Wearson
Winger
Definitely need interests and things to keep you fit and healthy,
then after you have done them you can go to the pub
It’s great having all that time each day
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Retirement
- Thread starter Shieldsman
- Start date
then after you have done them you can go to the pub
It’s great having all that time each day
70s traveller
Striker
Sitting in a pub isn't a bad hobby, you can have more than one: Darts, pool, gambling, playing bandits all have a lot of fans
A new life can be developed in a pub. Decent equipment can also ordered there before it's stolen.
Paddy O'Dors
Striker
Rarely go out. Nice weather doesn't come around too often and was too good an opportunity not to make the most of it. Back on grandparent duties tomorrow.
Maybe SEB for everyone but there’s a formula to work out your state pension, particularly if you haven’t contributed up to the full 35 years:
Number of NI contributions (in years) divided by 35 multiplied by current full state pension allowance.
I also worked out that if you decide to top up for any missed years it would take about 2.4 years of pension payments to get that back
Number of NI contributions (in years) divided by 35 multiplied by current full state pension allowance.
I also worked out that if you decide to top up for any missed years it would take about 2.4 years of pension payments to get that back
Guitar Man
Midfield
I'm sure on Gov.uk website there is a pension calculater that tells you where you are at .
Here you go.
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Matt Hopkins
Winger
This is wrong but do your own research
yeah, it wasn't working yesterday when i tried to check
just going off what's published here:
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Your State Pension will be calculated entirely under the new State Pension rules.
The full amount of the new State Pension is £221.20 per week for 2024/25.
Each qualifying year gives 1/35th of the full amount, so if you have made or been credited with less than 35 years of qualifying contributions, you’ll receive a lower amount.
For example:
- 35 years gives 35/35 x £221.20 = £221.20 a week
- 30 years gives 30/35 x £221.20 = £189.60 a week
- 10 years gives 10/35 x £221.20 = £63.20 a week.
happy for anyone to provide and clarification (for me as well)
UPDATE:
The pension forecast site is up today and I do get a different forecast compared to that formula BUT that's also VERY different to a forecast I was given over the phone last year by someone from the Pensions team (online more than double what was said over the phone).
how can anyone plan if it's so all over the place, particularly the difference between advice from pensions over the phone v online ?
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Just doing my missing contributions now, mine go back to 2005/6 to Present, which are class 2, working out approx 165 pounds a year, so around 3.4k to get up to date. Which would then have me at 32 years worth of contributions, but I'm only coming up to 52. Means once i get to 35 years I can stop paying, or should I only say back pay 6/7 years worth and continue paying till retirement age? The latter option would save me money if I didn't make it to retirement obviously, any advice from the SMB?
I'm saying nothing before i get in any more trouble...
I'm very confused now as I was going to pay more missing years but today's online forecast makes me want to just leave it as is
I'm saying nothing before i get in any more trouble...
I'm very confused now as I was going to pay more missing years but today's online forecast makes me want to just leave it as is
OK, the online forecast assumes you keep paying every year up until retirement, i believe over the phone was if i didn't make any more contributions whatsoever. that's the only logical explanation i have for the difference.
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Aye this whole pension thing is confusing (Especially sat overseas), phoned HMRC and Pensions numbers and still wasn't fully clued after both. I'm the kind of person, who'd prefer to just to pay all up to date for peace of mind, if I drop dead, I'm not going to be fussed I paid more upfront that I really needed to.I'm saying nothing before i get in any more trouble...
I'm very confused now as I was going to pay more missing years but today's online forecast makes me want to just leave it as is
OK, the online forecast assumes you keep paying every year up until retirement, i believe over the phone was if i didn't make any more contributions whatsoever. that's the only logical explanation i have for the difference.
I left the UK when i was 25 so i've only got the minimum (10 years NI) and I feel the same way about the comms, i wasn't really that confident of the info I was given over the phone. The lad on the phone was in the kitchen making his dinner by the sounds of it anarl...
Again though, if there is a reliable formula (other than the one i linked to) for us idiots to work out what we'll get based on what we've contributed up to now i'd like to see it.
gazza.1990
Striker
You don't stop paying when you reach 35yrs... unless you stop working that is. You just need 35 full yrs minimum for the full state pension, but you continue to contribute until you retire.
It's an NI record, which covers far more than pension.
Tuono
Winger
I thought class 2 contributions were done away with from April this year.
Says extended to April 2025, I have to pay any voluntary contribution by then, otherwise I'm subject to other conditions.
I'm overseas so not paying UK taxes/NI, i'll just get an annual request to pay the years volantary contributions, so, way I see it, I just get the 35 years min in and stop paying. That actually raises a point, if I do move back UK, then I'll be paying in for no added value, but that's same as everyone in the UK then, as most will hit the limit in their 50's, but continue working anyway.
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Tuono
Winger
It's a minefield. I used to work the winter in the UK and spend the summer dossing around Europe. Even though some years I paid 30-40 weeks class 2 contributions they count for nothing because you need the full 52 weeks to count towards your pension. I was also told I could only go back 3 years to pay missing contributions.
according to the pensions forecast site i can pay missing contributions from 2006 - 2007 up to the last tax year (and the current year when it becomes available). i just don't know if it's worth it, or if i just leave it as is (can't envisage moving back to the UK full time). the formula i posted suggests it's worth it but obviously someone has said it's incorrect so would like that validated.
Obviously a lot of Pensions staff are from the NE and i'm sure are on this board though not sure what they can or can't say on a public forum
Darlo1973
Striker
I thought you could only go back 6 years in any case
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Tuono
Winger
I went through all this over a year ago and from memory I was told you used to be able to go back 16 years to pay missing contributions but this changed a few years ago to 3 years. Loads of conflicting information out there.
I thought this as well, but I got my reply after sending my application off 7 months ago, now showing I can go back 16 years, saying the deadline has been extended into 2025.
Darlo1973
Striker
Yes, I see that now having looked past the first paragraph.
Unfortunately my gaps are in the late 90s when I was a skint graduate student.
