| State Pension 11:50 - Jan 6 with 2520 views | Boston |
I have a couple of ex Londoners work with me and they've recently brought up the tax top up payments on offer by the HMRC, basically, is it worth it? On paper it looks a pretty good deal, but it appears debatable that the system will honour, or at least be poor in making these payments. I've recommended they pursue any claims, recently I worked my way through the website and I thought it was a worthwhile additional income for your senior years. The two guys in question are 64 and 53, so one nearing the finish line! Their contribution years are 17 and 12 respectively, from what I can ascertain, it's worth the gamble to pay the deficit. Any tax people onboard? |  |
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| State Pension on 12:08 - Jan 6 with 2394 views | PlanetHonneywood |
I did continue to pay in after I left the UK and I would if I were in their shoes.
They can call the international line for UK state pensions on +44 (0) 191 218 7777. I'm all paid up, but I think you need 35 years for the full monty and you can go back and pay 5 years worth of contributions for unpaid years. Either way, they can call that number or an IFA for up to date and better advice.
It's somewhat ironic that I have just come off the phone from talking to one of my old employers about my plans for their pension which I have to take when I hit 60...seriously, where da fook did all the years go? |  |
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| State Pension on 12:08 - Jan 6 with 2389 views | GloryHunter |
If these guys have officially emigrated to the US, do they realise they won't get the annual index linking (triple lock increase) on their pensions anyway? This might affect their decisions. |  | | |
| State Pension on 12:56 - Jan 6 with 2171 views | DaBurgh |
I called the pensions office on the 10th of October to ask how much I would need to pay to top my pension up to 100%, I am short by 7 years. They told me they would send me an email with the details. After receiving no email after 6 weeks I rang again, they said that my request is on my file and because they are so over worked email responses can take 6 to 10 weeks. This Thursday is 12 weeks and still nothing. The difference between my pension and the full pension is about 44 pounds per week. So depending on how much I need to pay to top up will make up my mind if I do it or not. If you want I'll let you know how much I have to pay for the 7 years, so may help your friends decide. |  | | |
| State Pension on 13:06 - Jan 6 with 2105 views | Boston |
Some years ago I became aware of 'top up's'. At the time I was guided through the system by a very nice Newcastle fan, and while the cheque I start receiving(soon), is not large, it is one of a number of incomes I'm able to tap into if necessary.
Unfortunately for the two lads in question, I cannot recall the procedure, really because I did little but answers questions and the Geordie did all the work.
I did know that they won't get the full benefit, but that's understandable. | |
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| State Pension on 13:53 - Jan 6 with 1935 views | loftboy |
I have 9 years to go, by then I would have paid in for 51 years, surely there should be a set point where you can take it early if you’ve paid enough in. |  |
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| State Pension on 15:00 - Jan 6 with 1783 views | Lblock |
| State Pension on 13:53 - Jan 6 by loftboy |
I have 9 years to go, by then I would have paid in for 51 years, surely there should be a set point where you can take it early if you’ve paid enough in. |
35 years is the minimum but I don’t think you can claim state version till 67 (currently!!!!)
I’ve often wondered why you can’t do your 35 years and stop meaning more disposable income ahead of pension which helps the economy
I don’t have a grasp on pensions at all, minefield!!! |  |
| Cherish and enjoy life.... this ain't no dress rehearsal |
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| State Pension on 15:08 - Jan 6 with 1747 views | Boston |
In the States you're required to work 40 quarters(ten years) to qualify for what's called social security. You may start claiming / receiving payments at 62, but it's a sliding scale, the monthly cheque increases significantly if one delays taking the benefit, maxing out at 70yrs. Basically, if you're in good health and come from a family of long livers, wait 'till you're 70. | |
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| State Pension on 15:27 - Jan 6 with 1639 views | M40R |
When I did the voluntary contributions recently, the rule of thumb was that you got into surplus after 4 years, a bit longer if you have to pay income tax. So plan to live for at least five years! | | | |
| State Pension on 15:31 - Jan 6 with 1619 views | cyprusmel |
Because I was born before 6th April 1951 my pension is 169 -50.
I paid in for over 40 years.
The new state pension for people born after 6th April 1951 is 221-20 and they only have to pay in for 35 years.
