More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class people find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@mariaguerrero08I'm actually considering it. It might be time to reassess my investment strategy. much more info needed please, what did you invest in?
Credits goes to " Izella Annette Anderson " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
I have been a dividend focused investor for a long time. This does not mean I don't own growth stocks, I do. A well rounded portfolio should be a mixture of both categories. One way to minimize the anxiety out of stock market investing, is to make sure you keep a large cash cushion. I invest in the market, but never put all my money in market.
This is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. That is how people are able to make such huge profits in the market.
The UK pension system is completely crooked. They are quoting T&C's that didn't exist when my NI contributions were mandatorily deducted from my earnings. Nobody gave me a contract to sign with any T&C"s, and nobody was aware of any T&C's prior to the internet access making all these conditions readily available to view. Serps simply disappeared under the new "Basic State Pension". These were credits you earned from additional payments, over and above the basic contributions, related to your higher earnings. So where did they go?? Everybody gets the new "basic State Pension" irrespective of the level of your contributions, hardly fair on those of us who paid in extra contributions. Frozen pensions for pensioners living overseas in the unlisted countries, where there are no reciprocal pension arrangements. What has that got to do with anything? You've paid in so you should be entitled to the same pay out, regardless of where you live. The state pension is NOT a benefit, it is a contracted scheme directly related to the number of years you contributed. So, what has the place you live in got anything to do with it?
I'm in the same boat as Chris , only 49 years with 8 years opted out , they stopped me £33 a week out of my pension. That now is £45 a week and after the rise in April it will be £50 . I retired in 2015 but I had to finish in 2014 due to blood clots on my lungs. I've always thought this to be wrong .Brian Gascoigne .
Both my parents worked all their lives paying into the state pension scheme and both died at the age of 56. I often wondered where their pension fund ended up, and the pension funds of all those who died near their pension age. The DWP say they can't comment on individual cases, I take that as mind your own bleeding business, its ours get over it.
If they never reached SP age there is no entitlement I'm afraid. There's no "fund" with their name on it as like other benefits (and SP *is* a benefit and always has been since inception) they are paid out of general taxation for those that qualify. So todays pensioners are being paid out of our taxes as the young will pay for our own State Pension. Private and State Pensions are very different beasts.
Interesting to hear your comments and read the many made by others. I am amazed that so many folk are ignorant of how the pension system works, or clearly does not in some cases. The public needs educating in these matters to help avoid some of the myths and legends that spring up. The biggest misnomer seems to be that you pay into the state pension system for your pension. That is incorrect. You pay in to meet the needs of those already claiming and your state pension will be paid by those contributing in the future. Yes, its a complex subject but every individual needs to take the time to understand how it works and to seek professional guidance where necessary. Keep up the good work Justin. JUst what we need.
My late husband passed away Dec 2019 he was in receipt of his state pension from 2013/14!..as I said he passed away 2019 when I rang the pension office to inform them I also asked about what I was entitled to Nothing I was told..So ok in my state of mind at the time I just accepted that , until recently when people are telling me yes claim it Megan it is what you are entitled too.. can you advise. Correct procedure..thank you..
I worked for 50 years. I don't get a full pension. There was years ago graduated pension. I was unable to find out what happened to that money. You could opt out of SERPS. Which I did because it was beneficial. I then opted back in years later. The DWP have not produced any documents to prove that I am getting all of my pension. I have asked for these records six months ago . But to date no information. The Government is ripping people off.
Yes same here with family members. They know the Pensions Ombudsman doesn’t touch State Pensions, so they can simply refuse to deal with your request by way of Administrative Delay. Your only option is to go through your MP. Denial of rights or service by way of Administrative delay is the Cvil Service’s most frequently played game. It’s a disgrace.
The state pension system is one of the worst in Europe. Richard Tice ( Reform Party) has stated that if he was in power, he would change income tax from £12,571 to £20,000, this would help 6 million people on wages under £20,000 not to pay tax on their wages. Also, if everyone relies on their state pension and have no other pension then they’ll be able to keep all of their pension and not pay any tax.
More time needs to be given to explaining pension planning on the death of one partner. I rarely see it discussed. It is very important that basic lifestyle can be covered by 1 state pension + reduced pensions. It’s a can of worms that bursts open when one is probably not able to cope.
True: As is common of my parents' generation, mother had no occupational pension and only a small State Pension. When father died there was a large reduction in her income: half his o/p, though her SP increased on the basis of his contributions. Running the same home on less than half the income is a shock...
As I saw what happened to mo mil when fil died suddenly and she was left with 2 teenage sons. 1 of them disabled. As she owned the lease to her home, she was entitled to very little. She died herself at the age of 58, so she never got to retire and her pensions died with her except for a small death in service benefit. That paid her funeral and her debts but that’s it. Before I left work, I pad of all debts, we moved and downsized and carried out all needed work. Now, if hubby departs, I can just about pay my utility bills with a small bit left over.
@@bridiesmith5110 it’s more important than ever to make sure that your partner can carry on when you depart. It sounds like you’ve made some very sensible choices. Bravo.
@@gwynethgrove772 when you see what sudden deaths in the family do it focuses your mind on the important things. . So in our early 20’s we were making ‘grown up’ devious and truth be told, no time to grieve. Bills had to be paid and the roof kept over our heads. We had already been told by our local council they would never house us. We have no debts and only buy what we can afford.
Hi Justin. My father has just passed away, 3 weeks before reaching state pension age, leaving my mother who is 73 and so she has been receiving her state pension for a while. Would she be eligible to receive any of my dad’s state pension given that he passed away a few weeks before reaching state pension age? (He would have turned 65 on dec 1st) Thanks in advance for any info you can provide
You might inherit part of your deceased partner’s Additional State Pension if your marriage or civil partnership with them began before 6 April 2016 and one of the following applies: your partner reached State Pension age before 6 April 2016 they died before 6 April 2016 but would have reached State Pension age on or after that date It will be paid with your State Pension. You’ll inherit half of your partner’s protected payment if your marriage or civil partnership with them began before 6 April 2016 and: they reached State Pension age on or after 6 April 2016 they died on or after 6 April 2016 It will be paid with your State Pension.
