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Pension Options

Pension Options

Old Nov 10th 2020, 5:49 pm
  #46  
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Default Re: Pension Options

All figures in pounds.

Ok so I think I worked this out correctly.

P has 26 years
D has 28 years
Topping up P to full 35 years would make a difference of 42 per week = 2184 per year
Topping up D to full 35 years would make a difference of 32 per week = 1664 per year

If it was Class 3 at 795 per year top up it would still make a difference as/if we get basic state pension but obviously a hell of a lot cheaper if it was classed as Class 2. The difference being the hit in the wallet now.

Also how do you calculate if the company scheme you were in whilst in the UK contracted out of SERPS ?

Last edited by Tangram; Nov 10th 2020 at 6:08 pm.
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Old Nov 10th 2020, 5:59 pm
  #47  
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Default Re: Pension Options

All figures in pounds.

OK the way I've read the site is because the bank I worked for contracted out for most of my working life with them, I would only be eligible for basic state pension at 134.25 per week, not 164.35.

Working on the basic state pension figure instead, that would make a difference for P to be 936 pa and D as 468 pa. So not worth it if it is Class 3 for D and barely worth it for P.

Trying to find the number of years you were contracted out though is a nightmare.

Will see what the correspondence says when I get it from NI when that arrives.

These two posts are also ignoring the fact that you could plonk the money into a few TFSAs over here in Canada with immediate access and unknown growth and retirement age going up to 67 between 2026 and 2028 before we reach it.

Probably a non starter for us I think. We shall see.

Last edited by Tangram; Nov 10th 2020 at 6:14 pm.
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