UK pensions

[Jip99]

I found this article very useful in trying to understand how the new State Pension will be calculated in each individual case.

http://www.dailymail.co.uk/money/saving/article-3235966/SPECIAL-REPORT-millions-Britons-never-151-week-new-state-pension.html

Unfortunately that article is blocked unless you use methods to view it.

I can access it using Firefox - no other whistles and bells.

[Lite Beer]

The Mail Online is blocked by MICT.

Good article though.

[metisdead]

Off topic deflection posts have been removed..

[evadgib]

New drive to explain State Pension reform

Key Phrase for anyone in their mid 50's:

"In particular, the new advertisements target people within 10 years of reaching State Pension age, a group which also has access to new freedoms to spend private pension savings flexibly. Many of these people may want to base decisions about whether or not to draw down their private pension savings on their likely State Pension amount.

Anyone aged 55 or over can apply for a personalised state pension statement that will give them an estimate of what they will get under the new system. This will be based on their work history and National Insurance contributions to date. The statements have recently been updated to include information on the contracted out deduction that may have been made".

Edited September 19, 2015 by evadgib

[nong38]

I have something for you to ponder.

You will no doubt have read about the who ha about the new "National Living wage" which I think is to be set at £7.20 an hour by 2020. I like that "National Living Wage" its very important is it not, the Government are making a grand statement about it and patting themselves on the back, what jolly good chaps they are. So what is an average working week these days 30 hour, 40 hours? The basic state pension is currently £116 now divide that by 30 =£3.86 or 40=£2.90.

So in the UK today we have a "National Living Wage" of £7.20 for non pensioners and a "National Living Wage" for the old and vulnerable Pensioners ( who I might add created the current wealth of the counrty) who are expected to accept a muc lower living standard at £2.90 or £3.86 an hour.

Words fail me about HMG can once again treat us this way, not only do they freeze our annual increases they now expect us to get by on a lowly hourly rate as well, thanks Dave time for you to go off into the wilderness with George, you might as well take some migrants with you as well come to think of it or will they be on the £7.20 which does not apply to us?

[jpinx]

I have something for you to ponder.

You will no doubt have read about the who ha about the new "National Living wage" which I think is to be set at £7.20 an hour by 2020. I like that "National Living Wage" its very important is it not, the Government are making a grand statement about it and patting themselves on the back, what jolly good chaps they are. So what is an average working week these days 30 hour, 40 hours? The basic state pension is currently £116 now divide that by 30 =£3.86 or 40=£2.90.

So in the UK today we have a "National Living Wage" of £7.20 for non pensioners and a "National Living Wage" for the old and vulnerable Pensioners ( who I might add created the current wealth of the counrty) who are expected to accept a muc lower living standard at £2.90 or £3.86 an hour.

Words fail me about HMG can once again treat us this way, not only do they freeze our annual increases they now expect us to get by on a lowly hourly rate as well, thanks Dave time for you to go off into the wilderness with George, you might as well take some migrants with you as well come to think of it or will they be on the £7.20 which does not apply to us?

The basic pension of £116 divided by the national Living Wage comes out to about 16 hours per week. Does the UK government have any idea what a "National Living Weekly Wage" should be? Dreaming up an hourly rate is patently fatuous given the wide variation in weekly hours worked, but a weeks wages should be enough to cover food, housing, etc regardless of the hours worked. What's the basic rate of unemployment benefit nowadays for a single guy, to give a starting point for the discussion? The dole is a weekly figure and might provide a more reasonable reference to the governments valuation of a live in UK.

[nong38]

I have something for you to ponder.

You will no doubt have read about the who ha about the new "National Living wage" which I think is to be set at £7.20 an hour by 2020. I like that "National Living Wage" its very important is it not, the Government are making a grand statement about it and patting themselves on the back, what jolly good chaps they are. So what is an average working week these days 30 hour, 40 hours? The basic state pension is currently £116 now divide that by 30 =£3.86 or 40=£2.90.

So in the UK today we have a "National Living Wage" of £7.20 for non pensioners and a "National Living Wage" for the old and vulnerable Pensioners ( who I might add created the current wealth of the counrty) who are expected to accept a muc lower living standard at £2.90 or £3.86 an hour.

