New flat rate state pension April 2016 - Actual Amounts

saver861

gadgetmind wrote: »

Quite so. We live in a world where people have vast amount of information at their fingertips, yet they choose to bathe in ignorance, and mither on like it's someone else's fault.

That is correct to some degree. It is also correct to say there are great variations of educated people etc. There are many different eventualities to be catered for.

Suggesting that everyone reads the government papers which may be over 200 pages long, in order to keep abreast of the changes is simple not going to happen nor will it ever.

You cannot run a country like that, nor an organisation, not even a departmental team. Every team will have strengths and weaknesses and a good team leader will take into account all of these and work to build on what is in front of him/her. If they only consider the ideal situation, then the team will fail dismally.

xylophone

Even a cursory read through the green paper "A state pension for the 21st century" made it clear that no matter which option was chosen, it would be essential to make sure that no-one lost out, but equally well that things like opting out wouldn't allow people to eat their cake and have it.

If by "opting out" you mean "contracting out" then I'd say that it is those who contracted out but have several years to work and pay NI before they reach SPA who may well be able to "eat their cake and have it....."

As for no one losing out, those who have pre 88 GMP and (though to a lesser extent) post 88 GMP may well lose out - this has been discussed in many previous posts.

And with regard to pension complexity, and drafting legislation etc, I am far from sure that Steve Webb ( just for one example), actually understood the interaction of GMP with state pension.

gadgetmind

saver861 wrote: »

Suggesting that everyone reads the government papers which may be over 200 pages long, in order to keep abreast of the changes is simple not going to happen nor will it ever.

The Executive Summary is 12 pages.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181231/single-tier-pension-executive-summary.pdf

It doesn't go into the full details regards contracting out, and you need the full 108 page document for that. For something this important, I don't think it unreasonable for people to read enough of it to understand their own situation.

gadgetmind

xylophone wrote: »

those who contracted out but have several years to work and pay NI before they reach SPA who may well be able to "eat their cake and have it....."

As it happens, both myself and spouse are winners but only because we contracted back in at what turned out to be a good time. We'll both therefore have enough (me now and spouse in just a few years) S2P/years to get full single tier. However, in my case this is just preserving what I'd have had anyway. In my wife's case, she's a winner big time as close to no S2P due to HRP and self employment. However, the system was designed to benefit the low paid and self employed while reducing the max state pension for future high earners.

saver861

gadgetmind wrote: »

The Executive Summary is 12 pages.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181231/single-tier-pension-executive-summary.pdf

It doesn't go into the full details regards contracting out, and you need the full 108 page document for that. For something this important, I don't think it unreasonable for people to read enough of it to understand their own situation.

I usually read the report summary in such cases. However, even in this summary, I would not have been aware that I was impacted by being contracted out. I was not aware at the time of these announcements that I was in a contracted out pension nor were any of my colleagues that I had discussed it with.

Obviously it is clear most contracted out pensions were in public sector. One easier route would have been for sitting government to ask these employers to inform their employees of the impact of these changes and contracting out issues. That did not happen, nor was their even a whiff of information from the employers about the implications.

As we speak, many are still confused about their pension statements and the various amounts etc. Therefore, on that basis, I don't think the executive summary will have made any difference to those confused by their current statements, which have been revised and simplified.

I might add, it is not just the less educated that don't understand. There are people in eminent positions, with considerable capacity in their own specialisms and intellectual capability far greater than the average, that are similarly unclear.

gadgetmind

saver861 wrote: »

Obviously it is clear most contracted out pensions were in public sector.

I don't have the figures, but contracting out was widespread in the 80s and 90s for those in the private sector with DC pensions. Total lack of trust in future governments and wanting to therefore get as much out of their hands ASAP was the main justification.

bigfreddiel

This is well off topic now, so let's get back on course

Just your state pension forecast please, and in a few weeks time update us all with the actual amount, 6April onwards.

Or should I start a new thread?

Cheers everyone, fj

Bootsox

gadgetmind wrote: »

Which part of the green paper and white paper on the single tier pension do you think misled people? Please read both before responding.

You're still not flogging that one.

There's only you and your buddy got the "special sight" and saw through it all on day one.

Everyone else has been hoodwinked.

Chickereeeee

Bootsox wrote: »

There's only you and your buddy got the "special sight" and saw through it all on day one.
.

If by 'saw through it' you mean ' understood the proposals', then no, there is also me and everyone I know.

C

gadgetmind

Bootsox wrote: »

Everyone else has been hoodwinked.

In the vast majority of cases, they did it to themselves by not reading the available information.