Old State Pension v New State Pension

QrizB

No I don’t agree

pleaseadvise_2 said:

I get basic old state pension, and a tiny amount of SERPs, there is no way I get anywhere near what the "new" state pensioners, including my younger siblings both get.  I cannot claim any benefits as I do have some savings in excess of what is allowed.

So you could spend your savings, then get pension credit?

If you're not planning on spending your savings, what are they for? Paying the ferryman?

dunstonh

No I don’t agree

 was of the age group that didn't realise that working for a private sector company, I would not have a pension contributed to (unlike the public sector) and didn't earn enough to pay into a private pension

You had personal pensions available if your employer didnt have an occupational scheme.

so I have lost out in all ways. 

Employees today still have to pay into pensions and the single biggest driver behind what you get back is the amount you pay in.    That was also the case in the past.

So, knowing that you were not going to get an occupational pension, what did you put aside to make up for that?

xylophone

So, knowing that you were not going to get an occupational pension, what did you put aside to make up for that?

Presumably the savings to which the OP refers ?

I cannot claim any benefits as I do have some savings in excess of what is allowed.

xylophone

I get basic old state pension, and a tiny amount of SERPs,

I am assuming that you are now approaching your mid seventies so perhaps you started work in the late sixties.

From what you have said,  it seems that you worked full time for at least forty years and then part time.

You should have a small amount of Graduated Pension and then, as you were never contracted out, you should have accrued SERPS /S2P of a reasonable amount.

https://en.wikipedia.org/wiki/State_Earnings-Related_Pension_Scheme 

What is rather odd in your situation is that you say that your additional state pension (the amount over and above the basic) is "tiny".

You mention your savings and that you do not qualify for any benefits but are you absolutely sure that you do not qualify for even a very small amount of pension credit?

https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs48_pension_credit_fcs.pdf

Silvertabby

What do you mean by a 'tiny amount of SERPS'?  That's unlikely, unless you spent your entire working life on less than the equivalent of the current minimum wage.  Or did you contract out at some point?  ie, pay reduced NI in favour of an occupational pension ?    

dealyboy

No I don’t agree

@xylophone said:

I get basic old state pension, and a tiny amount of SERPs,

I am assuming that you are now approaching your mid seventies so perhaps you started work in the late sixties.

From what you have said,  it seems that you worked full time for at least forty years and then part time.

You should have a small amount of Graduated Pension and then, as you were never contracted out, you should have accrued SERPS /S2P of a reasonable amount.

https://en.wikipedia.org/wiki/State_Earnings-Related_Pension_Scheme 

What is rather odd in your situation is that you say that your additional state pension (the amount over and above the basic) is "tiny".

You mention your savings and that you do not qualify for any benefits but are you absolutely sure that you do not qualify for even a very small amount of pension credit?

https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs48_pension_credit_fcs.pdf

It is worth checking ... https://www.gov.uk/pension-credit-calculator

iirc ... you can have up to £10,000 of capital and be awarded the full amount calculated based on your incomings and outgoings; above that £1 per £500 is taken off per week. So if you're 'award' is £90 per week to bring you up to PC level + allowable expenditure e.g. housing costs and your savings is £50,000, you would qualify.

xylophone

What do you mean by a 'tiny amount of SERPS'? 

It really is very odd that the OP should describe her ASP as tiny.

A relative (now mid seventies) was in an excellent non contrib  DB pension scheme 1968 - 2008 and then after leaving worked for a couple of years for an employer on a contracted in basis.

Despite all those contracted out years, his SP is over forty pounds higher than basic SP.