I have a couple of questions. I started getting my pension on May 2023. 4 months after I got a form to fill in, a life certificate form and if I did not get this signed and stamped by an official ie. Doctor, Lawyer, priest or bank manager within 16 weeks, I would lose my pension. I get a part pension from the UK (21 years) as I moved to Denmark in 1994 and I also get a part pension in Denmark (29 years). Do I have to get this form filled in and could they stop my pension? I am not married but I have a Danish girlfriend and two daughters. If I passed, would I have to be married to my girlfriend for her and my kids to claim my pension? @@PrinciplesPersonalFinance
I have two pensions. I would much rather have had a Roth 401k throughout my working lifetime. $500/month invested from 25 - 65 at 9% is $2.3mil. I hate my job but can't leave because of I won't get my state pension. What do you think about doing a 70/30 stocks bond ratio?
I would avoid the index funds, mutual funds, or specific stocks for the time being. 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows signs of recovery
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
Generally speaking, a good number of people discredit the effectiveness of financial advisor in planning for retirement, For over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
*Gertrude Margaret Quinto* is the licensed advisor I use. Just search the name. You’d find her webpage and necessary details to work with to set up an appointment.
I qualify for full pension, having 45+ years NI contributions. However, someone who hasn't worked a day in his life gets a flat rate pension. He though can claim pension credits (which I cannot) and also gets free council tax (which I do not), which means he is better off than me. How on earth is this fair?
@@timbrooks2763 Ignorant comment. All the benefit scammers I've ever known of - including one I reported for false disability claims - were all indigenous home-grown grifters
Would have been nice if a similar line of equity had been employed for WASPI women. In a fair world, lawyers engaged with migrancy matters would be engaged on this.Fishy
I too have worked all my Life and paid 43 years NI. And I agree Everyone who has worked and Paid into NI should get more income than someone who has not worked or paid NI ( excludes GENUINE DISABLED) vote for my New Party The Pensioners Party, and If elected. We will Make sure that we get a proper pension and other Benefits, we are entitled to plus Pensioners who have paid over 35years NI will be Guaranteed NHS Dental Care etc. I will be Standing at the next Wyre District Election. Come on VOTE The Pensioners Party !
A relative of mine has not worjed one fullday in their life, the partners has not worked 2 full years either, both will get the full pension. Who says idleness does not pay? They are NOT disabled.
I know someone who claimed unemployment payment most of her working life she had a small state pension paid to her when she hit 60 plus pension credit plus 100% housing benefit, and doesn't have to pay council tax..
In 2007 jobcentre told me I didn't need to sign on for national insurance credits as I had more than enough national insurance credits for my new state pension in2017 I get about £30 a week less than the new state pension because I was contacted out.
I accessed mine on line through the HMRC website, printed it off, checked it and then discussed it with them. You have to have an account with them, which I already had, but it’s easy to set one up and it’s invaluable to check on your tax and contributions.
You state that filling the gaps normally takes about 3-4 years to break even. This is not the case IF you pay more than a single year at about £825 to gain £245 per year in SP increase. So the reality is it take 3-4 years per additional year bought so if you buy an additional 3 or 4 year your actually looking at about 9 to 12 years additional living post state pension to break even. This top up is extremely difficult to justify as life expectancy is currently falling for men. I’m 67 now. Retired at 60 on health grounds so did not pay NI on my private pension for 6 years which I could buy now. However if I were to die at 75 I am not breaking even and my wife would lose out on this top up money, DWP will not refund her my NI top up. So older you are better it is to save the 6 years cash so my family can inherit it rather than the DWP.
excellent information I deferred my pension but now pay tax on the amount above £12500 but they do not send any details or statement of tax paid. I don't any government department as most are full of incompetent people how can you check if figures are correct.
I claimed my state pension when I hit 66. At that point I only had 25 years of contributions. I just received a letter asking me if I wdnted to pay a year of voluntary contributions. Can I still pay this even though i have been getting the state pension since March 2023. Someone told me I could defer my pension even though I clsiming it. Any information gratefully received. Thank you
As you just mentioned about contracting out I was told that all jobs with the health service could servants and social workers paid a lower rate than everyone else from 1978 until 2016 . So this is why I was penalised from having the full pension. I worked from 18 until Iwas 55 and left with a disability. I was then on ESA until 2016. I rang HMRC and they stated there were gaps in my NI contributions , which I found out that DWP never gave me any credits for the four years I was in ESA This is now is now in the hands of the pension service and has yet failed to contact me. So will wait if and see if DWP will rectify this
I'm a contracted out pensioner and i'm recovering next to nothing can you please let me know if I'm been scammed I need what can do about this matter and will I ever be compansated for my correct payments
Point one: The other way you can get a higher state pension under the new rules is by delaying starting it, as covered in point 3. This was also possible under the old state pension. For example if you delay starting for 90 weeks (about 21 months) you get 10% more once you start, and keep that 10% bonus for life; and the bonus increases with the triple lock (at present) In very rough figures it could take 15 to 20 years to make up the money you missed out on by delaying the start. The advantage of delaying is that if you're lucky enough to live longer than 20 years then your pension, including the bonus, will still be rising (under whatever annual uplift is on force at the time).
Thanks for watching, appreciate you taking the time to comment. I covered my thoughts deferring options in the below video. 👇 ruclips.net/video/NZ46g0UlvOU/видео.html
If the tax trigger point is £12,500 for workers why is my tax trigger point £10,800 tthen l pay tax. On top of basic state pension l get £ 278 a month and pay £37.40 tax. Does anyone know how that works?
Hi, thank you for a very informative video. Do you know if claiming carers addition to pension credit will effect the Guaranteed pension credit? My elderly family gets free dentist and need regular care but they are worried if they will lose the guaranteed part of pension credit as they do care for another disabled person.
I'm still waiting on my £7000 i was under paid from 2014 until it was announced in November 2019 the last time i spoke to anyone they're doing it Alphabetically and Covid & Lockdowns are causing delays, but they will get to me eventually, i get the impression they're hoping most of us Peg it before having to pay it out to us.
I was contracted out of serps for many years! When I checked my national insurance record I found I had paid the full 35 years but because of contracting out I had a big shortfall even though by that time I had paid in 44 years. To make myself eligible for the full new state pension, I had to pay a large amount to the state pension people who gave so much conflicting information. I still am not sure what I will get in a 2024 when I retire as each prediction on the government web site changes. You are right about it being a minefield! A lot of people who were contracted out have no idea how it affects there state pension.
Thanks for watching Russell and taking the time to comment.🙌 Absolutely, not easy to understand and if I'm being honest a lot of finance professionals don't have a full grasp of it. 😬
I have just now reached state pension age. In January the initial letter from DWP gave me a figure that I would receive every 4 weeks. They also gave me a figure for my first payment of 10 days, and the daily rate was lower. I didn't notice the rate difference at the time. Last month I received a letter advising of what my pension would be with the 10.1% increase applied.... I was expecting to see around £790 per 4 weeks, and was shocked to see £720! Yes...the culprit appears to be that, although I have 47 years full NI conts, no NI conts have been made since I retired 4 years ago. Numerous phone calls...no answer just BS... I have now written... but looks like I may need to fork out £2.4k or £3.2k to get the extra £70 which is taxable. Disgraceful situation and totally confusing and "hidden".
I don’t understand why service people who served just before l joined the army and joined up after l left the army, they are entitled to a service pension. I joined early 1963 and finished October 1974.