I retired end of March 2016 and a guy who retired 2 weeks later than me now gets £200 a month more than me ,why ? as I paid more I to the system but get less in return.
i have just discovered this today as i am recieving my state pension next month. my wife sadly passed away 2 years ago and she was in reciept of state pension . i am 10 years younger and only just getting it . she was born in 1946 and i was 1957 . we where married 30 years . am i entitled to a percentage of her pension ?.
When my brother passed aged 70 my sister in law only got £10 from his state pension. Why when we have private pensions do the government take money off of your state pension. We pay into that all our working lives then they steel it off of us. It makes you wonder why you take out pensions.
The government has no pension pot where your actual payments go , your payments paid for the generation before you and people working now are paying for your pension . I believe the fairly new nest pension is so that in years to come there will be no state pension it will be whateveryou have saved up in nest
@@lilyliz3071 You've confirmed what I'd thought I'd heard before. At present I'm almost a WASPI woman. I'm losing about £10k p/a thus approx £50k over a 5 year period till I qualify with new age. I believe there will be more uproar and upset particularly for those in Universal Credit. Another scandal in the making? If workers pay for the older generation, I not only have I done that my whole working life, why am I being penalised now I should be at state pension qualified age (increased qualifying age at 11th hour for me). What is happening to the £10k pa / £50 over 5yrs I should have received. To be quite honest who wants to work beyond 60/65yrs. It is a personal choice, but by that time most people have had enough, plus if you don't enjoy life then, old age and sickness will stop you from doing so. I feel I've been robbed by the Government's in broad daylight. I'm not only paying for older generation, but I'm probably paying towards myself too. Double whammy! I guess if I remain alive, in the scheme of things £50k won't cover all my pension, but I guess it also depends on what is considered 'the ripe old age'. Not everyone lives past their mid 60s. Where does their pension go. I think the Bible quotes that human longevity amounts to '3 score years and 10', in other words 70 years old. 3x20+10 Science say people are living longer, not that their body remains as active as in their younger days! A double edged blade! Can the Bible quote be upheld in court, or would it be determined that the Bible is out if date, and out of touch. Oh. I'd love to see Courts blaspheme the Bible. Would the church/Pope get involved. If the Bible is deemed wrong what other teachings are incorrect. Noah's flood is believed to be true! Is an average lifespan of 70yrs old wrong? Working to 68yrs and beyond does allow much time for enjoying retirement after a life of hard work. (Relevant movies: THE MAN WHO SUED GOD, and Miracle on 34th Street, both relate to courts questioning the existence/validity of God, and Santa)
@@MORTICIA008 yep it seems like a con, I was caught up in the age rising as well plus my husband died at age 59 , I get an increase of £4 due to that , he had worked since leaving school , paid his contributions and I get an extra £4 for all those , of course you have to factor in all those who sit at home taking but contributing nothing , sometimes I feel they have the right idea
We should get this and we should be able to will our pension on if we die before pension age, after all we paid into it. Why should those greedy xxxxards keep it all
@eljay5009 I was told that when we buy anything, chocolates cats watches basically anything then vat etc goes towards the government pot and pays for health etc
I worked for fifty five years and get the very basic state pension, my wife had years off work due to child care during which time I was the sole earner , she now gets a larger pension than me , it makes little sense to me and even less after talks with the DWP all they do is throw dung over you never giving a straight answer , the whole thing is disgraceful , what have successive governments done with our money?
My wife worked part time but paid the full stamp, she did not opt out because she wasn't in a works pension. She receives a larger state pension than me, but I opted out and I receive a larger works pension but a smaller state pension!
@@jacquelinegarvin1975 In my case both my wife and myself have work pensions but for some unfathomable reason she has a larger state pension than me even though she did not work for many years whilst our children were young , I still can't get a straight answer from the DWP and I am beginning to believe they don't know why themselves, and to think we are paying for these people .
What is going on? It is obviously a system which has evolved over time to confuse and pay people as little as they can. I'd love an interview where MPs are quizzed about the system. There are possibly only five civil servants who know the answers. And guess what; they would not be talking. I studied pure maths and nuclear physics at uni. Simples compared to the pension system!
I'd love to see them quizzed too, and I'd have Mick Lynch overseeing the Q&As. WOW! The Gvt blatantly think Joe Public are fools and believe their b/s. I've had first hand experience in explanations and I was not impressed. To be honest the reply, presumably from a person of high Gvt stature, was a joke, and clearly demonstrated that Gvt ministers have no idea how systems work, not even the policies in their own area of expertise. I could have run circles round them! The Gvt (Michael Gove) say they are the people's servants. More b/s. We need a Gvt doesn't bleed the population dry, but who really does serve in the best interest of the people, and who has clear, transparent policies, not scandals and hidden agendas (Year 2025, 2030 and 2050 etc. Soon 'Big Brother watching you' will be reality. Freedom, in every sense of the word, will be a thing of the past). It appears that joining the Common Market during a Tory Gvt, would contribute to the UKs downfall, as written by the Gvt in released Secret Papers. As long as their policies ran till the end if the century/1999, it would be too late to take action. Many national industries were privatised ie fat cats, the coal industry ceased causing much upset/picket lines/destroying communities, and fishing grounds were opened up) We need a Government that puts the people first (and not for what they can squeeze out of them). What a Government that would be.
My husband is 14 years older than me and I don’t retire until 2024 ( having had my retirement age pushed back to 66). It seems that my state pension will nearly £200 a month more than my husbands state pension… why have they brought in this two tier system? It seem entirely inequitable.
