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WASPI women compensation promised

Discussion in 'Retirement' started by Sundaytrekker, Nov 24, 2019.

  1. Sundaytrekker

    Sundaytrekker Star commenter

    ..... by Jeremy Corbyn is elected.

    This would apply to me and many others posting here. I did know about the changes to pension age and d fervent decisions based on it including carrying on with part time work. So do I deserve a compensation of around £15000 for what I’ve missed so far and about another £15000 between now and 66?
     
    Alice K likes this.
  2. Lara mfl 05

    Lara mfl 05 Star commenter

    I think this is another election pledge which is meant to gain votes, because like you I don't think it should apply universally.

    Personally I was unaware of just how much I would be affected. I was assuming that although I hadn't been advised about 'opting in' to TPS for all my LEA supply work, or how I would suddenly have to have an extra 5 years NI contributions to qualify for the fill, reduced pension - if you see what I mean, I consideedr that was my pension would be covered as a married woman - not that I would need my own qualifications . But then I consider that my own fault, that I was so unaware.
     
  3. Sundaytrekker

    Sundaytrekker Star commenter

    Apologies for typos that I can’t now edit.

    I wouldn’t, for example, want to gain compensation but be put back on the old state pension system as I have been working to get as close to the maximum under the new state pension as possible.
     
  4. Lara mfl 05

    Lara mfl 05 Star commenter

    You see this would make more sense. To have just the difference between the old and new compensated would be less expensive for the country.
     
  5. HelenREMfan

    HelenREMfan Star commenter

    Indeed. Like so many others here I lost years of occupational pension form the years out having/looking after family. I think more against the grain for me is that I having had a chunk of my state pension stolen from me, I am behind what is now the general state pension too. If my teacher pension were some fantastic sum like so many male teachers of my era who got their 35 or even + years in plus ended up as AHTs or deputies and are sitting on half final salary pensions.... but so many female teachers only get maybe at best a quarter of that. Therein lies another unfairness. Add to that the situation for so many women of 55 to 65 who left teaching for one reason or another - many not be choice and their monthly pensions really do not amount to very much.
    I am fortunate in that I have a bit of a buffer with 2 rental properties - though increasingly the income from them is being whittled away as grasping agents now levy all sorts of costs onto landlords now that they have been legally prevented from squeezing 'fees' from tenants. Reeds Rains charge £120 + VAT for an "inventory" when a tenant leaves a property; conveniently forgetting that under a fully managed property they are obliged to check the property throughout the tenancy for any damage and especially on the tenant leaving. This 'inventory" has consisted of some work experience johnny standing in the doorway of each room and taking a phone photo of the room. They ignored a load of junk left in the cellar, a broken washing machine and garden trampoline left in the garden which I had to pay £400 to get rid of after I had agreed the deposit to be returned to the tenant thinking all was well with the property. I have argued to no result that there is no need for an "inventory" as there aren't any items in the property unless they consider a fitted cooker to be one. I got nowhere. On my last tenant leaving the agent ignored a crack in the front PVC door which cost £300 to repair and the fact that probably on removing a washing machine the tenant managed to tear and ruin a 5 month old newly relaid vinyl in the kitchen ! I still have to discover how much the replacement is going to cost - my builder sent me a photo and the damage is clearly visible. The deposit has been repaid to the tenant. The barrel I am over regarding the management is becoming very difficult to bear!
    So I would appreciate being on the new state pension in its entirety. I have worked all my life save for 9 months with one and 6 months with the other child - it was just that it was part time working for 10 years and not in teaching.
     
    frangipani123 and Alice K like this.
  6. Treacle3

    Treacle3 New commenter

    If some male members did 35+ years as a teacher and you didn't you can hardly complain that is unfair. They did the extra years and paid their contributions. You didn't - you chose to do other jobs/stay at home bringing up children instead. I'm male and have left at 55 after just 23 years full time equivalent service. I can hardly complain that my pension isn't as good as teachers (male or female) who've put in more service. Rental properties... I don't have enough capital to buy one, let alone two. But they are not trouble free - otherwise everyone with enough spare money would do that - as the rate of return with a "good" tenant is probably far better than anything you can achieve anywhere else. If they are not becoming financially viable for you, you can always sell them and reinvest your money in a different way.
    Btw, I do have some sympathy with the WASP women - because the changes were brought in too fast and too brutally in my opinion. I think the "sliding scale" of changes - designed to bring females into line with males regarding pension age (quite rightly I think) should have been over a larger time period.
     
    border_walker likes this.
  7. HelenREMfan

    HelenREMfan Star commenter

    Sorry @Treacle3 but I disagree..... the retirement age should be reduced to make more employment opportunities for younger people. As for all this guff about people living longer.... I see little evidence of that. I know of so many people of late - all under 60 who have died. What happens to their pension contributions and of their employers? As far as I can see when into the Tory coffers it goes into other pockets, non-deserving ones at that.
    I still would state that the majority of men in the profession manage to amass a far higher number of pensionable years than women. There are far more men in better paid managerial positions in teaching than there are women so they receive far better pensions based on longer service and better final salaries etc.
    As for my properties - just 2 now, one my parents' home and the other one of many bought by my maternal grandfather when they were built early in the 20th century.... so inherited. My mother never saw much profit from the properties as they were on tied rent with sitting tenants. I have been more fortunate than her in that respect. Just because the banks' interest rates are so pitiful (and a further instrument in keeping people in their place) doesn't mean that rental properties give a life of clover. I am a great deal of money out of pocket on one property through being considerate and helpful to people who really didn't deserve it. "Good tenants" are also becoming ever more difficult to find. I don't wish to part with the houses as I wish to be able to leave them to my daughters as my grandmother/mother did for me.
    As a WASP women it was the moving of that goal post which incensed me..... for the vast majority of my working life 60 was the target age and I was in a marriage where I didn't get to do the financial planning.
     