Words fail me about HMG can once again treat us this way, not only do they freeze our annual increases they now expect us to get by on a lowly hourly rate as well, thanks Dave time for you to go off into the wilderness with George, you might as well take some migrants with you as well come to think of it or will they be on the £7.20 which does not apply

The basic pension of £116 divided by the national Living Wage comes out to about 16 hours per week. Does the UK government have any idea what a "National Living Weekly Wage" should be? Dreaming up an hourly rate is patently fatuous given the wide variation in weekly hours worked, but a weeks wages should be enough to cover food, housing, etc regardless of the hours worked. What's the basic rate of unemployment benefit nowadays for a single guy, to give a starting point for the discussion? The dole is a weekly figure and might provide a more reasonable reference to the governments valuation of a live in UK.

When I was last in employment my average monthly week was 32 hours which is why I thought 30 and 40 hour examples were fair and reasonable, the average at this time was nearer to 40. I do not understand why you want to divide £116 by the new living wage to arrive at 16, that seems to be just playing with figures, like HMG does.

My point was that its good to flag up a living wage for one sector andthen completely forget how a pensioner is expected to live on the state pension, let alone freezing the annual increases of them for over 500,000 and thinks its ok and they get away with it! Or to use local terms, sweep it under the carpet!

[jpinx]

I have something for you to ponder.

You will no doubt have read about the who ha about the new "National Living wage" which I think is to be set at £7.20 an hour by 2020. I like that "National Living Wage" its very important is it not, the Government are making a grand statement about it and patting themselves on the back, what jolly good chaps they are. So what is an average working week these days 30 hour, 40 hours? The basic state pension is currently £116 now divide that by 30 =£3.86 or 40=£2.90.

So in the UK today we have a "National Living Wage" of £7.20 for non pensioners and a "National Living Wage" for the old and vulnerable Pensioners ( who I might add created the current wealth of the counrty) who are expected to accept a muc lower living standard at £2.90 or £3.86 an hour.

Words fail me about HMG can once again treat us this way, not only do they freeze our annual increases they now expect us to get by on a lowly hourly rate as well, thanks Dave time for you to go off into the wilderness with George, you might as well take some migrants with you as well come to think of it or will they be on the £7.20 which does not apply

The basic pension of £116 divided by the national Living Wage comes out to about 16 hours per week. Does the UK government have any idea what a "National Living Weekly Wage" should be? Dreaming up an hourly rate is patently fatuous given the wide variation in weekly hours worked, but a weeks wages should be enough to cover food, housing, etc regardless of the hours worked. What's the basic rate of unemployment benefit nowadays for a single guy, to give a starting point for the discussion? The dole is a weekly figure and might provide a more reasonable reference to the governments valuation of a live in UK.

When I was last in employment my average monthly week was 32 hours which is why I thought 30 and 40 hour examples were fair and reasonable, the average at this time was nearer to 40. I do not understand why you want to divide £116 by the new living wage to arrive at 16, that seems to be just playing with figures, like HMG does.

My point was that its good to flag up a living wage for one sector andthen completely forget how a pensioner is expected to live on the state pension, let alone freezing the annual increases of them for over 500,000 and thinks its ok and they get away with it! Or to use local terms, sweep it under the carpet!

My point is to ask what is the basic dole nowadays -- for comparison.

In answer to my own question,,,

http://www.moneywise.co.uk/work-wages/salary-benefits/benefits-youre-entitled-to-unemployed-and-disabled-people

"..JSA is paid fortnightly, at a maximum weekly rate of £72.40 for those aged 25 and over, £57.35 for younger people and £113.70 for couples bot aged 18 or over. This amount may differ depending on your circumstances...."

Plus housing benefits,

http://www.totaljobs.com/careers-advice/money-and-legal/housing-benefit-how-to-claim

"........

The MAXIMUM amount you’ll get for rent is: Up to £250 a week for a one bedroom property (including shared accommodation) ....."

Plus Council tax benefit which varies a lot depending on where you live....

So -- even without the Council tax, the Government appears to see the cost of a single man's living to be around £322.40/week -- just for rent and food. the minimum hourly rate alluded to would require someone to work about 45 hours per week to achieve that.

