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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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Were there any interesting points made in the programme, UB?

 

HB


Illegitimi non carborundum

 

 

 

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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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Thank you for that, UB. :)

 

HB


Illegitimi non carborundum

 

 

 

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