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LBC 9pm tonight - pensions


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On LBC at 9pm tonight they will be discussing the changes to pensions.

 

Might be worth a listen.

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The main point was the change in state pension from 6/4/16, where there is no second SERPS element in NI contributions. So those who are currently in final salary schemes opted out of SERPS, will start paying higher NI contributions. There was mention that this might start being complicated when people reach retirement, as their contribution and pension is worked out.

 

The pension expert confirmed what i thought was the case, that the state pension is only a benefit, not an entitlement. A future government could withdraw or reduce the amount. So many people think they are guaranteed a state pension having paid NI contributions, but as it is a benefit schene run by government, there is no guarantee.

 

Most of the programme was people calling in with the normal questions about whether their employer has to pay into a pension for them, whether it is worth taking out a private pension etc. As these were specific, can't remember answers exactly. People should contact the Pensions Advisory Service to obtain information for themselves.

 

http://www.pensionsadvisoryservice.org.uk/

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We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

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