Retiring

[squirtyflower]

I’ve missed 32 years effectively, I’d have to have a serious look at it and crunch the numbers. I didn’t even know I got it for my school years until I checked.

Have a look at how much you will actually get.

You will have your Fire pension and the state pension should be considered as a top up to that.
Its not a worry about the state pension because the minimum is more that £125 a week and a lot of people have just that and nothing else.

 

[RobMCFC]

Your wife is not credited NI for every year of child benefit. She is credited until the youngest child is 12.

Yeah, sounds about right. Point is, you get credited for more than your working years and it can add up nicely (depending on what your expectations were to start with!!!)

 

[denislawsbackheel]

Also if you are a carer and get carers allowance you get full NI credit too and if you are a grandparent under state pension age looking after grandkids so the parents can work (and therefore paying NI) you can be credited with their NI credits they get through child benefit.

 

[Blue Maverick]

Have a look at how much you will actually get.

You will have your Fire pension and the state pension should be considered as a top up to that.
Its not a worry about the state pension because the minimum is more that £125 a week and a lot of people have just that and nothing else.

Ye I know pal, personally I don’t think it would be worth it it says you can buy 10 years at around £800 a year so £8k. It would bump it up by £20 a week I’d get around £1k etc a year so I would have to live to 76 to start getting it back, tbh I don’t think I’ll need it then lol

 

[cyberblue]

Have a look at how much you will actually get.

You will have your Fire pension and the state pension should be considered as a top up to that.
Its not a worry about the state pension because the minimum is more that £125 a week and a lot of people have just that and nothing else.

My state pension is £599 per month
I worked for 3 month at Pauldens ( Debenhams) after leaving school at 15 then joined the Royal Navy for 8 years after working at a bakery for 12 month I was in the Health Service for 30 years till i got made redundant then 5 years as a driving instructor .From 1969 to 2015. I was out of work for 5 month .So after working about 45 years my State Pension ain't great
I used the dot.govuk calculator before my pension date and always came up saying would get £700 plus per month oops
Since I got my state pension my health service pension now gets taxed
I can manage but feel for people who will be getting state pension in the next few years as some like me might get a bit of a shock

 

[cyberblue]

In the fire service we only found this out a few years ago, nobody knew we were paying less in NI than we should’ve been! That’s now been rectified however I’m way to near retiring for me to gain anything for it. You can go on the government website to see how many years youve contributed, currently you need to do 35 years and it will give you a projection for your state pension. Interestingly I found out I went into 6th form at 16 years old and the government pays your stamp! I thought I hadn’t made 35 years but I have thanks to that.

I went on the .govuk website it always said I was getting £700 plus bit of a shock when I didn't get it

 

[denislawsbackheel]

Ye I know pal, personally I don’t think it would be worth it it says you can buy 10 years at around £800 a year so £8k. It would bump it up by £20 a week I’d get around £1k etc a year so I would have to live to 76 to start getting it back, tbh I don’t think I’ll need it then lol

You cannot buy back more than the last 6 years.

 

[denislawsbackheel]

My state pension is £599 per month
I worked for 3 month at Pauldens ( Debenhams) after leaving school at 15 then joined the Royal Navy for 8 years after working at a bakery for 12 month I was in the Health Service for 30 years till i got made redundant then 5 years as a driving instructor .From 1969 to 2015. I was out of work for 5 month .So after working about 45 years my State Pension ain't great
I used the dot.govuk calculator before my pension date and always came up saying would get £700 plus per month oops
Since I got my state pension my health service pension now gets taxed
I can manage but feel for people who will be getting state pension in the next few years as some like me might get a bit of a shock

The online calculator is very hit and miss.
For an accurate estimate phone up or ask for one to be sent to you through the online request link.

 

[Blue Maverick]

You cannot buy back more than the last 6 years.

Sorry I’d read and old link, seems it’s a running six years so I’d onky be able to buy 3 now, nit really worth it tbh.

 

[cyberblue]

The online calculator is very hit and miss.
For an accurate estimate phone up or ask for one to be sent to you through the online request link.

About 2 years ago 5 of us enquired round the same time. We were all given it in writing that we would all get £700 plus
All had completely different circumstances.Some were part time while another had spent many years receiving benefits.
So I think even getting it in writing is hit & miss
It only when you receive it, you realise what a pathetic amount it is for a life time of work & after paying into the system all your working life

 

[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