National Insurance con

xylophone

That said, there will still be a minority of previously contracted-out people who do lose out.

https://www.nao.org.uk/wp-content/uploads/2016/03/The-impact-of-state-pension-reforms-on-people-with-Guaranteed-Minimum-Pension.pdf

I doubt that being in the minority will comfort those affected.

xylophone

thank you.. but what does GMP stand for?

See link in post above.

xylophone

Glad I reach state pension age whilst the government are still kicking the public service pension GMP can down the road

I doubt that this will comfort those not in PS pension schemes.....

DT2001

GMP has worked for some but not others just like the change to SP. I have a DB pension in payment which will increase at 65 thanks to GMP (which I now understand thanks to Xylophones patient explanations) however my pension will split into roughly 3 equal components, a third not increasing, a third by CPI and third by RPI. I built up my SP after redundancy being self employed. I am a half full glass type of person so just think I’m lucky to have DB (non contributory), SP and only having to fund a smaller retirement income myself.

atush

misuel1955 wrote: »

Many NHS staff attended pre retirement workshops and at no time was the fact that our NIC would not entitle us to the full State Pension. Surely this should have been a valid topic for discussion so staff could tbe given the opportunity to pay a shortfall if they wanted to

failure of your service, doesnt make it a con. Complain to HR and your union for not informing you?

Your gold plated DB pension makes more than up for your SP shortfall

OldBeanz

Given that this theme occurs on a frequent timescale, I think the Government were quite happy for the papers to describe the single tier pension as a flat rate pension. Those complaining should actually be grateful they were in a DB pension.

Silvertabby

OldBeanz wrote: »

Given that this theme occurs on a frequent timescale, I think the Government were quite happy for the papers to describe the single tier pension as a flat rate pension. Those complaining should actually be grateful they were in a DB pension.

When I read one of the first newspaper reports I had a moment of panic - I thought that as I had always been contracted out, I wouldn't receive any State pension. However, the bit about transitional protections was mentioned further on (phew!)

The information was all there, for those of us who read it to the end. Unfortunately, far too many people appear to have just read 'new single tier pension will be £150 per week' and didn't bother to go any further.

OldBeanz - I'm most certainly not one of the complainers. As far as I am concerned, I'm already getting the difference between the State pension I will receive at 66 and the full single tier pension with my contracted out occupational pension.