Changes to UK retirement age (again)

[Russethouse]

 Unfortunately I was out most of yesterday and missed some of this - but I did catch a bit on BBC Breakfast about retirement/pension ages being deferred again for a certain group of women born in the 1950's.

Here are a couple of links to the pages on Money Box (apparently the Direct gov information has not been updated)

http://news.bbc.co.uk/1/hi/programmes/moneybox/9119246.stm

 

http://news.bbc.co.uk/1/shared/spl/hi/programmes/money_box/transcripts/spa_changes.pdf

 

[cooperlola]

[:@]

I'll be dead by the time  get mine at this rate.  Of course it does have S1 implications also.  My o/h now has to live until he's 72 before I can get my own....

[Russethouse]

 I'm not absolutely sure but I think it may not have gone through Parliament yet - my sister is an IFA and knows about these things better than I, I'll ask her tomorrow.

[britgirl]

This is the info which I've found.  I believe that it has yet to go through Parliament.

I also think it will also mean that the heating allowance and bus pass will also be delayed.

Maybe Russethouse's sister will be able to clarify.

           *************************************************************************************

Proposed changes affecting people born between 6 April 1953 and 5 April 1960

More details

You can read the full details of the government’s decision on the DWP website

• State Pension age review Opens new window

The proposed changes to the State Pension age timetable, announced in November 2010, affect those born between 6 April 1953 and 5 April 1960.

Under the new proposals, from December 2018 the State Pension age for both men and women will start to increase to reach 66 by April 2020. This would mean that women’s State Pension age will increase more quickly to 65 between April 2016 and November 2018.

These proposed changes to the timetable are not yet law and still require the approval of Parliament.

Proposed changes for women

Date of birth	Date State Pension age reached
6 April 1953 to 5 May 1953	6 July 2016
6 May 1953 to 5 June 1953	6 November 2016
6 June 1953 to 5 July 1953	6 March 2017
6 July 1953 to 5 August 1953	6 July 2017
6 August 1953 to 5 September 1953	6 November 2017
6 September 1953 to 5 October 1953	6 March 2018
6 October 1953 to 5 November 1953	6 July 2018
6 November 1953 to 5 December 1953	6 November 2018

Proposed  changes for women and men

Date of birth	Date State Pension age reached
6 December 1953 to 5 January 1954	6 March 2019
6 January 1954 to 5 February 1954	6 July 2019
6 February 1954 to 5 March 1954	6 Nov 2019
6 March 1954 to 5 April 1954	6 March 2020
6 April 1954 to 5 April 1960	Your 66th birthday

Pension age calculator

For men and women born on or after 6 April 1960 the State Pension age is already set to increase to 66 from 2026 and then to 67 from 2036 and 68 from 2046.

If you were born after 6 April 1960 you should use the State Pension age calculator to work our your State Pension age.

Calculating your State Pension age Calculating your State Pension age

However, you should be aware that the government is considering the current timetable for future increases to the State Pension age from 66 to 68. Any change to the timetable would require the approval of Parliament.

            *******************************************************************************

As a lady of a 'certain age' it could be a double whammy for me.[:(]

[Russethouse]

I had the feeling from what I heard that women born from 1953 - 1955 would be particularly badly affected... but I could be wrong.

[AnOther]

Sorry ladies but it all started with the sufferagettes, careful what you wish for and all that [blink]

Before anyone calls me a smug b**t**d I'm already affected by the age harmonisation changes already brought in insomuch as my OH has got an extra year and 9 months to do because of that [;-)]

I agree it's galling and may significantly upset some peoples plans but there are other things to watch out for too, such as the recent EU court decision that it is discriminatory to calculate annuity rates based on gender for instance, the net result of which will be that men will get considerably less for a given sum yet women will only get fractionally more.

For the life of me I'm still trying to work out how that is non discriminatory though as the fact is that the vast majority of annuities are purchased by men who's wives depend on that income too, often wholly, yet both will become worse off at the same time because of it. I guess nobody though (or cared) about that [:(]

There could just be a silver lining for some though, not for this latest group unfortunately but for anyone pushed past April 2015 by the earlier changes, as this is the target date for the proposed flat £140 week state pension. If you want to feel totally let down then imagine being 1 day too young to qualify for that and thus left on whatever the state pension was up to that point, possibly £30 or £40/wk less - that's if it ever happens of course !

[cooperlola]

I have no problem with equality - I am happy to suffer as men do..   But it is odd having a husband who is 7 years older than me who is entitled to his pension sooner than I will be.  It's not really a problem - it's something every country is having to face with an ageing population.  My only point is that when I started working I was told that I would get an old age pension at 60, then it wa 64 and now it's 66.  I just wish I knew where I stood.

[britgirl]

Similar time-scale for me Cooperlola. As you say planning when the goalposts are suddenly moved is frustrating.

Although it will not affect me, presumably this will have an impact on those who are living, or are planning to move to France. Yet another complication.

[Keni]

I am one of those affected! We have calculated we can survive on his work pension until my pension (was due) to come into effect in 2018! Now I have to wait until 2020! Anyone in the final 10 years to this run up should be contacting their MP - we have already made the sacrifices those who should have got a pension at 60 had it pushed, year by year to equalise us with the men in our lives. In my case I am older than my hubby, so in our case we need my pension before his!

We have spent 10 years working out how our lives will work to get us to France, and now this - another 2 years (no doubt it will be more than we anticipate), what are they playing at?

[AnOther]

Pensions are the ultimate financial dichotomy.

By definition they are a long term strategy yet year on year and goverment by government the rules change, sometimes dramatically, and not often for the better it seems !

