Retiring

[squirtyflower]

Thank God.

I am sure you remember the phrase "pension timebomb". People have not been saving enough for their pensions for years and as the population ages, and people live longer and longer, this is eventually going to bite us in the arse, big time. The very LAST thing the government should be doing is removing encouragements to save for your retirement.

To be honest with you, very few people I work with, and they are high earners in the public sector, understand the concept of tax relief on their contributions.
Some of the younger ones are dumb enough to even leave the scheme where the employer contributes 23% to their 9%.

 

[squirtyflower]

Forget retiring anyone over 65 will be dead at this rate after listening to the news.

Depressing

Not long left then for me.

 

[Chippy_boy]

To be honest with you, very few people I work with, and they are high earners in the public sector, understand the concept of tax relief on their contributions.
Some of the younger ones are dumb enough to even leave the scheme where the employer contributes 23% to their 9%.

I might add, you have to love the public sector. 23% + 9% ???? The best I have EVER had in the private sector was 6 + 3. Currently I get a maximum 4% from my employer so long as I put in 5%.

 

[squirtyflower]

Yes you will probably get the same as me
I didn't have a clue I was contracted out of SERPS so it came as a bit of a shock
Even worse when my Health Service Pension got taxed
Good Luck with yours

Cheers.
I fully understand what happened and how much it will affect me as I have been working for a public sector union for over six years advising their members on their pensions.
But those six years have also added to my full contributions and my pension has gone up by about £25 per week.

 

[Millwallawayveteran1988]

State benefits - Money guide - Royal London

There's a wide range of state benefits available if you’re struggling to make ends meet. Find out what benefits you're entitled to, the help available and more.

www.royallondon.com

Some useful information in here about the State Pension and how contracting out can affect this.

 

[Kazzydeyna]

State benefits - Money guide - Royal London

There's a wide range of state benefits available if you’re struggling to make ends meet. Find out what benefits you're entitled to, the help available and more.

www.royallondon.com

Some useful information in here about the State Pension and how contracting out can affect this.

That's an excellent article mate. Thanks for posting.

If I'm reading it correctly then I've answered my earlier pension, ie: I should still receive the pension of 175/week despite having a COPE amount of just over 39/week???

I feel sorry for my daughter's generation. They're going to get royally screwed at some point.

 

[Millwallawayveteran1988]

That's an excellent article mate. Thanks for posting.

If I'm reading it correctly then I've answered my earlier pension, ie: I should still receive the pension of 175/week despite having a COPE amount of just over 39/week???

I feel sorry for my daughter's generation. They're going to get royally screwed at some point.

Your state pension forecast explained - Which?

Your state pension forecast estimates how much state pension you'll get from the government. Find out what the state pension forecast includes and how you can get one.

www.which.co.uk

This explains it a bit more.

I think a lot of the younger generation will be saved by.

1. Auto Enrolment
2. Inheritance (and when a bit younger than this generation)

 

[denislawsbackheel]

It all depends on your NI profile.
You need 35 years of full contributions to get the full pension, doesn’t matter when that is achieved.

My Mrs reaches 66 in July.
She has a contracted out private pension.
She has 39 years state pension contributions.
Still had to buy extra years to get her full entitlement.

 

[squirtyflower]

My Mrs reaches 66 in July.
She has a contracted out private pension.
She has 39 years state pension contributions.
Still had to buy extra years to get her full entitlement.

And why is that different to what I posted?
Your Mrs has a similar profile to mine, I was under the full 35 years by a considerable amount but after leaving my previous job I started paying a full NI which has led to an increase in my state pension.

You need 35 full years to get the full pension. Your Mrs, out of her 39 years, has been contracted out, just as you say, therefore no full pension without the years buyback.

But is it worth it. Assuming she has occupational pension plus her state pension?

 

[denislawsbackheel]

so it’s not just 35 years contributions that get you a full state pension then?
People who contracted out still paid NI.
My Mrs has £4K tv pension.
As far as state pension goes We calculated every year she bought back from the last 6 would put her in profit inside 3 years.
No brainer.