Losing half your state pension not far away.

[willman 10]

Why should the lazy get state aid?

 

Probably because you can't prove they are lazy. You know what everyone says - there but for the grace and such cobblers as that.

(I'm not saying i don't agree with you)

[bendix 10]

I had not heard of that Annie. Apart from austerity and people living longer, is there some other reason for these changes? All happening irrespective of the grey vote etc.

 

 

You've not heard of it, because it's a figment of Annie's imagination.

[Annie Bynnol 612]

You've not heard of it, because it's a figment of Annie's imagination.

 

Of course you are right and it was all a dream. I didn't really check up on my State Pension age, or my NI contributions history or whether I was paying into a contracted in/out schemes.

I left it to others and they tell me that my doubts about my State Pension are figment of my imagination.

 

Or did I?

 

Lets start with the raising of pension age.

Originally Pension age was 60 for women and 65 for men.

An application for equality by a man triggered a review that planned 65 for both with a gradual rise in pensionable age for women.

This gradual rise was accelerated in 2008 and increased upward to 66+.

Loss of 6 years pension is a cut of £30000 in cash for women and about £7500 for men.

OK?

 

Then there is the difference between the new "contracted in" and "contracted out" State Pension.

(New rules applicable if you reach State Pension age after 7th April 2016.)

"You’re more likely to have been contracted out if you’ve worked in the public sector, for example:

•the NHS

•local councils

•fire services

•the civil service

•teaching

•police forces

•the armed forces" (source:Contracted out of the State Pension)

Despite having no choice and paid NI contributions all their lives. Calculating your pension reduction is complicated by your NI contributions to various schemes. Get a history of NI contributions now to check.

[truman 10]

Of course you are right and it was all a dream. I didn't really check up on my State Pension age, or my NI contributions history or whether I was paying into a contracted in/out schemes.

I left it to others and they tell me that my doubts about my State Pension are figment of my imagination.

 

Or did I?

 

Lets start with the raising of pension age.

Originally Pension age was 60 for women and 65 for men.

An application for equality by a man triggered a review that planned 65 for both with a gradual rise in pensionable age for women.

This gradual rise was accelerated in 2008 and increased upward to 66+.

Loss of 6 years pension is a cut of £30000 in cash for women and about £7500 for men.

OK?

 

Then there is the difference between the new "contracted in" and "contracted out" State Pension.

(New rules applicable if you reach State Pension age after 7th April 2016.)

"You’re more likely to have been contracted out if you’ve worked in the public sector, for example:

•the NHS

•local councils

•fire services

•the civil service

•teaching

•police forces

•the armed forces" (source:Contracted out of the State Pension)

Despite having no choice and paid NI contributions all their lives. Calculating your pension reduction is complicated by your NI contributions to various schemes. Get a history of NI contributions now to check.

 

Not specifically a public service only issue though which is how your original post appeared to come across..lots of other people will have contracted out as well...

[ez8004 10]

Of course you are right and it was all a dream. I didn't really check up on my State Pension age, or my NI contributions history or whether I was paying into a contracted in/out schemes.

I left it to others and they tell me that my doubts about my State Pension are figment of my imagination.

 

Or did I?

 

Lets start with the raising of pension age.

Originally Pension age was 60 for women and 65 for men.

An application for equality by a man triggered a review that planned 65 for both with a gradual rise in pensionable age for women.

This gradual rise was accelerated in 2008 and increased upward to 66+.

Loss of 6 years pension is a cut of £30000 in cash for women and about £7500 for men.

OK?

 

Then there is the difference between the new "contracted in" and "contracted out" State Pension.

(New rules applicable if you reach State Pension age after 7th April 2016.)

"You’re more likely to have been contracted out if you’ve worked in the public sector, for example:

•the NHS

•local councils

•fire services

•the civil service

•teaching

•police forces

•the armed forces" (source:Contracted out of the State Pension)

Despite having no choice and paid NI contributions all their lives. Calculating your pension reduction is complicated by your NI contributions to various schemes. Get a history of NI contributions now to check.

 

Your argument that the raising of the pension for women as an example of losing out will attract absolutely no sympathy from me. Why should women have a significantly lower pensionable age to men? As for the overall increase in pensionable age is a natural thing to do when life expectancy is increasing.

 

Also, your entire post seems to me that you were negligent in having a full understanding of your pensions situation. So fundamentally whose fault is that?

Edited October 30, 2018 by ez8004

[nightrider 13]

I had not heard of that Annie. Apart from austerity and people living longer, is there some other reason for these changes? All happening irrespective of the grey vote etc.