A difference of 51-70 a week.
Any politician reading LFW know why. | | | |
| State Pension on 15:41 - Jan 6 with 1586 views | ted_hendrix |
I regret working past my retirement age, I just carried on working because I could I worked a further three Years until just after my 68th birthday.
The retirement was just bliss for many reasons and I knew I'd made a mistake working on.
My Company were brilliant with me (I'd been there nigh on 40 Years) after a couple of years I did sit down with my Director one day when I told him I'd had enough, he/they talked me into going part time on the same benefits (car--life Insurance--33 days annual leave--full sick pay--etcetera--etcetera working three days per week.
Then one Sunday night I said to the Missus tomorrow Is gonna be a stinker of a day at work, she just replied then hand your notice In which I did.
Yes money Is vital when you retire of course It Is but them moments In the evening when you think to yourself, I don't have to do nothing tomorrow, nothing at all, get up when I want, no more arguing with two faced lying clients, blah--blah--blah.
Retirement Is great, I swear by It, get out while you can/If you can. |  |
| My Father had a profound influence on me, he was a lunatic. |
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| State Pension on 15:43 - Jan 6 with 1573 views | Bluce_Ree |
The only two years I'm missing were when I went to uni in my late 20s. Annoyingly, one of those years I'm short by less than 100 quid I think but it's too late to pay it.
That said, I should be alright. I'll hit 35 years when I'm 53 I think. I want to stop working at 55 though. Because f**k working, man. |  |
| Stefan Moore, Stefan Moore running down the wing. Stefan Moore, Stefan Moore running down the wing. He runs like a cheetah, his crosses couldn't be sweeter. Stefan Moore. Stefan Moore. Stefan Moore. |
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| State Pension on 15:56 - Jan 6 with 1524 views | kensalriser |
If you're self-employed you can stop paying the voluntary Class 2 contributions once you've reached the 35 year point and are fully paid up.
Essentially NI has long since been an income tax in all but name and the pension is a benefit.
You should be able to do the contributions check online here:
https://www.gov.uk/check-national-insurance-record |  |
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| State Pension on 17:45 - Jan 6 with 1242 views | JimmyR |
| State Pension on 15:00 - Jan 6 by Lblock |
35 years is the minimum but I don’t think you can claim state version till 67 (currently!!!!)
I’ve often wondered why you can’t do your 35 years and stop meaning more disposable income ahead of pension which helps the economy
I don’t have a grasp on pensions at all, minefield!!! |
35 is the max
No extra at retirement for more that 35 yrs
OP - yes it is worth it
SPA is nearly 12.5k p/a index linked if you wanted to buy that as an annuity it would be 250/300k
If your move abroad you don’t get increase in payment for inflation but your could keep a uk address at a friends house, you need a credit file basically | | | |
| State Pension on 17:53 - Jan 6 with 1194 views | CiderwithRsie |
There's no question over "the system" honouring the payments, this is the UK not some banana republic.
If you have a gap in your contribution record such that you won't get the full pension it is nearly always worth paying the voluntary NICs, if you can find the money without putting yourself into schtuck. Follow up the Martin Lewis links given earlier, he's very sound on this stuff.
The only two reasons (other than not having the spare cash) not to pay are:
1. If you know you aren't likely to survive long after retirement age - grim thought but it happens.
2. If you've already paid enough - you are (or at least used to be - if in doubt I'd check) allowed a few "years off" (from memory it used to be five years, starting from 16, so if you stayed on at school to 18 you've had two already and if you do three years at university that's the rest.) There was also a complicated rule for people who die before reaching retirement age (when obviously they don't get to claim, but their widow/widower can.) | | | |
| State Pension on 18:23 - Jan 6 with 1117 views | Mick_S |
| State Pension on 15:41 - Jan 6 by ted_hendrix |
I regret working past my retirement age, I just carried on working because I could I worked a further three Years until just after my 68th birthday.
The retirement was just bliss for many reasons and I knew I'd made a mistake working on.
My Company were brilliant with me (I'd been there nigh on 40 Years) after a couple of years I did sit down with my Director one day when I told him I'd had enough, he/they talked me into going part time on the same benefits (car--life Insurance--33 days annual leave--full sick pay--etcetera--etcetera working three days per week.