As expats we pay for glasses and teeth and both are expensive i mean over 100 for specs out of our joint pension of 800:for the month is allot and dentists charge 135 over extraction, everything else goes up to thousands. All,medically extras like neck supports arm brace crutches wheelchairs are bought by thr patient, also a lot of the medication is not free on prescription. Some pills i have to have cost 27.95 euros, others are 9 euRos andn6 for ten days supply
You think that’s expensive live in oz as ex pats dentist is free if you wait 3yrs same for a lot of surgery only option is private at 7g aussie a year for two lus you still get an extras bill as leave hospital my last trip cost me 4g on out of pockets without what my private cover paid
I have a State Pension but dont get the full amount (maybe was 50% but now less, and reducing) as I wasn't able to top up. I now live in Brazil and not getting cost of living increments. I think this is absurd .... inflation in UK is lower than in Brazil. I am, without any other sources of income, stuffed!
I still don’t understand this Cope amount. If I’ve got a Cope of £22 pounds a week, do I take that away from my £203 a week pension estimate to get my actual figure?
State Pension is a real niche topic on YT or in media generally. Great set of points presented clearly at the level intended. Further digging may be required but many thanks for the info!
Thanks Pete, appreciate the kinds words! Is always great to hear as when I'm doing these things as you say, this is both quite niche and also pretty complex. Tough one to get across well. Cheers for watching and taking the time to comment! 🙌
Because of the changes in 2016 i lost out on £2563 a year or £49.30 aweek funny they changed just as baby boomers started to retire because of an army pension can't claim housing benefit council tax reduction
The various videos that provide information on this site are excellent. Very well delivered and should be mostly understood by the average individual in my opinion. Pensions can be a very complex subject to understand for those of us who don't do much more than contribute towards them, so very well done and thank you.
Thank you!! I really do appreciate the kind words and your support. Makes all the difference when doing the long edits, so thanks for taking the time to comment. 🙌🙌
If you’ve made your full N.I. Contributions then you will get your full pension so making payments to fill gaps in past contribution payments does not give you any further benefit. The HMRC told me my gaps don’t matter I will still get the full state pension.
Hi, Perhaps point out that if you retire before state pension age you still have to pay additional National Insurance for many years to get full NI credits at state pension age (66). At age 60 you may have worked for 42 years and at some point been contracted out by your employer. This will reduce your state pension and although you will have paid in thousands of pounds more over the 7 years it will not count for the 35 years state pension. You than have to pay more in if you want to build your state pension up. You will have paid in to the system over 42 years far more than someone who pays for 35 years and is not contracted out. Just another inverted injustice.
My circumstances are similar to your example. I am forecast to get full state pension. I seem to remember for contracted out years getting state pension plus about 50% S2P credit. So at least in theory would not take many extra years to compensate for lower S2P credit. Depends on how the government chose to do the calculation. Anyway I suspect the pension difference between contracted in/out is not as great as people might think.
Very interesting helpful video thank you I just found you’re channel and subscribed will be watching more. Do you know what happens to state pension when for example my father died and his went to my mother who then sadly has passed away do they government keep they’re pensions or it goes to the children? I have no kids so for example them when me and my husband die the government keeps ours or we can leave to family? Thanks for any thoughts
Six months early PIP decided to act against a first tier tribunal judge's decision to reinstate my severe disability benefits, halving what I receive and denied me the tribunal awarded higher rate Mobility. Ironically I'm now awaiting my fourth PIP tribunal hearing date in almost as many years, where I'm not confident it will be reinstated a fourth time. 😡
I have been living abroad for the last 8-9 years and I get my increase on my pension because it’s still paid into my uk bank account! If I get my pension paid into a bank account of the co7 try where I live I will not get any increases due to me! So leave your money in the uk bank and just transfers it yourself to your bank in the country where you live, there are schemes that help you they only charge £1 to send money to any country, this can be as much as £3000!
Very odd If some one never worked Will get some state pension OK benifits will go But top up pension credit If only I had gone to spec savers Would have so this coming Ps I was told catch the boat Every thing free For life ❤ Even better 😂.........
For people that done a private pension they are not getting there state pension in full do you think this is right and fair we was told to do a private pension but now loosening out on full state pension
I started drawing my pension in late April 2016. As I was 'on the cusp', I was told that I would be better on the old system. I wasn't happy with this as it was less than the quoted figure for the new system. Eventually, this was explained to me as being a result of being contracted out when I'd joined the company pension scheme about 14 years previously. I accepted this reduced figure until younger people I knew were getting quotes higher than me despite also being contracted out, so I did query this, but was told that it was correct. I'm still not convinced that I was better off being put on the old system. I am currently getting £146.66/week.
My husband had a full state pension record and died 2 years ago at the age of 62. I have been trying to contact the tax dept and been going round and round as every time I ring the number stated on their website, it tells me I have to ring another number, so I ring that number and it tells me to ring the first number! 🤦🏼♀️ I started getting my state pension this June but I’ve heard nothing about getting any of my husbands. How do I investigate this please?
Write a letter to the pension service - you should have a leaflet with their address at the back of it. Try to explain as clearly as you can what you are writing to them for. Give them your and your husbands national insurance numbers. Never bother to ring them - its pointless
@@barbsdee3831 you're very welcome. You would get a letter and a leaflet every year when the new pension rate is calculated for the increase every April. If you dont have yours from when you got your first pension payments you can find the info online or if you are still stuck let me know. I have my leaflet - somewhere!
Your husband never had a pension plot. He was paying for the pensioners of the day, when you retire the workers of that period pay your pension through tax and NI contributions, sadly you have no claim!
My wife reach state pension age, last October. Because I was her carer, and younger, she couldn’t get any pension credit, or anything else. We only had, her state pension and my carers allowance, to live on. I wasn’t entitled to anything else, either. If we wasn’t living together, she would get pension credit, boosting her income. The benefits system, is complicated, and needs to be improved. I know people on benefits, who are living a good life, with more money, than someone working 40+ hours a week.
That must be incredibly difficult Gary. I agree that the benefit system is often complex and very tough to navigate. I wish you and your family the very best. George
The minimum is 35 years NI contributions for the new pension? I have 44 years NI contributions, retired last year but not getting the full new pension. I queried this asking for an explanation as to why I don't get the full amount, all I received back from them was a standard letter explaining how I can top it up with more contributions, not an explanation as to why I wasn't getting what I think I am entitled to.
I still wonder whether being contracted out for some 14 years is correctly acknowledged given my second state pension is literally a few pounds a week, this despite paying 40% income tax for well over 30 years. I've asked the DWP but never heard back from them and perhaps your presentation is a timely reminder to ask again!
Hi BC you should be receiving a second pension from the company you were pensioned out to. Contact HMRC or email them and ask if they can help you who to contact about your pensioned out amount. They helped my husband who was also pensioned out. The company gave him a back dated lump sum and £384 every four weeks for life. So don't delay if you need more help contact Age Concern who will advise you. All the best.
Ha ha. It would be unfair to those who didn't pay the full rate. The fact that large numbers of people don't pay ANYTHING into the system and yet still get a FULL pension, is of course, never mentioned.
@@rattylolyou must be one of those milking the system, type that use a blue badge but done have the disabled person with them and then claim care allowance.
The unfair bit is still paying full NI after you have reached the 35years max. I have done 42years, and I’m still working. That 7 years and conting NI money could be invested in another pension fund, instead the government will quite happily spend it on other things.
