Retirement

[DaveH]

Presumably you didn't start off in that position and you didn't go downwards on the ladder to get your current position? So you'd only put the single job role on your CV as work experience?
What if you were made redundant next week? I hope it doesn't happens like. But would you still not list other jobs on your CV? Or do you mean only after retirement...

A job advert only usually says relevant experience on a CV. I don’t list work I had as a student as it was not main career stuff. I did try something different 18 years ago and worked doing IT forensics for the police. That occupies 2 lines for me. The job title and place of work and about 12 words to describe what I did.

 

[Fletch]

That’s a great summary! Please tell everyone about the different types of drawdown next.

got cramp in fingers still, just think loads dont understand the basics and could easily be taken advantage of.
To be fair up until few year back I never gave pensions a second thought myself, lifes too short

Fantastic post mate, can I add regarding your last paragraph (state pensions)
That the 35 years have to be contracted into SERPS, as I understand it most of the public service pension contributions are contracted out of SERPS.
And crucially it doesn't differentiate on your government gateway records, there is a phone number you can call DWP 0800 731 0181 which will tell you how many years you have towards the state pension and if they are contracted in or out of SERPS.
HMRC 0300 200 3500 to pay additional NI years, I think you can only go back a certain amount of years. (Someone will know)

not certain that is the case mate, i read before that the bit about being contracted out (COPE ?) on the govt gateway you should just ignore now and that either way if paid your 35 years NI then you will get full State Pension, and that it was only relevant if you retired pre 2016 or summit similar ?
Mind you, I could be wrong, Im certainly not doubting what you say
Be interesting to know for definite

 

[Matt Hopkins]

not certain that is the case mate, i read before that the bit about being contracted out (COPE ?) on the govt gateway you should just ignore now and that either way if paid your 35 years NI then you will get full State Pension, and that it was only relevant if you retired pre 2016 or summit similar ?
Mind you, I could be wrong, Im certainly not doubting what you say
Be interesting to know for definite

I've said on here or another thread that the 35 years only applies to people born this century, anyone contributing before 2016 will be on a transitionary amount,
As an example I started work in 1983 and packed in 2023 so I had 39 years in, out of that I was contracted out (in a DB scheme) for 9 years. So 39-9=30 years.
My state pension is approx new state pension plus 10%. That's after checking on the Government Gateway and speaking to DWP.

That’s a great summary! Please tell everyone about the different types of drawdown next.

Nobody can type that much.

 

[Will e]

got cramp in fingers still, just think loads dont understand the basics and could easily be taken advantage of.
To be fair up until few year back I never gave pensions a second thought myself, lifes too short

not certain that is the case mate, i read before that the bit about being contracted out (COPE ?) on the govt gateway you should just ignore now and that either way if paid your 35 years NI then you will get full State Pension, and that it was only relevant if you retired pre 2016 or summit similar ?
Mind you, I could be wrong, Im certainly not doubting what you say
Be interesting to know for definite

I have 44 years of contributions, I haven't got enough (just yet) for the full state pension, not the basic or lower pension(not sure what they are called) because 10 years are with the local authority, so 34 years. I'm not saying either way just my experience. I would definitely be interested to know exactly what the rules are.
But the government gateway doesn't differentiate between in or out for SERPS.

 

[AndrewP]

Fantastic post mate, can I add regarding your last paragraph (state pensions)
That the 35 years have to be contracted into SERPS, as I understand it most of the public service pension contributions are contracted out of SERPS.
And crucially it doesn't differentiate on your government gateway records, there is a phone number you can call DWP 0800 731 0181 which will tell you how many years you have towards the state pension and if they are contracted in or out of SERPS.
HMRC 0300 200 3500 to pay additional NI years, I think you can only go back a certain amount of years. (Someone will know)

What's the point of the online thing if it doesn't tell you if you were contracted out of serps?

 

[Hair Flick]

I have 44 years of contributions, I haven't got enough (just yet) for the full state pension, not the basic or lower pension(not sure what they are called) because 10 years are with the local authority, so 34 years. I'm not saying either way just my experience. I would definitely be interested to know exactly what the rules are.
But the government gateway doesn't differentiate between in or out for SERPS.

I thought it did. Or at least says if you made enough contributions for any given tax year.

 

[Will e]

What's the point of the online thing if it doesn't tell you if you were contracted out of serps?

One of my thoughts, I had to call the number I posted earlier to find out, but a lot of people will not realise and think they have enough contibutions.
It was about a month ago I last looked mind.