Yeah, thought this two tier system was ludicrous too. I guess it's because the Gvt are making people work longer, past most people's sell by date. BRING BACK ORIGINAL RETIREMENT AGES, ie 60yrs. I'd rather have lower amount and retire at 60y, and have the single tier system. What's the point of paying inyo a state pension fund (NI) you may never receive cos you've been worked to death, stressed out trying to pay for everything, and you end up 6ft under! The 60yr retirement age should be reinstated. For the older generation, the change to retirement age was bought in too hard, too quickly, and these people are at a disadvantage because it was a done deal that retirement was at 60y. Now such people WASPI women, and thise in similar age group cannot recoup years of working without an additional pension contribution system in place as there is today. Top little too late, and with the state of the economy, which I think is a con too, how can struggling people hope to pay into an additional pension scheme. A vicious circle. People will be 'forced' to work in old age! My partner and I have worked hard, and each have accrued the qualifying 35yrs NI contributions. When I was about to reach 60/retirement age, the Gvt moved the goalposts at the 11th hour. I am losing approx £10k pa/£50k over 5 yrs and my partner another £10k. As I'm paying for the older generation's pension, WHY am I also losing £50k of my pension too, and thus a reduced quality of life? Is it because of the two tier system AND/OR daylight robbery by the Gvt? Why change the pension system that costs people £50k, or more as the retirement age increases. The Bible states the human life expectancy is 3 score years plus 10 = 70yrs. Surely the Gvt cannot deny this for fear of blasphemy and questioning the teachings of the church/Christianity. At this age rate, people will perish before claiming their state pension. Maybe NI should be abolished and people pay into a private scheme that pays out decent premiums in life and/or after death, and maybe a pot that can be passed to relatives. In terms of state pension, WHO benefits from those who do notcreach pension age, ie die early or their mid 60s etc and do not ever receive their pension, or receive just a small portion of it. Does it not fall back into the Gvts pot? WHAT ARE THE GVT DOING WITH ALL THAT MONEY. AND THE MONEY GAINED FROM RAISING PENSION AGE ie £50k+ per woman, and £10k+ for men. £££ increases as retirement age increases. IT MUST RUN INTO BILLIONS £££ ? Has the Gvt advised the population as to how these funds are being used?
If you receive the old state pension you also only receive any uplifts on the basic state pension not on anySERPS or Second Pension so we are slowly falling further and further behind people on the new state pension. Let’s be honest it costs me on the old state pension just as much to switch the light on or boil the kettle or put the heating on as it does someone on the new state pension. Also because the people on the old state pension are older, light and heating are more crucially their health, safety and well-being.
All that pension money that doesn’t get paid out due to death, is used to top up their wages, how else can they afford flashy cars, expensive homes, second homes, fancy clothes & eating in expensive Michelin starred restaurants……. etc. The rich get richer & the poor get poorer, corruption at its best people.
@@MORTICIA008 it does seem unfair, I was caught going from 60 to 65 then up to 66. My pension will fall into the upper range of state pensions and I guess this is in part to compensate for upping the age limit but any funds that don’t get paid out in pensions eg early death etc just go back into the government pot…. All NI and tax goes into the pot, allocation are then made from that centrally. But in reality our pensions in the future are not coming from our contributions they will come from those who are working and paying NI now. We simply have too many demands on the tax and NI received and not enough going in. Our whole system of financial governance is out of kilter with todays society, it needs an overhaul.
no you should be able to back claim 16 years worth so should be a heavy sum. you should get half his graduated retirement benefit and maybe 80% of SERPS, as long as you havn't remarried or maybe claim the amount until you did remarry. Graduated Retirement Benefit (GRB) built up between 1961 and 1975 Additional State Pension (SERPS/S2P) built up between 1978 and 2016. If the Pension Service confirms that your spouse or civil partner had built up rights under either of those schemes, you can ask whether you're receiving any inherited amount (you might already be getting without realising as it’s not clearly labelled).
Hi just a concern that puzzles me is that my wife is not entitled to any state pension at all only got 6 years of national insurance contributions, I myself have 49 years of national insurance contributions, we are told we need 35 years to get full pension, what happens to the 14 years of contributions, can they be passed on to the wife.??
When my wife died I received a letter from the pension people, this told me because she had not claimed her pension (age 61) that I would receive an enhanced payment when I was eligible to collect mine,(60 at the time). By the time I could claim at 66 I had just remarried. Guess what! You are no longer allowed to clamp it. So her 40+ years of payments vanish into the government pocket
The fact is you were not a widow at time of claiming State Pension, you were married. The same would happen if you were single and passed prior to State Pension Age, money just goes to the government. If you had married the day after SPA then you would be entitled to the improved pension. If you had married the day you reached SPA then it depends on the time you were born and the time you married. For example - you were born at 10am and married at 2pm then you would be classed as widower at SPA. I assume you had or should of had the opportunity to claim back up to a year of pension? If not, I assume it is more than a year since your 1st wife passed and unfortunately you only have a year in which to claim. I'm surprised you had the option to have an increase unless your wife had stipulated that she wished to defer her pension.
My State Pension is FROZEN At the Rate I 1st Received it in April 2015 ,Just Because I Chose to Live in Thailand ( My Wife's Country ) which is a Non Reciprocal Country .....I'm FORCED Live on The DISGUSTING Amount of 72.00 Per Week........
You paid for your parents generation pensions, and the youth of today pay for yours. There is no individual pot of money. Pensions are paid by the working class of the day!
@@juliawigger9796 The greatest piece of gerrymandering in modern times a total disgrace ,it would appear that to engage in criminal activity all you need is a seat in the cabinet, I hope that the fight to rectify this goes on and is not left to fester , but I won't hold my breath.
