Phasing of State Pension Age

Figgerty

My friend reaches state pension age next year and as she was born the same year as me I assumed I would also be getting my state pension next year or shortly after. Not so. The phasing does not appear to be gradual if the State Pension Calculator is correct.

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

My friend was born on 05 April 1953 and reaches state pension age on 06 March 2016. Age 62 years, 11 months, 1 day

I was born on 06 Dec 1953 and I reach state pension age on
06 March 2019. Age 65 years 3 months.

I was born 8 months later but have to wait 3 years longer for my state pension. Is this correct?

JezR

Yes these days are correct and are given in the Pensions Act 2011.

Equalisation of women's pension age with men, and the general increase in pension age to 66 was accelerated under that Act to be complete before the end of 2020.

If your friend had been born one day later the day she would have reached pension age on 6 July 2016. If you had been born one day earlier your state pension day would have been 6 November 2018.

TadleyBaggie

Yes it is. Women born in 1953 see the greatest change depending on when in the year they were born. See:http://www.thisismoney.co.uk/money/pensions/article-1679780/New-state-pension-age-retire.html

Figgerty

That is soo unfair. I thought it was going to be a gradual phasing in not this eratic phasing. Does not seem fair when we are not all treated equally. The last time I received a state pension forecast my state pension year was 2016.

So, the result is I will have to work for another 3 years.

amibovvered

I was born in 1957 and over the last 15 years or so have had at least 3 letters from DWP informing me of my state retirement date of 2023. I find it a little hard to believe that you haven't had at least one letter before now?

Figgerty

I received a forecast but the state pension date was 2016. It also included a financial forecast showing I was entitled to a full pension as I had more than 30 years Nat Ins contributions. I know the rules on the pension amount (single tier pension) has changed & you now need to have 35 years NI for a full state pension but the Pensions Service did not send me any further information. I expected some information from them a few months prior to reaching state pension age but I thought it would be around the middle of next year.

Figgerty

amibovvered wrote: »

I was born in 1957 and over the last 15 years or so have had at least 3 letters from DWP informing me of my state retirement date of 2023. I find it a little hard to believe that you haven't had at least one letter before now?

According to this article the Government does not contact everybody about the changes to pensions but relies on us finding out through the media I expect they only contact people when they are close to retirement.

http://www.telegraph.co.uk/finance/personalfinance/pensions/9937301/New-state-pension-Government-apologises-for-National-Insurance-confusion.html

One part refers to letters to 75,000 people born between April 1955 and April 1960, this was correcting information already provided to them. I have not received a correction but knew about the NI changes through the media.

GibbsRule_No3

Fingerty, you have to watch out regarding the State Pension amount you will receive as well, having the number of years is not the only criteria for a "full" SP. I was born in June 54 so nearly fall into your problem but I have already worked 44 years full time, so no problem with the years "but" because I have a Private pension and for some years I was opted out the SP will be reduced. Goal posts have been moved. I have decided to do a "phased retirement" and asked my employer to reduce my days from 5 to 3.

Figgerty

GibbsRule No3

You are right. I am in the same position as you with a company pension and I know that despite having more than 35 years National Insurance I will not get the full flat rate pension of about £155. So Mr IDS misled us by calling it a one tier state pension.

I plan to retire next year, as I originally planned. After working constantly since I was age 16 in 1970. I feel tired of long daily commutes and shi**y employers. I hope my private pension is sufficient to keep me in some comfort until I get my state pension in March 2019.

Good luck with your phased retirement & live long to collect loadsa pension.

mgdavid

Figgerty wrote: »

..... So Mr IDS misled us by calling it a one tier state pension. .........

No he didn't. It is a single-tier SP. It's the transition arrangements from the existing system that cause variations from the new single-tier rate. There are both winners and losers. All the information is in the public domain and has been discussed widely in places such as this.
Unfortunately the days of being spoon-fed by Government are long gone and it is more than ever one's own responsibility to keep oneself informed.

Figgerty

Well I am certainly a loser. By next year I will have paid over 45 years national insurance and will get a pension that only needs 35 years contributions. Because I paid into a company pension scheme I am not entitled to the full one tier £155 state pension IDS & Steve Webb promoted. In addition my state pension age increased by more than 5 years in the space of a 9 year period. And the Government now states that it would be unfair to increase it in future by a further year in a 7 year cycle. I and those of my age were not treated with that consideration.