The Retirement Thread

[Dirk]

This is a new one on me. I thought you qualified for the full state pension, if you were born after 1951 (men), after contributing National Insurance for 35 years. I've retired with 42 years under my belt. I've never heard anything to the contrary up until you've just posted that. Had you been paying into the system non stop up to your retirement or did you have breaks through your working life?

I retired at 60 - nearly 12 years ago - and had to pay for an extra few years of NI that was owing due to me being opted out by my employer. It cost about £800 for each year I owed, but the increase in my pension paid that back in less than 3 years.
Worth checking on the Gov.UK site.
A lot of folk think that once you reach the required age you automatically get the full pension. It's not so and catches a lot out.

 

[SpokeyDokey]

I retired at 60 - nearly 12 years ago - and had to pay for an extra few years of NI that was owing due to me being opted out by my employer. It cost about £800 for each year I owed, but the increase in my pension paid that back in less than 3 years.
Worth checking on the Gov.UK site.
A lot of folk think that once you reach the required age you automatically get the full pension. It's not so and catches a lot out.

Presumably you are on the old State Pension?

 

[Dirk]

Presumably you are on the old State Pension?

Yes

 

[esoxlucius]

I retired at 60 - nearly 12 years ago - and had to pay for an extra few years of NI that was owing due to me being opted out by my employer. It cost about £800 for each year I owed, but the increase in my pension paid that back in less than 3 years.
Worth checking on the Gov.UK site.
A lot of folk think that once you reach the required age you automatically get the full pension. It's not so and catches a lot out.

I believe it's the BR19 form which gives you that information. I've had a few problems trying to fill it in on line due to being a bit of a techno phobe. My personal pension guy is helping me along with stuff like that.

My last wage from work will be paid on 22nd April. I'm hoping my first payment from my personal pension will get paid into my account on 22nd May. But even if there is a delay I'm hardly going to starve to death.

I'm hoping for a smooth transition though from work to retirement.

 

[Dave7]

It was fundamentally changed in 2016 after a huge furore that went on for several years.

Plenty of info on Google re old vs new State Pension.

Surprised you missed it as it was a big issue at the time.

Probably because it didnt bother/affect me so I just prodded on.