Given that you have inherited pension it tells me that this all happened prior to 2015. The amount you can inherit will differ depending on how much your spouse had on their state pension. There is also a maximum that can be paid out on State Pension. Prior to 2015 a spouse could improve there basic State Pension to 100% if there's was less that that. Also they could inherit a percentage of additional pension, which worked on a sliding scale, this was accumulated through your employment as was very much dependant on what one earned hence the fact that you possibly do not have "£300"
I have just started getting my State Pension and I asked if I was eligible to get any of my deceased SP. I was awarded £11.20 a week. How would they have worked that out? And secondly, is there anything else I can claim from my deceased husband? Thank you
My husband was born December 1951, I’m not sure of the date when he first received his state pension, he has dementia now so difficult to know, he never paid all his stamps in over the years and only receives just over £500 per month. Would I be entitled to any of his state pension when he passed away.
You might inherit part of your deceased partner’s Additional State Pension if your marriage or civil partnership with them began before 6 April 2016 and one of the following applies: your partner reached State Pension age before 6 April 2016 they died before 6 April 2016 but would have reached State Pension age on or after that date It will be paid with your State Pension. Inheriting a protected payment You’ll inherit half of your partner’s protected payment if your marriage or civil partnership with them began before 6 April 2016 and: they reached State Pension age on or after 6 April 2016 they died on or after 6 April 2016 It will be paid with your State Pension.
Hi! can you comfirm this for me please? It may be possible for your estate to claim up to three months of your basic State Pension if you're not married or in a civil partnership when you die. They can only do this if you had not claimed it. Contact the Pension Service to check what you can claim.
Yes, that is correct. If someone dies without having claimed their State Pension and they were not married or in a civil partnership, it is possible for their estate to claim up to three months' worth of the basic State Pension. This provision is designed to ensure that any unclaimed pension entitlement is passed on. The executor of the estate can contact the Pension Service to check what can be claimed and how to proceed with the process. It’s important to note that this only applies if the deceased had not yet claimed their State Pension. For the estate to claim up to three months of the basic State Pension, the deceased must have reached State Pension age but had not yet claimed it at the time of their death. In summary, the person must have reached their State Pension age when they died, but had not yet started claiming it, for the estate to make a claim.
@@TheRetirementCafe Thanks, another question, if you inherit a state pension including SERPS etc and with your state pension inckuding your late partner's pension and no other income puts you over the personal tax allowance, will you need to pay income tax?Because normally you don't pay tax on inheritances unless it's a significant amount, also in an estate you can inherit a deceased person(s), inheritance tax allowance aswell if family.
What happens to my 4 siblings die before their pension. Where has their contributions gone..?? WHEN my parents passed they both had state pension They both had superannuation pension. Where did that go?? What happened to their pension as they hadn't used or had mobile spending ability or needs? How come dwp don't know/traceable legit many employers contributions for pensions when retirement comes. How come forces wives when abroad on diplomatic terrority got no benefits..no stamp paid. Unemployment benefit equals less pension. Where is that contribution. 8-24yrs losses for some. How come 1950s women services didn't receive military pension. First bar was on sex second defrauded was must be certain age.. On discharge. Surely paid into pension pot agism or sex shouldn't enter.. Where are those contributions. I believe its lies.. Carers do not get better pension for their extreme loss. Extreme input or poverty incurred.
Simple answer is if its the new state pension then no. All barring a protected payment of a poxy £3. odd. All the old pension is stolen by the government. And if that partner dies before pension age then its a double whammy..
Question my baby father die and apply to the pension paper to add the child that is not born yet .however he die and the paper came back right after .what can i do?
I actually benefitted greatly from this. Sadly my wife died in May 2001, I was 45 with 2 small children. As my wife died before a certain date and I was 45 it transpired at 66 I got a 100% of her SERPs as an added pension. Another hoop was I had too be over a certain age when my children ended full time education. The widowers pension I got til then ended and it became the added pension I got at 66. Worth about £5,500 at current value. I have say it was useless trying to get any detailed information about this over the years- just told it would be calculated when I retired. It’s all swept away now and widows and widowers have been hung out to dry by the Tories. Don’t expect Labour to make it right.
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Do you know what will happen to your state pension when your spouse dies?
Thank you Justin, I’ve just found your channel and found it very informative. Pleased to be a new subscriber to your channel.
My husband died 2008.
Are you saying I could have claimed a percentage of his pension?If so why wasn't I told about this?
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class people find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@mariaguerrero08I'm actually considering it. It might be time to reassess my investment strategy. much more info needed please, what did you invest in?
Credits goes to " Izella Annette Anderson " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thank you for this. I'll send her an email to reach her, and I hope I'm able to reach her.
I have been a dividend focused investor for a long time. This does not mean I don't own growth stocks, I do. A well rounded portfolio should be a mixture of both categories. One way to minimize the anxiety out of stock market investing, is to make sure you keep a large cash cushion. I invest in the market, but never put all my money in market.
This is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. That is how people are able to make such huge profits in the market.
if someone dies before reaching state pension age their contributions should be refunded to the surviving family and not get stolen by the DWP.
Until the PENSION reform a husband or wife passed away, you were entitled to widow/widowers pension. Now, not entitled to any benefits at all.
The UK pension system is completely crooked. They are quoting T&C's that didn't exist when my NI contributions were mandatorily deducted from my earnings. Nobody gave me a contract to sign with any T&C"s, and nobody was aware of any T&C's prior to the internet access making all these conditions readily available to view.
Serps simply disappeared under the new "Basic State Pension". These were credits you earned from additional payments, over and above the basic contributions, related to your higher earnings. So where did they go?? Everybody gets the new "basic State Pension" irrespective of the level of your contributions, hardly fair on those of us who paid in extra contributions.
Frozen pensions for pensioners living overseas in the unlisted countries, where there are no reciprocal pension arrangements. What has that got to do with anything? You've paid in so you should be entitled to the same pay out, regardless of where you live. The state pension is NOT a benefit, it is a contracted scheme directly related to the number of years you contributed. So, what has the place you live in got anything to do with it?
You have to have 10 years contributions to get a small pension but I suspect the benefit system will step in and make it a full pension.
