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Pension fear

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Cosmo.gm
Cosmo.gm Posts: 1 Newbie
in Auto-enrolment
Back in 1987 as a service engineer, I returned to the workshop to be told by my boss that a pension expert had spoke to the office staff that day and had left forms for me to sign if I wanted a private pension taken out. Today I have received paperwork in the post and it looks like I do not have a state pension to look forward to at all. Looking at the estimated yearly payout, I am feeling very scared at the moment. Can this be transferred back to the state pension scheme at all? You can probably tell that I know nothing at all about how pensions work.

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  • McKneff
    McKneff Posts: 38,825 Forumite
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    I think you are confusing a state pension with a private pension.


    If you have been working normally as an employee and paying National Insurance and will have enough contributtions (30 years at the moment, soon to be 35) up to retirement age then you can stop worrying. You will have the basic full state pension.


    You can ring up the DWP and ask for a state pension forecast.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • McKneff
    McKneff Posts: 38,825 Forumite
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    Youre panicking for nothing, calm down.


    You will receive your state pension as well as the private pension.


    Gen yourself up on pensions....


    State pensions and Private pensions are two completely different things.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Drp8713
    Drp8713 Posts: 902 Forumite
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    Are you sure you have read it properly and have all of the info?

    You could have contracted out of the state second pension when you joined your company scheme, which wasnt unusual, however that wouldnt mean you dont have a state pension at all, you would still have a basic state pension.

    Also was the company scheme a final salary one? Is so you are probably massively better off.
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    Today I have received paperwork in the post and it looks like I do not have a state pension to look forward to at all.

    Nothing a pension adviser can do can take your basic state pension away.

    You need to tell us what you have.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • xylophone
    xylophone Posts: 44,427 Forumite
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    https://www.gov.uk/state-pension-statement
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