MSE News: Millions face waiting an extra year for their state pension 19 July 2017 at 3:11PM edited 27 July 2017 at 5:21PM in Pensions, annuities & retirement planning 13 replies 2K views

Former_MSE_Megan_F

Millions of workers in their early-40s face having to wait an extra year to collect their state pension after the Government announced its intention to change the point people hit retirement age...

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'Millions face waiting an extra year for their state pension'

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Paul_Herring

I can't wait for #WASPI to get onto this. Right away.

:crickets:

[Full disclosure - I'm affected by this one. Not that, even years ago, I expected much of a state pension to begin with and made provision with that in mind.]

jamesd

Good to give so much notice that net monthly pension contributions of £16.56 increasing with inflation can cover the extra year.

Assuming basic rate tax relief on the way in, historic UK stock market performance of 5% plus inflation less 0.5% charges and regular payments of gross £20.70 over 20 years to match about £8000 of state pension, all in today's money values.

Would have been nice for MSE to explain this.

Paul_Herring

jamesd wrote: »

Would have been nice for MSE to explain this.

But, James, that doesn't sound as scary and not likely to result in [STRIKE]clickbait[/STRIKE] headlines.

Mortgagefreeman

Paul_Herring wrote: »

I can't wait for #WASPI to get onto this. Right away.

WASPI are 'on the ropes' they're punch drunk and don't know which way to turn. They need to bring on their 'heavyweights' Cue Beevers beaver.

kidmugsy

I have an old-style pension based on 45 (I think) years of NI contributions, mostly contracted out. I suspect that I'd have to defer it for about three years to raise it to equal the new-style pension. If I'm right then that seems roughly equitable. Only roughly, I agree, since when I die my widow will inherit part of my pension in a way that she would not with the new-style. Though that does remind me that compared to the new-style pensioners my widow is herself hard done by, not getting a full pension in spite of having 35 (I think) years of contributions. Still, she did get it earlier.

zagfles

kidmugsy wrote: »

I have an old-style pension based on 45 (I think) years of NI contributions, mostly contracted out. I suspect that I'd have to defer it for about three years to raise it to equal the new-style pension. If I'm right then that seems roughly equitable. Only roughly, I agree, since when I die my widow will inherit part of my pension in a way that she would not with the new-style. Though that does remind me that compared to the new-style pensioners my widow is herself hard done by, not getting a full pension in spite of having 35 (I think) years of contributions. Still, she did get it earlier.

People who contracted out are not hard done by the new state pension. Quite the opposite. We've discussed this ad nauseam here.

zagfles

Paul_Herring wrote: »

I can't wait for #WASPI to get onto this. Right away.

:crickets:

[Full disclosure - I'm affected by this one. Not that, even years ago, I expected much of a state pension to begin with and made provision with that in mind.]

Just claim you didn't get your personal hand delivered letter informing you and start a campaign.

Paul_Herring

zagfles wrote: »

Just claim you didn't get your personal hand delivered letter informing you and start a campaign.

What about "I didn't get enough notice of the change"?

bigadaj

Paul_Herring wrote: »

What about "I didn't get enough notice of the change"?

Idyll only be acceptable if accompanied by a photo of you and a friedm drinking champagne in first class.

atush

And millions voted agaist the govt about the triple lock.

which will cost money so this is what has been chosen?