I'm in the same boat as Chris , only 49 years with 8 years opted out , they stopped me £33 a week out of my pension. That now is £45 a week and after the rise in April it will be £50 . I retired in 2015 but I had to finish in 2014 due to blood clots on my lungs. I've always thought this to be wrong .Brian Gascoigne .
Both my parents worked all their lives paying into the state pension scheme and both died at the age of 56. I often wondered where their pension fund ended up, and the pension funds of all those who died near their pension age. The DWP say they can't comment on individual cases, I take that as mind your own bleeding business, its ours get over it.
There is no fund, you pay for your parents generation, and your children or their generation will pay for yours.
If they never reached SP age there is no entitlement I'm afraid. There's no "fund" with their name on it as like other benefits (and SP *is* a benefit and always has been since inception) they are paid out of general taxation for those that qualify. So todays pensioners are being paid out of our taxes as the young will pay for our own State Pension. Private and State Pensions are very different beasts.
Thank you very much for sharing this important information. Well explained.
Interesting to hear your comments and read the many made by others. I am amazed that so many folk are ignorant of how the pension system works, or clearly does not in some cases. The public needs educating in these matters to help avoid some of the myths and legends that spring up. The biggest misnomer seems to be that you pay into the state pension system for your pension. That is incorrect. You pay in to meet the needs of those already claiming and your state pension will be paid by those contributing in the future. Yes, its a complex subject but every individual needs to take the time to understand how it works and to seek professional guidance where necessary. Keep up the good work Justin. JUst what we need.
My late husband passed away Dec 2019 he was in receipt of his state pension from 2013/14!..as I said he passed away 2019 when I rang the pension office to inform them I also asked about what I was entitled to Nothing I was told..So ok in my state of mind at the time I just accepted that , until recently when people are telling me yes claim it Megan it is what you are entitled too.. can you advise. Correct procedure..thank you..
My wife sadly died in 2014 at the age of 56. I get approximately £10 per week on top of my £189 State Pension . I’d rather have my wife back.
God bless her x
I worked for 50 years. I don't get a full pension. There was years ago graduated pension. I was unable to find out what happened to that money. You could opt out of SERPS. Which I did because it was beneficial. I then opted back in years later. The DWP have not produced any documents to prove that I am getting all of my pension. I have asked for these records six months ago . But to date no information. The Government is ripping people off.
I did the same and my works pension is larger than it would have been. My state pension is lower, but it's like swings and roundabouts!
Yes same here with family members. They know the Pensions Ombudsman doesn’t touch State Pensions, so they can simply refuse to deal with your request by way of Administrative Delay. Your only option is to go through your MP. Denial of rights or service by way of Administrative delay is the Cvil Service’s most frequently played game. It’s a disgrace.
The state pension system is one of the worst in Europe. Richard Tice ( Reform Party) has stated that if he was in power, he would change income tax from £12,571 to £20,000, this would help 6 million people on wages under £20,000 not to pay tax on their wages. Also, if everyone relies on their state pension and have no other pension then they’ll be able to keep all of their pension and not pay any tax.
How would he pay for it?
@@arthurfnshelby4335 Perhaps by not letting so many extra people stay permanently in this Country.
More time needs to be given to explaining pension planning on the death of one partner. I rarely see it discussed. It is very important that basic lifestyle can be covered by 1 state pension + reduced pensions. It’s a can of worms that bursts open when one is probably not able to cope.
True: As is common of my parents' generation, mother had no occupational pension and only a small State Pension. When father died there was a large reduction in her income: half his o/p, though her SP increased on the basis of his contributions. Running the same home on less than half the income is a shock...
As I saw what happened to mo mil when fil died suddenly and she was left with 2 teenage sons. 1 of them disabled. As she owned the lease to her home, she was entitled to very little. She died herself at the age of 58, so she never got to retire and her pensions died with her except for a small death in service benefit. That paid her funeral and her debts but that’s it. Before I left work, I pad of all debts, we moved and downsized and carried out all needed work. Now, if hubby departs, I can just about pay my utility bills with a small bit left over.
@@bridiesmith5110 it’s more important than ever to make sure that your partner can carry on when you depart. It sounds like you’ve made some very sensible choices. Bravo.
@@gwynethgrove772 when you see what sudden deaths in the family do it focuses your mind on the important things. . So in our early 20’s we were making ‘grown up’ devious and truth be told, no time to grieve. Bills had to be paid and the roof kept over our heads. We had already been told by our local council they would never house us. We have no debts and only buy what we can afford.
Hi Justin. My father has just passed away, 3 weeks before reaching state pension age, leaving my mother who is 73 and so she has been receiving her state pension for a while. Would she be eligible to receive any of my dad’s state pension given that he passed away a few weeks before reaching state pension age? (He would have turned 65 on dec 1st) Thanks in advance for any info you can provide
You might inherit part of your deceased partner’s Additional State Pension if your marriage or civil partnership with them began before 6 April 2016 and one of the following applies:
your partner reached State Pension age before 6 April 2016
they died before 6 April 2016 but would have reached State Pension age on or after that date It will be paid with your State Pension.
You’ll inherit half of your partner’s protected payment if your marriage or civil partnership with them began before 6 April 2016 and:
they reached State Pension age on or after 6 April 2016
they died on or after 6 April 2016
It will be paid with your State Pension.
I retired end of March 2016 and a guy who retired 2 weeks later than me now gets £200 a month more than me ,why ? as I paid more I to the system but get less in return.
Justin: Thank you: most informative.
i have just discovered this today as i am recieving my state pension next month. my wife sadly passed away 2 years ago and she was in reciept of state pension . i am 10 years younger and only just getting it . she was born in 1946 and i was 1957 . we where married 30 years . am i entitled to a percentage of her pension ?.
When my brother passed aged 70 my sister in law only got £10 from his state pension. Why when we have private pensions do the government take money off of your state pension. We pay into that all our working lives then they steel it off of us. It makes you wonder why you take out pensions.