Great video can you tell me is this is right should I get full pension if I have 50 years national insurance contributions .I am 70 in May .I have 39 year and a few months contract in and 10 years and few months contracted out.I get £157.94 state pension . If you get full pension with 35 years why do I lose money for doing 15 years more thank mr C Nuttall
Thanks for watching and your support 🙌 It's all to do with the calculation that was done when they worked out the foundation amount when the State Pension Systems changed in 2016. There is a better overview below which is something that I can't really go into full detail on a RUclips comment section for, but this should provide some guidance: www.dailymail.co.uk/money/pensions/article-11735955/State-pension-docked-20-week-contracted-happening.html It was POTENTIALLY possible for some to accrue further years for those who had been contracted out. To know for sure for you specifically, it's something you would have to check your record for and enquire further with The Pension Service to confirm.
My age 71yr old I worked long hours for 50yr years on low pay because I worked for fifty years I get less of a government pension than someone who couldn't be bothered to get off their arse and get a job they get the rest made up on benefits Alec from Scotland
Hi, tough for me to say as it depends on what happened in relation to your employment position at the time. By contracting out a pension, both you and your employer will pay lower, reduced-rate National Insurance contributions. When you retire, your second pension will come from your employer's scheme and not from the additional state pension. Therefore, whether you were contracted out for the period of disability, I can imagine would depend on what happened with your employment during that period. You mentioned paying full NI whilst working but were on disability so it would depend on whether contracting out happened for you during that time. Sorry, i can't be more help here. It's a very specific question and would depend entirely on what happened during the period of employment and disability.
HI DO YOU KNOW ANYTHING ABOUT WHEN UK SAYS A COUNTRY IS FROZEN THEY CAN TAKE MONEY 175 POUNDS OF YOUR STATE PENSION ?? IT SOUNDS LIKE STARE ROBBERY TO ME, VAN YOU HELP ?? CHEERS
Can you tell me what happened to the Adult Dependency Allowance, which on the "old" pension was added for your wife on retirement but which I am told "is now no longer available"? It was paid when your wife had worked as a homemaker and had no credit in her own right, but was still married to you and living with you.
I was advised on my retirement that I was entitled to home res?possibility payment as I had been i n receipt of family allowance payments from 70's to 90's.
Self employed should pay a full stamp. All work done by these workers should require them giving a receipt for payment. Cash payments without a receipt being given should be a crime of fraud against the state.
Hello. I retired on ill health in 2002 at the age of 55 and I’m now 76 years of age and do not get a full state pension, am I eligible for any increase in getting either more or full pension? Pete
Hi Pete, thanks for watching. It depends on your other income but I'd certainly be checking pension credit if you're on a low income. Please follow the below for more detail: www.moneysavingexpert.com/savings/pension-credit/ If you did retire on ill health then I would also suggest checking if you are entitled to any extra benefits due to this. The below is a guide to a mixture of benefits you can receive after State Pension Age but your eligibility will vary depending on health: www.nhs.uk/conditions/social-care-and-support-guide/money-work-and-benefits/benefits-if-you-are-over-state-pension-age/ Wish you well, 👍 George
That's called fraud. They get quite cross if they find out. Under forthcoming legislation they will find out, if you regularly remit money abroad, or even use your debit card abroad all the time
Anyone who thinks current 20 and 30 year old will get a state pension better think again. Its slowly being replaced by private company ones. The downward trend in NI and the ramp up in company contributions dictated by the government is a very very big clue. In 10 to 20 years I also put money on the NHS following the US model of health insurance.
This was set up for working people for there retirement what year was that? What I like to Know how much interest this agency was getting at that time. over the years and was it wise investment for all the years to present.
Hi Andy, thanks for these very informative video's. I have a question, currently I receive a pension from the UK. I left the UK at a young age but had accrued 7 years of paid national insurance. I came back to europe, and worked in spain for 3 years. When I applied for pension at the retirement age, the 3 spanish years were added to the 7 UK years and I am now receiving minimum pension. I have the opportunity to pay in 6 years of gaps, at an average of 840 pounds per year. How do I find out how much additional pension I will receive annually per gap year that I pay in?
Hi Danny, assuming it's in payment based on the fact you say you are receiving the minimum pension I'd suggest you contact The Pension Service to check your options for any voluntary payments. They will be able to tell you how much additional pension you would built up. They are quite busy right now so be prepared to wait. www.gov.uk/contact-pension-service
Hi Andy, my problem with the DWP is that back when i asked for a forecast i believe around my 60th birthday the forecast had shown that i was entitled to a full state pension having 32 years NI contributions this being before 2016, Now i receive my pension it less than the full state pension in which i was told i would receive. it may only be a small amount per week but it all adds up. Is it worth perusing the point or best to just except what i receive. ?? Thanks for your advice on all matters relating to state pension.
I was told that 30 weeks was enough to get the full pension, then they changed it to 35, luckily I could achieve this but different information at different time, one big con.
I went in a Union recommended pension meant for Contractors by the GMB,Scottish Widows I get £3 a week because I opted out of SERPs the Government takes £17 a week which leaves me £3 so I have to pay Dental and everything plus I get nowt Council Tax money off the Government nowt.Proper kidded.Rubber boat boys quids in
I didn't qualify for the full new state pension, even though the government changed the rules and made me a waspi. 7 years later I discovered a little know fact. I could claim credits for looking after my grandkids, whilst I was under pension age. I have now claimed and might get it back dated. 🤞
It’s mind boggling. I’m living on a very low basic state pension because I was a stay at home mom for a few years. I struggle and don’t know where to turn. We froze this winter, dreading the next.
Hi Maureen, that’s terrible to hear. If it is any use, I’d suggest checking if you are entitled to any additional help. The below are some resources that I’d suggest looking into as there are various options on how to get support. www.turn2us.org.uk/Your-Situation/I-can-t-heat-my-home www.turn2us.org.uk/ If you haven’t already. I’d strongly suggest checking your eligibility for pension credits 1️⃣ www.gov.uk/pension-credit 2️⃣ www.moneysavingexpert.com/sav... 3️⃣ www.nidirect.gov.uk/articles/... I wish you the very best. Take care.
pension credits basic guaranteed credit - so if you are claiming state pension and working and you receive less than£182.60 per week from work you can claim p. credit?
Thanks for watching, there are criteria that would be too long for me to summarise in a comment response but very broadly, yes. However, please see the below for full conditions as there are lots of areas which could change that due to someone's personal situation: www.gov.uk/pension-credit/eligibility
Hi I got my state pension in 2,00,7 I used to get double pension every Dec 1st Dec 31st it stopped in 2021 I have 10 years state pension how much do I qualify for in 2023
If you own your house and worked all your life you can’t get pension credit .I am a widow I have my state pension plus my husbands pension I am 76 , i checked with the DWP I wanted to know if I could get a free tv licence or pension credit the answer was no. I didn’t get widows pension either w by bother.
I contracted out for 13 years now this is the joker in the pack that ended up in ppf so it never go up like the state pension would there be any chance of claiming the difference as ppf is frozen
I was forced by an employer to opt out for about a year, and I am now getting paid less than my wife. I have 44 full years of entitlement and still getting shafted by this government
What about women who have to take breaks to have kids, work part time around school hours and look after elderly parent, should they not get a pension then?
Hi Lewis, the full new state pension will increase to £10,600 over the year, from April 2023, or £204 a week. So if you are above that it appears you may have additional elements which have been taken into account.
full pension should be paid regardless of where you live in the World...I live in Thailand, my pension does not go up, it has been frozen....I am paying tax on my company pension,.
