STATE PENSION Changes - Act NOW!
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- čas přidán 5. 06. 2023
- UPDATE: Please note that the deadline has been extended to the 25th of April 2025. Stand by for a follow-up video.
Discover the upcoming changes to the state pension system in July 2023 that could affect your retirement income.
As a Chartered Financial Planner based in the UK, as I share three crucial steps to ensure you're prepared.
If you're between 45 and 70, this is information you can't afford to miss. Watch now and take control of your future retirement.
#StatePensionChanges #RetirementIncome #FinancialPlanning
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DEADLINE EXTENDED! You now have until 5th April 2025 to make up any missed years.
All well and good till they change the rules again, we was contracted to get our state pension at 65 male and 60 female, that’s gone out of the window now to 67 for both, quite frankly I don’t trust them at all 😡
Yep, and we can thank the ladies for that! (Oops, controversial!). 🤫. Well, that’s parity for you.
I never understood why women got pension 5 years earlier than men, when they live longer! Should have been the other way round. I too should have retired at 65, it's now 67. Now there's talk it'll be put up to 68. Kids at school today will be working into their 70's !
😊woman want to be the same as men. This is the what happens.
Im female. My pension age was moved back not once but twice from 60 to 64 and 10 months. Worked for 40 yeats Scuppered every single one of my plans for retirement. Due to aging poorly parents i had to finish work to look after them and then my son who was badly injured in a car accident. Could not claim any kind of benefit because i had savings - to have a worry free retirement. Had to live off my savings for 5 years+. So i dont have the money to pay in to increase my pension so will not receive the maximum state pension and have little savings left to supplememt my retirement. When my parents pass away i will inherit some money - but i will be too old to enjoy it or have benefit me. Maybe i will be able to afford a care home but i doubt it. Tory government SUCKS
66
My age 71yr old I worked long hours for 50yr years on low pay because I worked for so long I get less of a government pension than someone who couldn't be bothered to get off their arse and get a job they get the rest made up on benefits Alec from Scotland
The problem is getting through to them to ask how much is missing and how to send it! Impossible to get through to them! So annoying!
how do you pay them?
I have been trying to call the DWP Pension Service helpline since February and it is impossible to get through. An extension of the deadline will make no difference if they don't answer calls.I've even asked my MP to help. The DWP are a good example of Broken Britain at its finest - completely dysfunctional, with most staff pretending to work from home. What an absolute disgrace they are.
2 of my years will only cost £31.70!
Getting it paid tomorrow.
Great vid. You didn’t mention that you could quit working at 65 on health grounds if you paid those 2 years back early (but obviously still have to wait to 67 to get the full state pension).
The way the world is headed I doubt many of us will live to pension age 🤦♂️😢
Rinnin - I don't understand your comment.
Pete - two other point. If you retire abroad you get the State Pension but no years increases. Also if your an MP you only need to work about 8 years to get a State Pension of about £17,200 - not everyone is equal in the land of the UK State Pension.
Hi Tom, you're not 100% right about that. I'm guessing you're planning on retiring abroad. Some countries have a reciprocal agreement with the UK, so that your pension still increases with inflation, for example, the Philippines, beautiful place to retire to and everyone speaks English. If the country you move to doesn't have said agreement, there are ways around it. Use a relatives postal address for example as your home address etc...
@@MrWho007 true if you move to Australia you can actually move your NI Pension payments into the Australian government system. My brother has done this but he’s 63 now and move to Australia when he was 45 ( one year to old to emigrate) but his wife was 18 months younger and a nurse so both got in. Other countries have “ways around the pension issue”. However there may be legal issues if you are doing something that is not strictly above board. Get caught and you will have to pay it back. I’m 67. I retired at 60 on health issues so I’m not looking to leave my own country. However I’m a Scottish hiding inside the the lands of the “auld enemy” 🤣🤣👍
I have 42 COMPLETE years but still have not got full entitlement. This is because of my service in the Royal Navy classed as 'Contracted Out' and my time in a good company DB scheme also contracted out. Beware of this folks!! I was short by around 2 full years in the new scheme to benefit from the new full pension. I have topped up voluntarily and am only a few quid short now. Its a roll of the dice whether you think you'll live to benefit but i thought it was worth it.
Surely you get a veteran pension?
