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pension questions......
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
sorry.. another serious topic...
Since my job is to deal with "future pensioners" and I have just dealt with a million and one calls from friends already asking me how they will be affected...
so rather than hearing about it from somewhere with an agenda (pointing at you daily mail) you may as well get it from someone who is going to have to answer questions from someone who is going to have to talk to the general public
if you have any questions... I will try and answer them as simply as i can... |
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By *aris23Woman
over a year ago
France |
A few years ago I received a letter advising me that I needed to pay a few hundred into my pension to make up a shortfall when I had a short time as self-employed.
Do these new rules mean that I no longer need to make that top up to get my full pension? |
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
"i dont have one....should i get one  "
yes..... basically what they have said is that you will get a flat rate pension if you have enough years of NI contributions... and if you want anything above that you will have to do it thru a private pension (work/occupational/private) |
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"i dont have one....should i get one
yes..... basically what they have said is that you will get a flat rate pension if you have enough years of NI contributions... and if you want anything above that you will have to do it thru a private pension (work/occupational/private)"
ok....whats the best one to get? |
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By (user no longer on site)
over a year ago
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Wouldn't this be deemed as offering financial advice?
No disrespect mate but if you're an I.F.A or an advisor in the services, what you're actually doing is soliciting for business which is surely a breach?
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
"A few years ago I received a letter advising me that I needed to pay a few hundred into my pension to make up a shortfall when I had a short time as self-employed.
Do these new rules mean that I no longer need to make that top up to get my full pension?"
no.... to get a full pension you needed 30 years of complete NI contributions... under the new system it will be 35 years
they are going to allow people who are affected to go back further in their NI history to buy any missing years if needed |
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"i dont have one....should i get one
yes..... basically what they have said is that you will get a flat rate pension if you have enough years of NI contributions... and if you want anything above that you will have to do it thru a private pension (work/occupational/private)"
What about the thing that used to exist when your children were small and you stayed at home - Home Responsibilities Protection (or something like that!) - does that still count? And I also had a few years of self employment with exemption from NI contributions as my earnings were too low - am I totally buggered now?  |
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
"Wouldn't this be deemed as offering financial advice?
No disrespect mate but if you're an I.F.A or an advisor in the services, what you're actually doing is soliciting for business which is surely a breach?
"
I would never offer financial services... I work for the govt department who are going to have to deal with the changes (future pensions) what i can do is tell people of what to expect from any general changes...
anything specific I would always suggest going to a IFA.... |
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
"i dont have one....should i get one
yes..... basically what they have said is that you will get a flat rate pension if you have enough years of NI contributions... and if you want anything above that you will have to do it thru a private pension (work/occupational/private)
ok....whats the best one to get?"
that is the domain of an independant financial advisor i'm afraid.... I would suggest seeing them for that |
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By *r mrs pCouple
over a year ago
taunton |
"Wouldn't this be deemed as offering financial advice?
No disrespect mate but if you're an I.F.A or an advisor in the services, what you're actually doing is soliciting for business which is surely a breach?
I would never offer financial services... I work for the govt department who are going to have to deal with the changes (future pensions) what i can do is tell people of what to expect from any general changes...
anything specific I would always suggest going to a IFA...."
Fair play to you mate, its a tricky subject that confuses many. (Including us lol ) |
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By (user no longer on site)
over a year ago
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"i dont have one....should i get one
yes..... basically what they have said is that you will get a flat rate pension if you have enough years of NI contributions... and if you want anything above that you will have to do it thru a private pension (work/occupational/private)
ok....whats the best one to get?"
I can put you on touch with an ifa. |
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"i dont have one....should i get one
yes..... basically what they have said is that you will get a flat rate pension if you have enough years of NI contributions... and if you want anything above that you will have to do it thru a private pension (work/occupational/private)
ok....whats the best one to get?
I can put you on touch with an ifa."
ahhhhhh you look after me x x |
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
"So what happened to the SERPs i was getting.
Has it become a distant relative ????"
it has... serps finished in 97... when it was replaced by S2P (State 2nd Pension)
the way that pension is calculated at the moment is Basic Pension + Additional Pension (which is Serps + S2P)
to put it simply, if you have already earned more in additional pension under the system as it is, then the minimum under any new system.... you will be allowed to keep what you have now |
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By (user no longer on site)
over a year ago
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I wont have had 35 years of full contributions, when i worked part time i paid less plus i had a few years off work when my children were born .... so what will i get ? |
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By (user no longer on site)
over a year ago
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You need one like the MPs have.
Dont get mis-sold one of those gold platted cheapies.
Get yourself a genuine 24k solid gold one, just like your sitting MP will have lined up.
Make sure you claim every penny you pay in to it as a tax fiddle as well.
You know it makes sense
 |
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
"What constitutes enough years of NI contributions?"
under the system as it stands at the moment you need 30 qualifying years to get the full amount of basic state pension... the new system you will need 35....
to give you an understanding of what a qualifying yes is at the moment... if working you need to earn more than on average £107 per week (£5564 for the year) |
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
"i dont have one....should i get one
yes..... basically what they have said is that you will get a flat rate pension if you have enough years of NI contributions... and if you want anything above that you will have to do it thru a private pension (work/occupational/private)
What about the thing that used to exist when your children were small and you stayed at home - Home Responsibilities Protection (or something like that!) - does that still count? And I also had a few years of self employment with exemption from NI contributions as my earnings were too low - am I totally buggered now? "
Home Responsability Protection (HRP) years will still count towards any qualifications....
