New Post Advanced Search

State pension amount

14 replies 782 views
We are always seeing how poor the old-age pension is/was compared to what people get in other countries.
My relative is 93, how much state pension will he be getting now? He earned around £11,000 when he was working, he worked all his life. He, as I would think a lot of retired people, spends very little. Do people over a certain age get more, surely they will go out less often, so need less.
I will get, £175.20 a week, £761.81 a month, £9,141.69 a year, in ten years time.

«1

Replies

  • 8370562883705628 Forumite
    482 posts
    100 Posts Name Dropper First Anniversary
    ✭✭
    There have so many changes additions and exceptions over the years the only way to know would be to ask.
    International comparisons often don't take the NHS or the "total old age benefits package" into account.
    And the the idea that pensioners are poor is a false myth, in fact lately pensioners income and spending has started to overtake stereotypically high consumption Millennials.

  • edited 13 July at 2:09PM
    SilvertabbySilvertabby Forumite
    5.8K posts
    1,000 Posts Fourth Anniversary Name Dropper Photogenic
    ✭✭✭✭
    edited 13 July at 2:09PM
    We are always seeing how poor the old-age pension is/was compared to what people get in other countries.
    My relative is 93, how much state pension will he be getting now? He earned around £11,000 when he was working, he worked all his life. He, as I would think a lot of retired people, spends very little. Do people over a certain age get more, surely they will go out less often, so need less.
    I will get, £175.20 a week, £761.81 a month, £9,141.69 a year, in ten years time.

    It depends on how much, if any, SERPS he gets.  If he doesn't have an occupational pension (which would almost certainly have been contracted out of SERPS) then he quite may get more than the £175.20 you expect.
    If he does have an occupational pension, then his State pension could be more like £130 per week - plus his works pension.
    Then there's the rest.  If he lives in rented accommodation, and his only income is indeed the State pension, then he may be entitled to other means tested benefits such as housing benefit and council tax allowance.  

  • ElephantBoy57ElephantBoy57 Forumite
    407 posts
    100 Posts Name Dropper
    ✭✭
    If he does have an occupational pension, then his State pension could be more like £130 per week - plus his works pension.
    He does have a works pension.

  • Paul_HerringPaul_Herring Forumite
    7.4K posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    And the the idea that pensioners are poor is a false myth,
    WASPI called, and would like a word with you...

    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • 8370562883705628 Forumite
    482 posts
    100 Posts Name Dropper First Anniversary
    ✭✭
    And the the idea that pensioners are poor is a false myth,
    WASPI called, and would like a word with you...

    *In general, although WASPIs who were obviously planning on getting the SP from 60 and then got told, with really not that much time left to adjust their plans, that it was going to be 65-67 have been royally screwed over.
    Aside from that exception, my point addresses a myth with facts.
  • xylophonexylophone Forumite
    34.9K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Your relative would have reached SPA around 1992 - let's assume he started work  around 1942.
    https://www.ifs.org.uk/bns/bn105.pdf
    He will have a basic state pension, ( £134.25 currently),  some graduated pension and possibly some SERPS, depending on whether or not the occupational pension to which you refer was contracted out.
  • ZandermanZanderman Forumite
    3K posts
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    We are always seeing how poor the old-age pension is/was compared to what people get in other countries.
    My relative is 93, how much state pension will he be getting now? He earned around £11,000 when he was working, he worked all his life. He, as I would think a lot of retired people, spends very little. Do people over a certain age get more, surely they will go out less often, so need less.
    That last line is a very naive assumption - how often you 'go out' isn't a measure of how much you need or spend.
    Many pensioners - including the quite elderly - will spend money quite freely - on food and drink at home for example. 
    Or on subscriptions to services of various sorts. 
    Or on paying people to do things they'd do themselves when younger - doing the garden, painting the windows, cleaning the house. 
    Or on stuff you may not imagine - like a new accessible bathroom, or a stairlift, mobility aids etc. 
    Some of that sort of thing is grant-aided but a lot of it isn't.  And it aint cheap, so people actually have to save, from their pension, to buy it.
    You really don't want your pension reduced just because you don't 'go out' much!
  • ElephantBoy57ElephantBoy57 Forumite
    407 posts
    100 Posts Name Dropper
    ✭✭
    *In general, although WASPIs who were obviously planning on getting the SP from 60 and then got told, with really not that much time left to adjust their plans, that it was going to be 65-67 have been royally screwed over.
    Aside from that exception, my point addresses a myth with facts.
    It was in the newspapers in 1993, that is quite a long notice period. Of course, if people choose not to listen to the news at least once per year, they are screwed.



  • edited 13 July at 8:35PM
    moleratmolerat Forumite
    23.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    edited 13 July at 8:35PM
    And the the idea that pensioners are poor is a false myth,
    WASPI called, and would like a word with you...

    *In general, although WASPIs who were obviously planning on getting the SP from 60 and then got told, with really not that much time left to adjust their plans, that it was going to be 65-67 have been royally screwed over.
    Aside from that exception, my point addresses a myth with facts.
    The maximum retirement age for a "WASPI" is 66 if we are stating facts :o

  • JGB1955JGB1955 Forumite
    855 posts
    500 Posts Name Dropper First Anniversary
    ✭✭✭
    I am female and will receive my state pension in January 2021. Taking into account my occupational pensions, I will receive around £17,000 per annum. I have never earned that much since I started work in 1973. I'm not complaining!
    #36 Saving for Christmas 2020 - £1 a day challenge.... £379/366
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support