The government has no pension pot where your actual payments go , your payments paid for the generation before you and people working now are paying for your pension . I believe the fairly new nest pension is so that in years to come there will be no state pension it will be whateveryou have saved up in nest
@@lilyliz3071 You've confirmed what I'd thought I'd heard before. At present I'm almost a WASPI woman. I'm losing about £10k p/a thus approx £50k over a 5 year period till I qualify with new age.
I believe there will be more uproar and upset particularly for those in Universal Credit. Another scandal in the making?
If workers pay for the older generation, I not only have I done that my whole working life, why am I being penalised now I should be at state pension qualified age (increased qualifying age at 11th hour for me). What is happening to the £10k pa / £50 over 5yrs I should have received. To be quite honest who wants to work beyond 60/65yrs. It is a personal choice, but by that time most people have had enough, plus if you don't enjoy life then, old age and sickness will stop you from doing so.
I feel I've been robbed by the Government's in broad daylight. I'm not only paying for older generation, but I'm probably paying towards myself too. Double whammy!
I guess if I remain alive, in the scheme of things £50k won't cover all my pension, but I guess it also depends on what is considered 'the ripe old age'. Not everyone lives past their mid 60s. Where does their pension go.
I think the Bible quotes that human longevity amounts to '3 score years and 10', in other words 70 years old. 3x20+10
Science say people are living longer, not that their body remains as active as in their younger days! A double edged blade!
Can the Bible quote be upheld in court, or would it be determined that the Bible is out if date, and out of touch.
Oh. I'd love to see Courts blaspheme the Bible. Would the church/Pope get involved. If the Bible is deemed wrong what other teachings are incorrect. Noah's flood is believed to be true!
Is an average lifespan of 70yrs old wrong? Working to 68yrs and beyond does allow much time for enjoying retirement after a life of hard work.
(Relevant movies: THE MAN WHO SUED GOD, and Miracle on 34th Street, both relate to courts questioning the existence/validity of God, and Santa)
@@MORTICIA008 yep it seems like a con, I was caught up in the age rising as well plus my husband died at age 59 , I get an increase of £4 due to that , he had worked since leaving school , paid his contributions and I get an extra £4 for all those , of course you have to factor in all those who sit at home taking but contributing nothing , sometimes I feel they have the right idea
Pension is state theft. I still pay tax on my teacher pension. Theft when paying in and theft when taken out. Double taxation by the state.
@@lilyliz3071 UBI
We should get this and we should be able to will our pension on if we die before pension age, after all we paid into it. Why should those greedy xxxxards keep it all
@eljay5009 I was told that when we buy anything, chocolates cats watches basically anything then vat etc goes towards the government pot and pays for health etc
I worked for fifty five years and get the very basic state pension, my wife had years off work due to child care during which time I was the sole earner , she now gets a larger pension than me , it makes little sense to me and even less after talks with the DWP all they do is throw dung over you never giving a straight answer , the whole thing is disgraceful , what have successive governments done with our money?
My wife worked part time but paid the full stamp, she did not opt out because she wasn't in a works pension. She receives a larger state pension than me, but I opted out and I receive a larger works pension but a smaller state pension!
Add your 2 pensions together if they are more than full state pension then you did the right thing.
You must have got another work pension which your wife never
@@jacquelinegarvin1975 In my case both my wife and myself have work pensions but for some unfathomable reason she has a larger state pension than me even though she did not work for many years whilst our children were young , I still can't get a straight answer from the DWP and I am beginning to believe they don't know why themselves, and to think we are paying for these people .
@@karlmylnere5712 My wife was given 19 years NI credit when bringing up the children. I guess thats what your wife has or part of it.
Only if you or your partner are an mp
What is going on? It is obviously a system which has evolved over time to confuse and pay people as little as they can. I'd love an interview where MPs are quizzed about the system. There are possibly only five civil servants who know the answers. And guess what; they would not be talking. I studied pure maths and nuclear physics at uni. Simples compared to the pension system!
I'd love to see them quizzed too, and I'd have Mick Lynch overseeing the Q&As. WOW!
The Gvt blatantly think Joe Public are fools and believe their b/s. I've had first hand experience in explanations and I was not impressed. To be honest the reply, presumably from a person of high Gvt stature, was a joke, and clearly demonstrated that Gvt ministers have no idea how systems work, not even the policies in their own area of expertise. I could have run circles round them!
The Gvt (Michael Gove) say they are the people's servants. More b/s.
We need a Gvt doesn't bleed the population dry, but who really does serve in the best interest of the people, and who has clear, transparent policies, not scandals and hidden agendas (Year 2025, 2030 and 2050 etc. Soon 'Big Brother watching you' will be reality. Freedom, in every sense of the word, will be a thing of the past). It appears that joining the Common Market during a Tory Gvt, would contribute to the UKs downfall, as written by the Gvt in released Secret Papers. As long as their policies ran till the end if the century/1999, it would be too late to take action. Many national industries were privatised ie fat cats, the coal industry ceased causing much upset/picket lines/destroying communities, and fishing grounds were opened up)
We need a Government that puts the people first (and not for what they can squeeze out of them).
What a Government that would be.
My husband is 14 years older than me and I don’t retire until 2024 ( having had my retirement age pushed back to 66). It seems that my state pension will nearly £200 a month more than my husbands state pension… why have they brought in this two tier system? It seem entirely inequitable.
Yeah, thought this two tier system was ludicrous too. I guess it's because the Gvt are making people work longer, past most people's sell by date. BRING BACK ORIGINAL RETIREMENT AGES, ie 60yrs. I'd rather have lower amount and retire at 60y, and have the single tier system. What's the point of paying inyo a state pension fund (NI) you may never receive cos you've been worked to death, stressed out trying to pay for everything, and you end up 6ft under!