Pensioners are expected to do it on £116 and pay their council tax too...?

......or am I missing something?

[evadgib]

Eight things you need to know about pensions

[nong38]

Let me put it this way then. If the HMG thinks its right that the National Living Wage should be £7.20 an hour and if you accept that the average hours worked per work were 30+ then the Pension rate should be the same, we have to live as well, so 30 x 7.20 is just over £210 but its not its £ 116. HMG conveniently chose not think about this even though it affects MILLIONS of people. A lot of people would say its nearer to 40 hours which would make the figure higher and even worse and I am not at all interested in US figures this is about UK pensions, not how are cousins from a former colony get screwed just the same.

[sandyf]

Let me put it this way then. If the HMG thinks its right that the National Living Wage should be £7.20 an hour and if you accept that the average hours worked per work were 30+ then the Pension rate should be the same, we have to live as well, so 30 x 7.20 is just over £210 but its not its £ 116. HMG conveniently chose not think about this even though it affects MILLIONS of people. A lot of people would say its nearer to 40 hours which would make the figure higher and even worse and I am not at all interested in US figures this is about UK pensions, not how are cousins from a former colony get screwed just the same.

I can see where you are coming from but you are pushing the argument to the limit. The £116 that you refer to is the basic state pension and most pensioners will be receiving much more than that. Those on the basic and that have worked most of their life will also be receiving a private pension from the diverted additional pension component of their NI contributions. This is something that many want to ignore in the debates over pensions. Those that are on the basic without any addition to their pension is a grey area and not really relevant to the point in question.

I worked all my life, in the RAF until I was 30 and then various jobs until I became self employed in my mid fifties and then retired at 61. Overall I would say that I was no more than an average wage earner. I get a small pension for my time in the RAF and combined with my state pension of £192/week amounts to about £13K per annum. Not that far away from what they are suggesting and I suspect a large percentage of pensioners are in the same ballpark. I do not support their actions but it does not help anyone to misrepresent the situation.

[nontabury]

Let me put it this way then. If the HMG thinks its right that the National Living Wage should be £7.20 an hour and if you accept that the average hours worked per work were 30+ then the Pension rate should be the same, we have to live as well, so 30 x 7.20 is just over £210 but its not its £ 116. HMG conveniently chose not think about this even though it affects MILLIONS of people. A lot of people would say its nearer to 40 hours which would make the figure higher and even worse and I am not at all interested in US figures this is about UK pensions, not how are cousins from a former colony get screwed just the same.

I can see where you are coming from but you are pushing the argument to the limit. The £116 that you refer to is the basic state pension and most pensioners will be receiving much more than that. Those on the basic and that have worked most of their life will also be receiving a private pension from the diverted additional pension component of their NI contributions. This is something that many want to ignore in the debates over pensions. Those that are on the basic without any addition to their pension is a grey area and not really relevant to the point in question.

I worked all my life, in the RAF until I was 30 and then various jobs until I became self employed in my mid fifties and then retired at 61. Overall I would say that I was no more than an average wage earner. I get a small pension for my time in the RAF and combined with my state pension of £192/week amounts to about £13K per annum. Not that far away from what they are suggesting and I suspect a large percentage of pensioners are in the same ballpark. I do not support their actions but it does not help anyone to misrepresent the situation.

You receive a state pension of £192 a week, well done, I receive a state pension,after paying NI for 44 years of approximately half your amount.

[transam]

Let me put it this way then. If the HMG thinks its right that the National Living Wage should be £7.20 an hour and if you accept that the average hours worked per work were 30+ then the Pension rate should be the same, we have to live as well, so 30 x 7.20 is just over £210 but its not its £ 116. HMG conveniently chose not think about this even though it affects MILLIONS of people. A lot of people would say its nearer to 40 hours which would make the figure higher and even worse and I am not at all interested in US figures this is about UK pensions, not how are cousins from a former colony get screwed just the same.

I can see where you are coming from but you are pushing the argument to the limit. The £116 that you refer to is the basic state pension and most pensioners will be receiving much more than that. Those on the basic and that have worked most of their life will also be receiving a private pension from the diverted additional pension component of their NI contributions. This is something that many want to ignore in the debates over pensions. Those that are on the basic without any addition to their pension is a grey area and not really relevant to the point in question.