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
"I wont have had 35 years of full contributions, when i worked part time i paid less plus i had a few years off work when my children were born .... so what will i get ?"
like pink therapy you may have a lot more years than you think... if you were getting the child benefit then you probably qualified for HRP and those years would count.... |
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By (user no longer on site)
over a year ago
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"I wont have had 35 years of full contributions, when i worked part time i paid less plus i had a few years off work when my children were born .... so what will i get ?
like pink therapy you may have a lot more years than you think... if you were getting the child benefit then you probably qualified for HRP and those years would count.... "
Thank you
How can i find that out ?
You're a star for answering the questions xx |
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"i dont have one....should i get one
yes..... basically what they have said is that you will get a flat rate pension if you have enough years of NI contributions... and if you want anything above that you will have to do it thru a private pension (work/occupational/private)
What about the thing that used to exist when your children were small and you stayed at home - Home Responsibilities Protection (or something like that!) - does that still count? And I also had a few years of self employment with exemption from NI contributions as my earnings were too low - am I totally buggered now?
Home Responsability Protection (HRP) years will still count towards any qualifications....
"
Thank you  |
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By (user no longer on site)
over a year ago
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oh god this is going to keep me awake tonight - i have a stakeholder pension that ive had probably ten years ish now - pay full 240 a month and govt chuck in their bit - when i see the statement of what it will be worth each yr when i retire i think id be better off sticking the money under the mattress  |
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
"oh god this is going to keep me awake tonight - i have a stakeholder pension that ive had probably ten years ish now - pay full 240 a month and govt chuck in their bit - when i see the statement of what it will be worth each yr when i retire i think id be better off sticking the money under the mattress "
in the territory of an IFA for that one I'm afraid..... wish i could help ya... |
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By *abio OP Man
over a year ago
Newcastle and Gateshead |
"It sounds bloody complicated! At least my question was easy to answer!"
should have seen our faces when the document was plonked on our desks 15 minutes before the minister got up to speak in the commons.... 
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By *nnyMan
over a year ago
Glasgow |
"..........pay full 240 a month and govt chuck in their bit - when i see the statement of what it will be worth each yr when i retire i think id be better off sticking the money under the mattress "
Whilst I have absolutely no professional qualifications to offer financial advice, I can make one suggestion based on personal experience and that of friends.
Rather than under the mattress, stick it in Premium Bonds. |
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By (user no longer on site)
over a year ago
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"..........pay full 240 a month and govt chuck in their bit - when i see the statement of what it will be worth each yr when i retire i think id be better off sticking the money under the mattress
Whilst I have absolutely no professional qualifications to offer financial advice, I can make one suggestion based on personal experience and that of friends.
Rather than under the mattress, stick it in Premium Bonds. "
im really going to look into it - im sure id be better off simply saving it - have to see how much if i stop paying it now it will be worth - have struggled alweays to find it and have done without to keep up with it all - now im thinking the best part of 30 k - could do a lot with that |
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By *nnyMan
over a year ago
Glasgow |
A pal put his share of the equity from the sale of his mother's flat into Premium Bonds and averaged 20+%/ year over 10 years.
No promises but it can be done + you can get your money back quickish if needed. |
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By (user no longer on site)
over a year ago
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"A pal put his share of the equity from the sale of his mother's flat into Premium Bonds and averaged 20+%/ year over 10 years.
No promises but it can be done + you can get your money back quickish if needed."
as a family we have some - only a few hundred each but inlaws have more = they get an occasional cheque but never for much |
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By *nnyMan
over a year ago
Glasgow |
"A pal put his share of the equity from the sale of his mother's flat into Premium Bonds and averaged 20+%/ year over 10 years.
No promises but it can be done + you can get your money back quickish if needed.
as a family we have some - only a few hundred each but inlaws have more = they get an occasional cheque but never for much "
I bet they get more than they let on  |
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By *aceytopWoman
over a year ago
from a town near you |
"i dont have one....should i get one
yes..... basically what they have said is that you will get a flat rate pension if you have enough years of NI contributions... and if you want anything above that you will have to do it thru a private pension (work/occupational/private)
What about the thing that used to exist when your children were small and you stayed at home - Home Responsibilities Protection (or something like that!) - does that still count? And I also had a few years of self employment with exemption from NI contributions as my earnings were too low - am I totally buggered now? "
thats the same for me,how do we stand |
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By *nnyMan
over a year ago
Glasgow |
"If you have old work pensions you no longer pay in to can you cash them in?
you would need to check that with your private pension provider...."
I don't think you can cash anything in till you're 55 when you can take 25% as a lump sum and a monthly annuity thereafter.
You don't have to buy the annuity from whoever's been managing your pension. Shop around but with interest rates so low, the spread is likely to be narrow. |
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By (user no longer on site)
over a year ago
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I pay into shares through work and have option to sell every 3/5 years so far i two years my £3.05 per share is now worth £9.73 we have a buy in option again this year also have a great pension scheme with work for every £ I put in they put in more than double plus I'm more than making up enough contributions but still ill be investing at every opportunity |
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By (user no longer on site)
over a year ago
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I've just set the ball rolling on half a dozen pensions I had from years ago that were basically doing nothing. I've transferred them all to one provider and I've invested in a SIPP on the Aims market. Apparently, I own 20 teak trees in Malaysia now. |
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