Best Posts in Thread: The Age gap and Pensions. ( When we reach our Expiry date)

Well again, for all those who have foreign spouses and have not yet retired, this is definitely a time where the spouse needs to re-evaluate their life retirement income streams and adjust fire as needed - if possible to do.

For sure read the fine print!

 

WOW!

That is really an ageist thing. Very subtle - but seems discriminatory on its face.

Can that be derailed because it is age discrimination?

As long as the two consenting parties married and were both of majority age, and that that said pension plan has already recognized you both as pension beneficiaries, (both primary and secondary), then how can they change the rules of the game in the middle of the game and it be legally applied to you? In your case, wouldn't that be a breach of contract? Who gives them the sole right to do this?

I know in the States, when the military has a benefit change that can effect the payout of retirement benefits over time, they GENERALLY "grandfather" in those who are currently serving and/or those who are already retired and having use of that benefit (both primary and secondary beneficiaries). To do anything less is an egregious breach of contract.

When a major change takes place, the diminished NEW rules/changes of that benefit are then applied onto those who enter into military service contracts when the new laws go into effect. They use the effective date of change worded as "effective on or after this date" to distinguish those who are "new hires" under the new retirement system, and those who are not and fall under the "old" retirement rules.

What you're suggesting is that what the "system" is about to do seems not only discriminatory (and racist as it only applies to "foreign" spouses), but also borders on breach of contract.

Do you have a website or forum group of retirees from this pension you're receiving that is active and vocal that you can reach out to?

V/R,
nwlivewire

 

Again, not something any of us want to think about But.......... my Private Pension Provider has sent some information about spouse expectations on the event of the death of the Pension Receiver.
Now I am in my 3rd year of this pension which was guaranteed for 5 years.
So should I stay alive (and I have every intention of) I will Run out of the guarantee by May 2018.
Should I go before that, My Wife will get the remaining ( today it is 34 months) Months pension tax free as a Lump Sum, then 50% of the pension for the remainder of here life. [ With yearly increases]
Now as with most things, Change have come. I am waiting for the decision on mine as it is in Force. But....
from April 2016, they are making the Age gap between Husband and Foreign Wife No more than 10 years.
If the Surviving foreign Wife is more than 10 years Younger the 50% pension to them will be reduced by a % to be decided at the time of the Pension Holders Death.
Of Course I sent a mail to my other 2 pension providers but as yet have not had any Reply.
Seems the private Sector , certainly in the UK, see age Difference as a cost platform to be dissected.

Just a heads up and one that may need your attention to

JP