End of the triple lock?

So here's me with a state basic pension, graduate pension, contracted out pension and Serps sitting down scratching my head.

Where the heck do I stand amongst all this gobbledygook?

So here's me with a state basic pension, graduate pension, contracted out pension and Serps sitting down scratching my head.

Where the heck do I stand amongst all this gobbledygook?

comfortably?

So here's me with a state basic pension, graduate pension, contracted out pension and Serps sitting down scratching my head.

Where the heck do I stand amongst all this gobbledygook?

What's a graduate pension? 

So here's me with a state basic pension, graduate pension, contracted out pension and Serps sitting down scratching my head.

Where the heck do I stand amongst all this gobbledygook?

What's a graduate pension? 

Think he means a graduated pension or GRB 

Graduated Retirement Benefit (GRB)

GRB was an early form of earnings-related pension, intended to top-up basic pension. It is based on graduated contributions paid on earnings between 1961 and 1975 and is paid to those people who paid into the graduated pension scheme.

The entitlement is based on each unit of graduated contributions paid. Essentially every £7.50 contributed by a man, and every £9.00 contributed by a woman bought one unit. It will be paid when you claim your Basic State Pension, but can also be paid at State Pension Age even if you do not qualify for a Basic Pension.

Thanks, Nellie

I seem to remeber having paid it for a short while, but think I was able to contract out as the returns were going to be so small.

It seems to be a fore-runner of SERPS (which started in 1978) to top up state pensions. It was SERPS that you 'contracted out' of if you were in a final salary pension scheme with your employer and both you and your employer paid reduced NI contributions.

(Employers rarely mentioned that they saved money by their employees contracting-out and thus helping to pay a significant chunk of the employer's cost towards your pension. As we have seen recently, many employers had a strong reluctance to pay their share into the pension fund - which is why we have so many schemes with massive deficits now).

As we now know, being 'contracted out' has a seriously detrimental impact on the amount you will receive under the 'new state pension' introduced this year.

SERPS was replaced in 2002 by the 'state second pension' - another 'top up' scheme but skewed more towards helping lower earners.

The 'contracted out' part came as a surprise to me.

I recently applied for a State Pension Statement. I imagined that, as I have 41 qualifying years of NI contributions, I'd get the full £155 when I reached State Pension age in November 2019.

Not so !

I currently receive a full NHS pension. I had not appreciated that the NHS pension scheme was in any way 'contracted out', but apparently it was, end result being that I will actually receive £122.34 a week, or whatever it may have inflated to by Nov 2019.

RP - I think that's more than MrsH will get, even though she also has ample qualifying years. 

I doubt that any Government that wants to be re-elected would dare do that now.

They all appreciate the power of the Grey vote ( The pensioners)  who now add up to a significant proportion of the voting public.  

To remove hard won pensioners rights would be a disaster in the voting booths!

TF