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Contracted Out and State Pension help?
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I assume that the self-employed rate won't increase hugely. I don't recall seeing anything about the buy a year whole rate.0
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The contribution rates haven't been announced - maybe these will be cleared up in the Autumn statement, along with the actual value of the flat rate, even if given in today's money.0
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There was a comment made during the committee stage of the 2013 pension bill in the House of Lords this spring. That's the one for the New State Pension.
It was woolly but the government minister did not say that the Class 2 contribution (voluntary) would not change which is a great deal today and I got the feeling that the Class 2 contribution will change and be less of a deal.
The Class 3A contributions to buy SSP for those who retire pre 2016 including those already retired was OK but not a great deal.
The New State Pension value is due to be announced in the 2015 Autumn statement not this one, next week but there is an election in May. The Tories would never use that to get one over on the opposition. Would they!!!!!!!!!!!!!!!!!!!0 -
So it seems under the old scheme i will receive £113 plus a bit of additional.This seems fine .
Now heres the sting in the tail, After the transitional period ends in 2022 the lower sums will be used.
So basically when im 56 and have worked 39 years and paid NI for 39 years (granted was contracted out for over two decades ), i will have a pension of £48 unless i carry on accruing,which i wont as i have plans to retire at 56.
Disgusting a dolite will get £155 after never working yet i get £48 plus whatever i get between 2016 and my retirement.GULP0 -
Really?Now heres the sting in the tail, After the transitional period ends in 2022 the lower sums will be used.
Source please.
Not according to any information I have seen.
By 2022 the number of people with an old rules amount greater than the new rules amount will be decreasing but there still be enormous number of people who had a starting amount based on the old rules calculation which gets the post 2016 years added to it.0 -
From a posting on a newspaPer site ,are you saying this is incorrect and i will still be entitled to my £113 foundation amount off the old system?
http://www.thisismoney.co.uk/money/pensions/article-2849655/Some-18-000-people-receive-forecasts-showing-receive-new-State-Pension.html
Look at the comments someone asked and got a forecast and was given this information.0 -
From a posting on a newspaper site ......
so you're doing retirement finance planning on the basis of what some random person put in reply to a journalist's article on a website?
<sigh>
Give me strength!The questions that get the best answers are the questions that give most detail....0 -
No i was worrying about it as had not heard about it previously ,so asked the question.
Sigh indeed.
thanks for your input MG david.0
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