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WASPI not going down without a fight

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Browsing the papers this morning I see in the Express that WASPI and Rest Less are bleating about the Chancellor's help for youngsters.
They compare unfavourably the increase in the number of claimants of Universal Credit under 24 i.e. 6 years between 18-24 as 288,000 with the number over 50 i.e. 50-66 or 16 years as 355,000.
Rest Less also compares the effects on a 61yo which funnily enough reflects that all within WASPI's remit of 1950's women are now at least 60.5yo. One wonders why they would not chose a 60yo.
https://www.express.co.uk/finance/personalfinance/1307661/state-pension-age-waspi-uk-budget-2020-rishi-sunak-announcement
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  • parcivalparcival Forumite
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    If it's in the Express, well...........
    Expect these women have been sitting at home under lockdown 'zooming' each other wondering how to keep themselves in the limelight.
  • OldBeanzOldBeanz Forumite
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    parcival said:
    If it's in the Express, well...........

    CV19 drives folk to extremes - just checking the finance pages as occasionally there is something of interest. :) Thought WASPI had died a natural death.

  • chiefiechiefie Forumite
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    No chance of this winning this month imo. If they do my wife benefits but I cannot see it. Yes - the comms were poor on this but are in most big changes. And the rapidity of the change was unusual - I could see more of this quite soon as Rishi gets to grips with paying back lockdown expenses. 
  • nigelbbnigelbb Forumite
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    In most cases WASPI women are not being unfairly treated as they are better off waiting an extra 5-6 years for their pension. The old basic state pension is about £130/week therefore 5 years of pension is worth £33,800 & 6 years pension is worth £40,560. The new single tier state pension is about £175/week ie an extra £45/week. Life expectancy at state retirement age is about 21 years which means over the course of retirement they will receive £49,140.
  • bigadajbigadaj Forumite
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    nigelbb said:
    In most cases WASPI women are not being unfairly treated as they are better off waiting an extra 5-6 years for their pension. The old basic state pension is about £130/week therefore 5 years of pension is worth £33,800 & 6 years pension is worth £40,560. The new single tier state pension is about £175/week ie an extra £45/week. Life expectancy at state retirement age is about 21 years which means over the course of retirement they will receive £49,140.
    Though your numbers are going to be wrong for many of the more vocal waspe/i women. Most willenot still be working, so won't be accruing entitlement to new state pension, and they certainly won't want to spend their own money on buying years for ni credits. Ols state pension could actually have been at or above new state pension with s2p etc Also money in the hand now is worth more than a promised payment in tears or decades which you may not live to enjoy, there are first class train tickets, champagne and horses to maintain after all.
  • zagfleszagfles Forumite
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    nigelbb said:
    In most cases WASPI women are not being unfairly treated as they are better off waiting an extra 5-6 years for their pension. The old basic state pension is about £130/week therefore 5 years of pension is worth £33,800 & 6 years pension is worth £40,560. The new single tier state pension is about £175/week ie an extra £45/week. Life expectancy at state retirement age is about 21 years which means over the course of retirement they will receive £49,140.
    You seem to have completely misunderstood the new state pension. It's not better than the old one, it's worse for most people. The new state pension combines the old basic state pension and SERPS/S2P. The latter is better for most people. Main exception is the self employed who never accrued SEPRS/S2P, and there are some marginal advantages to some people with the new state pension, but for most it's worse. Transitional arrangements protected accrued old benefits. But the idea that people retiring under the new pension are £45pw better off is only true for the self employed and some other unusual cases.

  • pafpcgpafpcg Forumite
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    nigelbb said:
    In most cases WASPI women are not being unfairly treated as they are better off waiting an extra 5-6 years for their pension. The old basic state pension is about £130/week therefore 5 years of pension is worth £33,800 & 6 years pension is worth £40,560. The new single tier state pension is about £175/week ie an extra £45/week. Life expectancy at state retirement age is about 21 years which means over the course of retirement they will receive £49,140.
    Indeed they would have been better waiting 5 or 6 years:  under the old state pension, not claiming the state pension immediately (deferring) would add 10.4% to the eventual basic (and any extra) state pension for each year the pension was deferred.  Deferring for five years would have increased the pension by 52%, considerably greater than that offered by the New State Pension!

    Comparing the old and new State Pension schemes is fraught with difficulty - trying to do it with mythical examples produces meaningless results.
  • ThrugelmirThrugelmir Forumite
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    Without young people working and paying tax. They'll be be no one to fund their existing pensions........ We do seem to live in a selfish world these days. Where self interest comes first. 
    “Chances are if you buy what everyone is buying you will do so only after it is already overpriced." - Sir John Templeton
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