Employment pension for woman after 60

jem16

Lincsdebt wrote: »

Sorry but this has all gone off on a tangent now and I feel that I am being made out to be a liar.

I was certainly not accusing you of being a liar but you did have your first date wrong and it was important in light of other complaints that you made.

If you refer to my original question it was as to why I no longer get an increase on an employment pension I had.

I agree with your query on the employment pension and that it is wrong.

I'm entitled to my view about having started work at 16 and thinking I could retire at 60, but it is now 66. But it has changed more than I expected, and there is nothing I can do about it. This is my personal opinion. Thank you.

You are entitled to your own opinion just as others are entitled to point out that your opinion was based on the wrong facts.

dunstonh

Sorry but this has all gone off on a tangent now and I feel that I am being made out to be a liar.

You are not being made out to be a liar. Nothing of the sort. You are just wrong in your assumptions.

As Jem says, nobody had an increase of 3 years. So, you cant be right when you say three years.

I'm entitled to my view about having started work at 16 and thinking I could retire at 60, but it is now 66. But it has changed more than I expected, and there is nothing I can do about it. This is my personal opinion.

And we are entitled to correct your incorrect assumptions and put you in an informed position. Opinions should be based on facts. Some facts can lead to different opinions but if the facts are wrong, then the opinions will likely be wrong as well.

On the plus side, when you were born, the average life expectancy after receipt of the state pension at 60 we just a few years. You will, statistically, live a lot longer. You will also have paid in a lot less to qualify for the state pension and get more than the younger generations that follow. So, when you claim things are unfair, you need to take a more balanced view on the pros as well as the cons. Not just the cons.

Pennylane

http://www.independent.co.uk/money/new-state-pension-has-wreaked-havoc-on-me-a6975446.html

jem16

Pennylane wrote: »

http://www.independent.co.uk/money/new-state-pension-has-wreaked-havoc-on-me-a6975446.html

Interesting that Cari Rikby neglected to count that she got her state pension at age 62 whilst her "twin brother" would have to wait till 65 to get his. So far from losing out she actually gains as she gets her pension 3 years earlier and is likely to live 4 years longer.

Nothing like a good whinge to get in the way of the facts.

SnowMan

Pennylane wrote: »

http://www.independent.co.uk/money/new-state-pension-has-wreaked-havoc-on-me-a6975446.html

The article is complete nonsense. This sort of silliness was mentioned in the parliamentary debate. See this post for a factual explanation of the nonsense.

http://forums.moneysavingexpert.com/showpost.php?p=70043573&postcount=205

I guess when the facts don't support your case, and you are of a sufficiently closed mind, your only option is to lie

dunstonh

But many have pointed out that there are millions of losers under the new scheme, including women.

And there are millions that gain under the new scheme, including women.

“However, this has been undone by separate changes to the women’s state pension age, which is rising from nearly 63 now to 65 by 2018. This means only 80,000 women will receive the new flat-rate state pension from 2016 to 2018, compared with 390,000 men.”

But they are still getting their pension earlier than men and the changes from 60 to 65 took place over 20 years ago.

“If I’d had a twin brother, he’d consequently get around £20,000 more than me from the state pension over 20 years. How is that fair?”

Very flawed argument as the female would have got the pension earlier than the male. They are ignoring the extra years that the pension would have been paid to the woman and just looking at 20x the two amounts. In reality, the woman would have got upto 5 years more income before the brother. So, it should be compared to 15 years of the male pension rather than 20.

Plus, the brother is likely to die before the sister.

Goldiegirl

SnowMan wrote: »

The article is complete nonsense.

And they're still calling it a 'flat-rate' pension scheme :mad:


Back to the original post, my pension scheme also has the same situation when a woman reaches 60.


It hasn't affected me yet, but I was aware of it, although didn't quite understand the reasons for it.


Thanks to some excellent posts on this thread I now understand.

zagfles

Lincsdebt wrote: »

I have a (small) personal pension from a previous employer's final salary scheme, which I took in my late 50s. I was 60 last year and it went up by only about £1 a month, having previously increased by around 5%.

I called up and asked why, to be told, "it's because you are now getting a State Pension". I pointed out that I am not now entitled to this until I am 66, so my situation was no different from last year but they said that was the way it is. This year the increase was 17p a month after tax (I am still employed elsewhere thankfully). My husband also has a pension from the same scheme, he is 62. His increase this year was 6%.

Please can anyone here can explain to me in layman's terms why this inequality between the sexes exists in employment pensions?

As Xylophone says this could be down to GMP - the different GMP ages still discriminate, but not always in one direction, it depends on scheme rules. Sometimes it works in favour or men and other times women, and sometimes it varies with age eg men benefit for a while then women!

What scheme is it? Your husband's increase seems massive - 6% is way above any inflation measure usually used by DB pension schemes, CPI currently 0.3% and RPI 1.3%!! An increase that big would count towards the lifetime allowance! Was there any odd circumstances eg an additional element of the pension becoming payable?

Lincsdebt

Thanks for your message. I think it is down to GMP that I don't now get an increase.
My husband is in exactly the same scheme as I am (we met at work!). He is 62, and no extra payments have come into play. I guess it's a generous final salary scheme, I don't have any experience of others to draw on.

Clipperdedoodah

My DB scheme has a variable pension option.

"On retirement before State Pension Age, you may choose to receive an increased scheme pension payable from retirement to State Pension Age, and a lower one after that. In this way you can ensure that your income remains stable throughout retirement, since at State Pension Age the UK State basic pension becomes payable."

Might this be what you have?