I had the same situation from the Armed Forces pension. Nobody ever told me about it when I was going through the Resettlement system as I left the mob and it came as a nasty shock when I discovered the shortfall.
@@tonyalways7174 I don’t understand how that is the case mate. How were you in the Armed Forces and your admin staff did not square away your pay to ensure it was correct?
Brilliant stuff Pete. Just checked and I'm in a good place, but I would never have known without your broadcast. Many thanks and keep up the good work.
I have just topped up a couple of years for my my wife. She only had 8 years and 2 further part years. For £1100 I can get her to 10 years. This is a no brainer as even though it only puts her at the minimum it still means we will get some contributions once she hits 67.
how did you get through - I keep ringing the Futures Pension place and after answering all the questions I get through and then it is engaged and the connection is dropped
Good luck on getting through, despite the extended deadline I have been trying to get through to Pensionwise since before the end of the last tax year!
Thank you, just checked mine.😊
Invaluable. Just checked, I’ve got 33 full years and I’ve just turned 51. Hoping to retire at 60 and I’ve followed several of your advice tips and I’m well on the way. Thanks mate
Are you paying into a private company pension as well? If you are are you may or may not be contracted out of SERPS, in theory this is a tax benefit now and will luck and a following wind you should make more than SERPS would give you in state pension on your private pension. Again watch out for the fact that State Pension is classified as the government as earnings so your personal income tax allowance will be lowered by the amount you receive in State Pension. You should still be better off - but pension and forecasting is a minefield.
Lots of people getting hung up about being "Contracted out" of SERPS. In my case it was because I also had an occupational pension scheme too. You can often take your Occupational Pension much earlier than State Retirement Age and then when you reach it, you get the (reduced) State Pension as well. Obviously, you then pay Income Tax on all your Pensions combined, above your personal tax allowance.
This video is only helpful if you can actually get through to the pension futures to make a contribution. 4 months of trying on the phone, they simply just dont answer and there doesn't appear to be another way to make a payment. I get their busy but wonder if the government secretly hope people have missing years so they can reduce they amount that they pay out later 🤔
I’ve been phoning the future pensions team since November 2022, I’ve written special delivery and sent emails which were replied to in May telling me to ring the number they never answer. I’ve also tried to set up a direct debit to pay additional NI contributions. Nothing it is a total joke.
Thanks for the heads up on this subject 👍Checked mine and I have 41 full years! Just turned 60! Bummer that I can't retire now! I have enough credit 🤩🤣
Good information, I will be checking, thanks, never even thought about it.
Great video. Thank you.
Thanks for the heads-up, greatly appreciated. I checked mine and was surprised to see that I have 36 years already. Time flies. Looks like I have to keep paying NI contributions until I retire though. I was hoping that once you hit 35 years they'd cut you some slack 😂
Your videos are always super useful - thank you!
Thank you for this informative video
It’s disgusting how low it is compared with other countries.
@Pete Mathew. It may be different now, but I used the government website to see my NI full years. I have 39. However this does not mean that I am entitled to my full government state pension as I have a Company Pension Scheme and it is opted out of SERPS. So the tax breaks I receive for this are potentially worth more to me but I don’t receive the full state pension with 39 full years of NI contributions. The Gov U.K. site only tells you what you will receive if your actively request a written State Pension Forecast. So you can just state that 35 years gets you £10,600 in State Pension. Also I paid income tax under PAYE and this is at gross salary. When you do turn 66 and get your State Pension it’s classified as income when added into your private pension and your personal income tax allowance is reduced by the amount of your State Pension. So in a way it’s a form of double taxation as you pay at gross on your earnings and you pay again when your personal income tax allowance is adjusted to reflect your earnings from your State Pension. Also this TACC allowance is currently frozen by the chancellor for a period of time mean in real term to are paying more tax at retirement into the system. State Pension free of tax is only because if that’s all you get when you retire you are below the personal tax allowance. Even this could change if the allowance remains frozen for any long period of time. Payment of a single year Ni top up is a little over £800 to get about £245 year additional State Pension. So I must live 3 years for every year I top out to break even. So topping up is more of a benefit if you’re about 45 - 60 years old. After 60 your trying to calculate your life expectancy. If I were to pay 4 full top up years it means I must live 12 years to break even. Currently U.K. male life expectancy is dropping a little. So if I paid the top up and died at 68 -72 chances are that my wife would lose out on this cash I’ve paid over. Older you are or if your disabled the less chances of getting the money back. Better to potentially pay the £800 plus a year into a safe high earning account (rates are currently increasing again). SERPS opt out was not shown on my NI records.
