State pension - quick question

seven-day-weekend

jeannieblue wrote: »

That is interesting. Thank you for that information.

Should you need any assistance with car repairs & maintenance - may be I can offer you some help one day!

I have a wealth of experience to offer - but not with regards to pensions! Guess that is why this site is so good. To help one another, share our knowledge in many areas.

Cheers

Hi Jeannie, yes I remember being pleasantly surprised myself when I got my first Pension Forecast to find that I was granted 13 years of Home Responsibilities Protection during years when I had either been not working at all, or only earning a tiny wage, due to family responsibilities.

It meant that I only needed to have paid in for 26 years instead of 39 (I am under the old rules) and that was do-able. I now need to just pay one year of voluntary contributions (as I am not working) to get my full State Pension in January 2010.

People whose retirement age is after April 6th 2010 will only have to pay/be credited with 30 years of contributions. I think under these new rules up to 12 years can be credited due to childcare (but I'm not sure about that).

Anyway, they will tell you that on your forecast.

Keep us posted!

jeannieblue

Thanks.

I don't know the new rules let alone the old rules!

But no doubt I will find out in time. I've not been in long, am shattered and fed up that lottery numbers didn't come up.... ... gotta have dreams....

jeannieblue

Wow.....

I will be entitled to £109 a week when I retire..........

Its pretty grim considering living costs, but to be honest, it is better than I expected!

So, I won't be able to live on that, but how much could I earn without losing any pension if I worked part time??? Which I obviously will have to do.

I have a very very small private pension of about £60 per week too. Which will cover my council tax and say water for example, per month.. lets not worry about food costs or heating, they are not important, I could do with losing a little bit of weight!!

chesky369

will that sum include the second state pension - SERPS or whatever? How old are you? It might not be too late to start a pension yourself, or save into ISAs. You should also start reading up about claiming benefits such as pension credits - it's a bit complicated for someone who isn't used to financial things, so it's probably a good thing to study it in advance.

Errata

So, I won't be able to live on that, but how much could I earn without losing any pension if I worked part time??? Which I obviously will have to do.

As I understand it, you can earn as much as you like, or are able to. Tax isn't taken off your state retirement pension but it does eat up most of your personal allowance so you'll pay tax at the standard rates on practically all the money you earn.

Barneysmom

I just downloaded the form but it says nothing about if you are in a second marriage? Where to enter details of first marriage?

EdInvestor

Whose NI record are you claiming on? Your own, your first husband's or your 2nd husband"s?

jeannieblue

chesky369 wrote: »

will that sum include the second state pension - SERPS or whatever? How old are you? It might not be too late to start a pension yourself, or save into ISAs. You should also start reading up about claiming benefits such as pension credits - it's a bit complicated for someone who isn't used to financial things, so it's probably a good thing to study it in advance.

I don't know what SERPS are....

I haven't had a pay rise in over 2 years - my wages just about cover my outgoings, so no chance at the moment to save

I am not conversant with the financial world.. I've got under four years to state retirement age. So not alot of time!!

I've always wanted to put money by or add to pension and the like, but I don't have any spare money each month. I do all the right things - thanks to this site. I have trimmed down, got the best deals, shop around, found cheap ways around the Xmas hassle. Use my car for work only (no public transport), park it up Friday night and not use it til Monday morning. In other words, not much of a social life either!

I can't cut back anymore. I have done everything that Martin suggests! And I am proud that considering how prices have risen, I am managing to break even (just) each month!! And have no debts !!

sleepless_saver

jeannieblue wrote: »

Wow.....

So, I won't be able to live on that, but how much could I earn without losing any pension if I worked part time??? Which I obviously will have to do.

Your pension is paid whether you work or not, and is not reduced at all. You will be assessed for tax on your whole income (pensions plus earnings), and obviously the more income you have the more tax you will pay, but you will still have more money than if you did not work, if you see what I mean. When you turn 65 you will be able to earn more before you start paying tax as the personal allowance - the bit you get to keep before the government starts taking tax off - goes up a lot, currently from £5435 to £9030.

Barneysmom

EdInvestor wrote: »

Whose NI record are you claiming on? Your own, your first husband's or your 2nd husband"s?

My own, my husband had a letter last year about his.