image

UK Pensions Proposals

The government has recently announced it was evaluating plans to overhaul the current state pension structure. At the moment Women qualify for the state pension of  £97.65 per week when they reach 60 and for men the age is 65. There can also be a means tested additional amount which can take the pension payment to £132.60 and £202.40 jointly for couples. The pension depends on how many years you have worked for which is normally 30 years of employment.

The new government green paper is seeking to remove the means test which is fairly bureaucratic and replace this with one of two options. The first one is to keep the state pension basic and add a top up of £1.60 per week for every year of National Insurance contributions. The second would be simpler and have a payment of £140 weekly for everyone who reaches the pension age and has contributed at least 30 years in National Insurance. The basic £140 would increase to £155 if this was implemented in about 2015/6. The amount would also rise annually with inflation or by a minimum of 2.5%.

The new recommendations are slightly controversial as its not clear what would happen to payments of existing pensioners which could be lower than the new amounts.

 

What are your thoughts on this?

The following two tabs change content below.

Silverhairs editor

Leave a Comment!

Not a member?

You need to be a member to interact with Silversurfers. Joining is free and simple to do. Click the button below to join today!

Click here if you have forgotten your password

Community Terms & Conditions

Content standards

These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.

You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.

Contributions must:

be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.

Contributions must not:

contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.

Nurturing a safe environment

Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.

We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!