The 60yr retirement age should be reinstated. For the older generation, the change to retirement age was bought in too hard, too quickly, and these people are at a disadvantage because it was a done deal that retirement was at 60y. Now such people WASPI women, and thise in similar age group cannot recoup years of working without an additional pension contribution system in place as there is today. Top little too late, and with the state of the economy, which I think is a con too, how can struggling people hope to pay into an additional pension scheme. A vicious circle. People will be 'forced' to work in old age!
My partner and I have worked hard, and each have accrued the qualifying 35yrs NI contributions. When I was about to reach 60/retirement age, the Gvt moved the goalposts at the 11th hour.
I am losing approx £10k pa/£50k over 5 yrs and my partner another £10k.
As I'm paying for the older generation's pension, WHY am I also losing £50k of my pension too, and thus a reduced quality of life?
Is it because of the two tier system AND/OR daylight robbery by the Gvt? Why change the pension system that costs people £50k, or more as the retirement age increases.
The Bible states the human life expectancy is 3 score years plus 10 = 70yrs. Surely the Gvt cannot deny this for fear of blasphemy and questioning the teachings of the church/Christianity.
At this age rate, people will perish before claiming their state pension.
Maybe NI should be abolished and people pay into a private scheme that pays out decent premiums in life and/or after death, and maybe a pot that can be passed to relatives.
In terms of state pension, WHO benefits from those who do notcreach pension age, ie die early or their mid 60s etc and do not ever receive their pension, or receive just a small portion of it.
Does it not fall back into the Gvts pot?
WHAT ARE THE GVT DOING WITH ALL THAT MONEY. AND THE MONEY GAINED FROM RAISING PENSION AGE ie £50k+ per woman, and £10k+ for men. £££ increases as retirement age increases.
IT MUST RUN INTO BILLIONS £££ ?
Has the Gvt advised the population as to how these funds are being used?
If you receive the old state pension you also only receive any uplifts on the basic state pension not on anySERPS or Second Pension so we are slowly falling further and further behind people on the new state pension. Let’s be honest it costs me on the old state pension just as much to switch the light on or boil the kettle or put the heating on as it does someone on the new state pension. Also because the people on the old state pension are older, light and heating are more crucially their health, safety and well-being.
All that pension money that doesn’t get paid out due to death, is used to top up their wages, how else can they afford flashy cars, expensive homes, second homes, fancy clothes & eating in expensive Michelin starred restaurants……. etc. The rich get richer & the poor get poorer, corruption at its best people.
@@MORTICIA008 it does seem unfair, I was caught going from 60 to 65 then up to 66. My pension will fall into the upper range of state pensions and I guess this is in part to compensate for upping the age limit but any funds that don’t get paid out in pensions eg early death etc just go back into the government pot…. All NI and tax goes into the pot, allocation are then made from that centrally. But in reality our pensions in the future are not coming from our contributions they will come from those who are working and paying NI now. We simply have too many demands on the tax and NI received and not enough going in. Our whole system of financial governance is out of kilter with todays society, it needs an overhaul.
Should do as it belongs to deceased estate. As its compulsory investment. It is not a benefit
There is no individual pot of money. The generation of the day pay for the older generations pensions!
Yes but the government calls it a benefit
Unless they were self-employed - in which case, they HAD no second-state pension - the EMPLOYER would have done the contracting-(opting)-out.
Hi I’m I untitled to anything.. my husband died from covid 2nd December 2021 age 69 . We were married for 39 years and I’m only 57
My husband died 2008 at the age of 68 & was 64.
How come I wasn't told about this at the time.?
Is it now too late for me to claim?
no you should be able to back claim 16 years worth so should be a heavy sum. you should get half his graduated retirement benefit and maybe 80% of SERPS, as long as you havn't remarried or maybe claim the amount until you did remarry.
Graduated Retirement Benefit (GRB) built up between 1961 and 1975
Additional State Pension (SERPS/S2P) built up between 1978 and 2016.
If the Pension Service confirms that your spouse or civil partner had built up rights under either of those schemes, you can ask whether you're receiving any inherited amount (you might already be getting without realising as it’s not clearly labelled).
Hi just a concern that puzzles me is that my wife is not entitled to any state pension at all only got 6 years of national insurance contributions, I myself have 49 years of national insurance contributions, we are told we need 35 years to get full pension, what happens to the 14 years of contributions, can they be passed on to the wife.??
There is no fund of personal payments. You pay for your parents pensions and the next generation pays for yours! No money is built up!
When my wife died I received a letter from the pension people, this told me because she had not claimed her pension (age 61) that I would receive an enhanced payment when I was eligible to collect mine,(60 at the time).
By the time I could claim at 66 I had just remarried. Guess what! You are no longer allowed to clamp it. So her 40+ years of payments vanish into the government pocket
The fact is you were not a widow at time of claiming State Pension, you were married. The same would happen if you were single and passed prior to State Pension Age, money just goes to the government. If you had married the day after SPA then you would be entitled to the improved pension. If you had married the day you reached SPA then it depends on the time you were born and the time you married. For example - you were born at 10am and married at 2pm then you would be classed as widower at SPA. I assume you had or should of had the opportunity to claim back up to a year of pension? If not, I assume it is more than a year since your 1st wife passed and unfortunately you only have a year in which to claim. I'm surprised you had the option to have an increase unless your wife had stipulated that she wished to defer her pension.
My State Pension is FROZEN At the Rate I 1st Received it in April 2015 ,Just Because I Chose to Live in Thailand ( My Wife's Country ) which is a Non Reciprocal Country .....I'm FORCED Live on The DISGUSTING Amount of 72.00 Per Week........
I get £300 a month from my late husband's OAP.
My late husband passed away before he reached State pension age. I get my state pension but I only receive £20 a week from his.
I'd like to know what the government did with the pension money payments I had to make before retiring
You paid for your parents generation pensions, and the youth of today pay for yours. There is no individual pot of money. Pensions are paid by the working class of the day!
