What are you all up to

David you're in the same 'surprised/shocked' group as lots of us. Don't ever recall reading about it, certainly seems to have been slipped under the radar! Was it at the same time of a certain Chancellor raided pension funds??? I think most only realise as they get their state pension forecast. Certainly where I discovered mine! But I did take my work pension early so a bit of a hit there - but better to have whilst I'm here and can enjoy than find I don't make it until the due date and get nothing!

Not much we can do about it, a bit like the WASPI women, (I'm one of them too) got to put up and shut up 😢😤. I'm not too badly hit as only did part time after the children arrived local government for last 15 years., OH hit but decent pension, could have earned greater income in private sector but decided to stay in civil service for better pension 😂.

I wonder what would happen if we all rose up.............. it won't happen and the country couldn't afford it 😂😂. No wish to get political 😃

Wherenext it was on Gov. UK website I discovered the truth. Not brave enough to check again yet but I'm certain I have enough contributing years, Fingest crossed.

Let's have a cheerful subject we have enough to live on - certainly at the moment 😂. Weather grey, wet and breezy - that's upped my mood. 

Enjoy your day folks. Off to meet a friend for coffee and I'll do a bit of Christmas stuff whilst in town. That may only be get the hump!

I don't know at what point I woke up and thought I must sort my pensions out, I don't think many of us do, pensions are always in the distance. I missed out on a pension due to being a few days short of contributions and no-one warned me. My only reminder of several years hard work for that job is the purchase of a garden table and chairs from the small pay out I eventually got! (So far they have lasted as long as I have and we use them a lot..)

Hope you enjoy your lunch out Millie, our family have had various bugs, hoping we don't get them. Tomorrow we're off to the theatre to see "Sleuth."

Milliehull I don't think you had a choice about opting out, it was the whole pension scheme status. How nice to have a phone call to discuss NI option, that maybe where I need to look, another day. Hadn't occurred to me to take my pension early but nice man at pension department didn't advise me 😉😉 to read the back of the form, I  said I did but that couldn't be right! He said he couldn't advise but read the back of the form and every option applied to me ☺. I opted for the higher lump sum and reduced pension and the huge interest on that really increases my monthly income 😂😂😂😂.

Hope you feel better and enjoy your lunch. I must have missed helenandtrevor being poorly 😢 wish you better.

You could opt back in but some didn't. I opted back and now get the two state pensions. Some schemes were promoted as being better than others, not an easy thing to sort out at the time.

edit     I don't know why I opted back in, I must have actually listened to what somebody at home or work said to me!?

I think it was in the Thatcher years that there was a big drive towards private pensions, the idea being that everyone could benefit from a larger pension than could be provided by the state. Pension schemes were designed to take advantage of generous tax reliefs in the form of reduced NI contributions. As NI contributions provide the state pension that is why there is a claw back from the state pension on retirement. It was really up to the pension scheme to explain this to members. (there is a tendency to blame the government which is unfair as the rules were clear) I also suspect that whilst you are at work and a pension is a long way off people are less inclined to give it much thought?  I was never quite sure why my own company decided to have a scheme that did not opt out of SERP's but it was probably because the company employed a lot of part timers and the bulk of the wages were at the lower end of the scale so there was likely little advantage in opting out for the majority of the employees. I know some fellow managers decided to go for private pensions. There is an advantage in having a pension where the private element is bigger than the state pension as it means you can take a large tax free lump sum and with some pensions the ability to draw down money as you need it. My own scheme does not allow that which is probably a good idea!!! 

David

And this illuminates the complexities of pensions. 

Dull, grey and raining still. 

OH gone to his men's shed again, it's becoming a habit  I'm having a slow morning. I know I should get on with things but can't be bothered. I hate days like this and we've had to many since we've been back.

Rivers are full to the brim if it keep up for much longer then we are going to have problems 

Oh well must shake myself and get on with something.

Not seen the cat yet today so hoping she is tucked up safe and warm at home 

Not worth trying anything outdoors this morning except making sure the birds had food and clean water.

Put some split peas into soak. It's a Pea and Ham Soup sort of day.

Getting lots of pressure to get a Christmas present sorted out for myself but I don't actually want anything. Don't want to be a party pooper though so will probably settle for a voucher for books or a subscription for a walking magazine. Anyone else have this problem or do you lot have no trouble spending money?

I was contracted out for quite a few years as I was in my company scheme, but also have some graduated pension and some Serps, so  I do have some additional over the basic state pension.

There are of course now 3 different schemes in operation, the original one which I come under where I think a man needed 44 years contributions for a full pension, I only had 37, then the  second scheme you only needed 30 years but spouse pensions are not so generous, and now the one where you need 35 years, the basic pension seemingly is more generous, but then there are all the deductions.

I lost quite a bit by not having enough contributions in UK, but also qualify for a small pension from Norway, which makes up for  that, so cannot complain.

As B2 commented, we are doing ok meantime, enough for caravan holidays and helping the kids!

We do not buy Christmas presents for each other, instead we sometimes buy ourselves something that we fancy but do not really need.

One thing we do not need these days is more "stuff", so presents from family are generally edible or drinkable.