Retiring

[squirtyflower]

£4K tv pension.
We calculated every year she bought back from the last 6 would put her in profit inside 3 years.
No brainer.

In that case it is a no brainier.
My Mrs is looking at doing the same as she hasn’t reduced her contracted out years after leaving public service because she started her own company and dint pay herself a salary.

 

[dickie davies]

I've checked my state pension forecast and thought I needed a few extra years of NI contributions as I was self employed for twelve years of my working life
The forecast tells me I'm entitled to the whole lot as I have a full 42 years of NI contributions and I contracted out of SERPS about 30 years ago

I know where I am in life and know I'm never going to be a millionaire.I have my financial plan in place which should give me a comfortable retirement and the means to travel

 

[sky tot]

I've checked my state pension forecast and thought I needed a few extra years of NI contributions as I was self employed for twelve years of my working life
The forecast tells me I'm entitled to the whole lot as I have a full 42 years of NI contributions and I contracted out of SERPS about 30 years ago

I know where I am in life and know I'm never going to be a millionaire.I have my financial plan in place which should give me a comfortable retirement and the means to travel

When you were self employed you must of paid NI stamp or contribution. I’ve been self employed since I was 18 I’m now nearly 56 . I’ve always paid my NI contributions and I’m entitled to a full pension £175 in 11 years time .

 

[dickie davies]

When you were self employed you must of paid NI stamp or contribution. I’ve been self employed since I was 18 I’m now nearly 56 . I’ve always paid my NI contributions and I’m entitled to a full pension £175 in 11 years time .

I did indeed and it was an awful lot less than I pay now as an employee

 

[sky tot]

I did indeed and it was an awful lot less than I pay now as an employee

Yep

 

[117 M34]

Most of my career has been in the public service and so we were contracted out of SERPS.
The new state pension introduced in 2016 is now about £175 per week. Much better than the old basic pension. However mine will be less than that due to the contracting out situation.

I've got another 30 years before I need to worry about it but the 'gold plated pension' isn't all it's made out to be?

 

[squirtyflower]

I've got another 30 years before I need to worry about it but the 'gold plated pension' isn't all it's made out to be?

the pension, including the one they introduced in 2015, is superb compared to any private pension.

 

[Maccblue]

How do the contributions work as a ltd co
In respect to the state pension ?
I am a self employed contractor
I only earn minimum wage as a director
The rest in dividends ?
26 years cards in before 8 years ltd ?
I did pay NI a few years back when I first went contracting , only £2 a week

 

[Citizen of Legoland]

How do the contributions work as a ltd co
In respect to the state pension ?
I am a self employed contractor
I only earn minimum wage as a director
The rest in dividends ?
26 years cards in before 8 years ltd ?
I did pay NI a few years back when I first went contracting , only £2 a week

Assuming the payroll is done correctly by the company accountant, then even though you don't earn enough to pay NI you do get full stamp.

 

[flook]

How do the contributions work as a ltd co
In respect to the state pension ?
I am a self employed contractor
I only earn minimum wage as a director
The rest in dividends ?
26 years cards in before 8 years ltd ?
I did pay NI a few years back when I first went contracting , only £2 a week

your accountant should have set your salary level so you may the minimum amount for full NI stamp