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Joined: Jun 2011
Posts: 17,788 Likes: 3
Wiki Master
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Wiki Master
Joined: Jun 2011
Posts: 17,788 Likes: 3 |
I don't think it will relate to bus passes, heating allowance or TV licenses. If, as he says that the state pension will rise to £7000 by 2020, that would take it to £134 per week. That, I believe is over the threshold for any pension credits. Therefore all pensioners would for a start have to pay full council tax (or with just 25% off). It seems the Tax Credit system is what they are trying to reduce. In many ways I agree with that principle as the 'Tax Credit' bill is unsustainable if it continues to operate in the same manner, but at the same time, it's hoped the cost of living doesn't soar into the realms of insanity such as utilities, rents and food. Then we have this newly introduced scheme, which I fail to understand completely and how the present pensioners fit in, if at all. Maybe our resident mathematician can explain for us? http://www.thisismoney.co.uk/money/...-new-state-pension-theyre-expecting.html
Last edited by granny; 29th Oct 2015 11:06am.
Humankind has not woven the web of life. We are but one thread within it. Whatever we do to the web, we do to ourselves. All things are bound together. All things connect. ~Chief Seattle
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Joined: Jul 2008
Posts: 14,351 Likes: 20
Wiki Master
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Wiki Master
Joined: Jul 2008
Posts: 14,351 Likes: 20 |
I've not looked at the figures but the system isn't really changing, just the names used and the amounts.
Those that contracted out the state pension scheme (using a company pension instead and reduced national insurance contributions) currently only get the basic state pension, they are not entitled to the additional state pension (the two together are sometimes referred to as the Full state pension).
The new scheme does the same - those that were contracted out won't get the full state pension.
To get the even the basic state pension you must have enough national insurance contributions, if you haven't the pension is reduced.
The additional state pension was called SERPS or State Second Pension depending on the era and was again dependent on how many years contribution you have made. I think the maximum amount this can be is about £167 a week.
Currently you need 30 years national insurance contributions and the basic state pension is about £115 a week
In summary if you have 30 years contributions you currently get a minimum of £115 a week, if you were not contracted out the overall maximum is £282 a week. There is also a means tested pension guarantee which gives pension credit to top you up to minimum of £151. So the new system makes the overall minimum £155 instead of £151 on the old system but both these amounts have an element of means-testing.
We don't do charity in Germany, we pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn https://ddue.uk
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