 

It is happening - if you have ever had an employer that "contracted you out" of part of the state pension (I think this is called something like "second pension") then you get a reduced state pension under the current scheme that has just been introduced. You could only contract out I believe if you were paying equivalent money into a private pension instead.

[Allen 38]

It is happening - if you have ever had an employer that "contracted you out" of part of the state pension (I think this is called something like "second pension") then you get a reduced state pension under the current scheme that has just been introduced. You could only contract out I believe if you were paying equivalent money into a private pension instead.

 

And your problem is? ..

If you paid the full 35 years into the state pension you are entitled to full state pension.

If not, you are entitled to a pension for the number of years paid in.

You then claim a private pension for the years "contracted out".

Edited October 31, 2018 by Allen

[Annie Bynnol 612]

Your argument that the raising of the pension for women as an example of losing out will attract absolutely no sympathy from me. Why should women have a significantly lower pensionable age to men? As for the overall increase in pensionable age is a natural thing to do when life expectancy is increasing.

 

Also, your entire post seems to me that you were negligent in having a full understanding of your pensions situation. So fundamentally whose fault is that?

 

 

Equality or negligence are not the issues here it is after all a reply to the comment "Losing half your state pension not far away." which is the title of the thread.

 

The equality bit was decided and argued about in the 1980s.

As I have said, women would have known about the increasing sliding scale decades in advance and would have been able plan for this gradual change.

 

In 2008 changes were made to the State Pension Age which meant that women who far from being negligent and who had a planned retirement age, had part of their pension taken away.

 

Now this is the important bit, these women did not know that the Government was going to change their State Pension Age again and have had very little time to change their retirement plan or increase their savings.

There is no way they can be accused of negligence in their planning for retirement as suddenly their projected figures changed without warning.

 

Secondly it appears that few on here understand that the State Pension will be reduced for new pensioners who have ever payed into the public sector "contracted out schemes" named previously. These rules were imposed.

 

That a Government can introduce cuts in State Pension rates and eligibility without sufficient warning is very worrying. As is the response of people who accuse those of planning ahead of not having a crystal ball and therefore negligence, or bringing up a decades old argument on equality.

 

I strongly advise people to check up on their State Pension Age, NI contributions history or whether contracted in or out.

[Cyclone 10]

The change to make the ages equal wasn't a problem.

The speed at which it was introduced was.

People (women of a specific age range, covering about 5 years) were left with their pensionable age having changed with only about 5 years to do anything about it. Which is clearly nonsense. If you're 55 and planning to retire at 60 on a full pension, then suddenly it's 65, then it's 66 or 67, and now the amount has been reduced as well.

 

It's not the correct way to go about it is it. It risks placing a group of people into some financial hardship simply because it was rushed.

[Eater Sundae 12]

Equality or negligence are not the issues here it is after all a reply to the comment "Losing half your state pension not far away." which is the title of the thread.

 

The equality bit was decided and argued about in the 1980s.

As I have said, women would have known about the increasing sliding scale decades in advance and would have been able plan for this gradual change.

 

In 2008 changes were made to the State Pension Age which meant that women who far from being negligent and who had a planned retirement age, had part of their pension taken away.

 

Now this is the important bit, these women did not know that the Government was going to change their State Pension Age again and have had very little time to change their retirement plan or increase their savings.

There is no way they can be accused of negligence in their planning for retirement as suddenly their projected figures changed without warning.

 

Secondly it appears that few on here understand that the State Pension will be reduced for new pensioners who have ever payed into the public sector "contracted out schemes" named previously. These rules were imposed.

 

That a Government can introduce cuts in State Pension rates and eligibility without sufficient warning is very worrying. As is the response of people who accuse those of planning ahead of not having a crystal ball and therefore negligence, or bringing up a decades old argument on equality.

 

I strongly advise people to check up on their State Pension Age, NI contributions history or whether contracted in or out.

 

Surely the whole issue of contracting out is a red herring. If you contracted out then you paid less in (towards your state pension) and would therefore expect to get less out when you retire. In parallel to this, people contracting out were saving into an occupational pension which would offset any loss of state pension.

[Cyclone 10]

I don't believe that you were told that you would get less though, and indeed you wouldn't, until recently... Rather a case of moving the goal posts many years after the ball was kicked...

[Eater Sundae 12]

I don't believe that you were told that you would get less though, and indeed you wouldn't, until recently... Rather a case of moving the goal posts many years after the ball was kicked...

 

I don’t know for absolute certain, and wouldn’t know how to check now, but I’m 99% sure that we were aware that state pension would (expect to) be reduced if we opted out. The company I worked for when it first came in chose to opt out. They were only allowed to if they had a system in place to make up the shortfall

 

My employer was a private company, btw, and not NHS, council or similar.