I worked all my life, in the RAF until I was 30 and then various jobs until I became self employed in my mid fifties and then retired at 61. Overall I would say that I was no more than an average wage earner. I get a small pension for my time in the RAF and combined with my state pension of £192/week amounts to about £13K per annum. Not that far away from what they are suggesting and I suspect a large percentage of pensioners are in the same ballpark. I do not support their actions but it does not help anyone to misrepresent the situation.

You receive a state pension of £192 a week, well done, I receive a state pension,after paying NI for 44 years of approximately half your amount.

Fink with his RAF stuff.......

[sandyf]

Let me put it this way then. If the HMG thinks its right that the National Living Wage should be £7.20 an hour and if you accept that the average hours worked per work were 30+ then the Pension rate should be the same, we have to live as well, so 30 x 7.20 is just over £210 but its not its £ 116. HMG conveniently chose not think about this even though it affects MILLIONS of people. A lot of people would say its nearer to 40 hours which would make the figure higher and even worse and I am not at all interested in US figures this is about UK pensions, not how are cousins from a former colony get screwed just the same.

I can see where you are coming from but you are pushing the argument to the limit. The £116 that you refer to is the basic state pension and most pensioners will be receiving much more than that. Those on the basic and that have worked most of their life will also be receiving a private pension from the diverted additional pension component of their NI contributions. This is something that many want to ignore in the debates over pensions. Those that are on the basic without any addition to their pension is a grey area and not really relevant to the point in question.

I worked all my life, in the RAF until I was 30 and then various jobs until I became self employed in my mid fifties and then retired at 61. Overall I would say that I was no more than an average wage earner. I get a small pension for my time in the RAF and combined with my state pension of £192/week amounts to about £13K per annum. Not that far away from what they are suggesting and I suspect a large percentage of pensioners are in the same ballpark. I do not support their actions but it does not help anyone to misrepresent the situation.

You receive a state pension of £192 a week, well done, I receive a state pension,after paying NI for 44 years of approximately half your amount.

If I survive I will probably be saying the same thing to new pensioners a few years down the line. Frozen pensions are an absolute disgrace but the government has recognised a soft target.

If anyone was to suggest incrementally raising the age limit for public sector pensions all hell would break loose.

[nong38]

I was just using basic figures, the basic State Pension as opposed to the New Living Wage, yes there will likely be other top-ups like 2ns pensions, serps etc whilst the New Living wage will also attract other benefits that pensioners do not. But, saying that this is an hourly Living Wage then that should apply to all over 25 or whatever they decide it should be not be discriminatery.

I am sure that we can count on "the people that count" to be completely unaware of these circumstances or just simply ignore them when it suits, I wonder what Steve Webb thinks?

[sandyf]

Let me put it this way then. If the HMG thinks its right that the National Living Wage should be £7.20 an hour and if you accept that the average hours worked per work were 30+ then the Pension rate should be the same, we have to live as well, so 30 x 7.20 is just over £210 but its not its £ 116. HMG conveniently chose not think about this even though it affects MILLIONS of people. A lot of people would say its nearer to 40 hours which would make the figure higher and even worse and I am not at all interested in US figures this is about UK pensions, not how are cousins from a former colony get screwed just the same.

I can see where you are coming from but you are pushing the argument to the limit. The £116 that you refer to is the basic state pension and most pensioners will be receiving much more than that. Those on the basic and that have worked most of their life will also be receiving a private pension from the diverted additional pension component of their NI contributions. This is something that many want to ignore in the debates over pensions. Those that are on the basic without any addition to their pension is a grey area and not really relevant to the point in question.

I worked all my life, in the RAF until I was 30 and then various jobs until I became self employed in my mid fifties and then retired at 61. Overall I would say that I was no more than an average wage earner. I get a small pension for my time in the RAF and combined with my state pension of £192/week amounts to about £13K per annum. Not that far away from what they are suggesting and I suspect a large percentage of pensioners are in the same ballpark. I do not support their actions but it does not help anyone to misrepresent the situation.