@@polaris7122 still like to know what they did to extra 5 years payments
@@polaris7122 Are you a civil servant by any chance?
@@juliawigger9796 The greatest piece of gerrymandering in modern times a total disgrace ,it would appear that to engage in criminal activity all you need is a seat in the cabinet, I hope that the fight to rectify this goes on and is not left to fester , but I won't hold my breath.
@@karlmylnere5712 no, I am not!!
The amount paid differs, the person comments they get £300, I receive an added payment but its not £300
Given that you have inherited pension it tells me that this all happened prior to 2015. The amount you can inherit will differ depending on how much your spouse had on their state pension. There is also a maximum that can be paid out on State Pension. Prior to 2015 a spouse could improve there basic State Pension to 100% if there's was less that that. Also they could inherit a percentage of additional pension, which worked on a sliding scale, this was accumulated through your employment as was very much dependant on what one earned hence the fact that you possibly do not have "£300"
I have just started getting my State Pension and I asked if I was eligible to get any of my deceased SP. I was awarded £11.20 a week. How would they have worked that out? And secondly, is there anything else I can claim from my deceased husband? Thank you
My wife has no pension but I have pre 2016 pension…….can she get my pension when I die soon !
Same answer I'm searching
What if my spouse is not old enough to receive the state pension but I do get the additional pension?
Great video thank you. B.
Very welcome
My husband was born December 1951, I’m not sure of the date when he first received his state pension, he has dementia now so difficult to know, he never paid all his stamps in over the years and only receives just over £500 per month. Would I be entitled to any of his state pension when he passed away.
You might inherit part of your deceased partner’s Additional State Pension if your marriage or civil partnership with them began before 6 April 2016 and one of the following applies:
your partner reached State Pension age before 6 April 2016
they died before 6 April 2016 but would have reached State Pension age on or after that date
It will be paid with your State Pension.
Inheriting a protected payment
You’ll inherit half of your partner’s protected payment if your marriage or civil partnership with them began before 6 April 2016 and:
they reached State Pension age on or after 6 April 2016
they died on or after 6 April 2016
It will be paid with your State Pension.
Hi! can you comfirm this for me please?
It may be possible for your estate to claim up to three months of your basic State Pension if you're not married or in a civil partnership when you die. They can only do this if you had not claimed it. Contact the Pension Service to check what you can claim.
Yes, that is correct. If someone dies without having claimed their State Pension and they were not married or in a civil partnership, it is possible for their estate to claim up to three months' worth of the basic State Pension. This provision is designed to ensure that any unclaimed pension entitlement is passed on. The executor of the estate can contact the Pension Service to check what can be claimed and how to proceed with the process.
It’s important to note that this only applies if the deceased had not yet claimed their State Pension. For the estate to claim up to three months of the basic State Pension, the deceased must have reached State Pension age but had not yet claimed it at the time of their death.
In summary, the person must have reached their State Pension age when they died, but had not yet started claiming it, for the estate to make a claim.
@@TheRetirementCafe Thanks, another question, if you inherit a state pension including SERPS etc and with your state pension inckuding your late partner's pension and no other income puts you over the personal tax allowance, will you need to pay income tax?Because normally you don't pay tax on inheritances unless it's a significant amount, also in an estate you can inherit a deceased person(s), inheritance tax allowance aswell if family.
My husband has passed agr 52 and his ex wife has said his private pensions are hers but im his 2nd wife
What happens to my 4 siblings die before their pension. Where has their contributions gone..??
WHEN my parents passed they both had state pension
They both had superannuation pension. Where did that go??
What happened to their pension as they hadn't used or had mobile spending ability or needs?
How come dwp don't know/traceable legit many employers contributions for pensions when retirement comes.
How come forces wives when abroad on diplomatic terrority got no benefits..no stamp paid. Unemployment benefit equals less pension. Where is that contribution. 8-24yrs losses for some.
How come 1950s women services didn't receive military pension. First bar was on sex second defrauded was must be certain age.. On discharge. Surely paid into pension pot agism or sex shouldn't enter.. Where are those contributions.
I believe its lies.. Carers do not get better pension for their extreme loss. Extreme input or poverty incurred.
There are no individual pots of money. The generation of the day pay for the older generations pensions!!!
I,m male don’t go by the Google name! I retired in 2005 my wife born 1947 but she has no state pension . I will soon die so how much will she get ?
Simple answer is if its the new state pension then no. All barring a protected payment of a poxy £3. odd. All the old pension is stolen by the government. And if that partner dies before pension age then its a double whammy..
It is not a benifite it is a saving for ur old age they give it in dribs and drabs to kill you slowly
Yea I can as if my husband's does i.get his military pension but after we got divorced I do not get any of his second pension
IF they die!!??
You might want to reword that ... 😳
So basically NO.
If your partner of over 30 yrs dies are you entitled to claim his pension in a foreign country as his civil partner please help
Question my baby father die and apply to the pension paper to add the child that is not born yet .however he die and the paper came back right after .what can i do?
Sorry haven't a clue what your talking about. Try to formulate a sentence that we can comprehend.
Not sure what you mean???? However, I do not see how having a child entitles you or the child to his pension. I assume you were not married.
I actually benefitted greatly from this. Sadly my wife died in May 2001, I was 45 with 2 small children. As my wife died before a certain date and I was 45 it transpired at 66 I got a 100% of her SERPs as an added pension. Another hoop was I had too be over a certain age when my children ended full time education. The widowers pension I got til then ended and it became the added pension I got at 66. Worth about £5,500 at current value.
I have say it was useless trying to get any detailed information about this over the years- just told it would be calculated when I retired.
It’s all swept away now and widows and widowers have been hung out to dry by the Tories. Don’t expect Labour to make it right.
All that hard work and giving them our taxes and not a tuppence for the berieved spouse. Disgusting evil people.
Ancerers are wanted,🤔🤔🤔🤔🤔🤔
What are ancerers?
Yup they steal it Robbers
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