£55 state pension from next year

Presumably if your state pension is that low it will be topped up by pension credit?

Pension 60

Forgive me but why do I always feel your posts are suspicious in the context of you belong to an organisation which posts on this and other forums under the guise of being Mr/Mrs Joe Blogs?

I apologise if you are not.

I asked for a pension predictions months ago but have not had a response despite them claiming they'd get back to me in 10 days!

There is a more rounded thread on this topic elsewhere on the forums.

But you cannot just contract out. When you contract out, you contract into another pension scheme. That pension pays you the difference.

I would ask them again Jane10. And again if necessary.

I enquired of mine a couple of years ago.
And I got back a fully worded, two sided lot of details.
I am fully paid up, 35 years I think?

But whatever it is, it says I am entitled to full pension when it comes.
I have the letter in our important documents drawer.
Just in case I need it as evidence in a few years time.

I have a feeling of déja vu

Me too rosequartz! And POGS too.

As I said, there is another, more rounded thread, which evokes confidence, elsewhere on the forums today.

Dear Aridane

What is 'more rounded' when the source of the information is the Pensions Minister Lib Dem Mr Steve Webb and professional private pension industry experts who have received formal government information requests.

Also individuals who have received official government forecasts for retiring next year with only £55 per week flat rate forecasts due to being contracted out by their employers from SERPs.

You do indeed contract out from SERPs (that is your employer does that for you) and do not contract into another pension.

SERPs was a top up to the state pension, that became called State Second Pension from 2002 and continued.

SERPs has nothing to do with works or private pensions.

Not every worker has sufficient wages / income to afford a private pension.

Many people with private pensions lost them when such firms went bust.

Many people with works pensions lost them utterly when big firms went bust.

The law that guaranteed pension payout was revoked in 1993.

SERPs / S2P is abolished by the flat rate law on and from 6 April 2016 for new claimants. This is published law within the Pension Bill 2014 that enacted the flat rate pension 2016 (it takes two years for legislation to pass into law).

As is Pension Credit (savings).

Pension Credit for current claimants become more complex and conditional and re-assessed again and again from 2016.

SERPs contracting out reduces your NI record by one year for each year contracted out, because SERPs and your NI record are merged by the state pension and SERPs becoming merged. That is what the Pensions Minister said.

Contracting out began on 6 April 1978.

How do I know. Because I asked the official accountants re my works pension.

So ask the government direct for your flat rate state pension forecast if you are retiring next year on and from 6 April 2016.

See for yourself how little the state pension has been reduced to, when all other benefits are threatened for pensioners.

Not least disability benefit to second world war disabled war veterans.

Anyone got a clue?

It is like a phantoum pension person.

Pensions baffle me.

Is Pension60 even right?

Pension60

So you answered Ariadne but not my post 20 Jan.15.30

Do you belong to an organisation??? If so which one??? Are you from 38 degrees???

Well she/he's certainly posted before asking for signatures for a 38 degree petition. Have a look back at the Epetitions threads on the Forums index.

Does this person ever talk properly?

Look at the other thread - I went to the web page..... not really worth bothering with, in my opinion.

i don't mean the 38 degrees website! I mean the one the OP put on his/her/its other post about the poor etc.

Soontobe Is Pension60 even right? - not really. This person has just posted on another forum I am on so is no doubt doing the rounds as they always do.

Pension60 says SERPs has nothing to do with works or private pensions. This is not true. The money not paid into SERPS was intended to be paid into a private ("works" pensions are private too) pension on the grounds that is would pay back more than SERPs/S2P would. There is even a law which says this may not pay back less than SERPS/S2P

Let me quote a couple of paras from an interesting piece of research.

When the single-tier pension is introduced, a “foundation” amount will be calculated for each individual, based on their entitlement built up under the current state pension system. This will be compared to the amount that the individual would have built up in the new single-tier system had it been in place. Individuals will then take forward the higher of the two amounts (adjusted for time spent contracted -out of the S2P and SERPS) into the new system. If the foundation amount is higher than the new single-tier level, the amount above the single-tier level will be protected and paid on top of the single-tier pension.

There will be winners and losers. From the same piece of research those who will benefit include:
· Individuals who have already had career breaks, or low earnings, that were not well covered by SERPS or S2P credits.
· The self-employed.

For those who could "not benefit" from the reforms ...

It is important to note that no individual will lose any state pension rights that they have already built up. All individuals will receive at least as much state pension as they would have got in the current system based on their working histories up to the point at which the single-tier pension is introduced.

However, some individuals could build up lower state pension entitlement under the reforms than they would have in the current system. These include:

· Individuals who would have built up high S2P entitlements.
· Individuals who may have been eligible for Savings Credit.
· Individuals with less than 7 – 10 qualifying years.

I am sorry this is so long but the last time this person was on they were saying they would lose all their pension because they had been contracted out which WAS NOT TRUE. (Sorry but this constant posting of misinformation, which could frighten others and then never reading replies seems so wrong)

Quoted information taken from www.nuffieldfoundation.org/sites/default/files/files/Single%20Tier%20paper%201.pdf

Adriane. Glad you clicked. I am always wary of clicking on iffy links.

Gracesgran. Thanks for that. I dont understand pensions at the best of times. I bought myself a WHICH magazine easy guide to pensions, or something like that.
Pages 1 and 2 were sort of the index.
Page 3 I didnt understand
Page 4, not much better.
Page 5 I didnt understand.
I gave up at that point!

That is indeed very naughty behviour of Penion60 if he/she is posting wrong information.

Pension60 is just another of those nutters strange posters who pop up from time to time proclaiming porkies.

I guess it could be argued GNHQ should/could decide whether this poster is 'using' GN but like all of these type of sites they simply change their name and carry on as they are emboldened by their anonymity, they have no confidence to debate/argue using their own words. Perhaps they are not capable of interaction, I suppose you could call it 'free speech ' although there is an irony in the word speech.

It's the Forth Bridge scenarios isn't it, never ending. However some will believe everything they say

Thank you gracesgran.