Unders 65s missing out all round

boaters

Am I missing something or are the U-65s pensioners missing out all round?

First we got caught in the later pension age trap - having planned my finances and looking forward to retirement at 60 I had to wait till I was 61+.
Second we only get the current state pension - a few years younger and we'd get a whopping £148.40pw. I've worked all my life so no benefit to the reduction in NI qualifying years.
Third, despite being of pension age we don't qualify for the new Pensioner Bond.

Does anyone agree with me that we seem to have got a raw deal all round?

greenglide

First we got caught in the later pension age trap - having planned my finances and looking forward to retirement at 60 I had to wait till I was 61+.

This was in the 1990s so hardly a surprise!

Second we only get the current state pension - a few years younger and we'd get a whopping £148.40pw. I've worked all my life so no benefit to the reduction in NI qualifying years.

But if you have been not contracted out for the bulk of your working life you probably have enough AP from GRAD / AP / S2P to take you over the nSP standard amount (the £148 figure) so you don't lose anything.

Third, despite being of pension age we don't qualify for the new Pensioner Bond.

They brought out a scheme for people over 65 and you are not 65 yet. That is no great surprise then. It may have been badly publicised by the Government and the press but "most" of us could understand the over 65 bit.

Does anyone agree with me that we seem to have got a raw deal all round?

And you are quite certain that there is nothing at all that isnt better at that particular age change? May everything should remain unchanged forever?

Linton

boaters wrote: »

Am I missing something or are the U-65s pensioners missing out all round?

First we got caught in the later pension age trap - having planned my finances and looking forward to retirement at 60 I had to wait till I was 61+.
Second we only get the current state pension - a few years younger and we'd get a whopping £148.40pw. I've worked all my life so no benefit to the reduction in NI qualifying years.
Third, despite being of pension age we don't qualify for the new Pensioner Bond.

Does anyone agree with me that we seem to have got a raw deal all round?

The state pension date change for females from 60 to 65 was announced nearly 20 years prior to its implementation leaving plenty of time for alternative plans to have been made. But, well done on planning 20 years ahead or more!

If you have worked all your life and not been in a DB scheme you should have built up a reasonable SERPs/S2P pension that could take you well beyond £148/week. This ability to increase one's basic state pension will not be available from 2016. And if you had been in a DB scheme your NI would have been reduced compared with those working after 2016.

atush

Plus you probably had a free university education as well as were able to become a home owner etc.

Life isn't that bad for the over 60s/under 65s?

saver861

boaters wrote: »

First we got caught in the later pension age trap - having planned my finances and looking forward to retirement at 60 I had to wait till I was 61+.

Well many would settle for that now for sure .... particularly those who have to roll on until 67+

boaters wrote: »

Third, despite being of pension age we don't qualify for the new Pensioner Bond.

There might be some argument in this that it was exclusive to the over 65's and not existing pensioners.

boaters wrote: »

Does anyone agree with me that we seem to have got a raw deal all round?

Well I'm not sure - not many people would agree with you. Pensions have been going up by at least 2.5% under triple lock - those workers having very small or nil payrises for years might take some convincing of your argument.

Maybe you need to look at what you have got and then go compare - rather than the other way round.

atush

Well many would settle for that now for sure .... particularly those who have to roll on until 67+

Yep, that's me. And think my US Soc Sec will be even later.

Mirador

I would find it difficult to agree with this. Watching my children struggle to find a £50000 deposit it get on to the housing ladder, no final salary pension scheme and repaying large university debts, I think that our generation has been extremely fortunate.

dunstonh

First we got caught in the later pension age trap - having planned my finances and looking forward to retirement at 60 I had to wait till I was 61+.

Although you had nearly 20 years to plan for that extra year. The qualifying period was also reduced from 40 years to 30 as well. Plus, SERPs/S2P for most of that period would have been better.

Second we only get the current state pension - a few years younger and we'd get a whopping £148.40pw. I've worked all my life so no benefit to the reduction in NI qualifying years.

You did benefit from the reduction from 40 years to 30. If you only get the basic state pension then this means you contracted out or were self employed.

Does anyone agree with me that we seem to have got a raw deal all round?

No. You got your state pension at 61. Many reading here wont see it until 67-68 and possibly later. You had so much going for you in the years you worked compared to those today. 20-25 year mortgages which were quickly eroded in real terms by inflation. Whereas today its 35-40 year mortgages with very little inflation erosion. Lower investment returns on more volatile markets today when double digits were the norm for you.

Things change. Some things will be better for you. Some things not. However, dont try and make out you are suffering from these changes as you are not.

ViolaLass

Not getting access to the Pensioners' Bond doesn't strike me as being that big a deal. Gets you a couple of hundred extra per year before tax. Yes it's extra, but if it would make that much of a difference to your life, you probably haven't got the £10k to invest in the first place.

Triumph13

boaters wrote: »

Does anyone agree with me that we seem to have got a raw deal all round?

That's looking like a 'No'.

kidmugsy

boaters wrote: »

Am I missing something or are the U-65s pensioners missing out all round?

Does anyone agree with me that we seem to have got a raw deal all round?

So you list all the advantages of being older that you covet, and list none of the advantages of being your own age. You sound like some sort of socialist. Off you go to Cuba or North Korea.