Pension Pot

flook said:
This bit is the clincher I think

"However, the good news is that you may still get a full ‘flat rate’ pension of £175.20 when you retire. This is because all of the years you work from 16/17 onwards are adding to your pension and slowly wiping out the impact of the deduction for contracting out."

In my case my 2 or 3 years CO have already been made up, Hammocity probably still has a couple to go to get back to full SP
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I had 43 years in when I retired early but quite a lot of contracted out years. I’ve been paying voluntary contributions to bounce my state pension up to the full amount. It costs just under £800 a year and I should break even if I make it to 74. If I don’t, then I won’t care.
 
abu13 said:
I have checked my state pension on the Government site and I have one year to complete before 2036 to hit the 35 year requirement. It states that my forecast is £179.60 per week. However it does say that I have been in an opted out scheme and there is a COPE estimate of £50.06 per week.

So I am unclear, will i get the £9,669 per year from the Government based on the £179.60 per week or would it be £6736.06 based on the £179.60 less the £50.06 per week?
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The £9669.

www.gov.uk

Contracted out of the Additional State Pension

Check if you were contracted out of the Additional State Pension and what it means for your State Pension
www.gov.uk www.gov.uk

A tad complex when written by the government but explains it in a bit more detail.
 
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abu13 said:
I have checked my state pension on the Government site and I have one year to complete before 2036 to hit the 35 year requirement. It states that my forecast is £179.60 per week. However it does say that I have been in an opted out scheme and there is a COPE estimate of £50.06 per week.

So I am unclear, will i get the £9,669 per year from the Government based on the £179.60 per week or would it be £6736.06 based on the £179.60 less the £50.06 per week?
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£9669. The COPE figure is for info only.
 
abu13 said:
I have checked my state pension on the Government site and I have one year to complete before 2036 to hit the 35 year requirement. It states that my forecast is £179.60 per week. However it does say that I have been in an opted out scheme and there is a COPE estimate of £50.06 per week.

So I am unclear, will i get the £9,669 per year from the Government based on the £179.60 per week or would it be £6736.06 based on the £179.60 less the £50.06 per week?
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You don’t have to knock the £50.06 off - it’s not always clear but I’ve seen it stated in a few places that any COPE amount is for illustration only and has already been knocked off the total.

So if they say £179.60, that’s what they mean. The COPE figure Is just to show you that they’ve taken account of the contracted out period.
 
RobMCFC said:
You don’t have to knock the £50.06 off - it’s not always clear but I’ve seen it stated in a few places that any COPE amount is for illustration only and has already been knocked off the total.

So if they say £179.60, that’s what they mean. The COPE figure Is just to show you that they’ve taken account of the contracted out period.
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I found this from a website that explains what that COPE figure us …

“It is simply provided as an indication of the additional retirement income you may receive in retirement from your Contracted Out plan.”

That income is of course part of the private pension(s) where the contributions went into.
 
bluemonkey71 said:
The government keep nudging the age you can collect it after you’ve worked yourself to death paying NI for years. I think their plan is that you pop your clogs before you collect it. Phuckers.
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The argument for raising state pension age was that people were living longer, however the last figures show this is no longer the case, so obviously the retirement age will be lowered again shortly won't it..............
 
flook said:
The argument for raising state pension age was that people were living longer, however the last figures show this is no longer the case, so obviously the retirement age will be lowered again shortly won't it..............
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There is pressure on govt to stop the rise in age after next because of this.
 
denislawsbackheel said:
Power of attorney doesn’t protect you from having to pay for care.
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I didnt say it did. POA allows you to take financial decisions on behalf of someone. My friend (and my parents) spent a fortune to be able to take decisions on behalf of parents in care. A property trust saves care costs, something which also has to be set up and implemented well in advance, hence the "plus" in my original message
.
 
Just double checked my (New)State Pension...

I have 40 years of full contributions
3 years to contribute - to obtain the "full" pension
7 years when I did not contribute enough.

What irritates me, some of the 7 years, I missed out by small amounts of credits but they do not let you pay for those credits after 6 years have passed. I am damned if I was informed at the time, that I was missing credits at the time.
I have only logged onto the website about 5/6 years ago, so have no chance of making amends for past failings.

The 3 years I need to cover to get the full whack, will cost me approx £750 per annum. I took my private pension at 60, so would have to pay out of my pension to fund my new pension.

A trick I did during lockdown, because JCP's were closed was to sign on for JSA. I received 6 months JSA but more importantly had 6 months of credits added to my record, which meant that my £750 has reduced to £443.70 (with the proviso that it may increase after 05/04/2023.

I have since learned from the Daily Fail, that I could still sign on at my local JCP - just in order to claim credits. Sadly I could not find this information from the Government website. So at some point I will have to make a back-dated claim...

I do not know if they physically make you turn up once a fortnight to sign on, but as there is a Greggs nearby, I may make it a day out!
 
Buy back what you can.
You will be in profit in less than 3 years once you start claiming your pension.
 
How do they work out how much you should pay to make up your state pension, the fire service found out about 5/6 years ago all of us hadn’t been laying enough NI to get the full whack state pension. I’ve looked at mine and have 36 years contributions however it says I must contribute for a further 3 years to get the full amount, im about £10 a week short according to the figures. Just to add I’m retiring this year 14 years befure my state pension.
 
Blue Maverick said:
How do they work out how much you should pay to make up your state pension, the fire service found out about 5/6 years ago all of us hadn’t been laying enough NI to get the full whack state pension. I’ve looked at mine and have 36 years contributions however it says I must contribute for a further 3 years to get the full amount, im about £10 a week short according to the figures. Just to add I’m retiring this year 14 years befure my state pension.
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Pretty sure the fire service contacted out of SERPS, until it was changed 5/6 years ago, when your % pension contribution went up slightly.

There is an explanation or link earlier in the thread about making up contributions for those who contracted out of SERPS as all the public sector where as far as I am aware. It meant you DC pension contribution ends ups higher so I wouldn't be too glum either way.
 
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