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Original poster

Change to state pension age. Anyone born after 1955 will have to wait to 65 and 20 year olds will be 68!

33 replies

catweazle · 01/03/2009 13:37

I knew there were going to be changes to state pension but I went onto the pension website for something else and came across this calculator

Am I the only person who didn't realise this was on the cards? I will be 66 before I get a state pension and younger people will be 68

I'm from the generation who (mainly) left school at 16 so it seems doubly unfair.

OP posts:
bronze · 01/03/2009 13:40

I'll be 68

whats the average age of death now?

bronze · 01/03/2009 13:41

Its made the gap between myself and DH even bigger as hes fiver years older than me. It'll be '49 for me and '42 for him

purepurple · 01/03/2009 13:46

I will be 66

only 24 years and 24 days

yippee!

BUT DH is 4 years older than me and he will be eligible for his pension 4 years before me

so when he retires I will have 4 years left working!

that's not fair

CharCharGabor · 01/03/2009 13:47

68 for me too.

Original poster
catweazle · 01/03/2009 13:57

My dad died at 62 and the funeral director told me the "most dangerous age for men" (his words) is 60-65. Aren't woman supposed to go on a bit longer? (but perhaps because they used to get their pension at 60 )

OP posts:
ellingwoman · 01/03/2009 14:01

Darn! Missed it by a year! i knew it was going to be 62 but 65!

Lilymaid · 01/03/2009 14:04

The increase in pensions age was announced several years ago - I rather expect as the result of the current economic situation it may have to be increased - i.e. work till you drop (if you can find a job).

IotasCat · 01/03/2009 14:05

I wouldn't bank on the state pension being enough to live on anyway.
Make private pension arrrangements that will kick in sooner

hercules1 · 01/03/2009 14:07

I will retire at 55 and will do supply work. Lucky enough to have final pension thingy.

larry5 · 01/03/2009 14:17

I have been looking into my retirement age and I will retire when I am 61 and 10 months as I am in the gradual progression for women to retire at the same age as men but my sister is 16 months older will retire at 60 and 6 months!

The point that I find is more interesting is that if you retire before the 5th April 2010 you have to have pension contributions for 44 years for men and 39 years for women but if you retire after that date you only have to have 30 years which means that together with years of Home Responsibility payments I am able to get a full pension in my own right.

violethill · 01/03/2009 17:51

Agree with Iota.

I have always paid into a private pension - I am not making any assumptions that a state pension will be enough to live on comfortably!

KatyMac · 01/03/2009 17:54

I hate to be a harbinger of doom - but I don't think there are any guarantees with regard to private pensions either.

alardi · 01/03/2009 17:58

I calculated that the best thing I can do to ensure good income in retirement is not to retire until age 75 -- AND, there are a lot of studies that suggest that most people who still have some employment until that age are happier than those who retired much younger.

When the retirement age was set at 65, most people were dead by 70. Now most people live to 80+.

Lucy246 · 01/03/2009 17:59

2 questions:

When it says 30 years of NI payments, does that mean in full time work?

Who qualifies for Home Responsility payments?

DontCallMeBaby · 01/03/2009 18:01
  1. Occupational pension at 60. If live that long/pension age isn't increased to 93/world still in existence.

Sigh.

IotasCat · 01/03/2009 18:09

HRP is given to those in receipt of child benefit. I think it is being reduced to only if the children are up to the age of 12 or something similar

IotasCat · 01/03/2009 18:09

HRP is given to those in receipt of child benefit. I think it is being reduced to only if the children are up to the age of 12 or something similar

IotasCat · 01/03/2009 18:11

HRP is given to those in receipt of child benefit. I think it is being reduced to only if the children are up to the age of 12 or something similar

Mercy · 01/03/2009 18:16

I've known this for about 10 years or so.

Lucy246 · 01/03/2009 18:22

Thanks Iotascat When will it be reduced?

Do you have to be working full time to qualify for NI contributions to count towards a full state pension entitilement?

southeastastra · 01/03/2009 18:23

it doesn't bother me, i'd quite like to work even if i'm lucky enough to be a pensioner.

KatyMac · 01/03/2009 18:27

Hang on when is HRP reducing? DH is depending on that for his pension in 9 yrs

fruitful · 01/03/2009 18:32

If you get child benefit in your name then you don't have to pay NI in that year - its counted as if you were paying NI.

From Apr 2010, the child you are receiving CB for must be under 12 (in order to get pension credits).

If you aren't going to pay enough years of NI, you can pay the minimum NI for a few years, even though you don't owe it, in order to get the pension. You'd have to work out if that was worthwhile though!

fruitful · 01/03/2009 18:34

And Lucy, when you do pay NI, you only have to pay some NI for it to count - 5p a month will do.

KatyMac · 01/03/2009 18:40

Fruitful - DD is 11 so will be over 12 in 2010 - will DH still get his HRP? He is depending upon it for his full state pension in 2017

This has never been mentioned in any of his pension forecasts