Pension changes and dates

someblokeontinterweb

Hi, I'm a new poster just signed up today. I have quite a simple first question but I cannot seem to find the answer anywhere on the WWW.

I'm soon to be a pensioner with the full entitlement of £113.00 per week + the old Graduated Pension which from memory added £0.06d for every £7.10s you paid in I was in that scheme from age 15 until it was scrapped, so there will be some additional payment.

So with the new Dates and Ages how will this affect me and many others in the same situation. Will be 65 in Feb 2016 and the new rates are effective April 2016. Now does that mean that Feb & March will be at one rate and then from April it will change to the new rate or will I after paying full contributions be getting £29.00 per week less for the rest of my life?

Linton

No, as you reach state pension age before April 2016 your pension will not be affected by the new arrangements. Arent you due any SERPs/S2P pension?

p00hsticks

someblokeontinterweb wrote: »

Hi, I'm a new poster just signed up today. I have quite a simple first question but I cannot seem to find the answer anywhere on the WWW.

I'm soon to be a pensioner with the full entitlement of £113.00 per week + the old Graduated Pension which from memory added £0.06d for every £7.10s you paid in I was in that scheme from age 15 until it was scrapped, so there will be some additional payment.

So with the new Dates and Ages how will this affect me and many others in the same situation. Will be 65 in Feb 2016 and the new rates are effective April 2016. Now does that mean that Feb & March will be at one rate and then from April it will change to the new rate or will I after paying full contributions be getting £29.00 per week less for the rest of my life?

The Graduated Pension was, I think, replaced by SERPS and later S2P - did you also contribute to these ? Before you start feeling hard done by, it's worth getting youself a Pensions statement to see exactly how much this will add to the basic amount

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

gadgetmind

Yes, get a statement. I'm just over 50 but have still got enough S2P to be very close to the new flat rate figure, so hopefully the same will apply to you.

JezR

A graduated pension unit is worth a bit more than 6d these days - 13.3p to be precise from April. So for the maximum number of units (86) this is an additional pension of £11.44. Shame no one thought of indexing the value of the units between 1961 and 1978.