[Judith]

[quote user="AnOther"]

Sorry ladies but it all started with the sufferagettes, careful what you wish for and all that [blink]

[/quote]

I think what is galling is that the previous changes to women's state pension age had been thought out and were being introduced at a speed at which it would be possible for those still far enough away from getting their pensions to be able to have time to plan and recover financially, and the dates were set so that those who were nearer to collecting their pensions and thus would not have enough time to make the adjustments, would retire as planned.

All well and good. It was introduced in good time, known about well in advance and well accepted as the need to equalise pension ages was agreed and accepted.  Thus it was being put into effect smoothly and calmly, and any woman getting to 60 after April last year knew exactly where they stood.

I do not think that in the long term anyone would dispute that pension ages should be equalised, but what is wrong here is that they are going contrary to the argument above, and not allowing those who fall into the gap created by the proposals time to make sufficient plans for the future.

I am fortunate to have been born six months before the above changes took effect and so could retire at 60, (I let out a great cheer when I found that out, having a husband 10 years older, so well retired by the time I retired, especially as the plan was to come to France when I retired!), but I do feel great sympathy for those who are left in such a mire.

I am sure that in the long run, the pension age should and will increase, but it could have been implemented much more efficaciously.

[Hereford]

Is there no "dependent wife" pension  any more?  By which I mean a pension paid to a non-working married woman UNDER pension age whose husband gets his OAP.  I certainly got this for the five years between OH getting his OAP and me getting mine at aged 60. This is 5 years ago now.   I think one had to claim it, i.e. not paid automatically.

Once I was 60 the pension was paid to me in  my own right - in fact only pennies more as I had been self employed for most of my working life and "opted out" as married women could back in the 70's.

Obviously the changing dates of being able to get a pension are very arbitrary. Makes planning very difficult.

Mrs H

[krusty]

There is a petition people can sign organized by a union.

http://www.unionstogether.org.uk/blog/entry/an_amazing_response/

http://www.unionstogether.org.uk/page/signup/handsoff

Two years extra is not a lot cash wise (about £10,000 ), but for Brits planning to retire abroad it is very short notice to be told at this stage of their planning.

Good luck to those affected.

[Russethouse]

Its not just the money though, surely there are other key benefits that depend on retirement date, apart from those to do with moving to France.

[pachapapa]

[quote user="AnOther"]

Pensions are the ultimate financial dichotomy.

By definition they are a long term strategy yet year on year and goverment by government the rules change, sometimes dramatically, and not often for the better it seems !

[/quote]

On offer whilst doing a Masters was an optional course entitled City of London Institutions, Pension Investment was included. As a result I declined to continue buying a stamp  when I expatriated myself. Next year I shall celebrate 25 years of "retirement" and participation in my "own" pension arrangements.[;-)]

It is reassuring to have a vested interest instead of political promises.

[AnOther]

Bully for you then, I'm sure all those who did not have the same advantage wish you well and congratulate you on your foresight and perspicacity

Judith: I do empathise and I guess if the last shower had got back in again they might have been left it alone but with a new government, especially one coming into such a calamitous financial mess, all things have to be scrutinised and possibly re-evaluated and unfortunately this has been one of them.

Good luck with the petitions [blink]

[mint]

Pacha, TWENTY FIVE years!  You must be really, really ANCIENT and WRINKLY?

Sorry for shouting.....it's just such a shock when I thought you were a handsome man in your prime albeit with a gag permanently wrapped round your mouth?[:D][8-)][;-)]

[woolybanana]

You are thinking of Norman!

He by the way is on his hols, and has recently visited Tunisia, Egypt, Bahrain and is currently in Benghazi, planning to go on to Algeria then Morocco!!![6]

[mint]

Wools, I didn't realise his home was an OIL barrel?

[Jo]

[quote user="Hereford"]Is there no "dependent wife" pension  any more?  By which I mean a pension paid to a non-working married woman UNDER pension age whose husband gets his OAP.  I certainly got this for the five years between OH getting his OAP and me getting mine at aged 60. This is 5 years ago now.   I think one had to claim it, i.e. not paid automatically.

Once I was 60 the pension was paid to me in  my own right - in fact only pennies more as I had been self employed for most of my working life and "opted out" as married women could back in the 70's.

Obviously the changing dates of being able to get a pension are very arbitrary. Makes planning very difficult.

Mrs H

[/quote]

No, this stopped from 5 April last year, My OH and myself were looking forward to this as I am considerably younger than him[;-)] but recent changes meant that any man who wasn't 65 by 5 April 2010, would no longer receive it for a dependant wife, and indeed, those already in receipt of it would lose it after 10 years from 2010, regardless of whether the wife had reached retirement age or not. All well and good being told to plan for your retirement if the bu**ers wouldn't keep moving the goalposts!!!!!

[Hereford]

Jo: Thanks for information. Certainly a pity but seems it was last government that did that not current one.  We try to keep up to date but feel increasingly out of it!

Mrs H.

[Pommier]

As I understand it, a man can claim an increase in pension for his wife of £58.50 a week once she is of state pension age. That's only if she isn't entitled to more than that on her own contributions.

Of course, I'm sure it'll all change on a yearly basis until no-one gets any pension!

[idun]

Pommier I have been told that that has changed and that in our case it would be 'me' that claimed this or similar amount at my retirement age which has recently gone up yet again.

We had kept up huband's UK pension payments, but we never could afford to keep mine up too, so I'll get this minimum.

[Hereford]

It was always the wife who claimed once she was 60 - just that the figure was based on husbands contributions if she had none of her own - or very few. It was worked so that the minimum paid was the 58.50 or whatever.

Mrs H

[idun]

And I'll now be 63 and a couple of months before I can claim for any pension or bus pass and I'm waiting for the prescriptions to follow this too. And soon it will be 66 for those born shortly after me.