Re: Pension question
 

:amen: yep us to

http://www.guardian.co.uk/money/2013...n-changes-mean

You are likely to be required to make 10 years of NI contributions in order to qualify for any state pension. If you have made fewer than 10 years you will not get any state pension. If you have between 10 and 35 years of contributions you will qualify for the pension on a pro rata basis, so 30 years' contributions will entitle you to 30/35s of the full rate, or £123.

Re: Pension question
 

You really need to read the white paper if you want answers to these questions, but the simple answer is no.

I think you need to think about this in the long term, rather the short term, and the transitional issues, which there will always be in any new system. Its about trying to put the pension system into a sustainable position. I have to say, that I personally thought the reduction from 44 years and 39 years to 30 was pretty stupid anyway. 35 years is a much more realistic position.

Re: Pension question
 

This is the same as the current system, except the number of years have increased (see my post above about this) to 35, and the minimum was 1 year.

Re: Pension question
 

totally agree.

Re: Pension question
 

I agree with you re the 30 year thing yet another of Mr Browns great ideas. As for looking at it in the long term well I do understand where you are coming from. However as someone who has worked from age 15 paid my full contributions. Planned for my retirement including buying my house in Spain 5 years ago and since then have just seen mine and my wife's pension plans go downhill. This thing about being opted out as far as I am aware has only come to light in the last few days. I understand why they are doing it but if you are saying I should be happy about the situation then in my opinion that is a bit like asking a turkey to vote for christmas. As I have said one of my wife's problems is that she was a servicemans wife who lost 6 years NI Contributions because she was living overseas with her husband for 6 years rather than working in the UK. I will have to read the white paper as you say.

Re: Pension question
 

If you think you will now be short of years, then you should look at buying some additional years. Under the current system (and cost), it s a no brainer with a payback of about 3.5 years. (the cost may change with the new scheme though, but it doesn't say when). In addition, You should also consider deferring drawing your pension if you can. Unfortunately I think the return on the new scheme will not be as good as it now (10.4%) a year, so if you defer for a year you get 10.4% more (plus the increases). so under the current scheme you get all your money back in about 9 years. Best annuity available. You can defer for more than a year, which is more beneficial ( I think - I'd have to work it out.)- as long as you live long enough. If you have the money on deposit, and you don't need to leave it to your kids, its worth using that, if you need the income, as you get diddly squat in interest (and I don't see that changing). The white paper talks about an increase of 5.2%, so still a good return, but not as good as the current scheme.

You pays your money and takes your choice.

Re: Pension question
 

I have enough years but not sure if my wife will have with the changes but she does have SERP's so we will have to wait and see and get a forecast when it is definately known when it will come in. Actually I have at least 7 years over the 35 required pity I can't give them to my wife to boost her pension lol

As for deferring drawing the pension that has already been taken care of by the government for the wife by 6 years