    tall tales, frangipani123 and Alice K like this.
  8. Sundaytrekker

    Sundaytrekker Star commenter

    Perhaps I’m unusual in being aware of, and remembering, the announcement in the earlyish 1990s about equalising the state pension age. I thought that it was the logical conclusion of equality: we’d got equal pay and now we’d work till an equal age. I made extra contributions to pension schemes, made sure I worked full time not part time and went for promotion. I’m still working part time after taking my pension. I agree, Helen, that most men have more years in their pension schemes because they are seldom the main carers. I retired as a head with a decent pension yet my colleague male heads had about ten years more than I did in their calculations. Yes, they’d worked and earned it but often because someone else was picking up more domestic caring. There were certainly more men as you got promoted. Will this change in the future? I’m not seeing it. Young women teachers go part time after maternity leave and stick with that as long as they can.

    The biggest issue, I think, was the lack of direct communication and the speed of the transition period. I’ve been onto the Labour website where you can enter your date of birth into a calculator to see what compensation would be due. Do I deserve nearly £20000 over five years for something I knew about? I don’t know. If my birth date was in 1960 I’d certainly think it wasn’t right. I also agree that the pension age shouldn’t go beyond 65-66 so that younger people have more chance of jobs.
     
    Alice K, Lara mfl 05 and HelenREMfan like this.
  9. Lara mfl 05

    Lara mfl 05 Star commenter

    This was my problem. Too late for me to get financial planning into place.

    This.

    I also agree there are many people working on beyond pensionable age, simply because they need the extra money. Which doesn't help youngsters at the other end to find jobs.
    In my opinion, it would be better for youngsters, if they'd reduced the male age to match the female as opposed to the other way around, and then upping retirement ages for both.
     
  10. lizziescat

    lizziescat Star commenter

    I don’t think you’re that unusual. I certainly knew about the equalisation of retirement age to 65 - and that for it to be equalised downwards would mean a large tax or NI increase. I had time to readjust my thinking and planning etc.
    The real difficulty was with the second change to 66 and beyond., brought in wot only 18 months (?) notice and thus no time to save more etc.
    A different issue is that as contracted out members, teachers don’t get the full new state pension. I can’t see a problem with this - we get don’t get, what we haven’t paid for. We do get what we paid into and what we expected to get under the old scheme. We don’t get anything under the new scheme unless we pay into it (and the new payment rate) not sure how that is unfair.
     
    Lara mfl 05 and Sundaytrekker like this.
  11. pennyh.

    pennyh. Occasional commenter

    I knew the change- even without a letter. It was in the media.66 was different and too quick a change. I am more annoyed that my husband can only have my pension payments applicable to partners from 1988 if I die. I paid no less pension than male colleagues for the 8 years that are ignored from when I started as a teacher. I regard that unfair discrimination that unions and governments of any party still do nothing about. In 2017 Labour went on about tuition fees and then after the election admitted they were not going to change it. So I don't believe sudden bribes.
     
  12. Skeoch

    Skeoch Lead commenter

    As a male I have been discriminated against by an older pension age and a shorter life expectancy than a female, so I will get pension for many fewer years. Curiously Mr Corbyn isn't interested in my situation. I wonder why?
     
    jlishman2158 and Treacle3 like this.
  13. Skeoch

    Skeoch Lead commenter

    I've just done the calculation. It's about 6 years' difference.
     
  14. Gainingcontrol

    Gainingcontrol New commenter

    My wife is 55 and won't get her state pension to 67, so is she owed compensation for 7 lost years?? Where should the cut off point be? Equality is a very one-sided campaign to some people! Now we have state pension equality - something to be celebrated.
     
    Treacle3 likes this.
  15. Bedlam3

    Bedlam3 Star commenter

    I have a lot of sympathy with the Waspis. They are not getting what they were promised and what they paid into. It needs to be paid to them but where will it come from? I am not a waspi as I was born in the early 60s and won't get state pension until 66. Is this fair? I think not but if we'd had a sliding scale instead of the great jump we were given it would have been more manageable. The Waspis were picked on because they were seen as an easy target.
     
  16. Gainingcontrol

    Gainingcontrol New commenter

    The bankers stole their pension and our children's future. There needs to be a bank tax to compensate for the 100s of billions added to the national debt and the theft of our purchasing power via inflation caused by fractional reserve bank lending. The government/taxpayers picked up the banker losses while they still keep their casino gains.
     
  17. Treacle3

    Treacle3 New commenter

    The retirement age for men could never have been reduced to 60 because the country couldn't afford it. The reason for having to raise the female pension age was (apart from the obvious one that it was grossly unfair towards men, especially as we don't live as long on average) because too many women and men were/are living far longer than previously envisaged and sometimes claiming a pension for 30 or more years. Of course, in an ideal world, we'd all retire exactly when we want with as much money as we want - but we have to live in the real economic world. Compared to a large majority of humans (I think), we are lucky to live in a country that has a pension system set up. I am grateful for that.
     
    Lara mfl 05 likes this.
  18. HelenREMfan

    HelenREMfan Star commenter

    You make many sweeping generalisations there.... evidenced? Conveniently ignoring the facts that most females either don't have an occupational pension to claim or they have one far below what males retire with.
     
  19. Treacle3

    Treacle3 New commenter

    Yes, what you say is true. But a "person" gets the occupational pension they have worked in the occupation for. I'm still not sure why you think that is unfair to women? My wife is a Headteacher and still working and will have a far better teacher's pension than me. I don't have a problem with that. She's worked for it and I haven't (as much:)). Anyway, I think we just see this issue differently so it's best to leave it now.
     

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