UK State Pension - the future

[Templogin]

3.8 million women born in the 1950s had their retirement age delayed by 8 years. At current rates, that's a loss of around £72,000 each.

Equality comes with a price then. Or you could say that every man was screwed out of £72,000.

[Tahiti]

To pick up on the original question, I'm not expecting anything so planning accordingly. Triple lock will be the first thing to go - although I've been thinking that for a while now!

[adrianw]

Something that I was told this week really annoyed me (maybe it shouldn't have) a couple I know have lived in Spain for about 15 years, he gets disability for a bad back, and she gets child benefit, all paid in Spain, they automatically get hull pension as the government (the taxpayer) pays their contributions. Yet someone who has worked hard and payed in who lives in the UK can end up with a shortfall.

It just doesn't seem right.

[Alansmithee]

Something that I was told this week really annoyed me (maybe it shouldn't have) a couple I know have lived in Spain for about 15 years, he gets disability for a bad back, and she gets child benefit, all paid in Spain, they automatically get hull pension as the government (the taxpayer) pays their contributions. Yet someone who has worked hard and payed in who lives in the UK can end up with a shortfall.

It just doesn't seem right.

Seems unlikely if they have lived in Spain for 15 years as broadly speaking they stop it after 52 weeks overseas - they would still pay it if the child was in the UK but it would be paid to the person looking after the child.

[Metalic Mud]

3.8 million women born in the 1950s had their retirement age delayed by 8 years. At current rates, that's a loss of around £72,000 each.

Happened to my wife. She now has to work till 66. It was originally 60.

I was lucky. Just made it as I was born in November of 53.
So pension paid at 65.

[unclealec]

As I was born in 1950 (there goes the alien pod theory!) I was paid State pension (2nd class as it turns out) from my 65th birthday.
Bizarrely, I didn't get my pensioner's free travel pass until the age that I would have been entitled to it had I been a woman! It was only 9 months later, so no problem, but weird!

[adrianw]

Seems unlikely if they have lived in Spain for 15 years as broadly speaking they stop it after 52 weeks overseas - they would still pay it if the child was in the UK but it would be paid to the person looking after the child.

Two children, and its true

[Scepticalist]

Two children, and its true

The rules around EU member State pensions are mildly complex (I've been planning for when my Spanish wife and I retire there). Who knows what'll come after Brexit, but right now, you get your full pension for the time you spent in the UK and Spain. You claim in and are paid by the host country. Assuming you meet basic qualifying rules they work out pro rata based on time in each country what you're entitled to in both country's systems and pay the higher of each figure as a combined pension.

For my wife this actually means a much higher pension than likely she would have got in Spain alone as her earnings here have been much higher here and the Spanish system payout is linked to earnings much more closely.

For both the UK and Spain I can see State pensions being reduced. Neither country can afford them long term.

[Alansmithee]

Two children, and its true

Something not right somewhere then - either you have been given the wrong information or your friends are committing benefit fraud.

[CatalystGuy]

It will depend on which party is in government and how strapped for cash they are. I think it’s safe to say that as time rolls on the state pension will be slowly but surely reduced, e.g. removal of index linking, reduction in tax breaks, increases to starting ages, means testing, etc., etc.


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[Tahiti]

It will depend on which party is in government and how strapped for cash they are. I think it’s safe to say that as time rolls on the state pension will be slowly but surely reduced, e.g. removal of index linking, reduction in tax breaks, increases to starting ages, means testing, etc., etc.


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The “Triple lock” will surely go as part of the paying for Covid issues, but I’ve been expecting it to go for a while and it hasn’t!

[Mick P]

The “Triple lock” will surely go as part of the paying for Covid issues, but I’ve been expecting it to go for a while and it hasn’t!

Boris is desperate to win the next election and OAPs are very faithful to the Tories and come out to vote, come hell or high water. If Boris looks after the OAPs, they will continue to look after him.I expect pensioners to have a rosy future, pension wise, for the next few years at least.

[meridian]

Well for a start, quite a few of them will inherit from the deceased parents. I have 3 sons, ranging from 38yrs - 46yrs and one of them owns 3 houses with only a small amount left on one mortgage and the other two also both own their houses and are piling their money into killing off their mortgages within a few years. They regard 25 year mortgages as madness. They also pay into a pension fund.

I have two grandchildren at Uni and both of them are lined up for some very well paid jobs and they are both optimistic for their futures.

I will admit that I am working full time on retirement and I spend 5 months in Spain and a couple of months on cruises and visiting European countries and I have deliberately tried to forget about the business world. However, if you have 1000 people dropped into any given society, some will rise to the top and some will linger at the bottom. It's down to education, hard work and admittedly, a little bit of luck.

Then let them eat cake. Ring any bells Mick?

[Maysie]

Wish I hadn't just read this thread.
It has just ruined my otherwise cheery Friday evening....

[Stilgoe1972]

Well for a start, quite a few of them will inherit from the deceased parents. I have 3 sons, ranging from 38yrs - 46yrs and one of them owns 3 houses with only a small amount left on one mortgage and the other two also both own their houses and are piling their money into killing off their mortgages within a few years. They regard 25 year mortgages as madness. They also pay into a pension fund.

I have two grandchildren at Uni and both of them are lined up for some very well paid jobs and they are both optimistic for their futures.

I will admit that I am working full time on retirement and I spend 5 months in Spain and a couple of months on cruises and visiting European countries and I have deliberately tried to forget about the business world. However, if you have 1000 people dropped into any given society, some will rise to the top and some will linger at the bottom. It's down to education, hard work and admittedly, a little bit of luck.

Spoken like a true boomer... boast boast boast..... I put in so much work...blah blah blah. 15 years and we won’t have to listen to it anymore ... thank the lord.


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[MartynJC (UK)]

I hope to get it in 8 years - but have alternative provisions in place if necessary.

We have just finished paying the USA for WWII borrowing - so we can probably pay for COVID with the right gearing without upsetting the voters too much..

[Tahiti]

Boris is desperate to win the next election and OAPs are very faithful to the Tories and come out to vote, come hell or high water. If Boris looks after the OAPs, they will continue to look after him.I expect pensioners to have a rosy future, pension wise, for the next few years at least.

I’’m not so convinced he’ will be bothered about winning another after this term. I suspect he’’s ticked the Prime Minister box now


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[Mick P]

Going over 10 years in number 10 guarantees you a place in the history books forever.

[Tahiti]

I think Brexit and Covid-19 have already done that for Boris 😁

[Templogin]

As little as one day as PM gets you £150,000 a year in expenses for life, whatever party you are from.

[redmonaco]

I hope to get it in 8 years - but have alternative provisions in place if necessary.

We have just finished paying the USA for WWII borrowing - so we can probably pay for COVID with the right gearing without upsetting the voters too much..

I thought we had paid the last instalment 15 odd years ago???

[Alansmithee]

I thought we had paid the last instalment 15 odd years ago???

http://news.bbc.co.uk/1/hi/uk/6215847.stm