Equality (but only when it suits)

Caporegime
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But if I am born in April 54, with one year of age I am retiring 3.5 years later, that's not really a taper is it?

3 years it seems. But yeah that is a bit of a steeper increase relative to the earlier ones and might have been phased in better... regardless it isn't exactly unfair, the changes affect both men and women. It is more that some women born earlier still have quite a sweet deal relative to both men in general and women born a bit later.
 
Man of Honour
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Dont people think retirement should be younger for both sexes though. What if you have a physical job. Most of them will end up on the sick before retirement.

The state pension doesn't in any way determine when you can retire, it determines when you can claim your state pension.
 
Soldato
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Dont people think retirement should be younger for both sexes though. What if you have a physical job. Most of them will end up on the sick before retirement.

Hence why you get a private pension, the state pension is a safety net not a crutch, it's there to assist those that either dont have a pension or have a very small amount. It's not designed to be the be all and end all that everyone thinks it is.
 
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Man of Honour
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Hence why you get a private pension, the state pension is a safety net not a crutch, it's there to assist those that either dont have a pension or have a very small amount. It's not designed to be the be all and end all that everyone thinks it is.

A few years ago I received the projection for my private pension that caused me to opt out. My employer had massively downgraded the pension scheme for years before closing it and replacing it with an even worse one. When it got the the stage where paying the maximum I could afford for 38 years and 11 months would buy me a pension that would barely feed a dog (and no, that is not hyperbole - £21 a week would probably barely feed a dog in 2034), I opted out.

For many people, the state pension is the be all and end all. Company pension schemes are nothing like what they used to be. When I started paying in, I was due to retire with 38.9/60ths of my final salary and the AVCs I paid would have brought it up further. Now I would have to pay a much larger percentage of my wages for the same length of time to buy a pension that might keep a dog well enough fed. Maybe.
 
Soldato
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A few years ago I received the projection for my private pension that caused me to opt out. My employer had massively downgraded the pension scheme for years before closing it and replacing it with an even worse one. When it got the the stage where paying the maximum I could afford for 38 years and 11 months would buy me a pension that would barely feed a dog (and no, that is not hyperbole - £21 a week would probably barely feed a dog in 2034), I opted out.

For many people, the state pension is the be all and end all. Company pension schemes are nothing like what they used to be. When I started paying in, I was due to retire with 38.9/60ths of my final salary and the AVCs I paid would have brought it up further. Now I would have to pay a much larger percentage of my wages for the same length of time to buy a pension that might keep a dog well enough fed. Maybe.
How can they have removed you from a final salary scheme, i thought once in you could only opt out not be kicked out so to speak?
 
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Strange, when i used to be at bae it was final salary, but its not anymore however i'm still on it as i've got money in it. Thats why i was confused.

I'm not a pensions expert, but I think there are 4 possible statuses for a pension scheme:

1) Open to new members.
2) Closed to new members but open to existing members.
3) Closed but continuing to function with the money already paid into it.
4) No longer existing.

The pension scheme I was in no longer exists. Nobody is in it, there is no money in it, it doesn't exist at all. The money that was in it was transferred to...something. I don't know what. Probably the useless new pension scheme, but it could have been pocketed by the shareholders for all I know.
 
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I'm not a pensions expert, but I think there are 4 possible statuses for a pension scheme:

1) Open to new members.
2) Closed to new members but open to existing members.
3) Closed but continuing to function with the money already paid into it.
4) No longer existing.

The pension scheme I was in no longer exists. Nobody is in it, there is no money in it, it doesn't exist at all. The money that was in it was transferred to...something. I don't know what. Probably the useless new pension scheme, but it could have been pocketed by the shareholders for all I know.

What industry were you in? Railway?
 
Man of Honour
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The pension scheme I was in no longer exists. Nobody is in it, there is no money in it, it doesn't exist at all. The money that was in it was transferred to...something. I don't know what. Probably the useless new pension scheme, but it could have been pocketed by the shareholders for all I know.

Surely you can look into it or was this before the Government stepped in and started protecting pensions?
 
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