Really clear concise explanation
"Risk free". Yeah, until they means test the state pension.
Exactly, you can see what’s coming in the future
@@ianwebster1143 In the near future I too can see the full state pension being means tested. Everyone who made very good retirement plans by joining private schemes during our working lives, will most likely get a reduced state pension if you are receipt of these private pensions come normal SP retirement age. This magic 35 plus years of contributions is meaningless. Remember, state pension is a benefit that is not guaranteed.
@@superskier2 people really shouldn't have voted for the con party. And we need to start doing like the French people do, stop putting up with this crap, why do people just sit back and do nothing, say nothing, when the tories put the state pension age up & up. There were petitions on the Parliament Petitions website to bring the state pension age down, but too many people appear to be totally oblivious to what's really happening in our country since 2010. I signed those petitions and I look at the website from time to time to see if there are anymore worthy petitions to sign, its very easy to do. Sadly often there's not enough signatures, if only more people would look and sign good petitions. And we have payed for our state pension, just look at all the taxes ordinary working people and even people out of work are paying. Not just NI and income tax, but all the indirect stealth taxes that everyone pays. Council tax going up by 4.5% every year since 2010, and this year up by 6.7%. VAT on everything we buy, put up to 20% by our tory government since 2010, road fund tax put up by the tories & now going up every year, fuel duty tax, tax on home, car insurance etc tax on energy & water bills, plus TV tax etc. And these indirect taxes really hurt those who can least afford to pay them, people on minimum wage and lower incomes etc
@@superskier2 Well it is guaranteed at the moment....especially if you have been contributing for 49 years as I have!!
FYI Looks like there has been a change. My record now has this statement "The deadline for making voluntary National Insurance contributions for eligible taxpayers with National Insurance gaps between April 2006 to April 2018 has been extended to 5 April 2025."
6:35 Ok. You answered my questions. Of course, this scenario is assuming that in 30 years we will state pension and the condition are the same.
Good helpful advice, glad I clicked on your video 🤔
Great advice, but more on how to successfully get through to update your pension deficits would be very helpful.
Absolutely. I've tried again and again. I know how much to pay but don't know who to pay it to.
Thank you very much brilliant information.Well done.
The system is in utter shambles. I discovered I had been contracted out a few years and have some missing years. I have now rung up three times - average wait 39 minutes - and got three different figures for the various missing years. I apparently owe a mixture of class 2 and 3 contributions and this has totally baffled them. You dont get a quote in writing so there is no way to check afterwards. Shambolic. And even if I do a bank transfer for a certain sum there is no way to connect that sum with teh year I want to pay.
Your lucky to get through to them. Everytime I've tried the call gets cut off.
I sent a letter with a cheque to say which years I was paying for, it worked for me
Years ago when l was working abroad in Canada and then Saudi Arabia, my mother told me to set up payments to my NI while l was abroad. That advice has reaped dividends as for the 15 years l worked abroad l have full NI payments.
Thanks for this 👍
Absolutely excellent video, very clear information with real life graphics and examples. As an NHS nurse/midwife full-time worker for 40 years I was surprised on my retirement from work that I did NOT meet the NI years for maximum state pension on my state retirement forecast - I was advised I would need to purchase several additional years due to the “contracted out” status of most state employees. I did the sums as suggested and it was still worthwhile to “buy back” the years so I’m now doing that in retirement. I’ve tried to spread the word about “contracted out” status to colleagues, sadly very few of us even new that such a thing existed.
I remember early eighties my employer bringing in an advisor to explain state pension and the new option of ‘contracting out of SERPS’ supposedly you’d be better off long term. A number I worked with did, I didn’t.
@@carolwaller9605 glad you didn’t Carol, unfortunately in the NHS we didn’t have a choice, contracting out was mandated, we just didn’t know it and as for the ? lower NI payments which we apparently benefitted from- looking back - tiny difference. Glad I have now bought back the majority of years needed, sadly many of my colleagues haven’t been in the position to do so or have been made aware too late and will end up with a reduced state pension.