Same here. Moved to Thailand at 60 with around 44 years of NI contributions. At 65 received about 540 pounds a month which is frozen unless I move back to UK for good. Had a heart attack at 71 then a failed stent op followed by a triple bypass and a stricture at same time. Cost was about 46K pounds. Pharmacy is about 200 pounds a month. I have had my 2 cataracts done but need a hernia and prostate. Now at 77 I will wait a while for these. But hey I'm still alive! The Thai baht has nearly halved in value against the pound and savings interest has moved from 6 to 0.5% in 17 years. I have a 22 year company pension, thank goodness but the UK tax man takes 300 pounds a month, bless him. My advice would be take out health insurance but age and pre existing condition might make this impossible. My advice would be not to move abroad but certainly have a couple of 6 week winter holidays on the med or Canaries.or Thailand - 11 hour flight remember. Looking at the state of the UK from here, maybe I wouldn't have survived, so I am a lucky old man.
What ever happened to all the contributions made by working people who died before reaching pensionable age? There must be billions of pounds in a slush fund somewhere held in perpetuity by the state!
There is no pension pots. The workers of today pay the pensions for the pensioners now through tax and NI contributions. The next generation will pay yours. No money is accumulated anywhere!!
I moved to UK at 39 after paying 20 years of employment in an EU country, are these contributions lost forever or can I use them for my state pension in UK?? Has UK any agreement to recognize other countries contributions?
I worked 27 years in germany and I will get a pension when I reach pension age. I receive every year a letter from the DRV with my qualifying years, the amount of my pension and the amount for widow pension for husband when I deceased. If you worked in austria the procedere wil be the same. Most important thing, sort your papers and find the SV number and contact the state pension. Your contributions aren't lost...but you need to act asap. And yes the UK has agreements with EU countries.
@@beepositiveforever971 SV = Sozial Versicherung (social insurance...in germany, including unemployment insurance, pension insurance, health and care insurance).
In this video you reference Steve Webb and the state pension. Could you put a link in your description so that I can find this article and read it please. Thank you. Just for you I have subscribed with all notifications on Great content very informative
Thank you, appreciate you watching and taking the time to comment. There are lots of good articles from Steve on This is Money: www.dailymail.co.uk/money/pensions/article-11173887/Most-popular-Steve-Webb-columns-state-pension.html You can also find out more here. www.lcp.uk.com/is-your-state-pension-being-underpaid Appreciate your support 👍
@@PrinciplesPersonalFinance like many people in this situation we are unsure as to where to invest any of our pensions and also finances that are just sitting around in company accounts. What would be your suggestion to try and find a path for the future for my wife and I?
@@rocksy71 Hi John, thanks for your message. I think when you get to that position it can often be worthwhile speaking to an independent financial adviser. The answers to the questions of 'how much is enough' is complex and the challenge is like many areas in life, by definition you don't know what you don't know. Where it can get a lot more difficult is when savings are less than say £150k cumulatively. Many advisers want to help this part of the market but it can be challenging to make that work due to the spiralling cost of regulation. One of the reason for my channel is to try and help bridge that gap. There are some guidance details on my educational site around this topic: www.principlespersonalfinance.co.uk/ Hope that helps! 👍
Back in 2004 it was announced that anyone under the age of 30 would not receive a state pension! Full stop end of, so this BS about the state pension and paying as we know its an empty box for anyone now under the age of 50
Thanks for watching. If you follow the link in the description on this there is an option to select a form for the claim. There are notes when to apply for credits. It states they should be done in the tax year but if not, it appears it's down to HMRC discretion based on the below from the form: "If the time limit has passed still complete the application form giving the reason why you did not apply on time. If the circumstances are reasonable HMRC can still award the credits as long as you meet the transfer conditions. These are: • you reach State Pension age after the relevant period • the person registered for Child Benefit cannot get credits because their earnings were equal to or above the qualifying earnings factor for that year • you were living with the person who was registered for Child Benefit for the relevant period and you were sharing the care for a child under the age of 12 • you would have been able to register for Child Benefit if your spouse, partner or civil partner had not registered for it" Good luck! 👍
The top up date is now extended to end of July 2023
Correct, glad that they did. Had quite a few clients who just couldn't get through. Pinned the comment as it's relevant.
Extended again to April 2025. HMRC cannot keep up with demand.
I have a couple of questions. I started getting my pension on May 2023. 4 months after I got a form to fill in, a life certificate form and if I did not get this signed and stamped by an official ie. Doctor, Lawyer, priest or bank manager within 16 weeks, I would lose my pension. I get a part pension from the UK (21 years) as I moved to Denmark in 1994 and I also get a part pension in Denmark (29 years). Do I have to get this form filled in and could they stop my pension? I am not married but I have a Danish girlfriend and two daughters. If I passed, would I have to be married to my girlfriend for her and my kids to claim my pension? @@PrinciplesPersonalFinance
I applied over a year ago by courier to be signed at delivery and, yet to hear back, what a dysfunctional mess.
Ripoff Britain
I have two pensions. I would much rather have had a Roth 401k throughout my working lifetime. $500/month invested from 25 - 65 at 9% is $2.3mil. I hate my job but can't leave because of I won't get my state pension. What do you think about doing a 70/30 stocks bond ratio?
I would avoid the index funds, mutual funds, or specific stocks for the time being. 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows signs of recovery
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
Generally speaking, a good number of people discredit the effectiveness of financial advisor in planning for retirement, For over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
@@mikegarvey17Could you possibly recommend a CFA you've consulted with?
*Gertrude Margaret Quinto* is the licensed advisor I use. Just search the name. You’d find her webpage and necessary details to work with to set up an appointment.
We have one of the lowest state pensions in Europe. We have been conned all the way to the bank.
Liz did 45 or so days of work as PM and got lovely pension. And we pay for it
We will be paying for Boris as well.
She is still an mp.
I qualify for full pension, having 45+ years NI contributions. However, someone who hasn't worked a day in his life gets a flat rate pension. He though can claim pension credits (which I cannot) and also gets free council tax (which I do not), which means he is better off than me. How on earth is this fair?
Im the same.its not fair.
All wrong ....
Same for me
Liberal attitude, pays to be work shy low life
@AS-L 👍but your obviously leaving quite a digital footprint, so earn enough and the tax man will be on your case
If you are claiming Carers Allowance and start to receive state pension, you lose Carers Allowance. Completely unfair but there it is.
Criminal. Caring is more exhaustive than. Ft work and parenting.
Yes and carers at home save loads for the Govt.
I know someone who never paid any Nat Insurance. He gets the state pension with pension credit. His pension is higher than mine.
your the wrong colour ;)
@@timbrooks2763 You mean of course the scrounging bastards that arrive via the Life boat taxi service
@@timbrooks2763 Ignorant comment. All the benefit scammers I've ever known of - including one I reported for false disability claims - were all indigenous home-grown grifters
@@timbrooks2763 didn't take long for the racist to come out of the woodwork
Would have been nice if a similar line of equity had been employed for WASPI women. In a fair world, lawyers engaged with migrancy matters would be engaged on this.Fishy
Solicitors do not touch pensions for some reason, I have asked a few.
As someone has rightly said they should try this on Politicians.
When i was opted out i had no choice. yet those that stayed in seem better off. So its those that opted out that were screwed over.
No, it's swings and round abouts. I receive a bigger works pension and lose out on the state pension!
@@polaris7122there is a change coming in 2030 that may change that. Your pension would only be bigger if you had full 40 years.
I have a private pension. Any increase in the State pension is deducted from my private pension.
It's made too complicated for any marginal person to get their head around...the government make it that way I'm sure
There is also the women that were born in the 1950’s who lost out on payment because of lack of notice to new changes . WASPI
Watch out for the DWP stopping payment for your N. I. credits, they did that to me back in 2017 after I had become disabled.
