Pensions. Are we being shafted?

[BillyNoMates]

How much could a grumpy 65 year old male prostitute earn a week?
I'll need to be doing something to pass the time. I hate golf and I'm crap at ballroom dancing.

 

[Sumo]

Now let’s look at old age and pensions Government at £155.71/week + Pussers, + War + Mobility + earnings of a lower standard + DLA + BMT + BAE all pensions final salary type BAE a bit watered down + current employer saving pension, I think I should be able to get by without joining Billy’s cottage industry, just need to live long enough to get there, 7yrs & 4 months and 28 days to go, not that I am counting, or a lucky strike on the lottery, whichever comes first, I am hoping retirement is the job I have been looking for?

 

[BillyNoMates]

I intend to finish work on the 6th May 2020.
Finex.
Endex.
Enough is enough.

 

[Sumo]

27 August 2024 or earlier

 

[Andy_Cap]

What is this " work " Thing you are talking about ?

 

[Sumo]

What is this " work " Thing you are talking about ?

somgink we youngsters do, old man

 

[wave_dodger]

As usual there is huge uninformed debate on this topic, a lot not helpfully generated by financial companies (on FB) posing as Forces friends...

Read this:

https://forcespensionsociety.org/news/national-insurance-contributions/

and this, noting that we've been getting told about the changes for almost three years:

http://www.thisismoney.co.uk/money/...T-155-new-state-pension-theyre-expecting.html

 

[wave_dodger]

It would seem that the pension forecast readjustment (re: lower N.I. contributions)
is not necessarily correct.

"To receive a full Basic State Pension, you need to have earned 30 years’ worth of NIC State Pension credits. These credits are usually gained through the NICs made on salaries paid."

Therefore - if you have done your time in the services, retired from that and gone on to another career,
you should have made up the difference and hit 30 years worth of N.I. contributions and should receive
exactly what you're entitled to when you eventually reach the age of crustiness.

I've been contributing in this (2nd) career since 1994 and I am officially an old fart in 2020. Does that
mean that after 26 years in this job I'll still be 4 years behind full N.I. contributions, and will 22 years
of "opt out" lower N.I. contributions that were paid when I was in the RN just simply cease to exist
and not be taken into account?

No...

Up until 5 Apr 2016 you had to have 30 years full NI to claim the max pension, after this date it was raised to 35 years (rising life expectancy etc., greater numbers of people alive to claim pensions etc.).

Our NI although reduced value was classed as full payments. If you use the online tool you can check this, like here:



You can see all of my years serving are classed as fully paid (panic over everyone) the only two non-full years are the first two at college, which I'd expect (I worked and paid NI), and even my time as 6th form has been "fully paid".

So, we're not being seen off. I can see why the Government is doing this, simply there are too many people living too long and the burden on the state is huge.

 

[onions]

Ah, the fact that some are breeding like rabbits and claiming every benefit under the sun, has nothing to do with the drain on the public purse. It's just us old buggers living too long!

 

[wave_dodger]

Ah, the fact that some are breeding like rabbits and claiming every benefit under the sun, has nothing to do with the drain on the public purse. It's just us old buggers living too long!

Given that this is primarily a pension issue drawn your own conclusions.

Ultimately there is only so much money..

 

[Sumo]

that's ok once we all retire, there will be plenty of work for the work shy to do.

Just had a thought, if the work shy will not pick up the slack, will we have to come out of retirement?

 

[Sumo]

won just over £6 on the Euro lottery, not massive but its a start towards my pension pot

 

[WreckerL]

won just over £6 on the Euro lottery, not massive but its a start towards my pension pot

Make the most of it, you probably won't be able to take part in two years time!

 

[Joint_Force_Harrier]

October 2035 the max I can get is £155.56 an Month

 

[Sumo]

October 2035 the max I can get is £155.56 an Month

JFH are you sure that is not weekly, mine looks like

You can get your State Pension on 27 August 2024. Your forecast is

£155.71 a week

£677.06 a month, £8,124.73 a year

 

[Joint_Force_Harrier]

JFH are you sure that is not weekly, mine looks like

You can get your State Pension on 27 August 2024. Your forecast is

£155.71 a week

£677.06 a month, £8,124.73 a year

Sorry, yes weekly.

 

[Sumo]

Sorry, yes weekly.

It also said I cannot top up to anything better?