Phasing of State Pension Age

Nick_C

Figgerty wrote: »

I would not be 'moaning' if I had been paid the same money as my male counterparts all of my working life and if the change in pension age was phased in at the rate the Government plan to introduce future increases. Also note this is the first change in the state pension age since it was introduced in 1948 and not everybody is as well informed as you, SA.

We have had equal pay for men and women for the last 40 years, so any woman retiring beyond 60 will have had the opportunity to earn as much as a man for the 35 contributory years needed for a full SRP.

I started planning for retirement 35 years ago. It's annoying that I will have to work for an extra year before I get my SRP, but there is nothing I can do about it. I am lucky that I won't have to wait until I am 68. Phasing was necessary, and I think the Government got the balance right between resolving this inequality expeditiously while giving proper notice to those affected.

atush

Figgerty wrote: »

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.

You could have/should have a private pension you could use to retire 3 years early. Do you have one? If not, start one.

AlanP_2

Nick_C wrote: »

We have had equal pay for men and women for the last 40 years, so any woman retiring beyond 60 will have had the opportunity to earn as much as a man for the 35 contributory years needed for a full SRP.

.

In theory you are correct and it is moving that way, but slowly. Just look at the number of successful Equal Pay cases there have been in that 40 years.

It takes a long time for society, and attitudes, and practice to catch up with Parliament's intent in situations such as this.

Figgerty

molerat wrote: »

But any years you contribute after 2016 will add to that new SP figure, you may still be able to achieve the maximum, just make sure you earn in excess of £112 per week (2015 figure).

I already have way more than the 35 years NI contributions required for a full state pension and any further contributions will not increase my pension. When you are in constant employment from age 16 you will have reached the maximum years contributions at age 51. The Government is on a winner there.

Mojisola

Nick_C wrote: »

We have had equal pay for men and women for the last 40 years, so any woman retiring beyond 60 will have had the opportunity to earn as much as a man for the 35 contributory years needed for a full SRP.

If only that was true.

Figgerty

Nick_C wrote: »

.

I started planning for retirement 35 years ago. .

I was happy to work longer to equalise the state pension age to 65 and planned on that basis. Then the Government decided to increase the age to 66 + and because of being born at the end of '53 my age group suffered more than most other.

As to equality of pay, I recall that it was around the mid eighties before my pay increased in line with male counterparts. I was not doing the same job all my working life so only received equal pay after working for about 15 years.

jem16

Figgerty wrote: »

I already have way more than the 35 years NI contributions required for a full state pension and any further contributions will not increase my pension.

If you have less than the full new state pension because of contracted out deductions, then any contributions made after April 2016 will increase your pension from your foundation amount up to the maximum. It will increase by roughly £4pw.

Figgerty

mumps wrote: »

I was born in 1953 and I have never had a letter from DWP about my retirement other than when I requested a forecast. I worked in payroll and hr for most of my adult life and would certainly have noticed.

The same applies to me and I certainly would have noticed as I do not receive letters from DWP, I do not receive any benefits or allowances so I would not expect them to write to me.

Figgerty

jem16 wrote: »

If you have less than the full new state pension because of contracted out deductions, then any contributions made after April 2016 will increase your pension from your foundation amount up to the maximum. It will increase by roughly £4pw.

If I have paid 10 years more than the maximum of 35 years how can any further contributions increase my pension. The maximum is the maximum, is it not. If this is wrong, please explain.

Triumph13

Figgerty wrote: »

If I have paid 10 years more than the maximum of 35 years how can any further contributions increase my pension. The maximum is the maximum, is it not. If this is wrong, please explain.

Because if you were contracted out for long periods your new basis pension will be a lot LESS than the new basis maximum and so your 'foundation amount' at April 2016 will be the old system maximum as being the higher or the 2 numbers.