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State Pension

Tommy Ng

Member
Messages
580
Hi all

I have questions on state pension and wonder if anyone can help.

Is the state pension amount depends on your NI contribution? The more you contribute, the more you get?

Roughly, how much state pension an average professional will get if he/she retires now (say been working for the past 40 years).

Cheers

tom;}
 

gladsaxisme

Try Hard Die Hard
Subscriber
Messages
3,435
One things for sure it will be as little as they can get away with paying you

I believe you can enquire direct to a pensions body who will tell you exactly how much you are entitled to when you retire,you will probably be able to find it through one of the uk.gov sites..good luck
 
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old git

Tremendous Bore
Messages
5,545
If you've made SERPS contributions, it is more but don't ask me what SERP contributions are, even though i made them.

For those on low income, must be me as I can't afford Griff's or any baritone, there are additions like Pension Credits and possible help with your rent or mortgage payments. As at all times, if you are single, you can get a 25% reduction in Council Tax but I am not encouraging you to divorce or kill the wife.

All told the Pensions and wotsit department are fair as most of the workers there believe you should have all you are entitled to, and there is a minimum number of years qualification. Suggest you contact Age UK who will be able to talk you through your entitlements. Failing that, try the Citizen's Advice Bureau, although they are strapped for cash and you will need to book an appointment.

Tom, I feel so disillusioned as I thought you were in your early forties.
 

Sunray

Well-Known Member
Messages
1,708
This any help Tommy ???

Hi all

I have questions on state pension and wonder if anyone can help.

Is the state pension amount depends on your NI contribution? The more you contribute, the more you get?

Roughly, how much state pension an average professional will get if he/she retires now (say been working for the past 40 years).

Cheers

tom;}
Getting a State Pension forecast ... [Linky Thingy] :)
 

teebones

Member
Subscriber
Messages
203
Think this correct

Up untill april 2010 men had to pay 44 years Nics, for state pension at 65. :w00t:
women had to pay 40 years Nics, for a state pension in their own right at 60.
As of april 2010 the years of Nic payments was reduced to 30 years >:) but age as to when you get your pension was increased.
Serps started back in1978 by Barbra Castle,your employer had to opt in/out,it is now called 2nd Serps.
I worked for the same company from Jan 1961 till Dec 2010 that opted in Serps in 1978 and I never opted out and my Serps payment on it's own is more than the single persons pension £95.25 :w00t:

Serps worked like this The More You Earn The More You Paid :shocked:

Lots of people opted out of Serps during the 90t's and paid into private pensions some gained most people I know lost out

O and lets not forget the old Graduated Pension Payment and income tax at 33 pence to the pound
(thanks to Mr Wilson and co) >:)

Teebones another old git :mrcool
 

MartinL

Member
Messages
366
Hi all

I have questions on state pension and wonder if anyone can help.

Is the state pension amount depends on your NI contribution? The more you contribute, the more you get?

Roughly, how much state pension an average professional will get if he/she retires now (say been working for the past 40 years).

Cheers

tom;}




you "top out" at 30 years and cant get any more, shame you cant stop contributing too :))

The DWP do a free service, you apply for a pension inquiry form, fill it in and about two weeks later you get a breakdown of exactly what you're worth at this time.
 

kevgermany

ex Landrover Nut
Subscriber
Messages
21,949
Thank you so much for all the comments.

It seems like lottery is the only solution to have a good retirement :)

The only solution to a good retirement is private funding. State pensions generally provide enough to live on, but not enough to live well. And without wanting to stray off forum limits, relying on politically controlled bodies for anything is very risky as political expediency usually decides. People will also argue that private is just as risky...

So although it may be too late for you Tommy, I hope the younger members reading take note and do something in good time.
 

jeremyjuicewah

Well-Known Member
Messages
1,890
I know nowt about pensions except that I could and did just take a 25% tax free lump sum. It wasnt much but I could not bear the thought that I might die and the grasping blighters would keep the lot. Felt very strange. Although I am not retired, filling in the forms for the lump sum and reduced pension gave me a funny feeling. I started paying in as an apprentice in 1969 so some of that money was put by when I was just 16. I never really thought about the day I would start drawing it, but lo and behold, it has arrived. All I can say with absolute certainty is that my old man was right and I should have done an awful lot more between then and now to make myself comfortable. I will be fine and will spend some on a good sax since intend to busk when the time comes since it seems a good way to make a few bob and I can cheat the tax man too. I am of course only joking, all will be declared. Take note young´ns, nothing lasts forever.
Mike
 

Rogerb

Member
Messages
764
"People will also argue that private is just as risky... "

Yes, as one who had his private annuity invested in Equitable Life, I'd probably argue that.....
 

trimmy

One day i will...
Messages
10,281
. I will be fine and will spend some on a good sax since intend to busk when the time comes since it seems a good way to make a few bob and I can cheat the tax man too. I am of course only joking, all will be declared.

;};} as all the top businessmen do ;}
 

old git

Tremendous Bore
Messages
5,545
Kevin,
I am surprised that you allow this left wing criticism of honourable businessmen like Sir Frederick Anderson Goodwin, who is existing in penury on the miserly remuneration as a senior adviser to RMJM, the architecture company.
 

kevgermany

ex Landrover Nut
Subscriber
Messages
21,949
Sorry Bill. I used to work for a bank. And my thoughts on what they've become since I started in the late 70s are unprintable. Lets just say that most of the senior executives would have sent William Hills under if they'd been working there. Funny, though Sir F.A.G. did a good job of sorting BCCI out, and we benefitted from some of his work.
 
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