@@Diana-007 wow, I can’t believe it was mandated, being a government employee is not good.. just got out of it after realising the error of my way after just 3.5yrs, lowest wages paid to those providing critical services to the country. What benefit does a banker bring to the country as a whole? Not a lot. An NHS worker, prison officer, policeman, care worker? Essential. Pay? A darned sight less than a banker. Well done you for committing to a career in the NHS despite being screwed over for years by your employer. I and my family appreciate your commitment to our welfare x
@@carolwaller9605 NHS get paid well above the national average wage, so don't cry them a river.
@@carolwaller9605 thank you Carol that is so kind of you, I really loved my profession and it was an absolute privilege to take care of my patients and their families, I was rewarded in many other ways but yes financially wasn’t one of them🙂
Just stumbled across this video and glad I did. Never thought about and my has had 6 years out of this and will be looking at retiring early. We are now going to look at topping up because of your vid. Thank you 🙏
Pete - thanks for raising this important issue and the urgency to act now. With a payback of 2.8 years, that is equivalent to an annuity rate of 37% - so a no brainer if you have gaps in your NI record that you are unlikely to fill. Obviously if you pay income tax, then the payback time will be longer - but still seems a great deal. Could you please clarify if the option to top up missing NI contributions is still available to people who are already drawing their State Pension ?? I believe it is - but am not 100% certain. Thanks !
About having worked abroad, having worked myself for 14 years in New Zealand, I think there's an agreement so that those years might be taken in account here but it's very hard to find the details (last time I checked, a couple of years ago at least)
I love the deadpan humour that you drop in every now and again 😂
Unfortunately, its not been very well-publicised, mmmmmmm wonder why. They'll do anything to get out of paying what you have worked hard for. Thanks for you video alerting me of this. I'm off to check my NI contributions now.
I keep a check on mine. Got a few years left to qualify for full, but more than enough time. I have full contributions from 2007.
I currently have 49 years fully paid , think I am fine. Retiring this year at 64 and my current funds will carry me through until 2025 when I get mine.
Hi there! Watching this video made me realize that there are some gaps in my Income Tax History. I paused the video to check, and found that even though I was employed and paid taxes during those two years, there were no records. After a few hours of trying to get in touch with the right people, I was able to send them the necessary papers to resolve the issue. Fingers crossed that everything goes smoothly!
Thanks Pete, so helpful. Imagine the amount of wine you're going to get. Have shared with the Being Freelance community 🙌
Super video and so important
The Government help Line"you may have to wait a little bit !!!!!!!!" I called 42 times over 3 hours only to be cut off. each time...then finally got on a waiting list and was answered after 1hr 23mins....all this to be told that the shortfall I had of £192.32 in year 2014/2015 not to worry about as I have 42years of NI contributions....still better to be safe ....great content bye the way👍👍
QUESTION Ladies and Gents. I left school in the mid 80's at 16 and started a YTS scheme. Does anyone know if my NI would have been paid one way or another during that time?
4:23 what about if I won't reach either the 35 years doing the voluntary contribution?
I’ve got 37 full years but don’t get the full pension. They say it’s because I didn’t contribute after 2016. 🤷♀️
Nice explanation
I have written to NIC and called them many times to try to top up my pension. To date, I have not received a single response. Poor form, or deliberate evasion?
Good to know! Cheers!😘
excellent, I'm okay, thanks
Really good video, Has the deadline been extended?
Had the DWP publicised this back in 2016 it wouldnt now have the current problem of being overloaded with people scrambling last minute to top up their NI arrears. Extending the deadline from Apri to July has just caused a last minute rush which they cant cope with. Its just bloody incompetence again.
@MeaningfulMoney - great advice Pete, I was aware of this by wathcing another youtube video. My only concern however, is that if the curren tor any future government reduces the state pension significantly (or does away with it)... then the money paid to top-up NI would be wasted.
Surely, if you are far enough away from retirement age you could invest the "NI top-up" money as a lump sum into a SIPP at say 8% return (based roughly on the S&P historical average) right now... and with compounding AND the government's own 25% SIPP top-up it would look like this:
Example:
If you are 15 years from retirement, and ar enot working full-time e.g. raising a family, and your NI is down by say £1800 to make it good:
NI top-up invested £1800
Government tax top-up @ 25%: £ 450 (40% tax payers would be more)
Total contribution: £2250
Due to compounding, in 15 years time it would be worth: £ 8195
If "plan" to live for 20 years from retirement age, that is £409.75 per year - if you aren't working then the first £12,500 per year roughly is tax-free, but even at 20% tax, that's £328 pe ryear.
