Pension Pot

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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