Women's Pension

whizzywoo

Silverbird65 said:

I received SP from November 2016 at age63.  Age 60 2013 but had to wait. I was not able to increase my pension after that. I did not receive full pension due to Con Out time. Why are we penalised?
My husband younger than me and has built up years since 2016 to get full state pension and Con Out pension. Not fair.

I too was born at the same time as the Waspi women and started receive my State Pension when I was 65 years and 3 months old.  However although I had to wait several more years than I originally thought, I think that I've had a good deal out of it.  My State Pension is considerably more than it would have been under the old system.

I was never in a position to work full time after my children were born.  I was either working part time or had caring duties.  Neither was I ever in position to pay into a company pension scheme.  In fact for many years part timers were not even allowed to join them.

Women of my generation were not encouraged to further themselves regarding education and obtaining a degree etc.  In fact my father made sure I left school at 15 even though I wanted to carry on and go to University.  There were three of us and even though I was the cleverest my two brothers were both encouraged to go to University.  But that's how it was back then, it was a sign of the times.

But I for one am pleased with my lot.  Yes I had to wait an extra five years but I stand to gain a lot more in the long run.  Today things are very different and young women now have many more equal opportunities and if the price for that was me waiting 5 extra years for my Pension then I'm perfectly happy about it.

Silverbird65

Yes there was £14  deducted. so I got the new pension less £14. My GMP covered that then but does not keep up with the annual increases on my SP. This year 10%.

p00hsticks

Silverbird65 said:

My pension was payable after April 2016 in November I thought I was due new SP.

You fell under transitional rules - your individual entitlement (and your husband's) as at April 2016 was calculated under both the old and new rules and the higher of the two became your starting amount.

That amount could have been more or less than the new State Pension maximum depending on your individual circumstances. In your case it sounds as if it was less (presumably because you had been contracted out for many years) and as you reached state retirement age later that year, then as you say, unlike your younger husband, you have had no opportunity to boost your amount up to the new maximum. 

However, your pension amount was at least as much as you would have expected had the new State Pension not been introduced, and you did start receiving it three years earlier than people now would, (which represents about £20,000 extra), so you've hardly lost out. 

Marcon

Silverbird65 said:

I received SP from November 2016 at age63.  Age 60 2013 but had to wait. I was not able to increase my pension after that. I did not receive full pension due to Con Out time. Why are we penalised?
My husband younger than me and has built up years since 2016 to get full state pension and Con Out pension. Not fair.

Have you checked? See https://www.moneysavingexpert.com/news/2023/02/martin-lewis-urgent-state-pension-boost/

mark5

Basically the older pension was more generous than the new state pension it was also paid out at a younger age.

The old state pension allowed you to opt out of the 2nd part by paying lower NI but these NI contributions went into a works or private pension scheme it did however mean that you only received the basic part of the state pension. 

If you paid reduced NI under the old scheme but retired after the start of the new state pension you cant expect to get the new full state pension rate when your NI was going into a private/work pension for years.

Depending on your husbands NI record he might get more or less than the new state pension amount. 

Generally those who worked are better off under the old scheme! (My opinion)