New flat rate state pension April 2016 - Actual Amounts

Bootsox

gadgetmind wrote: »

This publication came out on the day of the budget when the single tier pension was announced.

What part of it do you think isn't truthful?

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181229/single-tier-pension.pdf

You just can't help biting, can you?

dode22

By the look of the various posts on this subject the representatives of some government QANGO on pensions are at large. Pretty haughty and pompous posts! Does anyone really believe MPs/politicians are honest? I wrote to my MP a year ago about the new state pension seeking clarification as rumours had started to circulate in the media. Her reply (it was Amber Rudd) didn't address my question at all. The government has been devious about this clawing back of contracted-out money. I've worked all my adult life. I have two small company pensions amounting to less than £6000 per year both of which I contributed to from my salary whilst working so they weren't exactly free. Most MPs are so rich that they couldn't give a hoot about other people's pensions and they get a gold-plated pension funded by guess who - the taxpayers! I'll be pursuing this via my MP once I hear my final pension figure. I think it is a disgrace. I dare say there will be those who haven't worked much in their lives and have fallen well short of the contributions needed who'll be propped up by pension credits when they retire, again funded by the hard-working people who have contributed all of their lives. As for Bootsox, whoever you are, my answer is ALL OF IT!

greenglide

I wrote to my MP a year ago about the new state pension seeking clarification as rumours had started to circulate in the media

So you would rather ask your MP (you think all of them are liars anyway) but you didnt think of looking on the internet, asking here etc?

I've worked all my adult life. I have two small company pensions amounting to less than £6000 per year both of which I contributed to from my salary whilst working so they weren't exactly free.

During this time you must have been contracted out of the State Second Pension scheme (initially SERPS, later S2P) so you the pension scheme has to give you a minimum level of pension, which is greater than SERPS / S2P would ever give you, in exchange for you paying less National Insurance.

You would rather not have the £6,000 from your pension schemes?

Under nSP you will still get as much or more than you would have got off the old system so why, exactly, are you complaining?

Of course, you want more, don't you!

dode22

Greenglide. I am absolutely entitled to approach my MP, elected by the people! That doesn't mean to say they'll be any good or are honest. You are missing my points with your selective replies. My personal contributions in pension schemes amount to four-figure sums over the years not to mention what my employers paid in so the NI bit doesn't wash with me and their contribution to my company pensions would have been minimal. If the rules are to change for state pensions and a decision is made to introduce a flat rate (single tier) pension then that is what it should be subject to the number of years of qualifying contributions, which is 35. The sliding scale downwards should only be applied using that criterion alone. I do feel really strongly about clawing back from those who paid in to company pension schemes. To answer your final point, yes I do want more money or at least the £155.65 the government has been banging on about! Nice to see so many friendly posters on here lol.

atush

dode22 wrote: »

By the look of the various posts on this subject the representatives of some government QANGO on pensions are at large. Pretty haughty and pompous posts! Does anyone really believe MPs/politicians are honest? I wrote to my MP a year ago about the new state pension seeking clarification as rumours had started to circulate in the media. Her reply (it was Amber Rudd) didn't address my question at all. The government has been devious about this clawing back of contracted-out money. I've worked all my adult life. I have two small company pensions amounting to less than £6000 per year both of which I contributed to from my salary whilst working so they weren't exactly free. Most MPs are so rich that they couldn't give a hoot about other people's pensions and they get a gold-plated pension funded by guess who - the taxpayers! I'll be pursuing this via my MP once I hear my final pension figure. I think it is a disgrace. I dare say there will be those who haven't worked much in their lives and have fallen well short of the contributions needed who'll be propped up by pension credits when they retire, again funded by the hard-working people who have contributed all of their lives. As for Bootsox, whoever you are, my answer is ALL OF IT!

What a complete load of codswallop.

As if any of us here would be in a Quango.

We'd have far too much dosh to bother.

saver861

atush wrote: »

Saver, stop hijacking this thread.

ahem ..... I've not posted on this thread because I got told off for going off topic ......

nice to see it is well back on topic since my departure ......

:D:D

gadgetmind

Bootsox wrote: »

You just can't help biting, can you?

If people make incorrect statements, then I will correct them.

juliepp

I was a civil servant from 1972 to 2014, so mostly contracted out. Under the old scheme there was a basic element based on qualifying years, plus the SERPS or State Second Pension, which was based on your earnings. This was ALWAYS subject to a reduction by the amount of your Guaranteed Minimum Pension. What isn't clear from the documents linked to posts earlier in the thread is - 1. Will the contracted out abatement reduction be broadly similar to the amount of the old GMP deduction? & 2. Will the transitional protection addition be uprated under the triple lock or will it taper off as the years go by?

I am suspicious of anything that is paid separately, as in future it may not be treated in the same way as the actual pension entitlement.

I worked in The Pension Service and DWP, so you would think I would be clued up. However I too fell into the trap of accepting a headline announcement as fact and initially expected to get the £155. Only recently has reality dawned.

xylophone

What isn't clear from the documents linked to posts earlier in the thread is - 1. Will the contracted out abatement reduction be broadly similar to the amount of the old GMP deduction?

See https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/210299/single-tier-valuation-contracting-out.pdf

Will the transitional protection addition be uprated under the triple lock or will it taper off as the years go by?

The "protected payment" see page 8 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

will increase by CPI inflation, the "single tier" element by the triple link formula, at least until 2020.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181229/single-tier-pension.pdf

DancingBadger

Getting back to the subject of this thread, OH's state pension age is 11/6/21 and his estimate (dated November last year) says he has 43 qualifying years and should receive £180.29 after a contracting out deduction of £45.43.

I'm currently deferring my SP. The "grand plan" was to stop work and start taking it on 1st January this year, but I was lucky enough to have a MARS application accepted, so stopped work just before Christmas, claimed my occupational pension, and plan to defer the SP for a few months longer.