You receive a state pension of £192 a week, well done, I receive a state pension,after paying NI for 44 years of approximately half your amount.

Fink with his RAF stuff.......

Not much to do with it. My pension is frozen at £107.45 and I get £84.55 in additional pension. £6.63 is Graduated Retirement from earnings between 1961 and 1975. I left the service in 1977.

My additional pension apart from GR is in 3 parts, 1978 to 1997, 1997 to 2002, and 2002 until retirement. There is nothing attributed to the period 1975 until 1978 so only £6.63 out of the £84.55 is related to my time in the service.

I had £66.24 attributed to the years 1978 to 1997 and during that time paid full class 1 contributions. Between 1997 and when I retired in 2008 I had spells of self employment and only paid Class 2 contributions, hence a much lower amount.

[sandyf]

I was just using basic figures, the basic State Pension as opposed to the New Living Wage, yes there will likely be other top-ups like 2ns pensions, serps etc whilst the New Living wage will also attract other benefits that pensioners do not. But, saying that this is an hourly Living Wage then that should apply to all over 25 or whatever they decide it should be not be discriminatery.

I am sure that we can count on "the people that count" to be completely unaware of these circumstances or just simply ignore them when it suits, I wonder what Steve Webb thinks?

The only consistent thing about the whole situation is the inconsistency, The disparity between public sector pension benefits and the private sector is absolutely ridiculous. When I say private sector I mean those that have only ever paid NI, occupational pensions are a different scenario again.

When I left there was very little to choose from in our area. If your parents could afford it you went to university otherwise it was some government type employment or take your chance in the local community. There was little in the way of career advice and financial information was non existent. Nobody stood up and told you that if you went with the government you would be looked after in your old age but if you stayed at home and took employment locally, come retirement you would be struggling to make ends meet.

The whole pension fiasco is nothing short of gross mismanagement and the government moving the goalposts to suit themselves.

Had I stayed in the RAF a further 10 years, prior to the age of 65 I would have received approximately £160,000 in pension benefits over and above the benefits I did receive prior to 65. Very little is ever said about early pension payments, easier to make some work longer.

[transam]

@sandyf..

Still don't understand where the extra pension came from.Is it a 'wife' thingy..?

[Rajab Al Zarahni]

I was just using basic figures, the basic State Pension as opposed to the New Living Wage, yes there will likely be other top-ups like 2ns pensions, serps etc whilst the New Living wage will also attract other benefits that pensioners do not. But, saying that this is an hourly Living Wage then that should apply to all over 25 or whatever they decide it should be not be discriminatery.

I am sure that we can count on "the people that count" to be completely unaware of these circumstances or just simply ignore them when it suits, I wonder what Steve Webb thinks?

The only consistent thing about the whole situation is the inconsistency, The disparity between public sector pension benefits and the private sector is absolutely ridiculous. When I say private sector I mean those that have only ever paid NI, occupational pensions are a different scenario again.

When I left there was very little to choose from in our area. If your parents could afford it you went to university otherwise it was some government type employment or take your chance in the local community. There was little in the way of career advice and financial information was non existent. Nobody stood up and told you that if you went with the government you would be looked after in your old age but if you stayed at home and took employment locally, come retirement you would be struggling to make ends meet.

The whole pension fiasco is nothing short of gross mismanagement and the government moving the goalposts to suit themselves.

Had I stayed in the RAF a further 10 years, prior to the age of 65 I would have received approximately £160,000 in pension benefits over and above the benefits I did receive prior to 65. Very little is ever said about early pension payments, easier to make some work longer.

Here lies the irony. Generally, people only become interested in pensions as they get older. Pensions are complex and we have lots of other priorities as we journey through life. Even if you had worked in the pensions industry, few could have predicted the stasis in the stock market in the last 10 years and even fewer could have predicted that those with public sector pensions would be the group to be envied.

[billd766]

Let me put it this way then. If the HMG thinks its right that the National Living Wage should be £7.20 an hour and if you accept that the average hours worked per work were 30+ then the Pension rate should be the same, we have to live as well, so 30 x 7.20 is just over £210 but its not its £ 116. HMG conveniently chose not think about this even though it affects MILLIONS of people. A lot of people would say its nearer to 40 hours which would make the figure higher and even worse and I am not at all interested in US figures this is about UK pensions, not how are cousins from a former colony get screwed just the same.