Then one Sunday night I said to the Missus tomorrow Is gonna be a stinker of a day at work, she just replied then hand your notice In which I did.
Yes money Is vital when you retire of course It Is but them moments In the evening when you think to yourself, I don't have to do nothing tomorrow, nothing at all, get up when I want, no more arguing with two faced lying clients, blah--blah--blah.
Retirement Is great, I swear by It, get out while you can/If you can. |
Regarding the regret, Ted, my cousin who is a wealthy bloke said exactly the same thing. |  |
| Did I ever mention that I was in Minder? |
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| State Pension on 18:24 - Jan 6 with 1106 views | DavieQPR |
I was born before 1951 and although the basic pension is smaller the Earnings Related part pushes to significantly more than the new pension. |  | | |
| State Pension on 18:46 - Jan 6 with 1035 views | themodfather |
If you die before getting your state pension can your family make a claim on what you paid in ? | | | |
| State Pension on 18:58 - Jan 6 with 991 views | GaryHaddock |
| State Pension on 17:53 - Jan 6 by CiderwithRsie |
There's no question over "the system" honouring the payments, this is the UK not some banana republic.
If you have a gap in your contribution record such that you won't get the full pension it is nearly always worth paying the voluntary NICs, if you can find the money without putting yourself into schtuck. Follow up the Martin Lewis links given earlier, he's very sound on this stuff.
The only two reasons (other than not having the spare cash) not to pay are:
1. If you know you aren't likely to survive long after retirement age - grim thought but it happens.
2. If you've already paid enough - you are (or at least used to be - if in doubt I'd check) allowed a few "years off" (from memory it used to be five years, starting from 16, so if you stayed on at school to 18 you've had two already and if you do three years at university that's the rest.) There was also a complicated rule for people who die before reaching retirement age (when obviously they don't get to claim, but their widow/widower can.) |
‘this is the UK not some banana republic‘
We’re behind the Seychelles in Transparency International corruption index. |  | | |
| State Pension on 01:25 - Jan 7 with 625 views | NewBee |
| State Pension on 18:58 - Jan 6 by GaryHaddock |
‘this is the UK not some banana republic‘
We’re behind the Seychelles in Transparency International corruption index. |
We're only "behind" the Seychelles alphabetically.
In fact we're 20th equal with them (and Austria and France).
Which you may consider to be a poor showing given that we're behind eg Switzerland, Germany and Netherlands.
Alternatively, you may be encouraged by the fact we're still ahead of 157 other countries, including eg USA, South Korea, Portugal and Spain.
https://images.transparencycdn.org/images/Report_CPI2023-EMBARGOED-UNTIL-07-01-A
Meanwhile, back on topic (kinda), as I understand it, the UK State Pension is not generous when compared with other countries with similar economies and development. However, we are making better progress than many of those in persuading people to save into private pensions.
Also by extending the age at which people are eligible, we should have a better chance of avoiding unaffordability due to the demographic timebomb facing many other countries. (France, where it's 62-64 depending when born, is especially vulnerable, with Macron facing huge problems in trying to extend.) | | | |
| State Pension on 01:43 - Jan 7 with 599 views | Benny_the_Ball |
| State Pension on 12:56 - Jan 6 by DaBurgh |
I called the pensions office on the 10th of October to ask how much I would need to pay to top my pension up to 100%, I am short by 7 years. They told me they would send me an email with the details. After receiving no email after 6 weeks I rang again, they said that my request is on my file and because they are so over worked email responses can take 6 to 10 weeks. This Thursday is 12 weeks and still nothing. The difference between my pension and the full pension is about 44 pounds per week. So depending on how much I need to pay to top up will make up my mind if I do it or not. If you want I'll let you know how much I have to pay for the 7 years, so may help your friends decide. |
You can find this all out online. They know this so I wouldn't hold your breath waiting for them to call back. |  | | |
| State Pension on 01:59 - Jan 7 with 582 views | SydneyRs |
| State Pension on 12:08 - Jan 6 by GloryHunter |
If these guys have officially emigrated to the US, do they realise they won't get the annual index linking (triple lock increase) on their pensions anyway? This might affect their decisions. |
This also applies to Australia | | | |
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