UK State Pension Disgrace - it’s official, worst in Europe
Hi All,
I don’t know about you but some things just make your blood boil. Today the BBC reported on findings from a new survey by Aon Consulting which confirms the lurking fear of so many people who question the true value of a state pension. It seems the stats really are quite shocking…
Those relying upon a UK State Pension with no other sources of retirement income will receive a pension that is equal to just 17% of average UK earnings. These findings make it the lowest state pension in Europe for two years running. In fact even the Netherlands which rank as the second lowest country in the survey gives an equivalent pension worth 30% of average earnings - the Europe average is just under 60%. Frightening indeed.
However, when you take into account that even now UK pensioners are struggling to pay rising costs across a number of fronts such as winter heating bills etc then even the meagre amount the state pension gives is a sqillion years away from what almost anyone will be able to live on when they retire.
These fears are very real - a new study by British Gas Help the Aged Partnership reveals that 2.2 million people last year switched off their heating to save money and another 2 million regularly wore outside clothing such as gloves, scarfs and hats in their homes to try and keep warm. Additionally 25,000 old folk each year lose their lives due to cold-related illnesses which the study suggests could be prevented. Help the Aged have even produced a video highlighting the issues here.
To finish up, anyway you look at it, a Bleak Mid Winter seems in store for some of us, and the sooner we start squirrelling away something now for our old age, the better. It makes me upset though to see the dignity of our pensioners, some of whom fought for this nation, to be brought this low.
December 3rd, 2007 at 1:35 pm
I was 16 on 3/5/63. I should get a year credited for the year I was 16 in.
The N.I. contribution year was then March to March.
From 1975 on they changed it to April to April. So far so good.
Now they tell me that the year I was 16 in starts on 6th April 1963 and ends on 2/3/1964, i.e. it lasts only 48 weeks - which in N.I.-rules counts as 0 weeks. Ergo I do not get a year credited for the year I was 16 in. I will not have 30 years at the end of my working life, like many others, more than likely a majority of women my age. That means 1/30 is removed from my pension entitlement - by a nonsense rule, that was in fact retrospective in effect.
How many others are affected?
December 3rd, 2007 at 3:01 pm
This is an area fraught with difficulties and you may be just a victim of policy as many thousands of people have been.
Assuming you’ve already had a state pension forecast then I would suggest going to HMRC (http://www.hmrc.gov.uk) as they are the ones who now investigate this.
Factors to take into account are:- whether you were working at age 16, make sure you have your full HRP and note what type of benefits e.g. care allowance you’ve received (particularly after 16).
Hope this helps and good luck with your enquiries.