MPs debate transitional state pension arrangements for women

jem16

Pennylane wrote: »

http://www.maturetimes.co.uk/pensions-grab-means-poverty-1950s-women/

The article has now been removed as it contained serious errors about the NI Fund. Apparently the author was someone from the Waspi Campaign and they have been asked to check their facts.

jem16

jamesd wrote: »

WASPI isn't acting in the interests even of all women affected, since it's campaigning for reduced pensions for many of them that will unnecessarily leave some dependent on benefits who could have avoided that.

Waspi aren't campaigning for that at all James. Waspi want compensation back to age 60 for all affected but this is never going to happen.

JezR

jem16 wrote: »

The article has now been removed as it contained serious errors about the NI Fund. Apparently the author was someone from the Waspi Campaign and they have been asked to check their facts.

Presumably the claim that it was in 'surplus' of £100Bn, when in reality it has needed to be propped up from general funds recently for the first time since 1997. It is expected to move into surplus again from a number of factors, including the end of contracting out.

jem16

JezR wrote: »

Presumably the claim that it was in 'surplus' of £100Bn, when in reality it has needed to be propped up from general funds recently for the first time since 1997. It is expected to move into surplus again from a number of factors, including the end of contracting out.

Exactly that I believe. Waspi has this strange idea about the NI fund and seem to think their contributions are just sitting there with their name on it.

I would have liked to have read the article out of interest but can't find it on Google cache.

bigadaj

jem16 wrote: »

The article has now been removed as it contained serious errors about the NI Fund. Apparently the author was someone from the Waspi Campaign and they have been asked to check their facts.

Waspi getting something wrong, surely that can't be true!

OldBeanz

bigadaj wrote: »

Waspi getting something wrong, surely that can't be true!

Why take it out on Shirley? It could have been any, or all of them getting it wrong :j :A

bigadaj

OldBeanz wrote: »

Why take it out on Shirley? It could have been any, or all of them getting it wrong :j :A

No, we'll just blame OJ.

jem16

Evidence from the WPSC on the Early drawing of state pension enquiry has now been published.

What's very interesting is the number of submissions from those in receipt of PS pensions yet feel they should still be entitled to their state pension at age 60. Greed or need?

http://www.parliament.uk/business/committees/committees-a-z/commons-select/work-and-pensions-committee/inquiries/parliament-2015/early-drawing-pension-15-16/publications/

jamesd

Not need because means tested benefits are available both before and after state pension age, including to those who are unable to work. Not necessarily to those who are just unwilling to work or seek work, though.

For quick reference a rough initial estimate from the GAD was that the reduction in state pension would be 6% per year for life for each year it's taken early, for women only, plus additional reductions for:

1. effect on means tested benefits after receiving state pension
2. effect on means tested benefits before receiving state pension
3. effect of reduced income tax and NI payments before and after taking an early state pension
4. effect of fewer contributing years on state pension base entitlement
5. effect of selection bias, with those of lower life expectancy more likely to take the money sooner, meaning that more would be paid to them before they die
6. effect of whether NI is payable up to state pension age for those who take the pension early
7. effect on payment obligations of unfunded public sector pension schemes
8. costs of setting up and managing the scheme
9. more precise actuarial study of the life expectancy expected than was done for the initial estimate.

No estimates were provided for the effect of providing the option to men as well.

greenglide

And the IT development timescales and costs would be mind boggling which the GAD submission acknowledged, albeit in less emotive terms.

By the time it could be put in place it would be too late. Pay all women who took this up clerically?

Fortunately it will never fly!