|New Labour's retirement present to men who have made 47 years' National Insurance contributions An entry into the only lottery in the world in which NONE of the entrants wins and 86% are GUARANTEED to lose|
This is a lousy deal which could have sprung only from Gordon Brown's twisted mind.
Under new regulations introduced from April 2010, new pensioners will be assigned a pay day based on the last 2 digits of their National Insurance number.
If their 60th/65th birthday falls on the allotted payment day, they don't lose in the Brown Lottery. But if their birthday falls 1, 2, 3, 4, 5 or 6 days short of the payment day, they lose.
Why? Because the Department of Work & Pensions doesn't pay out in units of less than one week.
So someone whose birthday falls on a Wednesday when their payment day is Thursday loses . . . £14 of basic pension PLUS one-seventh of the weekly amount of any graduated additional pension for which the customer has paid. And if the new pensioner's birthday falls on a Tuesday when his/her payment day is Monday, he/she loses £84 of basic pension PLUS 6 days' graduated pension, which is no bloody joke.
In summary, six out of seven new pensioners, who retire after April 2010 can expect to go into retirement being swindled out of £14-84 at the very least.
Which leaves the staff of Garbagegate wondering what our highly privileged and overpaid MPs were doing on the days when New Labour was pushing this swindle through Parliament.