New State Pension

[malana3]

The new State Pension will be available for those men born on or after 6th April 1951. My son-in-law was born on the 6th February 1951, ie 2 months prior to the qualifying date. Is there any action he can now take in order to qualify for the new state pension? I have looked at the Government web page but could not find an answer to this question.

[EDDIE51]

No, I am in the same situation will be 65 on 23rd January. I have looked but there is no way I can get the new rate. At least my birthday is not 5th April like an old school mate I still see sometimes ! that really would be a p*** off!
I looked at putting off claiming my pension for a year but I would still get the old rate when I did claim.

[Jackdaw33]

I don't think it will make much difference, although I don't know the ins and outs of it all. My state pension is £140 p.w. now, and as there is sure to be an increase in personal tax allowance I should be as near to £144 as makes no difference.

[fiction-factory]

Yes, if it's the group that just miss out by 0-6 months on the new universal pension, then details were announced today of a scheme to buy an increased weekly pension- it was said to be a good deal for most

[fiction-factory]

This is what I'm referring to
https://www.gov.uk/government/news/state-pension-top-up-scheme-starts-12-october-2015

[EDDIE51]

^^ New rate is £155 to £156 a week , not sure of the exact figure.
But over £10 a week more, the difference will get bigger over the years as there will be % increases each year.

[MallyJ]

I saw that to buy in for £25 a week return would cost an up front payment of about £22,000 .... I am trying very hard to work out how long I would have to live to get it back.... and nothing to say if it is index linked!!

[EDDIE51]

^^ 880 weeks or 16 years and 9 weeks.

[Peter Pedant]

you and your bro deserve full marks for Looking Ahead

you should be looking at what he had already - he may already qualify esp if he didnt contract out of Serps or 2SP - which a lot of us DID as part of our occupational pensions ( NHS for example )

He would get an extra £25 a month or £100 a month or £1200 a year taxable of course
and the contribution will be £22 500 sort of now
so the cross over point is 18 y innit - he has to live eighteen y in order to show a profit

and the life expectancy table show that he wpu;d I think

BUT his life expectancy is more stongly tied to the average of death of his parents so if they died at 70 and 72 then it is unlikely ....

[ I qualify but I am going thro chemo no 2 so I will not be applying ]

Lots of guff on the tee-vee on this - like this
middle aged lady : oo I dunno it is eva so difficuuuult
2 middle aged lady : I dunno eeva - my brain goes doing wheneva ah fink abart it

only Lady Altmann ( pensions minister and ex guru ) has given a sensible partial analysis that I have heard

[Peter Pedant]

well done eddie
I know now why I have to ask you to do my a level maths questions !

[Noe-schitt]

You also have to take into account any benefits you may be able to get under the old system which you may not be entitled to with the enhanced pension

[Retrochic]

why is the new pension only available to men born after 06/51? Is there a different date for women?

[fiction-factory]

Men at 65 on that date, women 63 I think

[Peter Pedant]

noe shcitt

yes ! and no !

altho the OAP counts as a taxable benefit ( ten thousand readers raise their zimmer frames and cry / warble SHAME ! ) - this one will be contractual

and the difficulty about relying on in the future the benefits hand out is that they may not be there !

so you have to estimate the level of a benefit which may not be there
and I suggest that that is impossible

whereas estimating whether you will be alive in 18 yrs and siz hours I suggest is do-able ( I wont be at a probability of 100% )

[fiction-factory]

If the son in law was a woman she'd already be getting the pension

[fiction-factory]

^ a pension

[EDDIE51]

Something of side line, but if I had had a sex change operation would I have got my pension 5 years ago?

[Retrochic]

Erm...what happened to sex discrimination/ equality re pensions?

[fiction-factory]

Yes, men have been disadvantaged (although i know there are arguments about mums having parental home responsibilities), but these are being rediuced gradulally by raising women's ages of retirement a bit faster than men's are rising. But i know you know that

[fiction-factory]

Is my keyboard really getting that bad

[Peter Pedant]

I am too old to remember
but the truth is out there somewhere