This compares to the £303 per year from state pension, which IS index-linked, BUT ASSUMES that any future government does not decrease the state pension benefit (or NI qualifying rules). So in cetrain scenarios this may be a "safer" choice, as yo;re in control of your own destinty a bit more., That is, if you believe government policy (in general) is to reduce their state pension liability year-on-year (which most believe is happening already).
If of course, you are only 5 years from retirement, this doesn't work so well.
I didn’t understand why you mentioned that the age from which this would be of value is 45. Could you please explain this a bit further, thanks
Thankyou! i have been worried about my N.I. contributions because i have been on enhanced ESA since 2014. i BELIEVED i was due N.I. credits, but it has been a relief to actually SEE them on the gov website! PHEW!
I am only missing 3 years total, of which 2 can be bought from the time when i was being investigated and eventually received a diagnosis. It would cost me shy of £200 to fill them up.
Because i am 40, i thus have 27years left of either disability credits or, more hopefully, a return to work in which to make up 11 years of N.I. to meet the full criteria.
Love your channel. Respect and thanks for your gift to Damien,your a good man.
I appreciate that, thank you
Doesn't having a full state pension stop you getting pension credit which is a gateway to lots of financial benefits?
I contacted them in 2021 and they said I am nine years short to get the full state pension because of the opt out thing they did at one point but what I want to know is why they don’t count the years contributed from the age 16 to 19 but only count from 19 onwards
was told i had 35 years full pension, but when pension time came around i was told i was not entitled to full pension as i had opted into a superannuation fund so had not paid the full pension contributions, a complete ripoff, why was i paying N.I. then? How many other people fell into this trap?
Thanks great advice. My record shows 47 years full contributions but still have two years 😂😢
How do you pay? There’s no link?
Nice one Pete ..
Just checked mine ..
Fully paid up member of HMRC .!
Might be useful to do one on those that opted out of SERPS back in 80's .?
I had a Look at mine. I don't quite understand. I have 41 full years already, but it says I need to keep paying to reach the full amount of pension.
Great video - everybody over 45 should def check!!!!
"The deadline for making voluntary National Insurance contributions for eligible taxpayers with National Insurance gaps between April 2006 to April 2017 has been extended to 31 July 2023.
Because of the demand on the service, payments may take more than the expected 8 weeks to show on your records."
From HMRC - banner at the top when I checked my NI record
Curiously, my last 3 yrs in school I got "Full Year", but not the 4 yrs I spent at Uni - but I'm not complaining !!!
hi very good video well done my question to you is what is the smallest state pension in years you are allowed to have ?
That was a very useful video, thanks. It took me a few attempts to set up my account so I could check on the gov site, but after finally getting past security checks it was easy.
I was happy to see that at the age of 53, my contributions are fully paid up and I am already set to get a full pension. So that's good to know.
Now then, whether I live to the age of 67 is another matter.
I checked mine, i have 3 years where i didnt earn enough ftom 20 years ago. The government website says i can only go back 6 years, this was over a month ago, well in advance of this deadline date. I think they are purposely stopping people ftom topping up
I retired on my own pension at 58. Found out I was 2 yrs short on NI due to opt out (serps I think) I was advised to sign on to job seekers even though they pay you nothing but they will then cover your NI contributions. They will ring you every 3 months to ask how the job seeking is going but I’ve had no hassle from them.
Opting out is a big one - NHS/Police/etc etc workers will all have been opted out.
@@ChrisM541 Don’t confuse opted out with contracted out NHS et.c still get a state pension
Oh crap! As an ex-civil servant of twenty years and then 19 years in other employ….my NI record shows 39 full years….but now I thinking I’m sure that twenty years service was ‘contracted out’…I am only just now at age 60 realising what that meant….I have only got half a state pension to come at 67.
Pete, I recently retired at 66 and was informed I had 7 years opted out which I didn't even realise nevertheless I get £951 a month pension now which seems ok.
