Concessions for over 60s
What concessions can you receive?
Concessions for over 60s – state pensions
The most obvious benefit available for older people is probably the retirement pension that currently begins at 65 for men. The women's state pension age is slowly rising from 60 to 65 between 2010 and 2018. In line with men's age, it will rise from 65 to 66 between 2018 and 2020.
Benefits, Concessions and Discounts
A state pension will likely consist of the basic pension plus what used to be called the State Earnings Related Pension Scheme (SERPS) and is now referred to as the State Second Pension (S2P). The amount of SERPS, or S2P, varies depending on how much you have earned and for how long you have been contracted in or out of SERPS/S2P.
How much will you receive?
Therefore it is very difficult to know how much you might receive. To get a forecast, you can ask for one on-line, download a form from the Pension Service website or telephone for one. You may apply for a forecast as long as you are over 10 days away from retirement. You can even receive one through the post without asking – they are more pro-active these days and certainly some people get one without asking.
The whole idea of the state pension will be changing in April 2016. The basic level will rise to at least £151 per week but people will no longer be able to receive extra by paying into S2P. The transitions for people who have already paid some SERPS and S2P but who will not arrive at state pension age until after April 2016 are quite difficult.