Originally Posted by
Melchett01
It's interesting to see that even the so called 'experts' don't seem to understand what's going on with the new NICs and the new State Pension.
Paul Johnson, Director of the IFS, was recently quoted in the DT as saying;
Well that might be correct for individuals just starting out on their working life, but if reports are correct, those already well into their careers will be hit very hard by the contracting out, with even a short period contracted out, a year or 2 for example, leading to a hefty reduction in the new pension seemingly out of proportion to the time spent contracted out. I for one expect to get nothing close to the widely touted State Pension of £155 or whatever it is in a couple of decades time because of the time spent in AFPS.
I wonder if he conveniently forgot about this or just didn't realise ... politics or incompetence, which noose would you rather hang yourself with Mr Johnson?
Indeed, I have 26 years contributions so far contracted ouy with no previous NICs. If I serve out my LOS30 I have no idea how short I will be for a full state pension. Do my years contracted out even count towards the required 35 years?