Ditto! 🤔
I too have worked all my Life and paid 43 years NI. And I agree Everyone who has worked and Paid into NI should get more income than someone who has not worked or paid NI ( excludes GENUINE DISABLED) vote for my New Party The Pensioners Party, and If elected. We will Make sure that we get a proper pension and other Benefits, we are entitled to plus Pensioners who have paid over 35years NI will be Guaranteed NHS Dental Care etc. I will be Standing at the next Wyre District Election. Come on VOTE The Pensioners Party !
A relative of mine has not worjed one fullday in their life, the partners has not worked 2 full years either, both will get the full pension. Who says idleness does not pay? They are NOT disabled.
@@suzannehaigh4281
I know someone who claimed unemployment payment most of her working life she had a small state pension paid to her when she hit 60 plus pension credit plus 100% housing benefit, and doesn't have to pay council tax..
In 2007 jobcentre told me I didn't need to sign on for national insurance credits as I had more than enough national insurance credits for my new state pension in2017 I get about £30 a week less than the new state pension because I was contacted out.
It was altered from 30 years paid contribution to 35, I was caught by this but found out in time to pay the extra, which makes me entitled to nothing.
I worked 50 years. I,don't get a full pension. I have asked the DWP for a statement of contributions. Three times I asked. Three times nothing.
I accessed mine on line through the HMRC website, printed it off, checked it and then discussed it with them. You have to have an account with them, which I already had, but it’s easy to set one up and it’s invaluable to check on your tax and contributions.
@@stuartsmith5336 Spot on Stuart - worked for me as well. Just register with the Gateway system.
These crooks would rather fund illegal MIGRANTS 6 million a day and deprieve people who paid taxes for 50 years
Answer: YES.
You state that filling the gaps normally takes about 3-4 years to break even. This is not the case IF you pay more than a single year at about £825 to gain £245 per year in SP increase. So the reality is it take 3-4 years per additional year bought so if you buy an additional 3 or 4 year your actually looking at about 9 to 12 years additional living post state pension to break even. This top up is extremely difficult to justify as life expectancy is currently falling for men. I’m 67 now. Retired at 60 on health grounds so did not pay NI on my private pension for 6 years which I could buy now. However if I were to die at 75 I am not breaking even and my wife would lose out on this top up money, DWP will not refund her my NI top up. So older you are better it is to save the 6 years cash so my family can inherit it rather than the DWP.
excellent information I deferred my pension but now pay tax on the amount above £12500 but they do not send any details or statement of tax paid. I don't any government department as most are full of incompetent people how can you check if figures are correct.
My husband is my full timemcarer and gets nothing, though we are 77
I claimed my state pension when I hit 66. At that point I only had 25 years of contributions. I just received a letter asking me if I wdnted to pay a year of voluntary contributions. Can I still pay this even though i have been getting the state pension since March 2023.
Someone told me I could defer my pension even though I clsiming it. Any information gratefully received. Thank you
All theory mate. The longer you work the lower the pension. I worked 64 years and on the lowest state pension
As you just mentioned about contracting out I was told that all jobs with the health service could servants and social workers paid a lower rate than everyone else from 1978 until 2016 . So this is why I was penalised from having the full pension. I worked from 18 until Iwas 55 and left with a disability. I was then on ESA until 2016. I rang HMRC and they stated there were gaps in my NI contributions , which I found out that DWP never gave me any credits for the four years I was in ESA This is now is now in the hands of the pension service and has yet failed to contact me. So will wait if and see if DWP will rectify this
Opting out was a scam, they never warned it would reduce your pension at all
I'm a contracted out pensioner and i'm recovering next to nothing can you please let me know if I'm been scammed
I need what can do about this matter and will I ever be compansated for my correct payments
Point one: The other way you can get a higher state pension under the new rules is by delaying starting it, as covered in point 3.
This was also possible under the old state pension.
For example if you delay starting for 90 weeks (about 21 months) you get 10% more once you start, and keep that 10% bonus for life; and the bonus increases with the triple lock (at present)
In very rough figures it could take 15 to 20 years to make up the money you missed out on by delaying the start. The advantage of delaying is that if you're lucky enough to live longer than 20 years then your pension, including the bonus, will still be rising (under whatever annual uplift is on force at the time).
Thanks for watching, appreciate you taking the time to comment.
I covered my thoughts deferring options in the below video. 👇
ruclips.net/video/NZ46g0UlvOU/видео.html
If the tax trigger point is £12,500 for workers why is my tax trigger point £10,800 tthen l pay tax. On top of basic state pension l get £ 278 a month and pay £37.40 tax. Does anyone know how that works?
Hi, thank you for a very informative video. Do you know if claiming carers addition to pension credit will effect the Guaranteed pension credit? My elderly family gets free dentist and need regular care but they are worried if they will lose the guaranteed part of pension credit as they do care for another disabled person.
Good clear explanation without being preachy, thanks.
Thanks Laurence, glad you found it useful.
Appreciate you watching and taking the time to comment. 🙌
I'm still waiting on my £7000 i was under paid from 2014 until it was announced in November 2019 the last time i spoke to anyone they're doing it Alphabetically and Covid & Lockdowns are causing delays, but they will get to me eventually, i get the impression they're hoping most of us Peg it before having to pay it out to us.
The Government must increase the Base Rate to £18,000 to give all the lower paid extra some help.
I was contracted out of serps for many years! When I checked my national insurance record I found I had paid the full 35 years but because of contracting out I had a big shortfall even though by that time I had paid in 44 years. To make myself eligible for the full new state pension, I had to pay a large amount to the state pension people who gave so much conflicting information. I still am not sure what I will get in a 2024 when I retire as each prediction on the government web site changes. You are right about it being a minefield! A lot of people who were contracted out have no idea how it affects there state pension.
Thanks for watching Russell and taking the time to comment.🙌
Absolutely, not easy to understand and if I'm being honest a lot of finance professionals don't have a full grasp of it. 😬
I have just now reached state pension age. In January the initial letter from DWP gave me a figure that I would receive every 4 weeks. They also gave me a figure for my first payment of 10 days, and the daily rate was lower. I didn't notice the rate difference at the time. Last month I received a letter advising of what my pension would be with the 10.1% increase applied.... I was expecting to see around £790 per 4 weeks, and was shocked to see £720!
Yes...the culprit appears to be that, although I have 47 years full NI conts, no NI conts have been made since I retired 4 years ago. Numerous phone calls...no answer just BS... I have now written... but looks like I may need to fork out £2.4k or £3.2k to get the extra £70 which is taxable.
Disgraceful situation and totally confusing and "hidden".
I don’t understand why service people who served just before l joined the army and joined up after l left the army, they are entitled to a service pension. I joined early 1963 and finished October 1974.
l joined up in 1959 and left in 1968 and was refused any payment without even an explanation
As expats we pay for glasses and teeth and both are expensive i mean over 100 for specs out of our joint pension of 800:for the month is allot and dentists charge 135 over extraction, everything else goes up to thousands. All,medically extras like neck supports arm brace crutches wheelchairs are bought by thr patient, also a lot of the medication is not free on prescription. Some pills i have to have cost 27.95 euros, others are 9 euRos andn6 for ten days supply
You think that’s expensive live in oz as ex pats dentist is free if you wait 3yrs same for a lot of surgery only option is private at 7g aussie a year for two lus you still get an extras bill as leave hospital my last trip cost me 4g on out of pockets without what my private cover paid
Your correct about the costs expensive, except that you can get prescription glasses online quite cheap compared to retail outlets
No such thing as an ex pat . Stop being pretentious ,if you have moved to another country ,you are an immigrant in that country .
