single tier pension

Hi

I have just been reading up on the proposed changes regarding the single tier pension. I can see that in order to qualify for the full flat rate, a minimum of 35 years contributions or credits is required. It also seems to say that anyone who has built up entitlement pre 2016, will have that value protected (and can then benefit from having a higher pension if this is more than the flat rate)

What I cant find anywhere is what happens if your working life is more than 35 years - for example, one of my colleagues will have 50 years by the time he retires - is there any gain in extra pension from the extra years of nics? (or does the govt benefit from this?)

sorry if the answer is glaringly obvious and I have missed it!

many thanks

That’s his lot, no personal gain from longer working life.  If he’s past SRA of course he may have gained from deferral of his SRP.  It’s unclear how that will work in detail in future.

thats what I thought - thank you for clarifying that Gareth. Its seems mad that they want people to work longer but if you can afford to retire earlier (without pension obviously) there is no gain from working on and/or deferring your pension?

Don’t forget his NI contributions change post SRA.

Thanks Gareth - my head is aching from trying to find out about all the implications lol -im sure it will all become clearer closer to the time :p