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"Flat rate" state pensions - deception exposed
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How many people do you know who read government white papers?
Most people who Haven't read such white papers should before they come on to forums and rant about things they are misinformed about?
It has been well known many wont get the full new flat rate pension. Of those 55% are included those who were contracted out and have a tidy DC pot they can cash in, or will be in receipt of a very nice DB pension. Others of those 55% will have saved for a pension themselves.0 -
Requesting a statement in writing / on the phone will give you both the "old pension" figure as shown on line and the "new pension" figure with the COD.Current guidance for FORM BR19
The amount of State Pension that will be shown in your statement will not be based on the new rules. It will be based on the law if you were to reach your State Pension age today. The information in your statement is still relevant because, in the vast majority of cases, this existing scheme estimate will be the least amount that someone will get when they reach state Pension age.
So I keep logging on for any updates - Online Pension Forecasting system is updated - & don't waste my time filling in FORM BR19 or money phoning them up! Unless I see any different on this website or the government give out any updates.0 -
If you ring them and you are in the relevant age range for them to do so they will produce a forecast which includes the nSP data and mail it to you.So I keep logging on for any updates - Online Pension Forecasting system is updated - & don't waste my time filling in FORM BR19 or money phoning them up! Unless I see any different on this website or the government give out any updates.
Many people on this site have obtained one this way - this has generated a series of threads asking about the content of these.
As I said before, the online forecast application has not been amended (it may do in the future but it is not certain - I suppose it could get decommissioned) , it says so on the web page.0 -
How many people do you know who read government white papers?
Lots of people. Those who don't take the trouble to do this are best advised to hold their peace until they have done.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
On transfer, someone will get the better of two calculations, one of which is that, and the other may be related to the new state pension but also contracted in and out history, so maybe greenglide is also right, but I may have not quite followed that part of the explanation.
It's all in the whitepaper and there are loads of worked examples. If the full 70 pages is too much (though I read it in full the morning it came out while on holiday!) then there is an executive summary.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »It's all in the whitepaper and there are loads of worked examples. If the full 70 pages is too much (though I read it in full the morning it came out while on holiday!) then there is an executive summary.
Maybe it is the way the white paper is written but it is definitely slewed towards making everyone think they are going to come out with £144 (there are overwhelming references to this amount).0 -
In other words Webb has produced a scheme for the long term, but could not be too bothered with enough attention to detail to ensure that people in the transitional period would be OK.
Quite the opposite.
The biggest change between the Green Paper stage and the White Paper stage was to alter the proposals such that a much higher proportion of individuals reached State Pension age with at least the single-tier rate earlier.
The following chart was published by DWP in January 2013 (in the White Paper, not buried as a research paper, or an ad hoc statistical release, or only released under Freedom of Information). It is beyond me how anyone can accuse the Government of conning them, hiding the truth, misrepresenting the position and so forth. Certainly all Ministers could have given the full dull, dry and technical descriptions everytime they were interviewed, but if folk won't read the full dull, dry and technical White Papers I don't see why they would suddenly start to pay attention when a politician starts to go into lengthy technical explanations (and Steve Webb is quite capable of giving such explanations - unusually for Pension Ministers he has a strong background in pensions, dating to well before he took office).
Quite clearly, about 40% of retirees in the early years will get at least the single-tier amount, and even in the long term only about 80% will get the full amount. Organisations such as the Pension Policy Institute published papers analysing the proposals (such as this one).
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Maybe it is the way the white paper is written but it is definitely slewed towards making everyone think they are going to come out with £144 (there are overwhelming references to this amount).
The whitepaper is very much written to *not* say that.
Please quote in full any parts you feel are deceptive or ambiguous.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Due mainly to you extolling the virtues of the pensions white paper, I was prompted to follow the links and skim-read same.gadgetmind wrote: »The whitepaper is very much written to *not* say that.
Please quote in full any parts you feel are deceptive or ambiguous.
Despite an initial bias impressed by your assertions, my opinion reversed and, in the end, I felt the doc was slewed more towards giving folk the impression that the £144 was up for grabs.
I could spend longer reading the doc but my first impression is, by definition, my first impression.0 -
Due mainly to you extolling the virtues of the pensions white paper, I was prompted to follow the links and skim-read same.
Despite an initial bias impressed by your assertions, my opinion reversed and, in the end, I felt the doc was slewed more towards giving folk the impression that the £144 was up for grabs.
I could spend longer reading the doc but my first impression is, by definition, my first impression.
so you're not able or prepared to give even one quote supporting your inaccurate and outrageous statements?The questions that get the best answers are the questions that give most detail....0
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