So Very Many Years For WASPI Women

If you were contracted out for your working life you won’t get anything extra. Just as I get nowhere near the full new state pension despite my 41 year NI record, because I was paying into the Local Government scheme for many years. Apparently only around 40% of the population get the full new state pension.

As I’ve said, my entitlement under the old scheme, including the additional payment I’d built up, was nearly the same as my entitlement under the new scheme - I ended up with about £5 a week more. And it’s nowhere near the full new pension amount.

But I think that is only if you paid into SERPS.

https://www.gransnet.com/uploads/talk/202312/medium-635188-f8b4a9a1-dfe7-4ab8-ab37-12e80c81331f.png https://www.gransnet.com/uploads/talk/202312/medium-291820-a40171e1-d5f3-4538-8ddd-294e65ad3fca.png

Those are the basic state pension rates, though. The additional payment, available only to those on the old state pension, can increase the amount paid considerably.

New State Pension:
The full basic State Pension you can get is £203.85 per week.
You usually need 35 qualifying years of National Insurance contributions to get the full amount.

Old State Pension:
Requiring 39 years qualifying contributions (42 for men) 2023/24 is £156.20 a week

"Why is my State Pension lower than the new State Pension"?
🤔

Poppyred

I don’t think there will be compensation. We are getting more pension than the ones who retired at 60. Time to move on…..

I'm glad at least one person realises this Poppyred
The difference is about £50 per week

Those women who were cheated out of a full pension by being forced by their public employers to pay the Married Women's Stamp should perhaps receive compensation too?

And the two figures were very similar - about £5 a week between them. I hope this makes sense!

Joseann
I had a letter showing both when I got to retirement age.
Can I ask what you mean by that please?

Don't worry, I get it. I thought you meant two separate letters to choose!

Sorry, Joseann, I wasn’t ignoring you, I’ve been out all day.

Yes, just before my 66th birthday I got a letter showing me what my entitlement would have been under the old scheme and what it was under the new scheme, and how these figures were worked out, showing superannuation payments, etc. Then confirming that I would get the higher of the two amounts under some transition agreement. This was based on the new state pension, but wasn’t the full amount, as I’d been opted out for a good few years.

Eazybee: your comment is very,very complacently of the I'm-Alright-Jack variety. I presume you are a Lottery winner......

One way the Government could have made things fairer would have been to allow people to retire after paying a certain amount of years NI. Some waspi women started work at 15 and paid NI for 50 years. They could have delayed the increase in age until those who left school at 15 had retired.

I am a WASPI, I got my state pension this year. Please remember alot of women did not hear about this change until too late, many have suffered financially, had to sell their homes or have had to work until they are 66 with heath conditions. I worked until 66 but did not have the health conditions of some.

When I retired I paid 41 national insurance contributions, I have a small to medium occupational pension which I am taxed on. I also lost £7 a week on my new state pension due to my occupational pension. Also our pensions is something we have paid into.

I hope we get compensation that is owed to us, but will not hold my breath. I would not feel guilty taking it either. I am also sick of people talking about it affecting the young people. I am a Mother and so are most WASPI women, my daughter would be pleased if I got compensation, so would alot of adult children with young children themselves as they want to see us have a decent standard of living.

In my opinion there has been maladministration and we should be compensated.

Joseann

^I had a letter showing both when I got to retirement age.^
Can I ask what you mean by that please?

Don't worry, I get it. I thought you meant two separate letters to choose!

In response to the crude opening post I have never understood why a section of the female population image they are entitled to five years extra pension because they did not bother to discover the date when they could retire with fill pension.

I do not believe the Government will pay out anything to waspi women. I think the higher rate of the new state pension versus the old lower one will be their answer to complaints.

Those of us older waspi women had to work a couple of years past 60 but still get the old state pension. We are the ones that missed out most.

If the younger waspis live to around mid 70s, which the majority will, they will have recouped the missing years with their higher pensions. Those who live to mid 80s or more will have gained.

I don't think there will be any compensation so best to look on the bright side. In terms of money as women live longer we still get more from our government pension than men do. So for things to be really equal men should get their pension at a younger age than women.

I think the government, of both colours, will put this on the back burner, to be honest. They have no intention of paying out to the WASPI women, who will gradually die and therefore disappear, because there are many other things that both parties would prefer to spend money on. WASPI women are not important to any of them.

Nannynoodles

I too have given up expecting any compensation and am looking forward to starting to receive my pension in the spring, it’s actually quite a bit more than friends get who started receiving theirs earlier, so for that we must be grateful.
It would also worry me that if we did now get a substantial payout where would that money actually come from?, I realise some Waspies are struggling financially but so are many young families and I wouldn’t like it taken from them.

Good post Nannynoodles.

I too have given up expecting any compensation and am looking forward to starting to receive my pension in the spring, it’s actually quite a bit more than friends get who started receiving theirs earlier, so for that we must be grateful.
It would also worry me that if we did now get a substantial payout where would that money actually come from?, I realise some Waspies are struggling financially but so are many young families and I wouldn’t like it taken from them.

Poppyred

I don’t think there will be compensation. We are getting more pension than the ones who retired at 60. Time to move on…..

I'm one too.. Not a hope now. I was one of the fortunate women who did get a notification letter telling me of the changes. I was surprised others didn't.
Best of luck to those who want to continue the cause, but not hopeful.

Maggiemaybe

I had a letter showing both when I got to retirement age.
Can I ask what you mean by that please?

I gave up expecting any compensation a long whole ago. I must take a look at the new increased amount for when my turn comes.

Poppyred

I don’t think there will be compensation. We are getting more pension than the ones who retired at 60. Time to move on…..

That’s true for many, but not always the case, Poppyred.

Because of changes that were brought in regarding how superannuation payments and “opted out” years were treated, my forecasts under the old and new pension schemes were more or less the same. I had a letter showing both when I got to retirement age.

That could be the plan (that nobody is telling us) Maggiemaybe 😔

Well the Ombudsman did find maladministration, so I believe there will eventually be some compensation paid.

A tiny token amount, doled out in the dim and distant future, and certainly too late for the many WASPI women who will have shuffled off this mortal coil by then.

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