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Pensions. Are we being shafted?

BillyNoMates

War Hero
How much could a grumpy 65 year old male prostitute earn a week?
I'll need to be doing something to pass the time. I hate golf and I'm crap at ballroom dancing.
 

Sumo

War Hero
Now let’s look at old age and pensions Government at £155.71/week + Pussers, + War + Mobility + earnings of a lower standard + DLA + BMT + BAE all pensions final salary type BAE a bit watered down + current employer saving pension, I think I should be able to get by without joining Billy’s cottage industry, just need to live long enough to get there, 7yrs & 4 months and 28 days to go, not that I am counting, or a lucky strike on the lottery, whichever comes first, I am hoping retirement is the job I have been looking for?
 

wave_dodger

MIA
Book Reviewer
It would seem that the pension forecast readjustment (re: lower N.I. contributions)
is not necessarily correct.

"To receive a full Basic State Pension, you need to have earned 30 years’ worth of NIC State Pension credits. These credits are usually gained through the NICs made on salaries paid."

Therefore - if you have done your time in the services, retired from that and gone on to another career,
you should have made up the difference and hit 30 years worth of N.I. contributions and should receive
exactly what you're entitled to when you eventually reach the age of crustiness.

I've been contributing in this (2nd) career since 1994 and I am officially an old fart in 2020. Does that
mean that after 26 years in this job I'll still be 4 years behind full N.I. contributions, and will 22 years
of "opt out" lower N.I. contributions that were paid when I was in the RN just simply cease to exist
and not be taken into account?

No...

Up until 5 Apr 2016 you had to have 30 years full NI to claim the max pension, after this date it was raised to 35 years (rising life expectancy etc., greater numbers of people alive to claim pensions etc.).

Our NI although reduced value was classed as full payments. If you use the online tool you can check this, like here:

Screen Shot 2017-03-31 at 15.30.26.png

You can see all of my years serving are classed as fully paid (panic over everyone) the only two non-full years are the first two at college, which I'd expect (I worked and paid NI), and even my time as 6th form has been "fully paid".

So, we're not being seen off. I can see why the Government is doing this, simply there are too many people living too long and the burden on the state is huge.
 

onions

GCM
Ah, the fact that some are breeding like rabbits and claiming every benefit under the sun, has nothing to do with the drain on the public purse. It's just us old buggers living too long!
 

wave_dodger

MIA
Book Reviewer
Ah, the fact that some are breeding like rabbits and claiming every benefit under the sun, has nothing to do with the drain on the public purse. It's just us old buggers living too long!
Given that this is primarily a pension issue drawn your own conclusions.

Ultimately there is only so much money..
 

Sumo

War Hero
that's ok once we all retire, there will be plenty of work for the work shy to do.

Just had a thought, if the work shy will not pick up the slack, will we have to come out of retirement?
 
Last edited:

Sumo

War Hero
won just over £6 on the Euro lottery, not massive but its a start towards my pension pot
 
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