MSE News: Only 45% of those retiring to get full 'single-tier' state pension

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"Less than half of those reaching state pension age between 2016 and 2020 will be entitled to a full new state pension, it has been revealed..."
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Only 45% of those retiring to get full 'single-tier' state pension

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Only 45% of those retiring to get full 'single-tier' state pension

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http://forums.moneysavingexpert.com/showthread.php?t=5151036
Revealed in January 2013, to be precise.
It is not means-tested.
A Government White Paper in January 2013 showed this.
Not a very good description. No-one will lose out in the short run compared to what they would have received, but many will lose in comparison to the current system, potentially significantly, in the longer-run.
A bit too simplistic, the groups mentioned are too large. It is a shame there is a continuing insistence on presenting this as higher pension, rather than the actuality which is as a pension cut (albeit with winners and losers) with the amount of pension paid out in total significantly reduced in the long-run.
Given this, I find it quite amusing that some are irritated that soon-to-be-pensioners are not going to benefit from a windfall gain (ie getting a lot more pension than they ever expected) whilst nothing is said about young workers who are the big losers from the reform.
This is for my post above
If this becomes more widely known, maybe the government just blew the election
Pensions minister Steve Webb last June:
“I have no interest in people not getting what they expect. When I’ve spoken about
new state pension before, I’ve focused on the longer-term, as eventually everyone
will get the full single-tier if they have 35 years of national insurance contributions.
For example, my son starts work in a few years time and he will get the flat-rate,
that’s it.
“In the meantime, some people will get more and others less than the full single-
tier amount.”
http://www.telegraph.co.uk/finance/personalfinance/pensions/10896342/One-million-pre-retirees-to-receive-less-than-155-flat-rate-state-pension.html
Fine for employed people but ...
I'm considering an example of someone a few years older than me.
What happens for someone aged 60 in April 16, self-employed since age 16 so 44 years contributions? Do they transfer to the new scheme with a starting value of currently £113.10, and add £4.24 a week per year of contributions for the next 6 or 7 years, or do they already have the full new £148 pension built in?
Anyway, age 62 is too young to retire so Nics will continue, earning them closer to the flat rate for each year worked after 2016. they can also buy extra SP, although the details aren't completely set yet?
This is true of anyone who has never contracted out and has 35 years - they will get at least the full nSP rate.