This certainly is a useful video, but i would have liked it if you had factored in pension credit. I have 2 friends who have both retired in the last 12-18 months. They were both in the same situation of having a shortfall in their contributions. Neither of them chose to make up the shortfall and retired on a slightly reduced pension. They then both applied to get pension credit, which they successfully got. This brought both of their incomes up to the exactly the same level that it would have been if they had paid up the missing contributions. So they both saved money (£900 & approx £2,000) respectively.
Now i have absolutely no idea if this works for everybody? But it does seem rather pointless to just chuck £100's or even £1,000's away for no financial gain at all !
I would certainly be interested in your comments on this.
But once again thanks for the really useful video 👍
That is exactly what i was thinking.
I’ve a sister who’s barely worked a bit of part time here or there supported by her hubby, guess what?! Yep, in some weird and wonderful way entitled to same as me who has worked full time for 43yrs
There are requirements, if met ofcourse. Not everyone will be able to get credit
Ive paid in for 49 years but i’m told that as I was a government employee (contracted out), i dont get a full pension. Its so complex. I don’t understand it all.
If people have worked for nearly all their life they should know this unless they have been living under a rock, i worked full time from 15 to 66 with out a break 51 years i get the same money as someone who has done 35 years does that sound fair.
When speaking with someone in works and pensions I was told I had 18 more years of contributions to pay, however, I was also told that I wouldn’t be able to increase my amount so not to bother adding any more, just pay the usual out of my income. On top of this I was told that I will have made my full contribution within 8 years. I asked where are the other 10 years worth of contributions were going if not toward my pension, she couldn’t answer me.
Sounds like you had an agency worker on the other end of the phone. I'd call them again
Could you explain what COPE is Pete. I’ve looked at my NI history and it’s saying I’ve 35 years and will get a full state pension . I have however a COPE figure on £49 . I was in the Armed forces from 1987 till 2012 so classed as contracted out .
I'm 55, I just checked my State Pension summary, I missed the past 3 in 4 years and 5 years in the first half of the 90's, my forecast is exactly the same as yours, £203.85 a week, so I'm guessing I can either not bother those recent 3 years as long as I contribute the next 4, or I can pay off those 3 and then I only need 1 more year?
Sorry if it's obvious to some, but I'm at Benny from Crossroads level intelligence.
Checked, I already have 40 full years but NOT full pension?
Hi. I have been trying to call the future pension for a week and line drops all the time. I know what i need to do...amd ehat i need to pay. Is there any other number i can call? The future pension number never works for me. 😢
I've got too many gaps, would cost way too much for me to try to catch up now.
I spent years arguing about my wife's NI contributions with HMRC. There seemed to be many errors in their records, particularly for some of the years when she was getting Children's Allowance. Also in later years, she spent time looking after my elderly parents and working only a few hours a week. My parents were in receipt of attendance allowance and whilst the HMRC accepted that she was entitled to carer's credit for some financial years, they refused it for other years seemingly at random. As she approached retirement age this February she was still six years short of the 35. The HMRC never addressed my claims that there were mistakes in their record keeping and in the end I had no choice other than to pay up for six years contributions. Luckily there were some years with partial payments from employment but we still ended up paying £3,500 to make up the difference. Mind you, work pensions can be as bad for record keeping. Both of us worked in local government for a few years in the 1970s and paid into the superannuation scheme. The pension fund now says it has no record of our employment.
Was she too stupid to do it herself?
Unfortunately HMRC employ a lot of agency staff who don't have a clue what they're doing. You could try taking them to court, but they'd bury you with their resources.
The gov website is misleading / confusing. It confirms that I have 38 full years of contributions, yet I am still 4 years short of achieving the full state pension. Assuming that this was because I was contracted out in the past , I phoned the helpline to understand which previous years I could backfill but apparently I can’t. I can only pay type 3 contributions to future years!! It would help if the website indicated that someone in my position actually needs 42 full years of contributions. I think this is not well known / discussed / publicised , any thoughts?
Similar position for me, I’ve 37 full years of contributions but still need to make another year’s contribution to qualify. Was also contracted out in the 80’s.
Very clear and informative video on a topic many will get caught out on. I would, however, make the minor observation that your payback period calculation is gross of tax which for many people with other pension income will almost double the effective payback period. Having said that, the numbers still stack up.
Dont forget the pound is being devalued so inflation will devour your pension... im 50 this year my generation likely wont even get one!
