Waspi women

For anyone who has given up work as I have before their new pension date to look after grandchildren while their parents work, there is a way of being credited with NI payments that go just towards your state pension. The idea is that the grandparent can claim the NI credits the child's parent would have been awarded if they'd not been working and paying NI.

There's a long online form to fill in and I find the factsheet very vague. For instance, there's no information about whether you have to look after a stated child every day, or for a minimum number of hours. I'm going to give it a go though. Fortunately I always keep a diary as I look after different grandchildren on different days, and you have to give details of when you looked after them and then get the parent to sign to confirm that you have done so. Here's the link, for anyone who may find it helpful.

www.gov.uk/government/publications/national-insurance-credits-for-adults-who-care-for-a-child-under-12-fact-sheet/specified-adult-childcare-credits-fact-sheet

I am a waspi woman and through ill health had to stop work at 58 but no state pension till 66... I think so unfair and I hope for the many women that Labour will come good on this

My IFA advised I do this Doodledog - he said if I pay £100 in per month for the next four years, apparently when I get my pension at 66, I'll be £1000 pa better off and will regain the money I've paid in over the next four years. I can't face another budget upheaval to afford this, would rather save what I can each month instead, and have decided not to do it.

I also believe they will move the goalposts in the next four years.

It is possible to pay voluntary contributions (if you can afford them) so that you will get the full pension after being opted out.

I am doing this, but (a) they are expensive, and (b) there is no guarantee that the government won't move the goalposts yet again before the current date falls due.

It certainly is, some women do seem to have fallen into a trap between the two systems.

It was 2016, Callistemon. But at the same time the rules changed so that any years we'd previously worked and been opted out (so paid a slightly lower rate of NI) wouldn't count towards the basic state pension. Before that date opting out had just affected the extra SERPS element. It's a minefield really.

I thought that the new rate was introduced in 2016, Maggiemaybe

So some of you have had a 'double whammy'?
That is definitely not fair.

Nope, it's me, oldgimmer. I was replying to comments that posters had made earlier about us young 'uns () being better off, and should have explained that at the start. I'm not a regular in News & Politics - probably just as well!

@maggiemaybe:

Apologies - I must be spectacularly thick today.

I'm going to return to that link later.

There’s an interesting poll on the MSE site, showing what people think about the proposed compensation.

www.moneysavingexpert.com/poll/26-11-2019/should-1950s-waspi-women-be-compensated-

Sorry, that was to oldgimmer1.

I’m just trying (obviously not very well) to make the point that those retiring under the new scheme with its supposedly higher weekly pension aren’t necessarily better off than those who retired earlier on the lower amount, but thank you anyway.

I view this as a cynical move to grab votes. Most women would have known in 1995 that there was a move to equalising the pension. This was to be phased in over time. 2011 changed the goal posts. This to recognise the inequality between men and women. I would ask how could it be done better some transition was required.

Brilliant idea GracesGranMK3!

You have the option to make up NI. contributions, though.

And, in ant event, pension credit will top up a shortfall, won't it? .

Besides which, PC may well entitle a claimant to extra benefits too. May be worth a Google.

I can only reiterate that many of us not only have to wait an extra 6 years for our pension, but will only get the old rate when we do get there. Less than 50% of us will receive the new pension rate. Seeing as we have also missed out on 6 years of the free bus pass (I pay out at least £10 a week in fares, sometimes much more) and fuel allowance, I wouldn't waste time envying us.

www.independent.co.uk/money/spend-save/pension-state-dwp-income-retirement-money-women-a9203726.html

I know Callistemon. But the people getting the higher amount are paying for it by working longer. Also the way the "basic" is calculated seems to have changed slightly. I think they should use pensioners as a trial for basic income - one which includes the basic amount of the old pension, Pension credit, and the additional benefits plus whatever it takes to make it possible to live on. A citizens pension of £12,500 should do it. I just can't but think there would be huge savings in both a cut in administration and better health, etc., for the poorer part of society. You could tax it back gradually from higher incomes down to middle incomes.

It seems so simple.

Would it not have been simpler to have moved everyone on to the new rate of pension?

There is a lot under-claimed at the moment, particularly by pensioners.

silverlining we/they will trail behind. The amount paid as basic on the new pension is equalled to the same basic amount on the old one plus the equivalent to the Pension Credit. The idea is that the Pension Credit is phased out. I don't know what happens now to the gateway benefits that came with the Pension Credit automatically. If people have to claim them there is bound to be under-claiming.

Just to say that Jeremy Corby was torn to shreds tonight by Andrew Neil and could not say where the 60 billion for waspi women was coming from except 'government reserves' which are nowhere near that amount. So don't expect the promised help from Labour unless they borrow and bankrupt us again.

Thanks for clearing that up for us Mr Neil.

silverlining
Sorry (sp)

silferlining thank you for that; I was trying to do some rough calculations on the difference, just on my own pension, earlier today (see my posts upthread).

Should we be compensated? Should we start a campaign?

MaryMack I am amazed at your post about Jeff Bezos donating millions to homeless charities! Perhaps his conscience has been pricked just slightly because I thought he was fighting his ex-wife about alimony.
Didn't she go to court for a higher settlement from him and he fought it because she wanted to donate a lot of it to charity?

That’s true silverlining we who retired earlier do miss out moneywise, perhaps the WASPI women can comfort themselves a little that they will receive a better pension when they actually do get it.

I have just checked the official figures for both old and new basic state pension rates.
The old rate requiring 39 years of NI contribution is £125 per week. The new weekly pension Rate from 2016 is £168 per week with a much shorter contribution period. So while I understand it’s disappointing to have a delay, if I understand correctly, those retiring from 2016 will be getting the higher rate and £43 per week extra is a substantial difference.
It looks like the old rate will not be increased to match the new so we now have a two tier system running and those like me who retired before 2016 will continue to trail behind. This hardly,if ever, gets a mention in the media.

middleagespread I'm afraid you will be affected. I've added a link HERE for more information from the official WASPI website.