I thought it did. Or at least says if you made enough contributions for any given tax year.

Well aye but only says if the tax year is full or not for contributions.

 

[AndrewP]

One of my thoughts, I had to call the number I posted earlier to find out, but a lot of people will not realise and think they have enough contibutions.
It was about a month ago I last looked mind.

I might be one of those people too.

I've got idea whether or not I was contracted out and if so at what point

 

[Matt Hopkins]

Do you not see this on the GG? I would suppose that's all you need to know?

You must be logged on to see external links

 

[Will e]

I might be one of those people too.

I've got idea whether or not I was contracted out and if so at what point

If you go back a page I posted a number for DWP who will tell you exactly what you have. It's confusing, it tells you your forecast which if there are enough years to go is the full amount, further on it says your estimate or something similar which is short of the full amount but if you open the year's continuations it just says full or not, doesn't say about any SERPS.
I hope that makes sense FFS.

 

[Nookie Bear]

Do you not see this on the GG? I would suppose that's all you need to know?

You must be logged on to see external links

Aye at the bottom it says you’ve been contracted out - click that and it has some confusing details about COPE and it’s not clear if that value is removed from your pension or not - I’ll have to give them a call too

 

[Fletch]

When someone finds out for definite let us know

 

[Matt Hopkins]

Aye at the bottom it says you’ve been contracted out - click that and it has some confusing details about COPE and it’s not clear if that value is removed from your pension or not - I’ll have to give them a call too

The COPE amount doesn't come off your pension it's the equivalent of the SERPS that you 'missed out on' through being contracted out, so that amount is included in your private pension amount.
That's not my GG page by the way

 

[AndrewP]

Aye at the bottom it says you’ve been contracted out - click that and it has some confusing details about COPE and it’s not clear if that value is removed from your pension or not - I’ll have to give them a call too

Mine doesn't say that, so I'm guessing I was never contracted out.

 

[houghton cut head]

Presumably you didn't start off in that position and you didn't go downwards on the ladder to get your current position? So you'd only put the single job role on your CV as work experience?
What if you were made redundant next week? I hope it doesn't happens like. But would you still not list other jobs on your CV? Or do you mean only after retirement...

Just after retirement - If I had retured from my current job, and I was working at B&Q for 6 months and decided, fuck it I want to apply for some senior IT job I wouldn't list the B&Q job, but of course I would list my prior jobs that were relevant.

I would be delighted to be made redundant now, having been so 3 times previously; all extra for the pension pot.

 

[Kborom]

Do you not see this on the GG? I would suppose that's all you need to know?

You must be logged on to see external links

Everyone should check their gateway account.

Also check the "View your NI record" which shows missing/partial years. I reviewed the wifes and found a few years incorrectly accounted for. I provided some evidence as to their mistake and although it took 4 or 5 months it was corrected. You also see how much they calculate to pay for missing years - I did this as well as I calculated as long as she lived a couple of years after retirement it was worth paying a few hundred quid now, but make your own call.

 

[Pnematic1]

When I moved my pot from Pru to Standard Life , Pru put every barrier in my way . More or less saying I needed one of their pensions consultants before I could move it.

Spoke to their “ consultant “ who wanted £5000 for the pleasure. Checked the legals and it was utter bollocks.

So did my own research and simply moved it to Standard Life myself and got their advice as part of the move free.

Took me 2 hours.

 

[Kent_Mackem]

Just after retirement - If I had retured from my current job, and I was working at B&Q for 6 months and decided, fuck it I want to apply for some senior IT job I wouldn't list the B&Q job, but of course I would list my prior jobs that were relevant.

I would be delighted to be made redundant now, having been so 3 times previously; all extra for the pension pot.

A well-timed redundancy can be fantastic.
It's when they fall at awkward moments that they're not so great... although most people I know come out better than they were in the end, despite being stressed at the time.

 

[englishman abroad]

Trying to access a prudential pension, they are just fobbing me off, won't let me claim on line, keep sending out reams of paper work that don't make sense, won't help when I phone them, it's only worth 30 grand, but I want it

anyone else had difficulty with these thieving twats

 

[faith brothers]

Trying to access a prudential pension, they are just fobbing me off, won't let me claim on line, keep sending out reams of paper work that don't make sense, won't help when I phone them, it's only worth 30 grand, but I want it

anyone else had difficulty with these thieving twats

See post 1277.