Thanks for sharing your expertise with your community. 😊
I have tried many times to call the Future of State Pension helpline many times without success...
This has not any sense!
They should send a letter...!
Please, do you know any alternative to contact the Future State Pension or paying my volunteer year gaps online?
Many thanks 😊
A slightly different issue I just realized in my Account. I am theoretically 1 year short in getting the full state pension since I am a foreigner who came to the UK 10 years ago and I am 43 years old. The issue is my date of birth which falls in February 1980. In theory I will be 68 before completing the Financial Year in 2047/48. Should I top up this 1 year or else? Theoretically I will be getting the full state pension only 2 months after my 68th birthday in 2048 (February vs April). Am I correct in thinking that? Thanks
I retired age 58 with 42 years in the pot, so I was ok to retire on my personal pension, now they tell me if I haven’t worked for five years leading up to my state pension I will not get the full amount, it’s £10 a week less than I should be getting, work that one out
Cheers for that. I checked my Pension and I've only got 2 years left to pay in. Maybe after that I'll work cash in hand as there not much point to keep paying in for another decade as I wouldn't see any return?
No need to pay the amount required to 'buy' missing years. Set up a company, fund it with a director's loan (on paper), pay yourself just enough, and you get a full year's 'stamp' for ~£1. It is your money, so it only costs you that- but at the end, you have a company with a liability (your salary payments) - which has a market value! So you can make a profit on the whole deal.
Thankfully so far I'm paid up in full according to the gov site.
I also put 10% of my wage into a workplace pension to top my pension up. Fingers cross I will be good by the time I retire since my mortgage will also be paid by then, then again being as I turn 37 next month I still have 30 years to go.
What is confusing me though about this though is I have contributed 21 years but I need to contribute 31 years before 2054. Does that mean I just got another 10 years to contribute or are they expecting me to do another 31 haha.
I noticed on yours this number was only 18 years
Hi mate. I liked the video. Those 3 years + in your account are coming from Goverment Scheme, act from 1975 -2010. Those years are called Starting Credits for NIC. You have got them from the account years covering your 16th, 17th and 18th birthdays. So as i see your record from the video, you have 31 years of contributions and 2 years which you did not contibute enouth. If you pay those 2 years for 2009 and 2010, you would have 33 qualifing years all together. 2 more qualifing years to you for full state pension. Up to you :)
hi, I am wondering what I could do as an European with settled status. I have been living in the UK since 2011, so I am not going to have full pension. Can I pay for those years when I did not live here? The years between 2006 and 2011? What other chance would I have a full pension?Please let me know. Thank you
I started work at 15 and retired the day after my 65th birthday so i did 50 full years but don't get a full pension because they say i opted out at some stage. Im not sure how i can be short of any years after working for 50 years.
I was 50 years old and started my career in UK for 2.5 years. My record in Gov UK said that I can get state pension in 2038 and my forecast is 99.01 pound per week. Please advise if this forecast is base on my past total contribution. Do we have any website mentioning how this forecast comes out? I am quite old and worried my coming contribution over NI.
If I pay voluntary contribution to fill up the gap, can we have tax relief?
I'm totally confused. My record, which I checked last year, says I have over 40 full years (I'm 64 but retired at 57 with an NHS pension). Great, I thought, I'll get the full pension when I get to 66 but no...the forecast says I need to make up every empty year since I retired in order to get the full amount, to the tune of around £1500 for each year. According to their calculations, paying them 9k will entitle me to an extra £50 per month.....even though I already exceeded the full years required.
Why isnt the inflationary value of the pound factored in?
Only those who started working after April 2016 will get a full state pension with 35 years service. Everyone else will come under transitional rules and may need more, depending in whether they were contracted out of SERPS.
My mum sent me this video. I was out of work for 10 years due to I'll health and one year for having children.
I will have to look into this. Thanks for the great information you provide xx
If you were in receipt of child benefit, those years count towards your contribution years, I was unaware of this until I checked it. Big relief as I didn't work for nine years while my sons were young.
@@susanleitch8649 still check, as I had my first child at 18 and my last at 40, so 5 kids and 40 years claiming child allowance without a break. I checked my records and found I had 3 years not ‘full’. 😮
@@susanleitch8649 that is great to know thank you xx