State pension changes

[Tashyboy]

Mr an Missis tash are talking about the changes in future state pensions. Predominately, at the moment if you have 30 years NI contributions you qualify for full state pension, but as from April 2017 you have to have paid 35 years contributions.

my question is how can you find out how many years you have paid into NI contributions

Tashyboy will have paid 36 yr plus when he retires (hopefully) later this year.
however Missis tash in her career as a nurse, mansfield shoe co, broken service etc in unsure of how many years she will have worked therefore paid into The "NI system".

furthermore if she does not have the full 35 years how does she know what her percentage would be.

any help would be gratefully appreciated.

 

[upsidedown]

https://www.gov.uk/calculate-state-pension

 

[Old Skier]

Go to the UK.gov web site look up pensions and send off for a forecast. Takes about a month

 

[Tashyboy]

Cheers gents will get Missis tash onto it.

 

[Deleted Member 1156]

Out of interest, why don't you say 'I' or 'we'?

 

[SocketRocket]

If a Woman takes time off work to raise children she can be credited years of NI contributions when Child Benefit was claimed.

Under the new rules you can lose some NI qualifying years if you have been contracted out of the full contributions for a Final Salary pension scheme.

 

[Tashyboy]

Cheers socket for that. Missis tash spent ages on the gov site last night and downloaded a form re requesting how many years she had. Filled it in and it's now on its way. It will be interesting because she is not aware of the years for raising kids issue.
I understand the raising from 30 to 35 years bit as we're all getting older but someone working on 50 k a year is contributing a lot more than someone on 10 k a year but they may not get 35 yr in so do they get a lesser pension than someone who does 35 yr at 10k per year.

Drive for show, Lord knows why I don't say we, I ,us. Someone once called my beloved, Missis tash and it sort of stuck. Funny you should say that though coz when I first joined this site I kept seeing references to HID and thought it was a reference to summat HID had said in a post and spent ages looking for it but obviously never could. It was about 2 months before the penny dropped that HID was her in doors. I asked Missis tash/ HID what that was all about.

strange times at the tash household at the mo trying to work out tashyboys six pending pensions I will be getting over the years and HID😜pensions and trying to work out if we will have enough to get us through the retirement wilderness. Oh um.

 

[Deleted Member 1156]

Ah interesting, just thought it would be easier to use shorter/less words, I know how you silver surfers struggle with all this technology

I've got some pension decisions to make as I turn 55 this year. Do I leave it alone or take it out and look to invest elsewhere.......

 

[SocketRocket]

Cheers socket for that. Missis tash spent ages on the gov site last night and downloaded a form re requesting how many years she had. Filled it in and it's now on its way. It will be interesting because she is not aware of the years for raising kids issue.
I understand the raising from 30 to 35 years bit as we're all getting older but someone working on 50 k a year is contributing a lot more than someone on 10 k a year but they may not get 35 yr in so do they get a lesser pension than someone who does 35 yr at 10k per year.

Drive for show, Lord knows why I don't say we, I ,us. Someone once called my beloved, Missis tash and it sort of stuck. Funny you should say that though coz when I first joined this site I kept seeing references to HID and thought it was a reference to summat HID had said in a post and spent ages looking for it but obviously never could. It was about 2 months before the penny dropped that HID was her in doors. I asked Missis tash/ HID what that was all about.

strange times at the tash household at the mo trying to work out tashyboys six pending pensions I will be getting over the years and HID😜pensions and trying to work out if we will have enough to get us through the retirement wilderness. Oh um.

It doesn't matter what your salary was for the qualifying years you only need to have paid full NI contributions. The BIG difference is when you retire, currently if qualified you get the full basic pension plus additional pension for the 'additional state pension' contributions you have paid. As I said before, people 'contracted out' of the additional state pension don't accrue these additional amounts.

Anyone reaching State Pension age from 6 th April 2016 will get the 'New State Pension' which has a higher basic rate than present but needs more qualifying years of NI contributions than at present. It's quite complicated regarding full qualification but as you are aware you can get a forecast.

What I dislike is that people that are currently State Pensioners do not get the new higher rate so the system will create a two tier pension depending on when you reach pensionable age. Some people could get a much reduced pension due to being a few days older when the new scheme kicks in, they could also have paid considerably more qualifying years.

 

[Old Skier]

Anyone reaching State Pension age from 6 th April 2016 will get the 'New State Pension' which has a higher basic rate than present but needs more qualifying years of NI contributions than at present. It's quite complicated regarding full qualification but as you are aware you can get a forecast.

Im don't think that is quite correct as I will be of pensionable age in just under 4 years time and I will be on the lower. There are a few over the next few years who will be disadvantaged but as you say it does get quite complicated.

 

[Tarkus1212]

As I get nearer and nearer to reaching retirement age I've been trying to sort out the minefield that it my pension. Having been made redundant four times to date my company pensions are all over the place. I have a personal pension that I contribute to monthly and I know I contracted out of SERPS many moons ago on the advice of my first pension provider so I'm probably going to get the minimum state pension. All in all it's a complete mess, I consider myself a reasonably intelligent person but I am struggling to get to grips with exactly what income I'm likely to be receiving in retirement. I'm getting the impression that my wife and I won't be going on many foreign holidays or keeping the UK motor manufacturers afloat (she'll be ok if I pop my clogs while still working though!).

 

[JustOne]

I have no pension whatsoever that I am aware of.... big bottle of paracetamol on my 65th if I make it that far.

 

[SocketRocket]

Im don't think that is quite correct as I will be of pensionable age in just under 4 years time and I will be on the lower. There are a few over the next few years who will be disadvantaged but as you say it does get quite complicated.

I think you will be on the new state pension arrangements. Take a look at this Government information site.

https://www.gov.uk/new-state-pension/overview

 

[Golfmmad]

I reached retirement age last December and I'm sure that you can get quite an accurate forecast of what to expect at 65, even from a few years out. Of course you have to fill in all your details - NI number, how many years in full time employment etc. Then from approx. 6 months out a real figure is given, which you can do online.

 

[chrisd]

Coo I didn't realise you were 65!!! :lol:

 

[Golfmmad]

Coo I didn't realise you were 65!!! :lol:

Ha, I know I don't look it Chris - I'll be catching you soon!

:thup:

 

[Tashyboy]

Socket, post no 9 more or less answers all the questions I was asked today by 3 playing partners when we cried off after 6 holes. But I did not have the answers to.
like one of the other guys has said, I consider myself about average intelligence, but pensions fuddle my brain now. So Lord knows what I will be like when I am older and losing it.
Like I say, Missis tash has now sent off her enquiry, but one of the lads has said today and said if she is a year or two short she can pay extra to top up her NI contributions. But will cross that bridge in a month or so.

 

[Region3]

I have no pension whatsoever that I am aware of.... big bottle of paracetamol on my 65th if I make it that far.

You're going to stop working when you're 65?

 

[Hobbit]

I have 4 different pension pots plus the state pension to come. When I checked the private ones they amount to half of bu99er all! Only another 30 yrs till I'll reach pensionable age, assuming the goals posts don't get moved again.