Hi Early Rise,
Thanks for your posting, its important to get as much info out there as possible and get the discussions going on this matter.
This is one of the most confusing points of the scheme (some think its a deliberate ploy to stop people taking an early retirement pension)
Firstly, when looking to retire early you pensions estimate from your employer will look ridiculous and you'll think I stay on until I 66 or may be even go part time, this could be a mistake as you will be paying reduced contributions and end up losing out on part of the old age pension, if at leat 48 stamps per year are not paid up until you reach 66 you will have a reduced OAP!!!!)
It you plan to retire early ( from 60) you must sign on to get JSB as this will pay your stamps in full, then when you get your supplementary pension you will still have to continue to sign on this will pay our stamp and you will get your full pension!
So this is how restrictive it is, were essentially making ourselves appear as were unemployed, looking for work, when were not, in addition you cannot retire to the sun, regardless if your GP says you should, or you lose out even more...
Whats needed is a simple replacement scheme to allow class A retirees to get their pension (no no less) and when they get to the 66 replace the supplementary with the OAP.
We are paying very high contribution into this scheme, almost double what use to be paid, yet when retiring were penalised with string and conditions that we don't even know about yet!
A second point is when retired and the cost of living starts to increase, (bills get higher as they will) you might think Ill get a part time work for a few days a week to help pay for them to find out no, the more you work, the more you lose, unreal, so in a way your limited in you capacity to increase your income even in a very small way, in other words what you have is all your going to get!
I know this might sound like a rant, but I'm still not sure what other conditions are attached to this pension deal, many staff have rented property, small farms, AVC, partner works!!, this could mean that once retired you lose out...what type of a scheme is that...
There will be so many Class A's coming to retirement now that we should be able to do something. Im not looking for an increase just a what is due to be paid, paid without strings...
Thats why everyone should write to their TD and out the pressure eon them now!