State Pension Age Acceleration - Worst Case Scenario

Grumpy_chap

dothenumbersaddup said:

 Could it be increased to 68 in 2029, 69 in 2030 and 70 in 2031 for example?

I don't think the age could progress by one year per year like that.
An individual could be one day too young to retire at 67 in 2029 so has to wait a year when they'll be one-day too young to retire at 68 in 2030 so has to wait another year when they'll be one day too young to retire at 69 in 2031 and forced to wait another year to retire at 70 in 2032.  Assuming the age does not increase again for them, in which case this individual will always be one day too young to retire.

Marcon

SuzyQ52 said:

I have the state pension, but after the increase one of my private pensions has decreased leaving me £16 worse off. Surely this can’t be right?

It could, if there's a deduction related to your state pension - or it could be a mistake, or a misunderstanding on your part (eg has the tax code being applied to your private pension increased?). Have you asked the private pension scheme to clarify?

Dazed_and_C0nfused

SuzyQ52 said:

I have the state pension, but after the increase one of my private pensions has decreased leaving me £16 worse off. Surely this can’t be right?

You mean when you add up your extra State Pension and change to your private pension you are £16 worse off 🤔

Or have you forgotten to include the extra State Pension you are getting in your calculations?

dunstonh

SuzyQ52 said:

I have the state pension, but after the increase one of my private pensions has decreased leaving me £16 worse off. Surely this can’t be right?

That cannot be possible.    Income tax cannot put you in a worse position if you earn more. i.e. 20% basic rate tax still leaves you the other 80%.

I suspect you are only referring to the decrease on one side and not the increase on the other.

Triumph13

dunstonh said:

SuzyQ52 said:

I have the state pension, but after the increase one of my private pensions has decreased leaving me £16 worse off. Surely this can’t be right?

That cannot be possible.    Income tax cannot put you in a worse position if you earn more. i.e. 20% basic rate tax still leaves you the other 80%.

I suspect you are only referring to the decrease on one side and not the increase on the other.

Has your tax code changed because of other income, eg did you have >£1k of untaxed interest which they are now trying to allow for in your tax code?