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"Flat rate" state pensions - deception exposed
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so you're not able or prepared to give even one quote supporting your inaccurate and outrageous statements?
"outrageous", !!!!!!, this is a pensions blog not some kind of assault on humanity.
Having expended your hyperbole on a piece of relative triviality such as a white paper what words do you use to describe: 911, the moors murders or the Jihadi beheadings?0 -
what words do you use to describe: 911, the moors murders or the Jihadi beheadings?
A classic distraction tactic. Why not answer the question asked by providing those quotes?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 -
Not really, just surprised by you and your buddy's over-reaction to someone having the temerity to proffer a different opinion you yourselves.gadgetmind wrote: »A classic distraction tactic. Why not answer the question asked by providing those quotes?
...and, whatever you think, you don't have a monopoly over people's views on a subject.0 -
you don't have a monopoly over people's views on a subject.
No, but I do reserve the right to ask them to support their views with facts. If they choose not to do this, it tells me (and others) a lot about the merit of their views.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 -
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).
People who read it carefully will know it doesn't say that.
But allowing expresions like "flat-rate" to gain currency is disengenuous. They ought to realise that to many people, flat-rate means everybody is going to get it.
"Everybody is going to retire on a flat-rate gold-plated pension of £20,000 a year" - True enough, but only if you qualify.
This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Here is the wording from the original green paper called A state pension for the 21st century. Note that Option 2 was what turned into the new single tier pension.
"Option 2 would be a more radical approach to state pension reform, combining basic State Pension and State Second Pension into one single-tier state pension. Future pensioners with at least 30 qualifying years would receive the same flt-rate pension currently estimated at £140 a week – with this payment being set above the basic level of support provided by Pension Credit."
Note that the 30 years turned into 35, but it's made clear that the flat rate is exactly that, but only applies to those who fully qualify and pro-rata for everyone else.
The paper then asks for feedback on how to ensure those who've contracted out don't end up getting benefits that assume they hadn't.
It was previously a bit of a mess, and it needed sorting out, and given the difficulties of this, the approach that's been arrived it seems fair to everyone, though not great for high earners in the future.
It was also all done very openly, with key terms explained, so anyone who feels it was deceptive in some way really needs to explain what they mean.
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 -
Not really, just surprised by you and your buddy's over-reaction to someone having the temerity to proffer a different opinion you yourselves.
...and, whatever you think, you don't have a monopoly over people's views on a subject.
Everyone can have a view, but if espousing such a view should be prepared to back up any assertions?0 -
For anyone who wants to see the gory detail of the deduction for contracting-out (the rebate derived amount) under the new rules part of the calculation of the starting amount, this document has just come out. Warning not light reading.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdfI came, I saw, I melted0 -
For anyone who wants to see the gory detail of the deduction for contracting-out (the rebate derived amount) under the new rules part of the calculation of the starting amount, this document has just come out. Warning not light reading.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf
No - but it does explain it - very helpful.There are 10 types of people in the world - those who understand binary and those who do not. :doh:0 -
Not exactly easy to understand.
"The calculation is based on National Insurance qualifying years. The number of qualifying years a person has at the end of 2015/16"
So what happens if you have worked for lets say 35 years but were contracted out for 10 years, therefore you have 25 years full NI contributions and are still going to be working another 12 years and paying full NI contributions.
This would give you a full 37 years, 2 over the 35 required, will that person get a FULL state pension? and keep their contracted out pot on top?
Or is the additional 12 years that they work after 2015/16 lost?
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