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Some Women Will Lose Out On State Pension

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Post by Raggamuffin Mon Apr 11, 2016 10:06 am

I've mentioned the issue of being contracted out of SERPS before. I can't be bothered with all that other stuff - it's too complicated. Just get a statement so you know what your State pension will be, and then you'll know what you'll get in advance - unless it changes before you get to the right age.
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Post by HoratioTarr Mon Apr 11, 2016 10:58 am

Raggamuffin wrote:I've mentioned the issue of being contracted out of SERPS before. I can't be bothered with all that other stuff - it's too complicated. Just get a statement so you know what your State pension will be, and then you'll know what you'll get in advance - unless it changes before you get to the right age.

I think for those retiring in a few years, SERPS is irrelevant, as it's been finished and done with this year. So, everyone will get the same rate in a few years. It's the people retiring now that it affects.
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Post by HoratioTarr Mon Apr 11, 2016 11:01 am

Raggamuffin wrote:I've mentioned the issue of being contracted out of SERPS before. I can't be bothered with all that other stuff - it's too complicated. Just get a statement so you know what your State pension will be, and then you'll know what you'll get in advance - unless it changes before you get to the right age.

You can indeed request a contributions statement and it shows the shortfalls.
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Post by Raggamuffin Mon Apr 11, 2016 11:06 am

HoratioTarr wrote:
Raggamuffin wrote:I've mentioned the issue of being contracted out of SERPS before. I can't be bothered with all that other stuff - it's too complicated. Just get a statement so you know what your State pension will be, and then you'll know what you'll get in advance - unless it changes before you get to the right age.

I think for those retiring in a few years, SERPS is irrelevant, as it's been finished and done with this year.  So, everyone will get the same rate in a few years.  It's the people retiring now that it affects.

Not so. Anyone who contracted out of SERPS could be affected in the future, even though SERPS is no longer around now.
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Post by Raggamuffin Mon Apr 11, 2016 11:13 am

Stormee wrote:Why would government expect people to manage on that much LESS?

They can probably get top ups anyway Stormee.

Re the SERPS thing, if someone was contracted out, they paid less NI at the time, and that will be reflected in their State pension.
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Post by Raggamuffin Mon Apr 11, 2016 11:15 am

I'll just add that if someone is self employed and not earning very much, keep up with your NI payments because they will go towards your State pension. They've changed the way you pay it now. I'm still not sure how one pays it - I think it's when you do your tax return now.
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Post by Guest Mon Apr 11, 2016 1:10 pm

Stormee wrote:My wife NEVER went to work, dunno how much she gets.

Not that anything would/could happen to you...but would she qualify for any 'WIDOW' benefits if you happened to go first? 
We have spousal survival Social Security, here in America but for some it's only for the full year after their spouse has passed.

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