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State pension to school kids
N9eav
Posts: 4,742 Forumite
I am not sure how the whole system works. It seems that once you reach 16, then you are no longer a child but an adult and suddenly able to think for yourself?
This may be true in some cases, I have know 14yr olds to be almost independant.
My daughter is now 16, but still has a year to do in school. Today she got a letter from the pension dept, advising her to start thinking about a pension! How is she going to do that? Put asside her pocket money?
This may be true in some cases, I have know 14yr olds to be almost independant.
My daughter is now 16, but still has a year to do in school. Today she got a letter from the pension dept, advising her to start thinking about a pension! How is she going to do that? Put asside her pocket money?
NO to pasty tax We won!!!! Just shows that people power works! Don't be apathetic to your cause!
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National Insurance and State Pensions start from the 6/4 prior to your 16th birthday, the reason most people dont't ealise this is that 1)most people that dont earn enough to pay NI at that age, and 2)NI is credited for your from 16-18,so you get 2 yrs for free.I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0
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Some poeple work at age 16 and can afford to make contributions. Everyone is different and its true that the earlier you start, the better it is. The Pension Department are to be applauded to writing to her to highlight the need for retirement planning. Even though it doesnt quite apply yet, she should remember to start early, when she can.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.0
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dunstonh wrote:Some poeple work at age 16 and can afford to make contributions. Everyone is different and its true that the earlier you start, the better it is. The Pension Department are to be applauded to writing to her to highlight the need for retirement planning. Even though it doesnt quite apply yet, she should remember to start early, when she can.
Sure but why not start sending out the literature once someone starts paying PAYE or somethingNO to pasty tax We won!!!! Just shows that people power works! Don't be apathetic to your cause!0 -
There are several reasons;
Because you can only have 5 missing yrs on record in your working life before you loose out on a pension, they want people to know as soon as possible about their pension and to start thinking of the future, so that they won't miss out.
They want people to think about private pensions earlier, the sooner you pay in, the more you'll get.
and, to be cynical, the more you pay in with NI, the more money in the treasury.I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0 -
Maybe that's the problem. The money goes to help fund the NHS and all manner of other stuff. Private pensions are the way to go, especially good company onesNO to pasty tax We won!!!! Just shows that people power works! Don't be apathetic to your cause!0
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