I can see where you are coming from but you are pushing the argument to the limit. The £116 that you refer to is the basic state pension and most pensioners will be receiving much more than that. Those on the basic and that have worked most of their life will also be receiving a private pension from the diverted additional pension component of their NI contributions. This is something that many want to ignore in the debates over pensions. Those that are on the basic without any addition to their pension is a grey area and not really relevant to the point in question.

I worked all my life, in the RAF until I was 30 and then various jobs until I became self employed in my mid fifties and then retired at 61. Overall I would say that I was no more than an average wage earner. I get a small pension for my time in the RAF and combined with my state pension of £192/week amounts to about £13K per annum. Not that far away from what they are suggesting and I suspect a large percentage of pensioners are in the same ballpark. I do not support their actions but it does not help anyone to misrepresent the situation.

You receive a state pension of £192 a week, well done, I receive a state pension,after paying NI for 44 years of approximately half your amount.

Fink with his RAF stuff.......

I ain't no Fink.

What about me then I did 25 years in the RAF and earned a pension?

What you must remember that in the services in the UK at that time you commit to serving a certain number of years at Her Majesties pleasure. Sure at that time you could get out early especially if your trade was over-manned but the majority of us stayed in because we enjoyed it.

My first engagement was for 9 years regular service and 3 years in the reserve but on 31 December 1969 I extended to 22 years regular service. I had a great time and learned a trade for the future as well plus postings to Bahrain, Singapore and Germany and detachments to Germany twice, Libya 4 times, Norway twice, 3 months in Gibraltar, Labuan and also Sardinia.

There were people I went to school with who were excited with 2 weeks in Spain etc and the other 50 weeks living in the same place, doing the same job with the same mates for a lot of their life. Me, I ahve worked and lived in 38 countries in my working life yet my country stiffs me out of a pension update saying that thee country cannot afford it but if I moved to say the Philippines the money would be there so it cannot be a lack of money. More I think a lack of moral leadership but I can excuse that as they are only politicians and have only a remote connection with real life and the human race.

As for my RAF pension my ex wife gets none of it but the government changed the rules (as they always do) and said that anyone re-marrying after 1978 their widow will only receive the pension for the number of years of service from 1978 until retirement. Effectively they have STOLEN 16 years of my pension from my widow to be.

The correct military term for people like that using the collective noun is "thieving barstewards).

Edited September 20, 2015 by billd766

[billd766]

I was just using basic figures, the basic State Pension as opposed to the New Living Wage, yes there will likely be other top-ups like 2ns pensions, serps etc whilst the New Living wage will also attract other benefits that pensioners do not. But, saying that this is an hourly Living Wage then that should apply to all over 25 or whatever they decide it should be not be discriminatory.

I am sure that we can count on "the people that count" to be completely unaware of these circumstances or just simply ignore them when it suits, I wonder what Steve Webb thinks?

But you EARN the 2nd and 3rd pensions by working for them. They are NOT free or a gift from the government.

[sandyf]

@sandyf..

Still don't understand where the extra pension came from.Is it a 'wife' thingy..?

No its not. When you pay class 1 NI, part of it goes towards the basic state pension and part to additional state pension. If you contract out or join an occupational pension, the part that would have gone to additional pension would then be paid into another pension scheme.

[transam]

@sandyf..

Still don't understand where the extra pension came from.Is it a 'wife' thingy..?

No its not. When you pay class 1 NI, part of it goes towards the basic state pension and part to additional state pension. If you contract out or join an occupational pension, the part that would have gone to additional pension would then be paid into another pension scheme.

I paid class 1 and 2 all my life but my pension doesn't come to anywhere near yours. My elderly chums still get a wifes allowance that doesn't add up to yours..

[sandyf]

I was just using basic figures, the basic State Pension as opposed to the New Living Wage, yes there will likely be other top-ups like 2ns pensions, serps etc whilst the New Living wage will also attract other benefits that pensioners do not. But, saying that this is an hourly Living Wage then that should apply to all over 25 or whatever they decide it should be not be discriminatery.

