Saturday, 23 March 2019

Double whammy of loss!

Like many people of my generation, I fell foul of the change in pension age. At what cost you might ask?

Well, I have done rough calculations as I don't know how much state pension I would have received each year of those I have missed out on.

By these calculations, by the time I finally receive my payments, I have lost anywhere from £36,000 to £45,000. That is huge!

The double whammy is that I had fully paid into this scheme. As well as not receiving my pension when I should have, I will now have to pay another 5 years contributions, totalling £3750.

So unfair. Those extra payments are having to come out of our savings as I gave up work due to health problems and having been fully paid in.

I suppose you could say the loss from our savings makes it a triple whammy loss. Good job we are still being frugal.

11 comments:

  1. So sorry and how sad our own leaders don't look after their own. Glad you have the means to keep going. I too am retired and do have concerns on how government invests our money and how they borrow from the fund.

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  2. I'm n exactly the same boat - I have THREE letters from HM govt telling me I will get a FULL pension at 60 then 65 then 66. Then discovered that it won't be a full pension unless I make up some contributions. So I'm topping up from my savings. I retire at 66 (to my beloved Norfolk) and if I survive to 70 I'll recoup those extra payments. I am a true WASPI!!

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  3. I'm another one caught by the changes. Thankfully my NHS pension from 14 years with the CHC came through at 60, which was a great help. I was made redundant in 2011, which was a terrible blow and decided to become a self-employed piano teacher part time. I think I've got one more year of National Insurance contributions to make for a full pension. Hubby retired/was made redundant six years before me and didn't make up his NI as he had a full amount when he retired and didn't pick up that they'd changed the goalposts until last year. We're aiming to sort him out shortly. It's really felt that our protests were completely ignored, we're women, we don't matter! I do feel for our children and grandchildren, I doubt there will be any pension for them when they want to retire and people will start dying again in their early 70s because of over work.

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  4. I just lose faith in everything these days. We all seem to be conned don't we.
    Ill health isn't considered by these (whoever they are) people.
    I feel for my kids, especially the boys as they are going to have to work until they are 70 years old, so wrong.
    Briony
    x

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  5. The Norfolk women's group is making good progress getting this issue brought forward in courts and parliament in the last few weeks. Facebook group Pain, I think it's called. I lost 2.5 years and used my small inheritance to retire a few months early.

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  6. I've just started getting my pension. My friend is exactly four months older than me and got their pension 14 months before me. I understand (sort of...) that with people living longer, the government felt they had to move the goalposts but I feel that they have done so in a very unfair manner. There are a lot of us that are feeling very aggrieved over their pensions.

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  7. DS can’t work in his industry that long as they tend to burn out around 40ish. He hopes to go into something less stressful after that. We all seem to be getting pinched in many ways. At least our medicine is free.

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  8. I fell foul to. I took early retirement as we both have pension plans but I won't be able to claim my government pension now until I am 67, so still 6 years to go. Thankfully we live quite well but its not the case for everyone.

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  9. I've lost out on approaching 50k by them changing it from 60 to 67 for me, not to mention the loss due to no longer having enough years of contributions. I'm still undecided what to do about those, as from what I remember, the last time I looked they were a huge amount of money, and I need to stay alive for another 13 years before I can even claim my pension.

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  10. I have 45 years full contributions but still not entitled to a full pension thanks to my employer paying a reduced stamp....who was that you may ask? The Government (Home Office), yes I have my civil service pension but I sacrificed £500 out of my wages every month to get it! Disgusted with the whole thing.

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  11. Seems a lot of us are in the same boat.

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