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NI Increases
- Thread starter Downsizer
- Start date
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I haven't got Dii access. What's the NI rate going upto?
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Is this for everybody including us civvies.. As it been publicised much or as it been sneaked in.
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chiprafp
Geek Scuffer
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Well let's be honest benefits are expensive and need to be paid for somehow!
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It's related to our Armed Forces Pensions I believe.
Are you in a defined benefit pension scheme paying a reduced rate of NI? If so yes.
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Mentioned in the budget a bit back, linked to the new flat rate state pension and the cessation of the SSP/Serbs.
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This is all to do with the new Single Tier State Pension which comes in this April. In order to qualify for the full amount (£155.65 from April) you will need 35 yrs contributions at higher NI rate - those of us who have been paying the lower rate (about 1.5% of pay less than those in 'contracted in' schemes) will get something in between the new rate and the current state pension rate, depending upon what we have paid in.
Dan_Brown
Sergeant
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so, AFPS15 ensured some were truly shafted with their pension. NEM gives us less pay over a longer period, but no one takes an immediate pay cut!! Now our NI contributions will increase and we still won't get a full state pension?
Just wow.
Just wow.
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Or you could say that for the past 30 years you have been up to £400 a year better off than Joe Civvy who has paid full whack throughout, and paid a chunk into his work-related pension pot.
All the Forces are doing right now is re-integrating with the rest of the workers of the UK instead of living in their little bubble of cheap housing, non-contributory pensions and lower taxation.
Stand by to start paying for your prescriptions next....
All the Forces are doing right now is re-integrating with the rest of the workers of the UK instead of living in their little bubble of cheap housing, non-contributory pensions and lower taxation.
Stand by to start paying for your prescriptions next....
chiprafp
Geek Scuffer
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How quickly some forget though mate.
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No, hence why someone who does 30 years will pick up a lump sum of over £50K and a £15K+ pa pension for the rest of their days when they leave, having paid in the square root of zero towards said pension. Not bad for spending 95% of your time in a friendly environment with minimal threat to your life. As for the other 5%, some folk have spent their careers avoiding the dangerous spots in favour of Bahrain, Qatar, Turkey, Gioia and MPA. (not just adminers & MTDs - I know a few ex TG1/2 Sgts & Chfs who left after 30 years with a LSGC, QGJ and 1 OOA to MPA to their name)
I will not get the full state pension because of my 20+ years of paying reduced contributions, but I accept that I have received somewhere between £7 & £10K over the course of my time in, and because I've already had that, my state pension will be about £20 a week less. No big deal to me.
You cant have your cake and eat it.
Originally posted by Muttywhitedog.
"having paid in the square root of zero towards said pension".
Not strictly true Mutty, the AFPRB having worked out the rate for the job/rank would then reduce (abate) the amount awarded to take into account the pension awarded at the end of service. This had the effect that those on non-pensionable engagements were paid a reduced amount to pay for the pension they never got or were going to get.
"having paid in the square root of zero towards said pension".
Not strictly true Mutty, the AFPRB having worked out the rate for the job/rank would then reduce (abate) the amount awarded to take into account the pension awarded at the end of service. This had the effect that those on non-pensionable engagements were paid a reduced amount to pay for the pension they never got or were going to get.
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This applies equally to civis who were in final salary schemes who might also have been contacted out.
Now you've got to feel sorry for poor old civis who were members of schemes that have failed, no pension and no second state pension either.
Now if you do the sums to see what impact this contacting has on your new improved flat rate pension, now there's something to be surprised at.
Now you've got to feel sorry for poor old civis who were members of schemes that have failed, no pension and no second state pension either.
Now if you do the sums to see what impact this contacting has on your new improved flat rate pension, now there's something to be surprised at.
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Well, even if you have been contracted out for most of your Service, you will get more than you would if the Old Age Pension stayed as it is now. How much more will depend upon how many of your NI contributions are at the full rate.
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What you all seem to have missed is that your NI contributions are paying for todays pensioners, not yours.
When you reach the state pension age there may well be NO state pension!
When you reach the state pension age there may well be NO state pension!
there will be,but despite paying for it your be means tested,and your share will go to the workshy and our new friends from the east.
Dan_Brown
Sergeant
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A deduction of approx £40 per month or £480 per year i worked my new NI contributions at.
It will be interesting to see the new pension calculator when it goes live.
It will be interesting to see the new pension calculator when it goes live.
applecruncher
SAC
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Mutty, is that a packet of chips on your shoulder?
Mutty, is that a packet of chips on your shoulder?
How quickly the poacher became gamekeeper. You took all the benefits etc when you were serving, but now it's a case of swipe at what you once were part of. I think your attitude stinks, and can say that you are probably not missed with your devious and self centred nature.
Mutty, is that a packet of chips on your shoulder?
How quickly the poacher became gamekeeper. You took all the benefits etc when you were serving, but now it's a case of swipe at what you once were part of. I think your attitude stinks, and can say that you are probably not missed with your devious and self centred nature.