I am sure that we can count on "the people that count" to be completely unaware of these circumstances or just simply ignore them when it suits, I wonder what Steve Webb thinks?

The only consistent thing about the whole situation is the inconsistency, The disparity between public sector pension benefits and the private sector is absolutely ridiculous. When I say private sector I mean those that have only ever paid NI, occupational pensions are a different scenario again.

When I left there was very little to choose from in our area. If your parents could afford it you went to university otherwise it was some government type employment or take your chance in the local community. There was little in the way of career advice and financial information was non existent. Nobody stood up and told you that if you went with the government you would be looked after in your old age but if you stayed at home and took employment locally, come retirement you would be struggling to make ends meet.

The whole pension fiasco is nothing short of gross mismanagement and the government moving the goalposts to suit themselves.

Had I stayed in the RAF a further 10 years, prior to the age of 65 I would have received approximately £160,000 in pension benefits over and above the benefits I did receive prior to 65. Very little is ever said about early pension payments, easier to make some work longer.

Here lies the irony. Generally, people only become interested in pensions as they get older. Pensions are complex and we have lots of other priorities as we journey through life. Even if you had worked in the pensions industry, few could have predicted the stasis in the stock market in the last 10 years and even fewer could have predicted that those with public sector pensions would be the group to be envied.

Something in that. With todays internet it is fairly easy to find out information but over 20 years ago it was like looking for a nine bob note.

The first time I became unemployed, think I was about 41, I went to the benefits office and they were as much help as a chocolate fireguard. All they could say was give your enquiry in writing and we will submit it to head office. It is no wonder that many of us went through life with little knowledge of our tax, NI or pension situation.

[sandyf]

@sandyf..

Still don't understand where the extra pension came from.Is it a 'wife' thingy..?

No its not. When you pay class 1 NI, part of it goes towards the basic state pension and part to additional state pension. If you contract out or join an occupational pension, the part that would have gone to additional pension would then be paid into another pension scheme.

I paid class 1 and 2 all my life but my pension doesn't come to anywhere near yours. My elderly chums still get a wifes allowance that doesn't add up to yours..

You do not get anything for class 2 and there are many variables in respect of class 1. The letter from the DWP would have detailed exactly how your pension was made up. If you contracted out your additional pension would be from another source. It will be on the DWP letter if you contracted out or not. I know some people were contracted out without even realising it.

[jpinx]

@sandyf..

Still don't understand where the extra pension came from.Is it a 'wife' thingy..?

No its not. When you pay class 1 NI, part of it goes towards the basic state pension and part to additional state pension. If you contract out or join an occupational pension, the part that would have gone to additional pension would then be paid into another pension scheme.

I paid class 1 and 2 all my life but my pension doesn't come to anywhere near yours. My elderly chums still get a wifes allowance that doesn't add up to yours..

You do not get anything for class 2 and there are many variables in respect of class 1. The letter from the DWP would have detailed exactly how your pension was made up. If you contracted out your additional pension would be from another source. It will be on the DWP letter if you contracted out or not. I know some people were contracted out without even realising it.

That is so true -- I have never really found out how my pension is made up. Every time I ask I seem to get a different answer

The system is not designed to be fathomed, only to pay out the minimum possible under the law and it's subsequent regulations. </cynical>

Having said that -- some posters here feel that a pensioner has a right get as much as the minimum wage, but such comparisons are deeply flawed. The dole would be a better comparator, but even that would be incorrect as the circumstances are so different.

The social security system is the safety net. If someone is in hardship they can apply for help. Has to be said that the attitude of the DSS and the response given will vary a lot depending not least on the socio-geography and the attitude of the applicant. A pensioner facing hardship can get rent, council tax, heating, etc alleviated to varying degrees.

[ThaiLife]

Just had this arrive today in the post , any one else received one ?

TL

[pontious]

Yes - it is being discussed on page 50 I think.

[JohnC]

I have a war pension paid into Bangkok Bank as well as my state pension, both via Citibank, today my war pension arrived on the due date so no delay, I will be interested to see if my state pension arrives on Friday when due!

[petetahkli]

Yes had mine today