Sign the Petition for Womens state pension age going up unfair

bmm78

Figgerty wrote: »

Your state pension is calculated on the number of years National Insurance contributions you make. Not a tax nor a benefit. Many of the #Waspi women have 40-50 years contributions and their pension today is calculated on just 30 years contributions and from April on 35 years. They have overpaid and will not receive any "benefit" for that.

The State Pension is a contributory benefit under Part 9 Chapter 5 ITEPA 2003. The conditions for eligibility are to have paid, or been credited for, the required number of years NI contributions. There are reduced amounts for people who do not have sufficient qualifying years.

The benefit is not calculated on the number of years NI contributions made. That misconception fuels a lot of the sense of "injustice", which is probably why some people are not willing to let it go away. It is not possible to have "overpaid"; that is a complete distortion of how the system works.

p00hsticks

Figgerty wrote: »

Your state pension is calculated on the number of years National Insurance contributions you make. Not a tax nor a benefit. Many of the #Waspi women have 40-50 years contributions and their pension today is calculated on just 30 years contributions and from April on 35 years. They have overpaid and will not receive any "benefit" for that.

Given that WASPI are campaigning for the Pension rules to be wound back, I doubt that they'll mind - the 30 year rule was only introduced in 2010. Before that they would have been expected to have worked at least 39 years to achieve the same level of pension. So of you believe what WASPI say about them not being aware of any changes, most of them would be still working on the assumption that they needed 39 years anyhow...

missbiggles1

Figgerty wrote: »

Your state pension is calculated on the number of years National Insurance contributions you make. Not a tax nor a benefit. Many of the #Waspi women have 40-50 years contributions and their pension today is calculated on just 30 years contributions and from April on 35 years. They have overpaid and will not receive any "benefit" for that.

And many will have NI credits rather than NI contributions for a good many of those years.

Figgerty

bmm78 wrote: »

The State Pension is a contributory benefit under Part 9 Chapter 5 ITEPA 2003. The conditions for eligibility are to have paid, or been credited for, the required number of years NI contributions. There are reduced amounts for people who do not have sufficient qualifying years.

The benefit is not calculated on the number of years NI contributions made. That misconception fuels a lot of the sense of "injustice", which is probably why some people are not willing to let it go away. It is not possible to have "overpaid"; that is a complete distortion of how the system works.

How is my state pension calculated?

If I have this wrong then the Government has misled me and millions of others.

When you receive a pension statement it calculates your pension on the number of NI years contributed or credited. If you have paid 40 years NI there is no need for credits as you have paid more than necessary. That means the Gov't is doing well with the men and women who started work at 16 as they will have paid NI for 40-50 years by the time they reach SPA. This money is going into Gov't coffers as well as the money from those with less than 10 years who will not be eligible for any state pension.

Linton

Figgerty wrote: »

Youen have 40-50 years contributions and their pension today is r state pension is calculated on the number of years National Insurance contributions you make. Not a tax nor a benefit. Many of the #Waspi womcalculated on just 30 years contributions and from April on 35 years. They have overpaid and will not receive any "benefit" for that.

Are you proposing that the NI years for a full pension be raised to 40-50? Surely that would hit more women than men! People really would have cause to protest.

saver861

p00hsticks wrote: »

- the 30 year rule was only introduced in 2010. Before that they would have been expected to have worked at least 39 years to achieve the same level of pension.

So, lets see ..... 2009 it was 39 years ..... 2010 it was 30 years ... 2016 its 35 years ....

Straightforward really ....

Linton

Figgerty wrote: »

How is my state pension calculated?

If I have this wrong then the Government has misled me and millions of others.

When you receive a pension statement it calculates your pension on the number of NI years contributed or credited. If you have paid 40 years NI there is no need for credits as you have paid more than necessary. That means the Gov't is doing well with the men and women who started work at 16 as they will have paid NI for 40-50 years by the time they reach SPA. This money is going into Gov't coffers as well as the money from those with less than 10 years who will not be eligible for any state pension.

Money doesnt accumulate in the government coffers - most years more goes out than comes in. What about the other benefits paid for under NI? Sick pay? M\aternity Allowance? Jobseekers Allowance? etc etc

enthusiasticsaver

missbiggles1 wrote: »

That's what the fuss is about on here (and it's a fuss I agree with) because MSE members tend to be reasonably well informed. On another forum I use, most people are still up in arms about the 1995 changes and the fact that none of them knew about it, nobody received a letter, there was nothing in the press, yada yada yada.

Unfortunately MSE isn't always representative of society as a whole.

This is unfortunately the problem that many people do not worry about pensions and so on until they need to, in other words when retirement is imminent. I agree with you that those of us that frequent these boards tend to be better informed but we are a small percentage of the overall population.


I am 55 and I know I have received several letters not only advising me of the changes in the 2 pension acts which have affected me so far but constantly asking me to get a valuation which I duly do every 5 years. I think people need to take more responsibility for their own financial education. It is not like this is not covered in the media.


Also I think people should prepare better for retirement. Even on these boards I have come across threads from people who have retired and then realised they did not have enough money to live off. Is this not something people should do before they retire? We are now 3 and 5 years off our planned retirement age but every year for the last 20 years I have duly updated a spreadsheet with pension forecasts from our statements but apparently I am in the minority. Shame really when all the information is out there.

Figgerty

missbiggles1 wrote: »

You win the award for the most pompous, patronising post on the thread!:mad:

I am one of these women and realised we were many when I heard some of the #Waspi womens stories.

I didn't read serious newspapers, I watched the soaps every night and discussed TV, soap stars, pop songs, holidays etc. with the like minded woman I worked with. We were not in highly skilled jobs nor had gold plated occupational pensions.

Figgerty

saver861 wrote: »

Thats a good calculator then ... given that there is no data in relation to the petition on gender or date of birth for signatories.

By the time they take away all those that are not women, not 1950's women, signatures who done so under false impression, those that mistyped, those that ...

Actually, I heard there was only one and a half valid signatures ....

I asked all the 30-50 year olds I know about this when I was trying to whip up interest and they told me either they had not heard or mostly they were not interested as it did not effect them and oldies had their own houses & were wealthy. So typical of the post baby boomers!!