I have a State Pension but dont get the full amount (maybe was 50% but now less, and reducing) as I wasn't able to top up. I now live in Brazil and not getting cost of living increments. I think this is absurd .... inflation in UK is lower than in Brazil. I am, without any other sources of income, stuffed!
V.good.information.t.you.sir.
I still don’t understand this Cope amount. If I’ve got a Cope of £22 pounds a week, do I take that away from my £203 a week pension estimate to get my actual figure?
State Pension is a real niche topic on YT or in media generally. Great set of points presented clearly at the level intended. Further digging may be required but many thanks for the info!
Thanks Pete, appreciate the kinds words! Is always great to hear as when I'm doing these things as you say, this is both quite niche and also pretty complex. Tough one to get across well. Cheers for watching and taking the time to comment! 🙌
That was very informative, thank you 😮
Thanks Tom, glad you enjoyed it and thanks for watching!
Because of the changes in 2016 i lost out on £2563 a year or £49.30 aweek funny they changed just as baby boomers started to retire because of an army pension can't claim housing benefit council tax reduction
The various videos that provide information on this site are excellent. Very well delivered and should be mostly understood by the average individual in my opinion. Pensions can be a very complex subject to understand for those of us who don't do much more than contribute towards them, so very well done and thank you.
Thank you!! I really do appreciate the kind words and your support.
Makes all the difference when doing the long edits, so thanks for taking the time to comment. 🙌🙌
If you’ve made your full N.I. Contributions then you will get your full pension so making payments to fill gaps in past contribution payments does not give you any further benefit. The HMRC told me my gaps don’t matter I will still get the full state pension.
thank you, stuff I did know , ive got mine now SP £233 a week as I never claimed for 5 years, deferred , don't think I will challenge,
Yes
Hi, Perhaps point out that if you retire before state pension age you still have to pay additional National Insurance for many years to get full NI credits at state pension age (66). At age 60 you may have worked for 42 years and at some point been contracted out by your employer. This will reduce your state pension and although you will have paid in thousands of pounds more over the 7 years it will not count for the 35 years state pension. You than have to pay more in if you want to build your state pension up. You will have paid in to the system over 42 years far more than someone who pays for 35 years and is not contracted out. Just another inverted injustice.
My circumstances are similar to your example. I am forecast to get full state pension. I seem to remember for contracted out years getting state pension plus about 50% S2P credit. So at least in theory would not take many extra years to compensate for lower S2P credit. Depends on how the government chose to do the calculation. Anyway I suspect the pension difference between contracted in/out is not as great as people might think.
My wife was a Child minder and payed the Big Stamp, she gave up work to nurse me through Cancer and was penalised by having her pension cut!
I hear you SIR.
Very interesting helpful video thank you I just found you’re channel and subscribed will be watching more. Do you know what happens to state pension when for example my father died and his went to my mother who then sadly has passed away do they government keep they’re pensions or it goes to the children? I have no kids so for example them when me and my husband die the government keeps ours or we can leave to family? Thanks for any thoughts
Six months early PIP decided to act against a first tier tribunal judge's decision to reinstate my severe disability benefits, halving what I receive and denied me the tribunal awarded higher rate Mobility. Ironically I'm now awaiting my fourth PIP tribunal hearing date in almost as many years, where I'm not confident it will be reinstated a fourth time. 😡
I have been living abroad for the last 8-9 years and I get my increase on my pension because it’s still paid into my uk bank account! If I get my pension paid into a bank account of the co7 try where I live I will not get any increases due to me! So leave your money in the uk bank and just transfers it yourself to your bank in the country where you live, there are schemes that help you they only charge £1 to send money to any country, this can be as much as £3000!
Very odd
If some one never worked
Will get some state pension
OK benifits will go
But top up pension credit
If only I had gone to spec savers
Would have so this coming
Ps
I was told catch the boat
Every thing free
For life ❤
Even better 😂.........
For people that done a private pension they are not getting there state pension in full do you think this is right and fair we was told to do a private pension but now loosening out on full state pension
I started drawing my pension in late April 2016. As I was 'on the cusp', I was told that I would be better on the old system. I wasn't happy with this as it was less than the quoted figure for the new system. Eventually, this was explained to me as being a result of being contracted out when I'd joined the company pension scheme about 14 years previously. I accepted this reduced figure until younger people I knew were getting quotes higher than me despite also being contracted out, so I did query this, but was told that it was correct. I'm still not convinced that I was better off being put on the old system. I am currently getting £146.66/week.
My state pension is £195.57 it would have been £242.57 If taken before April 2016
@@petew5289 Thanks. So perhaps I am better on the old system then.
My husband had a full state pension record and died 2 years ago at the age of 62. I have been trying to contact the tax dept and been going round and round as every time I ring the number stated on their website, it tells me I have to ring another number, so I ring that number and it tells me to ring the first number! 🤦🏼♀️ I started getting my state pension this June but I’ve heard nothing about getting any of my husbands. How do I investigate this please?
Write a letter to the pension service - you should have a leaflet with their address at the back of it. Try to explain as clearly as you can what you are writing to them for. Give them your and your husbands national insurance numbers. Never bother to ring them - its pointless
@@Jan-sn5tk thank you 🙏🏻
@@barbsdee3831 you're very welcome. You would get a letter and a leaflet every year when the new pension rate is calculated for the increase every April. If you dont have yours from when you got your first pension payments you can find the info online or if you are still stuck let me know. I have my leaflet - somewhere!
Your husband never had a pension plot. He was paying for the pensioners of the day, when you retire the workers of that period pay your pension through tax and NI contributions, sadly you have no claim!
@@polaris7122 actually I do! I will get a percentage of his pension because of when we got married and when he died
My wife reach state pension age, last October.
Because I was her carer, and younger, she couldn’t get any pension credit, or anything else. We only had, her state pension and my carers allowance, to live on. I wasn’t entitled to anything else, either.
If we wasn’t living together, she would get pension credit, boosting her income.
The benefits system, is complicated, and needs to be improved. I know people on benefits, who are living a good life, with more money, than someone working 40+ hours a week.
That must be incredibly difficult Gary. I agree that the benefit system is often complex and very tough to navigate.
I wish you and your family the very best.
George
The minimum is 35 years NI contributions for the new pension? I have 44 years NI contributions, retired last year but not getting the full new pension. I queried this asking for an explanation as to why I don't get the full amount, all I received back from them was a standard letter explaining how I can top it up with more contributions, not an explanation as to why I wasn't getting what I think I am entitled to.
I am in an identical situation to you. Disgraceful... the whole situation, and the "service"... numerous useless phone calls only to hear bs ..
Made unbelievably complicated😊
Usually if you contracted out you receive more from your works pension, so it's swings and roundabouts
I still wonder whether being contracted out for some 14 years is correctly acknowledged given my second state pension is literally a few pounds a week, this despite paying 40% income tax for well over 30 years. I've asked the DWP but never heard back from them and perhaps your presentation is a timely reminder to ask again!
Hi BC you should be receiving a second pension from the company you were pensioned out to. Contact HMRC or email them and ask if they can help you who to contact about your pensioned out amount. They helped my husband who was also pensioned out. The company gave him a back dated lump sum and £384 every four weeks for life. So don't delay if you need more help contact Age Concern who will advise you. All the best.
