Pension forecast April 2016

xylophone

There is a great deal of ignorance re this change.

There is a great deal of information available about the change - post 11 above refers to a link to which attention has been drawn many, many times.

Those who administer pension schemes certainly have access to this information - it seems to me that it is their responsibility to keep members informed/updated?

greenglide

Now say the pension you were contracted into was total crap and the payment is only £25 a week.

The rebate derived amount is calculated taking into account the value of the NI rebate that the pension scheme has received which is dependent on earnings. Since there are minimum levels of pension a contracted out scheme must pay this situation should not arise.

kidmugsy

greenglide wrote: »

The rebate derived amount is calculated taking into account the value of the NI rebate that the pension scheme has received which is dependent on earnings. Since there are minimum levels of pension a contracted out scheme must pay this situation should not arise.

Aw, greenglide, you're just trying to spoil the joy of ignorant hysteria.

drumtochty

greenglide wrote: »

The rebate derived amount is calculated taking into account the value of the NI rebate that the pension scheme has received which is dependent on earnings. Since there are minimum levels of pension a contracted out scheme must pay this situation should not arise.

The government spokesman in the House of Lords this spring during the committee stage of the pension bill advised when asked the question that if a private pension that people received was less than the RDA decucted from the new style pension. He advised that the RDA would still stand.

I have no percentage figure to suggest home many private pensions would be in this state.

ekeir

kidmugsy wrote: »

Quel horreur!!!!!!

So in fact the whole thing is just elderly hysteria, and you will be no worse off at all. In the US they'd call you a "jerk".

kidmugsy wrote: »

Aw, greenglide, you're just trying to spoil the joy of ignorant hysteria.

Just what the internet needs. Another keyboard coward. The only ignorant hysteria in this thread is yours. You have added nothing to this discussion but infantile comments.

Vortigern

greenglide wrote: »

... all along the government has been careful to qualify the statements about the £144 pension.

I disagree. Why is it always referred to as a flat-rate pension when clearly it's not.

greenglide

It is no longer referred to as "Single Tier Pension" it is now "new State Pension".

The concept is simple - pay 1/35 of the amount for every year of contributions but the amount of "transitional protection" for people who have built up entitlement to the old system complicates it horrendously.

In around 10 - 15 years the transitional protection will work its way out and most new claims will get the "£144" amount if they have 35 years contributions.

Uglymug

I just phoned for a State Pension forecast.
I was told I'll receive a forecast under the current rules in the post in the next 10 days.
I asked if I'll also get a forecast for the new rules being implemented in April 2016 and was told I'd have to phone them in about 12 months to get that one.
I just turned 58 in April.
Does anyone know if I have to wait that long for a "New Rules" forecast or did I just find a novice to talk to?

drumtochty

Uglymug.

I think you are a year too young to get a forecast of the New State Pension.

At the moment it is a manual system they use as the automated system is say about a year away from being brought on line for the New State Pension. The Existing State Pension forecast is automated.

Therefore they have limted it to people with a DOB before some time in 1955.

Consider yourself lucky to be young!