings till I can claim pension. If the savings run out I'll go back to work.

It could but it may not be applicable anyway. If you give us your date of birth we can tell you.

xylophone

https://www.gov.uk/calculate-state-pension

Note this uses current rules and does not calculate additional state pension

According to George Osborne, the single tier pension will be introduced in 2016, presumably 6 April.

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

dunstonh

It was the DWP who told me the pension age is now 67 and that it would likely go up to 68 within a couple of years.

The state pension age has already gone up to 68. It was put in place under the previous Government. Your state pension age is dependent on your date of birth. You seem to be getting some duff info from the DWP.

Dimey

Wow, I have had duff info from the DWP haven't I. My DOB is 24/2/1953

xylophone

My DOB is 24/2/1953

SPA 6 Jan 2016 if female
SPA 24 Feb 2018 if male