DWP are well known for making mistakes and still hiding behind the "covid led to shortage of staff" excuse
I'm onlt getting £174 per week. I'm 79 & was self employed for 40yrs.is that why I don't get as much as you're suggesting I should get as a minimum
Ha ha. It would be unfair to those who didn't pay the full rate.
The fact that large numbers of people don't pay ANYTHING into the system and yet still get a FULL pension, is of course, never mentioned.
I'll mention it to my severely autistic son and my disabled mother
@@rattylol OK, if you think that'll help, thanks,
@@rattylolyou must be one of those milking the system, type that use a blue badge but done have the disabled person with them and then claim care allowance.
Yes!
ALL UK pensions are underpaid - which is why they're so ridiculously low compared to other developed nations.
The unfair bit is still paying full NI after you have reached the 35years max. I have done 42years, and I’m still working. That 7 years and conting NI money could be invested in another pension fund, instead the government will quite happily spend it on other things.
Great video can you tell me is this is right should I get full pension if I have 50 years national insurance contributions .I am 70 in May .I have 39 year and a few months contract in and 10 years and few months contracted out.I get £157.94 state pension . If you get full pension with 35 years why do I lose money for doing 15 years more thank mr C Nuttall
Thanks for watching and your support 🙌
It's all to do with the calculation that was done when they worked out the foundation amount when the State Pension Systems changed in 2016. There is a better overview below which is something that I can't really go into full detail on a RUclips comment section for, but this should provide some guidance:
www.dailymail.co.uk/money/pensions/article-11735955/State-pension-docked-20-week-contracted-happening.html
It was POTENTIALLY possible for some to accrue further years for those who had been contracted out. To know for sure for you specifically, it's something you would have to check your record for and enquire further with The Pension Service to confirm.
My age 71yr old I worked long hours for 50yr years on low pay because I worked for fifty years I get less of a government pension than someone who couldn't be bothered to get off their arse and get a job they get the rest made up on benefits Alec from Scotland
If you were on disability for a few years in your working life (paying full ni whilst working) is that stamp contracted out?
Hi, tough for me to say as it depends on what happened in relation to your employment position at the time.
By contracting out a pension, both you and your employer will pay lower, reduced-rate National Insurance contributions. When you retire, your second pension will come from your employer's scheme and not from the additional state pension.
Therefore, whether you were contracted out for the period of disability, I can imagine would depend on what happened with your employment during that period. You mentioned paying full NI whilst working but were on disability so it would depend on whether contracting out happened for you during that time.
Sorry, i can't be more help here. It's a very specific question and would depend entirely on what happened during the period of employment and disability.
HI DO YOU KNOW ANYTHING ABOUT WHEN UK SAYS A COUNTRY IS FROZEN THEY CAN TAKE MONEY 175 POUNDS OF YOUR STATE PENSION ?? IT SOUNDS LIKE STARE ROBBERY TO ME, VAN YOU HELP ?? CHEERS
Can you tell me what happened to the Adult Dependency Allowance, which on the "old" pension was added for your wife on retirement but which I am told "is now no longer available"? It was paid when your wife had worked as a homemaker and had no credit in her own right, but was still married to you and living with you.
I was advised on my retirement that I was entitled to home res?possibility payment as I had been i n receipt of family allowance payments from 70's to 90's.
Brill, thank you so much, looking forward to the next revelation!
Thank you, appreciate you watching and your support 🙌
Self employed should pay a full stamp. All work done by these workers should require them giving a receipt for payment. Cash payments without a receipt being given should be a crime of fraud against the state.
Is there anything to do for those that did not get paid enough to pay into national insurance? I was on precarious zero hour contacts for years
You can top up your pension on the government website. It will say how much is needed to get full pension.
I paid to top up mine, you do not have to pay every year straight off, you can chose how much and when as long as you have not retired.
Hello.
I retired on ill health in 2002 at the age of 55 and I’m now 76 years of age and do not get a full state pension, am I eligible for any increase in getting either more or full pension?
Pete
Hi Pete, thanks for watching. It depends on your other income but I'd certainly be checking pension credit if you're on a low income.
Please follow the below for more detail:
www.moneysavingexpert.com/savings/pension-credit/
If you did retire on ill health then I would also suggest checking if you are entitled to any extra benefits due to this. The below is a guide to a mixture of benefits you can receive after State Pension Age but your eligibility will vary depending on health:
www.nhs.uk/conditions/social-care-and-support-guide/money-work-and-benefits/benefits-if-you-are-over-state-pension-age/
Wish you well, 👍
George
If you move abroad. Just keep a UK bank account.
That's called fraud. They get quite cross if they find out.
Under forthcoming legislation they will find out, if you regularly remit money abroad, or even use your debit card abroad all the time
Anyone who thinks current 20 and 30 year old will get a state pension better think again. Its slowly being replaced by private company ones. The downward trend in NI and the ramp up in company contributions dictated by the government is a very very big clue. In 10 to 20 years I also put money on the NHS following the US model of health insurance.
Thank you ! Very informative.
You're welcome
Started work when I was 15 years old, stoped paying national insurance 55 years old that is forty years working no😮 extra for the 5 years.
This was set up for working people for there retirement what year was that?
What I like to Know how much interest this agency was getting at that time. over the years and was it wise investment for all the years to present.
Hi Andy, thanks for these very informative video's.
I have a question, currently I receive a pension from the UK.
I left the UK at a young age but had accrued 7 years of paid national insurance.
I came back to europe, and worked in spain for 3 years.
When I applied for pension at the retirement age, the 3 spanish years were added to the 7 UK years and I am now receiving minimum pension.
I have the opportunity to pay in 6 years of gaps, at an average of 840 pounds per year.
How do I find out how much additional pension I will receive annually per gap year that I pay in?
Hi Danny, assuming it's in payment based on the fact you say you are receiving the minimum pension I'd suggest you contact The Pension Service to check your options for any voluntary payments. They will be able to tell you how much additional pension you would built up. They are quite busy right now so be prepared to wait.
www.gov.uk/contact-pension-service
Hi Andy, my problem with the DWP is that back when i asked for a forecast i believe around my 60th birthday the forecast had shown that i was entitled to a full state pension having 32 years NI contributions this being before 2016, Now i receive my pension it less than the full state pension in which i was told i would receive. it may only be a small amount per week but it all adds up. Is it worth perusing the point or best to just except what i receive. ??
Thanks for your advice on all matters relating to state pension.
I was told that 30 weeks was enough to get the full pension, then they changed it to 35, luckily I could achieve this but different information at different time, one big con.
Were you contracted out of SERPS by your employer??
I went in a Union recommended pension meant for Contractors by the GMB,Scottish Widows I get £3 a week because I opted out of SERPs the Government takes £17 a week which leaves me £3 so I have to pay Dental and everything plus I get nowt Council Tax money off the Government nowt.Proper kidded.Rubber boat boys quids in
I didn't qualify for the full new state pension, even though the government changed the rules and made me a waspi. 7 years later I discovered a little know fact. I could claim credits for looking after my grandkids, whilst I was under pension age. I have now claimed and might get it back dated. 🤞
Brilliant stuff Rose, glad you were able to do that.
Hope all goes through and you get the credits!
Thanks for watching
It’s mind boggling. I’m living on a very low basic state pension because I was a stay at home mom for a few years. I struggle and don’t know where to turn. We froze this winter, dreading the next.
