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.

 

[Webbo2]

I worked for the NHS so I had their pension which enabled me to retire at 62. My state pension kicked in when I was 66. I was informed just prior to receiving that I didn’t have enough contributions despite starting paying in at the age of 15. It would seem that the 2 months I worked part time for the National trust when I was 64 meant I was short on payments.
I was able to pay a one off payment to get my full entitlement and Mrs W calculated that if I lived to 68 I would start gaining. So I’m a couple of years up.

 

[SpokeyDokey]

The puzzle I have ordered. Nice and colourful. Looks tricky, too.

 

[esoxlucius]

The puzzle I have ordered. Nice and colourful. Looks tricky, too.

View attachment 804211

Jesus, that'll keep you busy. The wife and I like getting stuck into a good jigsaw now and again. They can be infuriating. I like to think I have a bit of a winning formula but the amount of time we spend doing them would suggest otherwise!

 

[ebikeerwidnes]

Make sure you take all the relevant measurements from the cartridge before you commit.
I never realised that there are so many different cartridges available until the one in our kitchen started leaking.
View attachment 804182
This is just one variant - there are loads more.

I remember when I was a kid there was a hardware store just down the road

you just went in and asked for a washer for a kettle element and he gave you one (oo err missus and all that)

now you have to work out which of 1000 variants you need first

almost like they just want you to give up and get a new tap or whatever

 

[ebikeerwidnes]

I think we did this one before and I am sorry but that is not correct.

If you have 35 years of NI contributions you get full state pension. So as soon as you have this number of years you can stop contributing as long as you no longer work. If you carry on working you still have to contribute! This is where the normal confusion arises.

Also, I think there might be some quirks for those with public sector pensions.



You will be fine. I stopped work a long way before 66 and get the full state pension. I stopped contributing at 51.

Just had a thought about this

Some pensions were "contracted out" of SERPS - or something

for that the company got extra and some of that was put into your company pension

if you were in a pension like that then that might have been what the extra was for

 

[Webbo2]

Just had a thought about this

Some pensions were "contracted out" of SERPS - or something

for that the company got extra and some of that was put into your company pension

if you were in a pension like that then that might have been what the extra was for

NHS pensions were like this. Because the NHS / government apparently added to your works pension it reduced your state pension.

 

[Dave7]

The puzzle I have ordered. Nice and colourful. Looks tricky, too.

View attachment 804211

It must have been a small box as there's not mushroom in it.
Go on, laugh.

 

[Mike Ayling]

Make sure you take all the relevant measurements from the cartridge before you commit.
I never realised that there are so many different cartridges available until the one in our kitchen started leaking.
View attachment 804182
This is just one variant - there are loads more.

When we had our bathroom renovated I insisted on old fashioned taps with washers!