Pension

[Steve1956]

Morning Chaps,just got out of bed and had a sudden urge to retire,I'm 62 If I retired today would my state pension be reduced when I come to draw it in 4 years time because I would be paying no national insurance from now till I was 66?

[Whitgord]

I believe that you get your full state pension (when it’s due) as long as you have paid the minimum number of years’ NI contributions. I believe it is currently 35 years of contributions.

[Chobulous]

Depends how much you have paid already. I think you need to have paid 35 full years of NI to claim your full pension but I may be wrong. This might help

https://www.gov.uk/new-state-pension/yo ... te-pension" onclick="window.open(this.href);return false;

[Steve1956]

I believe that you get your full state pension (when it’s due) as long as you have paid the minimum number of years’ NI contributions. I believe it is currently 35 years of contributions.

Cheers Whitgord....Yippee!...retirement beckons!

[Chobulous]

I was going to retire in November until my employer very kindly told me I was going to be made redundant on 31st December. I have changed my retirement plans and reluctantly accepted the £15,500 after tax retirement present. Just need to keep quiet and work until Xmas to get it.

[Steve1956]

I was going to retire in November until my employer very kindly told me I was going to be made redundant on 31st December. I have changed my retirement plans and reluctantly accepted the £15,500 after tax retirement present. Just need to keep quiet and work until Xmas to get it.

nice one!

[JohnMac]

35 years contributions, you don't get any extra for 50 years.

I retired at 6, best thing I ever did.

Edit
61 really

[JohnMac]

I was going to retire in November until my employer very kindly told me I was going to be made redundant on 31st December. I have changed my retirement plans and reluctantly accepted the £15,500 after tax retirement present. Just need to keep quiet and work until Xmas to get it.

Redundancy payments are tax free.

[Steve1956]

6 ? You lazy bugger

[OssyClaret]

Cheers Whitgord....Yippee!...retirement beckons!

The earliest you can get the new State Pension is when you reach State Pension age.

[claretonthecoast1882]

35 years contributions, you don't get any extra for 50 years.

I retired at 6, best thing I ever did.

Wish I retired before school too

[tybfc]

On the gov.uk website there is a state pension calculator that is dead easy to fill in and gives you an online answer straight away.

[JohnMac]

Wish I retired before school too

Hahaha, just noticed. On a positive note, my reading and spelling is improving

[Steve1956]

The earliest you can get the new State Pension is when you reach State Pension age.

Yea Ossy,I can live on the wife's little nest egg till then!

[Chobulous]

Redundancy payments are tax free.

I know but the 3 months lieu of notice payments aren't

[JohnMac]

Yea Ossy,I can live on the wife's little nest egg till then!

I mapped out my savings and private pensions with a view to controlling everything carefully. I get my state pension in 2021 (1st to go to 66).

The fallback was for the missus to get a part time job but so far we are doing okay but wish it was 2020!

You do tend to spend more than you think you will and buying a car 2 months ago didn't help.

On the plus side, doing what you want when you want, or doing nothing when you want is great.

Good luck with your plans!

[ashtonlongsider]

I would certainly get a StatePension forecast (BR19) before making any life changing decisions. Yes it may very well be 35 qualifying years at present but whose to say the goal posts won't change before you reach StatePension age. Also if you worked for a Contracted out organisation this will have an impact on your final pension. In a nutshell proceed with caution.

[TVC15]

Redundancy payments are tax free.

Up to £30k they are.

[Steve1956]

I mapped out my savings and private pensions with a view to controlling everything carefully. I get my state pension in 2021 (1st to go to 66).

The fallback was for the missus to get a part time job but so far we are doing okay but wish it was 2020!

You do tend to spend more than you think you will and buying a car 2 months ago didn't help.

On the plus side, doing what you want when you want, or doing nothing when you want is great.

Good luck with your plans!

Thanks John.

[Steve1956]

I would certainly get a StatePension forecast (BR19) before making any life changing decisions. Yes it may very well be 35 qualifying years at present but whose to say the goal posts won't change before you reach StatePension age. Also if you worked for a Contracted out organisation this will have an impact on your final pension. In a nutshell proceed with caution.

Just checked Ash,I have 47 full years contributions,if they move the goalposts on that record there would be uproar,I think I'm safe to proceed don't you?

[ashtonlongsider]

ust checked Ash,I have 47 full years contributions,if they move the goalposts on that record there would be uproar,I think I'm safe to proceed don't you?

Considering the qualifying years changed from 44 years and 9 months in 2010, initially to 30 years and then increased to 35 years from 2016 I would suspect your on a safe bet. However where you employed by a company who where contracted out of Serps as this would likely have an impact on your final pension. Hence it's advisable to get a full pension forecast. Things are not always as straightforward as they seem.

[Steve1956]

Considering the qualifying years changed from 44 years and 9 months in 2010, initially to 30 years and then increased to 35 years from 2016 I would suspect your on a safe bet. However where you employed by a company who where contracted out of Serps as this would likely have an impact on your final pension. Hence it's advisable to get a full pension forecast. Things are not always as straightforward as they seem.

My State Pension forecast £9568.51per annum ,anyone got a clue what the state pension is right now?

[piston broke]

Considering the qualifying years changed from 44 years and 9 months in 2010, initially to 30 years and then increased to 35 years from 2016 I would suspect your on a safe bet. However where you employed by a company who where contracted out of Serps as this would likely have an impact on your final pension. Hence it's advisable to get a full pension forecast. Things are not always as straightforward as they seem.

That 2016 increase screwed both of us. We retired at 50 and both had the 30 years but not the 35. I’m £30/week short now and Mrs Broke will be more. From 2003 we got regular pension reviews from Newcastle, they are free, but they just keep moving the goalposts. The OP should be fine with his 47 years.

