Millions may lose promised pension payout

Three million people in final-salary schemes have a 50/50 chance of promised payouts, a study says.
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  • People in their thirties and forties today will find they’ve paid so much in tax that working beyond 50 will not add a penny to their state pension entitlement. Major actuarial firm Willis Towers Watson is warning that because of how the new state pension works, an enormous swathe of the workforce could lose a major incentive for working into middle age. Under the old state pension system – applying to people who began receiving their pension before April 2016 – you could keep accruing extra state pension benefits right up until retirement. But under the new model the maximum amount, currently £160 a week, is received in return for 35 “qualifying” years of National Insurance (NI) payments. Any years you work beyond that don’t increase your pension. “It will be normal for someone who is constantly employed after leaving full-time education to max out their state pension in their fifties,” said David Robbins, of Willis Towers Watson. “This leaves a period at the end of people’s working lives when paying NI will not add a penny to their state pension entitlements, making NI more like a straightforward tax.” NI has always been controversial. It was originally as a government-operated insurance scheme, where members built up benefit entitlements as they worked. But unlike private or company pensions, the scheme does not involve building up an actual fund of earmarked money. Instead benefits such as the state pension come directly from the Government. When the new state pension was introduced in 2016, the Government calculated a “starting amount” for everyone. This was the higher of what they would have got under the old system or the new system minus any time spent “contracted out” of the additional state pension. Millions of people were “contracted out”, meaning they paid lower NI, because they were members of  private pension schemes offered by employers. However, those who choose to stay “contracted in” and build up additional state pension, are ahead of other people their age under the new rules. It is possible, according to Willis Towers Watson, that someone as young as 41 today could already have paid enough NI to be guaranteed the full state pension. They would have to have started work at 18, been a consistent high-earner from the start and remained “contracted in”. Under recent proposed changes to the state pension age, this person could expect to retire at 68 – meaning the last three decades of their career would add nothing to their pension. This an extreme example, but people in far more normal circumstances could also be caught. A 37-year-old could still reach full state pension by the time they were 47 even if they had a break from work while studying at university, said Mr Robbins. A spokesman for the Department for Work and Pensions did not dispute the findings but noted that National Insurance covers a “wide range of welfare and health benefits, not just the state pension”. He added: “The new State Pension is clearer and simpler than the old system, providing a firm foundation for people to build their private pensions savings on.” Willis Towers Watson could not say how many people working today would hit full state pension by the time they were 50, for instance. However, you can use the Government’s “check your state pension” website tool you to see when you are likely to reach full state pension. sam.brodbeck
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