WASPI ‘victory’

michaels

I think counting employers and employee NI I have probable paid somewhere between 300k and 400k - due to being shafted due to the change in SERPS/S2P I will only get the same new state pension as everyone else.  Not sure whether that would buy me an 11k fully indexed annuity at 67.

I certainly didn't receive a personal letter about it and therefore I am unaware of the changes and so when I retire will receive a lot less than I expected.  Unfortunately being stale, pale and male I won't be offered any compensation.

Marcon

michaels said:

I think counting employers and employee NI I have probable paid somewhere between 300k and 400k - due to being shafted due to the change in SERPS/S2P I will only get the same new state pension as everyone else.  Not sure whether that would buy me an 11k fully indexed annuity at 67.

You are under transitional provisions, so the change in SERPS/S2P shouldn't have a negative impact on your state pension. See https://www.ageuk.org.uk/information-advice/money-legal/pensions/state-pension/new-state-pension/ and scroll down to 'How is my pension amount worked out?'.

Pollycat

What a over-dramatic (and untrue) headline:

Women's state pension: 'I want the £45,000 that was stolen from me' - BBC News

I know someone involved with WASPI who has stated publicly that they were not aware of the change in pension age and I know for a fact that the employer did awareness sessions for women at the time of the 1995 change.

MarzipanCrumble

I definitely got a letter and knew that I would not get SP until 63 (born 1951).  I think there may be a case for those younger women who were given short notice that rather than getting pension in early 60's they would have to wait until 65/66/67.

molerat

Gers said:

I catergorically did not receive a letter about the acceralrated pension change in 2011.  However, I would have worked on anyway and also received a LG superannuation pension aged 60 so wasn't as affected as many others. Not a member of WASPI and don't expect any kind of payout but it's good to have the acknowledgment that the changes weren't communicated properly.

All those who declared 'you must have had a letter' can now accept that many didn't. Me included.

Both myself and MrsM did get letters dated March 2012, both still in the pension file.   Whether MrsM ever got a letter about the 1995 change we don't know but we were definitely both aware of that change in 2009 when planning early retirement. 

Malthusian

Flugelhorn said:

I have added mine up - comes to over £90K - even that won't pay many years of State Pension

Don't forget to deduct from the £90k your health insurance premiums (the amount that covers the NHS) and your premiums for Statutory Sick Pay and Jobseekers' Allowance / ESA. (Also bereavement payments, but the cost of those are essentially nil.) 

The NHS alone costs an average of about £4,400 per year per working age adult in 2024 money.

Obviously the idea that National Insurance covers all those is a fantasy. But it's the fantasy that sold the tax to the electorate. Just as we're all happy to pay income tax until Napoleon is defeated. 

The idea that people have "paid for their State Pension" is the same fantasy. You can't tell children that the Tooth Fairy exists and then moan when they expect coins under their pillow.

molerat

The subject of how much we paid in came up in another thread a while back and I worked it out.  I have now calculated that in the 4.5 years since I reached state retirement I have received gross around 1.4 times what I personally paid in.

And apart from her £4K of class 3 contributions we can only see around £50 of deductions in MrsM's record (who is of WASPE age).

Silvertabby

Marcon said:

michaels said:

I think counting employers and employee NI I have probable paid somewhere between 300k and 400k - due to being shafted due to the change in SERPS/S2P I will only get the same new state pension as everyone else.  Not sure whether that would buy me an 11k fully indexed annuity at 67.

You are under transitional provisions, so the change in SERPS/S2P shouldn't have a negative impact on your state pension. See https://www.ageuk.org.uk/information-advice/money-legal/pensions/state-pension/new-state-pension/ and scroll down to 'How is my pension amount worked out?'.

Depending on age, people like michaels are the losers under the new pension scheme.

High earners who were not contracted out could accrue large amounts of SERPS/SP2, taking them up to a maximum State pension of over £330 per week.  More if they then deferred payment under the old rules of 10% per year.

In michaels case, all SERPS/SP2 accrued up to April 2016 is protected, but he didn't accrue any more after that despite continuing to pay the same high levels of NI.

brewerdave

Ms Madden of WASPI claims that the Govt. have "saved" ~£181 billion by not paying SP @ 60. Can I ask which Building Society/Bank these savings are lodged with ,so I can withdraw any monies I have to avoid the inevitable run? LOL

ProDave

I must be missing something here.  There were a lot of years between the change in state pension age being announced and it actually happening.

The gist of what we are seeing on the news was people were not notified directly by letter and must have lived in a bubble with never watching any news and it came as a shock to them at the last minute when they suddenly found they had another 5 years to wait before they got their state pension.  Is that a fair summary?

If the "case" is just that they have to wait another 5 years, then surely I have a "case" as well.  Most of my working life I was told I would get my state pension at 65, now I find it is 67 and that is only if they don't increase it again before I reach 67.  But nobody has written to me individually to tell me that.