NI contributions and catch up
#16
Re: NI contributions and catch up
I guess in about 40 years time, when the youngsters that will be starting work post April 2016 are coming up to retirement, things might just be a bit simpler....
#17
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Re: NI contributions and catch up
Not according the government factsheet - https://www.gov.uk/government/upload...fact-sheet.pdf - check out the 'Myth Busting' section ....
At age 68 for a state pension at the moment, some will die before they claim. Under the new rules, their partner will not benefit from their state pension that they never claimed either. That's two savings there for the welfare state.
Last edited by formula; Mar 14th 2014 at 11:37 am.
#18
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Re: NI contributions and catch up
When they changed from 39/44 to 30 years, some missed the cutoff and couldn't have a full state pension as they didn't have 39/44. Those born a few days later got a full pension if they had less than 39/44 but had at least 30 years as they came under the new rules; which then changed again.
The best plan is not to rely on a state pension, then you won't be dissapointed
Last edited by formula; Mar 14th 2014 at 11:44 am.
#19
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Re: NI contributions and catch up
Probably this has been covered earlier in the thread or in another thread, so apologies for that.
I will reach British state pension age in August 2015, my 65th birthday. Does that mean (in relation to the new system coming in in 2016) that on the one hand, I only need 30 years to get the full pension, but on the other hand, the full pension for me and my peers is lower?
I will reach British state pension age in August 2015, my 65th birthday. Does that mean (in relation to the new system coming in in 2016) that on the one hand, I only need 30 years to get the full pension, but on the other hand, the full pension for me and my peers is lower?
#20
Re: NI contributions and catch up
Probably this has been covered earlier in the thread or in another thread, so apologies for that.
I will reach British state pension age in August 2015, my 65th birthday. Does that mean (in relation to the new system coming in in 2016) that on the one hand, I only need 30 years to get the full pension, but on the other hand, the full pension for me and my peers is lower?
I will reach British state pension age in August 2015, my 65th birthday. Does that mean (in relation to the new system coming in in 2016) that on the one hand, I only need 30 years to get the full pension, but on the other hand, the full pension for me and my peers is lower?
#21
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Re: NI contributions and catch up
Probably this has been covered earlier in the thread or in another thread, so apologies for that.
I will reach British state pension age in August 2015, my 65th birthday. Does that mean (in relation to the new system coming in in 2016) that on the one hand, I only need 30 years to get the full pension, but on the other hand, the full pension for me and my peers is lower?
I will reach British state pension age in August 2015, my 65th birthday. Does that mean (in relation to the new system coming in in 2016) that on the one hand, I only need 30 years to get the full pension, but on the other hand, the full pension for me and my peers is lower?
#22
Re: NI contributions and catch up
I'm not too sure if deferring receipt of your pension until after April 2016 (even if eligible earlier) would put you into the new system.
#23
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Re: NI contributions and catch up
Yes, you can make up contributions... but I don't think you can change the fact that if you start collecting your pension before April 2016, you will be on the current system not the new, single tier system.
I'm not too sure if deferring receipt of your pension until after April 2016 (even if eligible earlier) would put you into the new system.
I'm not too sure if deferring receipt of your pension until after April 2016 (even if eligible earlier) would put you into the new system.
If I were turning 65 in the next year or 2 I would delay if I didn't need the money until the law becomes clear.
#24
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Re: NI contributions and catch up
I can't find any articles, maybe as it is not law yet, but I remember an episode of Money Box where they were discussing this with the pensions minister and there is a scheme proposed for the folks about to retire under the old system.
If I were turning 65 in the next year or 2 I would delay if I didn't need the money until the law becomes clear.
If I were turning 65 in the next year or 2 I would delay if I didn't need the money until the law becomes clear.
http://www.thisismoney.co.uk/money/p...e-pension.html
Chancellor George Osborne announced in his Autumn Statement that pensioners missing out on the flat-rate £155-a-week state pension will get the chance to boost their incomes in a six month window between October 2015 and April 2016.
It is thought that pensioners will be able to purchase between £1 and around £25-a-week that will be paid as benefits on top of their basic state pension and additional state pension (S2P or Serps).
It is thought that pensioners will be able to purchase between £1 and around £25-a-week that will be paid as benefits on top of their basic state pension and additional state pension (S2P or Serps).
In his speech, Mr Osborne said: 'I can announce that we are also going to offer current pensioners an opportunity to make voluntary national insurance contributions to boost their income in retirement.
'We will also extend this opportunity to those who reach pension age before the introduction of the single tier pension.
'This will help those who haven’t built up much entitlement to the Additional State Pension, especially women and the self-employed.'
'We will also extend this opportunity to those who reach pension age before the introduction of the single tier pension.
'This will help those who haven’t built up much entitlement to the Additional State Pension, especially women and the self-employed.'
#25
Re: NI contributions and catch up
I just looked again at the fact sheet I linked to earlier - https://www.gov.uk/government/upload...fact-sheet.pdf
and that states that it is the date that you reach pension eligibility that determines if you are on the new single tier pension or not - deferring wont make any difference.
and that states that it is the date that you reach pension eligibility that determines if you are on the new single tier pension or not - deferring wont make any difference.
#26
Re: NI contributions and catch up
This discusses the proposal for buying more credits for existing pensioners.
http://www.thisismoney.co.uk/money/p...e-pension.html
http://www.thisismoney.co.uk/money/p...e-pension.html
Hopefully, it will get a bit more publicity once the details are announced.
#27
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Re: NI contributions and catch up
I just looked again at the fact sheet I linked to earlier - https://www.gov.uk/government/upload...fact-sheet.pdf
and that states that it is the date that you reach pension eligibility that determines if you are on the new single tier pension or not - deferring wont make any difference.
and that states that it is the date that you reach pension eligibility that determines if you are on the new single tier pension or not - deferring wont make any difference.
Yep, keep monitoring, and hoping.
#28
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Re: NI contributions and catch up
This discusses the proposal for buying more credits for existing pensioners.
http://www.thisismoney.co.uk/money/p...e-pension.html
http://www.thisismoney.co.uk/money/p...e-pension.html
I just looked again at the fact sheet I linked to earlier - https://www.gov.uk/government/upload...fact-sheet.pdf
and that states that it is the date that you reach pension eligibility that determines if you are on the new single tier pension or not - deferring wont make any difference.
and that states that it is the date that you reach pension eligibility that determines if you are on the new single tier pension or not - deferring wont make any difference.
My situation is that I started paying Class 2 NICs about three or four years ago, but I obviously should have started earlier as I currently have 27 years altogether, I believe, but I'm 63 years old. (I had 19 years of stamps as a result of working up to 1991.)
#29
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Re: NI contributions and catch up
#30
Re: NI contributions and catch up
IMHO a state pension is still a vital component of retirement income. It provides steady, inflation linked income and its a nice complement to any other retirement funds you have.