State Pension Entitlement

pdblake

Thanks all. I've not given up as such, just assumed it would be difficult. It's been a long time since I was out of work. Hopefully the redundancy will skip over me, but I'm preparing for the worst.

Gimmeaminute

Don't worry about age, I was made redundant at 50 and thought my world was going to end. Forward 6.5 years and I have got all 5 contractor jobs I have applied for and have now been in a permanent position in the NHS for 4.5 years.

Looking back, redundancy was the best thing that ever happened to me as it gave me £50k in the bank and allowed me to move to another country, buy a much bigger house and give me the job satisfaction that was missing before.

Qyburn

I was made redundant at 54 but got a new job straight away, via contacts in my case.

TSween

There have been public comments that state pension is likely to be increased by 4.1%, but for those on the old state pension (pre 2016) that includes additional state pension, graduated pension and over 80s payment the increase will not be that much. The extras are not due to be increased by the headline figure so the differential between the old and new pensioners is going to increase. 

Martin's news item listing benefits to be increased by the September CPI (1.7%) does not include additional state pension or graduated pension.

molerat

TSween said:

There have been public comments that state pension is likely to be increased by 4.1%, but for those on the old state pension (pre 2016) that includes additional state pension, graduated pension and over 80s payment the increase will not be that much. The extras are not due to be increased by the headline figure so the differential between the old and new pensioners is going to increase. 

Martin's news item listing benefits to be increased by the September CPI (1.7%) does not include additional state pension or graduated pension.

Agreed, the gap is going to increase.  Old pension of £387.90 - new £221.20 = old pensioners £166.70 better off.  After April old £398.56 - new £230.30 = old pensioners £168.26 better off so an increase of £1.56 for the old pensioner.

See, I can compare apples to oranges and come up with grapes as well

This comes up every year.  The 2 pensions are completely different with a lot of "new" pensioners being potentially worse off than if they had stayed on the old rules.  And there is spouse entitlement with the old pension.

xylophone

Let's take a new state pensioner on the full NSP - £221.20 a week and an old state pensioner currently on full Basic (£169.50) and

Additional State Pension of £51.70. 


The NSP's payment will increase by 4.1% so from April 2025 he will be on  £230.05 a week 


The OSP's Basic will increase by 4.1% to £176.30.

His ASP will increase by 1.7% to  £52.57

His new payment will be  £228.28.

The person on NSP will be better off by £1.77 a week.