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New Flat Rate Pensions

MG Maniac

War Hero
Reading in the Wail today about the new flat rate pension of £155 per week coming in 2016 - seems that HMG are bringing in a new flat rate for state pension ... at the moment everyone gets the standard £113 however in 2016 after some fancy calculations by DWP it should get boosted up to £155 per week (if you are eligible). OK so far however the report then goes on to say that deductions from the new flat rate will be made for anyone who has been in a final salary scheme ever! Apparently it ups the requirement of 30 yrs full NI contributions to get the full state pension to 35yrs ... again not a problem for most of us however there appears to be a stinger in the tail that futher deductions will be made by those people who's company pension ensured that they could opt out and pay a lower rate of NI and servicemen are cited as being affected - but I can't actually remember paying a lower rate of NI - and I can't remember being asked if I wanted to.

So ... the question is ... Did service personal get opted out and thus paid the lower rate of NI (likewise NHS staff)??? because if we did then we don't get the new flat rate! I've tried looking for the rules on line however there doesn't seem to be anything published.

Anybody investigated this as yet? Seems that the 2.5 million people eligible to retire in 2016 still don't know how much state pension they are going to get and even in 2040 there is still going to be 5% of eliglble people who wont get the full state pench (new flat rate).

confused.com!
 

fishhead

War Hero
I'm sure someone will be along with the definitive answer MG but I am fairly sure that servicemen/women were contracted out from the higher NI payments as were many in civvy street who had a final salary pension scheme.
 

DruAde

Lantern Swinger
... as were many in civvy street who had a final salary pension scheme.

Or were told to contract out by their financial advisors. Whats the saying? "If it sounds too good to be true it is." One thing is for sure , most will not be better off. It seems this is just another step to hit those in the middle who cant escape the raid on thier hard earned provisions for the future, either by private / company pensions or indeed public sector pension benifits.

By the time they have set all the ways of not paying the "single rate pension for everyone" you will have a better chance winning the lottery than getting 155 quid a week. Working on that theory only 5 people in the UK will get the full amount. Sounds about right to me.

Jeez do I sound all Daily Mail , sorry.
 
I

In_my_day

Guest
Notwithstanding the change to 35 years, I paid a voluntary payment after I left to bring me to a full 30 years contribution (and therefore entitled to a full state pension). This is still possible and I am going to do it for 35 years contributions, and for the boss, over the summer.

IMD
 
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