Hi Maureen, that’s terrible to hear. If it is any use, I’d suggest checking if you are entitled to any additional help. The below are some resources that I’d suggest looking into as there are various options on how to get support.
www.turn2us.org.uk/Your-Situation/I-can-t-heat-my-home
www.turn2us.org.uk/
If you haven’t already. I’d strongly suggest checking your eligibility for pension credits
1️⃣ www.gov.uk/pension-credit
2️⃣ www.moneysavingexpert.com/sav...
3️⃣ www.nidirect.gov.uk/articles/...
I wish you the very best. Take care.
pension credits basic guaranteed credit - so if you are claiming state pension and working and you receive less than£182.60 per week from work you can claim p. credit?
Thanks for watching, there are criteria that would be too long for me to summarise in a comment response but very broadly, yes. However, please see the below for full conditions as there are lots of areas which could change that due to someone's personal situation:
www.gov.uk/pension-credit/eligibility
Hi I got my state pension in 2,00,7 I used to get double pension every Dec 1st Dec 31st it stopped in 2021 I have 10 years state pension how much do I qualify for in 2023
If you own your house and worked all your life you can’t get pension credit .I am a widow I have my state pension plus my husbands pension I am 76 , i checked with the DWP I wanted to know if I could get a free tv licence or pension credit the answer was no. I didn’t get widows pension either w by bother.
it's got nothing to do with the house@@sylviabaxter265
If you retire in this country and years later move abroad are you still going to get the triple lock after going abroad?
I contracted out for 13 years now this is the joker in the pack that ended up in ppf so it never go up like the state pension would there be any chance of claiming the difference as ppf is frozen
I was forced by an employer to opt out for about a year, and I am now getting paid less than my wife. I have 44 full years of entitlement and still getting shafted by this government
Will husband be entitled to have pension regardless of contributions in a few years timr? We are 77
If you’ve worked all your life you should get THE PENSION , ONE PENSION, we should all get the same it’s BS that we’re all on different amounts.
What about women who have to take breaks to have kids, work part time around school hours and look after elderly parent, should they not get a pension then?
@@rattylolhe never mentioned not getting a pension. He said everyone should get the same after working all their lives.
My forecast is approx £225 and I can claim my pension in July 2023 does this mean that I will only get the standard state pension?
Hi Lewis, the full new state pension will increase to £10,600 over the year, from April 2023, or £204 a week. So if you are above that it appears you may have additional elements which have been taken into account.
full pension should be paid regardless of where you live in the World...I live in Thailand, my pension does not go up, it has been frozen....I am paying tax on my company pension,.
I agree that where you retire and the EEA basis is harsh. Especially for those who have family in those countries.
Same here. Moved to Thailand at 60 with around 44 years of NI contributions. At 65 received about 540 pounds a month which is frozen unless I move back to UK for good. Had a heart attack at 71 then a failed stent op followed by a triple bypass and a stricture at same time. Cost was about 46K pounds. Pharmacy is about 200 pounds a month. I have had my 2 cataracts done but need a hernia and prostate. Now at 77 I will wait a while for these. But hey I'm still alive! The Thai baht has nearly halved in value against the pound and savings interest has moved from 6 to 0.5% in 17 years. I have a 22 year company pension, thank goodness but the UK tax man takes 300 pounds a month, bless him. My advice would be take out health insurance but age and pre existing condition might make this impossible. My advice would be not to move abroad but certainly have a couple of 6 week winter holidays on the med or Canaries.or Thailand - 11 hour flight remember. Looking at the state of the UK from here, maybe I wouldn't have survived, so I am a lucky old man.
What ever happened to all the contributions made by working people who died before reaching pensionable age? There must be billions of pounds in a slush fund somewhere held in perpetuity by the state!
Where do you think MP's huge wages are coming from?
All blown on our replacement citizens settlement programme and Zalensky's property empire.
There is no pension pots. The workers of today pay the pensions for the pensioners now through tax and NI contributions. The next generation will pay yours. No money is accumulated anywhere!!
I suspect they are trying to take into account ALL income coming into a HOUSEHOLD and that will be used to assess other benefits.IMO.
Deferred - Mine was not paid for 8 months after my retirement age, I got nothing extra?
I lost eight months worth of pension I was born in 1952 many people lost a lot more
@@maureengladwell1317 I lost 6 years on my state pension and 9 years on my private, still have not received it and no one will help me sort it out.
@1:56 very funny Foundation amount
🙃 It's a pretty dry topic, not much to go off!!
I moved to UK at 39 after paying 20 years of employment in an EU country, are these contributions lost forever or can I use them for my state pension in UK??
Has UK any agreement to recognize other countries contributions?
I worked 27 years in germany and I will get a pension when I reach pension age. I receive every year a letter from the DRV with my qualifying years, the amount of my pension and the amount for widow pension for husband when I deceased.
If you worked in austria the procedere wil be the same. Most important thing, sort your papers and find the SV number and contact the state pension. Your contributions aren't lost...but you need to act asap. And yes the UK has agreements with EU countries.
@@ellybell8356
Could you explain please what is SV ? thanks
@@beepositiveforever971 SV = Sozial Versicherung (social insurance...in germany, including unemployment insurance, pension insurance, health and care insurance).
@@beepositiveforever971 Ohhh...SV number is your very unique social insurance number.
@@ellybell8356
Thanks, sounds like the UK's National Insurance number.
In this video you reference Steve Webb and the state pension. Could you put a link in your description so that I can find this article and read it please. Thank you.
Just for you I have subscribed with all notifications on Great content very informative
Thank you, appreciate you watching and taking the time to comment. There are lots of good articles from Steve on This is Money:
www.dailymail.co.uk/money/pensions/article-11173887/Most-popular-Steve-Webb-columns-state-pension.html
You can also find out more here.
www.lcp.uk.com/is-your-state-pension-being-underpaid
Appreciate your support 👍
@@PrinciplesPersonalFinance like many people in this situation we are unsure as to where to invest any of our pensions and also finances that are just sitting around in company accounts. What would be your suggestion to try and find a path for the future for my wife and I?
@@rocksy71 Hi John, thanks for your message.
I think when you get to that position it can often be worthwhile speaking to an independent financial adviser. The answers to the questions of 'how much is enough' is complex and the challenge is like many areas in life, by definition you don't know what you don't know.
Where it can get a lot more difficult is when savings are less than say £150k cumulatively. Many advisers want to help this part of the market but it can be challenging to make that work due to the spiralling cost of regulation. One of the reason for my channel is to try and help bridge that gap.
There are some guidance details on my educational site around this topic:
www.principlespersonalfinance.co.uk/
Hope that helps! 👍
Very informative
Thanks Louise, appreciate you watching! 👍
Back in 2004 it was announced that anyone under the age of 30 would not receive a state pension!
Full stop end of, so this BS about the state pension and paying as we know its an empty box for anyone now under the age of 50
Can you claim qualifying years towards your pension contributions retrospectively from the partner who has the child benefit under their name?
Thanks for watching. If you follow the link in the description on this there is an option to select a form for the claim. There are notes when to apply for credits. It states they should be done in the tax year but if not, it appears it's down to HMRC discretion based on the below from the form:
"If the time limit has passed still complete the application form giving the reason why you did not apply on time.
If the circumstances are reasonable HMRC can still award the credits as long as you meet the transfer conditions. These are:
•
you reach State Pension age after the relevant period
•
the person registered for Child Benefit cannot get credits because their earnings were equal to or above the qualifying
earnings factor for that year
•
you were living with the person who was registered for Child Benefit for the relevant period and you were sharing the care
for a child under the age of 12
•
you would have been able to register for Child Benefit if your spouse, partner or civil partner had not registered for it"
Good luck! 👍