Retiring

[flook]

You can try to find lost pensions here

Find my pension: tracing and finding lost pensions | MoneyHelper

It’s not always easy to keep track of a pension, especially if you’ve changed scheme or employers. Discover how to find and trace any lost pensions.

www.moneyadviceservice.org.uk

Did this recently, I opted out for 2 years back in the late 80's. Company I was with folded in about 1990 and being a youngster, I promptly forgot all about it.

Tracing it through that website was easy and I was delighted to find the pot I paid into for that time will bring me 4k a year at 65. My state pension is reduced by £18/week as a result of that, according to the statement from HMRC, even though I will have over 40 years paying in when I retire

 

[cyberblue]

Did this recently, I opted out for 2 years back in the late 80's. Company I was with folded in about 1990 and being a youngster, I promptly forgot all about it.

Tracing it through that website was easy and I was delighted to find the pot I paid into for that time will bring me 4k a year at 65. My state pension is reduced by £18/week as a result of that, according to the statement from HMRC, even though I will have over 40 years paying in when I retire

Yes it is annoying how little state pension people recieve after a lifetime of work
Your private pension will probably get taxed once you receive your state pension

 

[Chippy_boy]

Did this recently, I opted out for 2 years back in the late 80's. Company I was with folded in about 1990 and being a youngster, I promptly forgot all about it.

Tracing it through that website was easy and I was delighted to find the pot I paid into for that time will bring me 4k a year at 65. My state pension is reduced by £18/week as a result of that, according to the statement from HMRC, even though I will have over 40 years paying in when I retire

I'm puzzled. Why is your state pension being reduced? The state pension is fixed (based on how many years you've paid in) and is not means tested. You could be on £200k a year in your private pensions and you'd still get the same state pension. What am I missing?

 

[cyberblue]

I'm puzzled. Why is your state pension being reduced? The state pension is fixed (based on how many years you've paid in) and is not means tested. You could be on £200k a year in your private pensions and you'd still get the same state pension. What am I missing?

If you worked for the majority of public services or the armed forces your state pension will be reduced as they stopped paying full contribution to SERPS ( state earning related pension scheme)
Majority of people concerned won't realise this till they receive their state pension
Even if you ask for a forecast it probably won't be accurate
Hope this helps

 

[denislawsbackheel]

Many private companies also opted out.
All newspapers.
All ITV companies.
Just two I know of.

 

[denislawsbackheel]

If you worked for the majority of public services or the armed forces your state pension will be reduced as they stopped paying full contribution to SERPS ( state earning related pension scheme)
Majority of people concerned won't realise this till they receive their state pension
Even if you ask for a forecast it probably won't be accurate
Hope this helps

Written ones are pretty good and by phone they are spot on.
We’ve been through it in the last year as my wife wanted to buy in enough of the last 6 years to get her Max state pension entitlement in July.

 

[cyberblue]

Many private companies also opted out.
All newspapers.
All ITV companies.
Just two I know of.

Bloody he'll I didn't realise that many people will get a shock

Written ones are pretty good and by phone they are spot on.
We’ve been through it in the last year as my wife wanted to buy in enough of the last 6 years to get her Max state pension entitlement in July.

 

[Chippy_boy]

If you worked for the majority of public services or the armed forces your state pension will be reduced as they stopped paying full contribution to SERPS ( state earning related pension scheme)
Majority of people concerned won't realise this till they receive their state pension
Even if you ask for a forecast it probably won't be accurate
Hope this helps

I didn't realise this, but still I am not sure it answers my question. Since the state pension is not means-tested, why is flook's being reduced just because he's found £4k/year of private pension he was previously unaware of?

 

[cyberblue]

Bloody he'll I didn't realise that many people will get a shock

Mine certainly wasn't spot on lo
Was informed on more than one occasion I was getting over £700 a month ,but in reality I get £599 a month and my Health Service Pension now gets taxed
It is what it is & I got my head round it now but as I said previously many are in for a shock

 

[cyberblue]

I didn't realise this, but still I am not sure it answers my question. Since the state pension is not means-tested, why is flook's being reduced just because he's found £4k/year of private pension he was previously unaware of?

Dont no mate maybe he will explain but to me the whole pension thing is a bit if a lottery