Phasing of State Pension Age

Figgerty

OldBeanz wrote: »

The biggest anomaly is that women live longer (life expectancy females UK 2014; 82.5; males 79.5) but draw their pension earlier. Fairness would add an extra three years to the retirement age for women.

That was unfair to men and I accepted the changes to equalise the state pension age. I think that change increased my SPA to 63.75 and I was reasonably content with that. Then the Government extended the age to 66+ and suddenly my SPA changed to 65.25 years and phased it so those born early in 1953 retire 3 years earlier than those born in late 1953. That is the thing that bugs me the most.

I predict the life expectancy gap will narrow as women will have worked most of their adult lives as men have always done.

bigfreddiel

Figgerty wrote: »

That was unfair to men and I accepted the changes to equalise the state pension age. I think that change increased my SPA to 63.75 and I was reasonably content with that. Then the Government extended the age to 66+ and suddenly my SPA changed to 65.25 years and phased it so those born early in 1953 retire 3 years earlier than those born in late 1953. That is the thing that bugs me the most.

I predict the life expectancy gap will narrow as women will have worked most of their adult lives as men have always done.

Studies have shown that retiring at 60 or 65 has no affect on age of death.

Cheers fj

molerat

Retirement and state pension age are not necessarily linked.

Figgerty

molerat wrote: »

Retirement and state pension age are not necessarily linked.

That's correct. I retire next year and reach state pension age in 2019.

I expect the life expectancy of women who now work most of their lives, many responsibility for child care as well, will start to get closer to men. I am finding that I am increasingly stressed with a long working day and an almost 3 hour commute.

I used to watch a programme called Tomorrows World back when computers were starting to be used in offices. They thought the computer was going to take over big parts of our work and the end result would be that we would all work much shorter weeks and have lots of leisure time. I'm sure those of you nearing state pension age knows how that turned out.

I can't wait to retire.

OldBeanz

You are 18 months older than me and will have access to your pension 1.25 years younger than me and can be expected to claim it for 3 years longer as well. £30k+ more money off the Government. I fail to see what you are upset about.

atush

Figgerty wrote: »

That was unfair to men and I accepted the changes to equalise the state pension age. I think that change increased my SPA to 63.75 and I was reasonably content with that. Then the Government extended the age to 66+ and suddenly my SPA changed to 65.25 years and phased it so those born early in 1953 retire 3 years earlier than those born in late 1953. That is the thing that bugs me the most.

I predict the life expectancy gap will narrow as women will have worked most of their adult lives as men have always done.

Life expectancy HAS narrowed, and there is now at least one area where men live longer than women in retirement- in Warwickshire.

t0rt0ise

Nick_C wrote: »

We have had equal pay for men and women for the last 40 years, .

And you believe that? Oh dear.

Goldiegirl

Figgerty wrote: »

I found this on the DWP website:

It seems I may be able to retire next year, pay extra years NI contributions (to make up for being contracted out of SERPS) and still get a full one tier state pension when I reach state pension age. If that is the case why are my over 35 years contributions not taken into account.

Your over 35 years contributions are being taken into account.


By being contracted out, you paid less than someone you was contracted in.


So you get a lower State Pension than someone who has always been contracted in.


It wouldn't be fair for you to get the same as someone who had paid more than you.


I've paid more than 35 years NI contributions, but I was contracted out for many of those years. Therefore, when the new single tier pension starts, I'll be paying voluntary NI contributions (I'm already retired from work) so, by State Pension age, I'll have paid enough for the full amount of the single tier pension.


I have no issues about this - I'll get what I've paid in for, and that seems perfectly fair to me.


Regarding state pension age for women. When I started work I thought my state pension age would be 60.... it'll now be 66.


Whilst I'd have loved to get my state pension at 60, it ain't going to happen, so the best thing to do is accept it, and work towards getting the best pension that you can.


There's no point getting angry about it, it wont change anything, and the only person to suffer will be you, when you keep stewing about it.


Be thankful you have a good private pension and won't have to wait until state retirement age before you stop work

Figgerty

atush wrote: »

Life expectancy HAS narrowed, and there is now at least one area where men live longer than women in retirement- in Warwickshire.

Retired men will be sending themselves to Coventry.

Figgerty

Goldiegirl wrote: »

Regarding state pension age for women. When I started work I thought my state pension age would be 60.... it'll now be 66.

When I started work I too thought I would retire at 60 and up until about 2010 knew that I would have to work until 63.75 due to the equalisation of the state pension age for men and women. That was acceptable to me and most women. Then the Government decided to speed up the equalisation of pension age and to increase it to 66 for both men and women. That change resulted in my SPA increasing to 65.25. The Government rushed this through without thought to the impact on so many or perhaps it is truer to say without caring.

As to the pension amount. I was probably contracted out by my employer at a time when I was buying my first home and every pound counted. If I was told that my NI was lower because I was in the company pension scheme I would have been happy about it. I now understand why my state pension is lower than someone who was not contracted out but with the same number of years NI contributions. I now look forward to receiving my state pension of roughly £118 (figure TBA) in March 2019 and will just have to manage on my company retirement pension until then. If I fail, I can always try and get a local job or 'sign on the dole' for the first time in my life.