state pension rise

[Quiksilver]

Bit of an exaggeration there, hughnique. I'm a shiny, new pensioner whereas OH has been claiming his for 10 years. There is a slight difference, yes, but considering that I made two hefty lump-sum contributions in order to attain a full pension, and he didn't, I wouldn't say that he's hard done by.

[niemeyjt]

My accountant advised strongly against taking money out of the BT scheme and I am pleased I listened. I guess PO scheme was the same - sad you changed.

As for the new UK pension - you can still get a quote and buy missing years - the extended deadline is April 2025. Those of us working abroad can also buy years at a reduced rate - something like £180 vs £800 (I don't have precise figures to hand). Well worth it, IMHO. Of course this assumes Ms Reeves does not change things in two weeks time.

[Hotrodder]

With a very checquered work history with long periods of unemployment (and not drawing the dole). I used to get a great deal of amusement when I got the occasional letters from the DWP inviting me to pay a lump some to catch up. I never got around to asking them how the hell I was expected to find the money for the top up.

[Quiksilver]

As for the new UK pension - you can still get a quote and buy missing years - the extended deadline is April 2025. Those of us working abroad can also buy years at a reduced rate - something like £180 vs £800 (I don't have precise figures to hand). Well worth it, IMHO. Of course this assumes Ms Reeves does not change things in two weeks time.

Also bear in mind that the DWP and Inland Revenue (who process the payments) have a 6-8 month backlog which is why the deadline has been moved several times already! Whether they'll just continue to stall (a bit like ETIAS) is anyone's guess.

[A.N.Other]

AFAIK the difference between the old an new state pensions is that the old was based on a raft of components, e.g.

Graduated Retirement Benefit (1961-1975)
State Earnings Related Pension Scheme, or SERPS (1978 to 2002)
State Second Pension, or S2P (2002 to 2016)
State Pension top up (2015-2017)

whereas the new is more of a flat rate payment.

I'm on an old pension yet with additional components from the above the sum I actual get is currently £2 p/wk more than the new pension!

I say 'currently' because unfortunately pension rises only apply to the core pension not the additional components which means over time I will slowly lose ground on the new one but I don't suppose I will live long enough for it to significantly cramp my lifestyle!

My also wife has some of the above so gets £186.50 p/wk as opposed to the basic £169.50.

I don't wish to comment on the WASPI situation other than to say that for some, the increase in pension age will have pushed them into the new state pension rather than being stuck on the old.

I think the point I'm really making is that comparing the old pension to the new, and automatically concluding that it's unfair, fails to take into account the full picture.

[Polly]

I really resent reading the figures for the amount younger pensioners receive for their pensions. I paid all the years I worked, apart from when I stayed at home to bring up our children, for which valuable service I received what may be called credits.

Quite how older pensioners on the lower amount (with a rapidly widening gap) are expected to manage OK I really don’t know.

[exile]

Simply, they can't - which is one of the reasons why there is pension credit.

Thanks @A.N.Other , so if I read the runes correctly, the change was to simplify what had become an ever more complex system of payments and opt out. It leaves open however why the "old" system was not brought into line with the new.

OH is on the old system having made contributions over many years plus a top up before she retired. By a few months I am on the new but with missing contributions. I found out by accident that the contributing age had dropped to 30 years and had nothing more to do. I later found out by accident again that this had moved to 35 years and put me on a part pension. As @niemeyjt points out you can make up missing contributions but the system requires 2 photo proofs of identity. And the only one I have on the list is a UK passport. No UK driving licence, no bus pass etc..

[A.N.Other]

Simply, they can't - which is one of the reasons why there is pension credit.

Thanks @A.N.Other , so if I read the runes correctly, the change was to simplify what had become an ever more complex system of payments and opt out. It leaves open however why the "old" system was not brought into line with the new.

The likely answer to that is the potential cost of immediately elevating all existing pensioners to the new pension as opposed to allowing them to wither naturally over time. The relatively low uptake of pension benefits will probably have contributed to that.

OH is on the old system having made contributions over many years plus a top up before she retired. By a few months I am on the new but with missing contributions. I found out by accident that the contributing age had dropped to 30 years and had nothing more to do. I later found out by accident again that this had moved to 35 years and put me on a part pension. As @niemeyjt points out you can make up missing contributions but the system requires 2 photo proofs of identity. And the only one I have on the list is a UK passport. No UK driving licence, no bus pass etc..

I make no claim to be a financial whizz kid nor do I believe I'm more aware than the next man, far from it, however I have to say that over the years, and from no more than the UK press and TV, I found little problem in keeping abreast of the various changes in things like qualifying years and increases in pension age etc. etc. so, meaning no disrespect, I have to wonder if some of those who only came to the knowledge late in life must have been at least partially guilty of hiding their heads in the sand.

Perhaps the sports pages in the newspapers were not the best place to start reading them

[tagh]

OK, how much and when? I’ll take what I can get.

[exile]

Simply, they can't - which is one of the reasons why there is pension credit.

Thanks @A.N.Other , so if I read the runes correctly, the change was to simplify what had become an ever more complex system of payments and opt out. It leaves open however why the "old" system was not brought into line with the new.

The likely answer to that is the potential cost of immediately elevating all existing pensioners to the new pension as opposed to allowing them to wither naturally over time. The relatively low uptake of pension benefits will probably have contributed to that.

OH is on the old system having made contributions over many years plus a top up before she retired. By a few months I am on the new but with missing contributions. I found out by accident that the contributing age had dropped to 30 years and had nothing more to do. I later found out by accident again that this had moved to 35 years and put me on a part pension. As @niemeyjt points out you can make up missing contributions but the system requires 2 photo proofs of identity. And the only one I have on the list is a UK passport. No UK driving licence, no bus pass etc..

I make no claim to be a financial whizz kid nor do I believe I'm more aware than the next man, far from it, however I have to say that over the years, and from no more than the UK press and TV, I found little problem in keeping abreast of the various changes in things like qualifying years and increases in pension age etc. etc. so, meaning no disrespect, I have to wonder if some of those who only came to the knowledge late in life must have been at least partially guilty of hiding their heads in the sand.

Perhaps the sports pages in the newspapers were not the best place to start reading them

Sad fact is that none of these changes seem to have made it to FAZ or Rheinpfalz. I gave up on the UK press back in the early 80s when I discovered through personal experience and experience with close friends that they simply make up "facts". Trivial issues but if they cannot get simple stories right...................

As for the TV, yes we had Sky but I was travelling and frequently home only at weekends, when watching the TV fell rather down the list of important things to be done.


FAZ - Frankfurter Allgemeine Zeitung