[Hipper]

I got my state pension this year. As I was contracted out for twenty years or so I get £142 a week instead of £163, about £1,000 a year reduction. I'm OK with that of course.

The calculations are complicated and as ashtonlongsider says, the goalposts keep moving. I may also have fallen foul of the change to thirty-five years contributions. When I did my calculations I was advised it was thirty. I would have added to my NI contributions otherwise.

[Spike]

I got my state pension this year. As I was contracted out for twenty years or so I get £142 a week instead of £163, about £1,000 a year reduction. I'm OK with that of course.

The calculations are complicated and as ashtonlongsider says, the goalposts keep moving. I may also have fallen foul of the change to thirty-five years contributions. When I did my calculations I was advised it was thirty. I would have added to my NI contributions otherwise.

But you have the money you saved from contracting out in another pot don't you?

[evensteadiereddie]

Just do it, Steve.

[Quickenthetempo]

Is the 35 years just paying your stamp or do you have to of earned over a certain amount to qualify for a year?

[tim_noone]

Your stamp.

[Steve1956]

Another question guys would I be able to claim any benefits from now till 2022 when I officially retire?

[Steve1956]

Just do it, Steve.

Cheers Eddie

[Quickenthetempo]

Another question guys would I be able to claim any benefits from now till 2022 when I officially retire?

If you pretend your looking for work and attend the job centre every 2 weeks.

[tim_noone]

Another question guys would I be able to claim any benefits from now till 2022 when I officially retire?

Possibly pension credits...

[tim_noone]

If you pretend your looking for work and attend the job centre every 2 weeks.

When your over 62+they don't push you to work the same as under that age.

[Steve1956]

If you pretend your looking for work and attend the job centre every 2 weeks.

I can do that,I'll have rakes of time on my hands!

[piston broke]

If viable just do it.
The choice whether to get up or not.
Holiday when you want, early booking for cheap city breaks is a must do.
Nobody giving you orders.
Loads of time for the grandkids.
You won’t regret it.

[tim_noone]

Where's the time go though...? 12 hour shifts on a pipleline work hard play hard good times good craic and then it's over!

[Chobulous]

I must be getting old because now I am totally confused. My pension forecast is for a pension payable from 03/11/18 of £181.34 a week or £9462.06 pa and I was contracted out for 20 years, but elsewhere it states that the max pension is £164.35 so which is true?

[tim_noone]

£626.40 SP per month. I understand you you can earn £270 per month legit also if you want a bit of spending money.just over 3grand a year tax free.

[ElectroClaret]

Another question guys would I be able to claim any benefits from now till 2022 when I officially retire?

This largely depends on your personal circumstances, but mainly your savings.

If you have more than £6,000 (I think that's the figure)
you'll struggle to get owt from the social.

Tybfc @ post 12 is quite right about the pension calculator. Go to "pension wise", you'll need your NI number and your passport number.

Mine is for £176 per week from 2022. The amount depends mainly on your NI contributions.

[piston broke]

I must be getting old because now I am totally confused. My pension forecast is for a pension payable from 03/11/18 of £181.34 a week or £9462.06 pa and I was contracted out for 20 years, but elsewhere it states that the max pension is £164.35 so which is true?

They are forecasting your state pension plus an additional COPE amount.
I started a thread about this a while back as it is totally confusing.
I took it I would be getting the extra money in my forecast. Come my 65th my works pension didn’t increase by said COPE amount. On checking with my provider, LCC, they said I’d been receiving it since 2003 plus increments.
You need to check with your personal provider who should tell you your situation regarding this.

[Longsider]

What happens if you have years missing? I worked abroad for 8 years. Can you pay back years? Any advice would be good.

[ElectroClaret]

Yes, you can pay back missing years.
The Pension Wise site gives advice on that, too.

[piston broke]

What happens if you have years missing? I worked abroad for 8 years. Can you pay back years? Any advice would be good.

Try this. If still confused contact Newcastle.
https://www.royallondon.com/global/docu ... -guide.pdf" onclick="window.open(this.href);return false;

[tim_noone]

What happens if you have years missing? I worked abroad for 8 years. Can you pay back years? Any advice would be good.

You can arrange to pay back missed contributions.

[Steve1956]

If viable just do it.
The choice whether to get up or not.
Holiday when you want, early booking for cheap city breaks is a must do.
Nobody giving you orders.
Loads of time for the grandkids.
You won’t regret it.

Sounds like a plan PB.

[Longsider]

Thanks Tim and Piston. I have a few years of work ahead of me but will start to look into and plan some additional contributions.

[tim_noone]

Thanks Tim and Piston. I have a few years of work ahead of me but will start to look into and plan some additional contributions.

As long as you have the 35 years in you'll be fine.. That said governments like to move the goalposts to suit. Don't work to hard!

[Hipper]

But you have the money you saved from contracting out in another pot don't you?

Yes. A private pension and a local authority one. I'm not complaining.

By the way the state pension (and other ones) is subject to income tax! Bare that in mind in your calculations.

[Hipper]

What happens if you have years missing? I worked abroad for 8 years. Can you pay back years? Any advice would be good.

As mentioned you can, but I would recommend getting an estimate of your circumstances so you can make an educated guess as to whether it's worth doing.

[ElectroClaret]

By the way the state pension (and other ones) is subject to income tax! Bare that in mind in your calculations.

Yes, it is. Think the current income tax free allowance is £11,500. That includes your pension income.
So if you have income from your pension at £8,500, for example, you can earn another £3,000
before you're liable to income tax.