Pension Boosting article discussion

kidmugsy

I find your argument persuasive. I know someone in the university scheme who bought extra years of service, then moved to a different uiniversity which had a later retirement age, and so his extra contributions were wasted. Frustrating, eh?

Nanny_Noo

I already have over 30 years contributions and therefore qualify for the full state pension. I am in employment and continue to pay NI - what benefit is there to me in continuing to pay NI, do these extra payments increase the final pension you receive? If there is no additional benefit do I have a choice not to pay?

kidmugsy

"If there is no additional benefit do I have a choice not to pay?" Ah, if only. I have 45 years of payments so that's 15 entirely wasted.

jem16

Nanny_Noo wrote: »

I already have over 30 years contributions and therefore qualify for the full state pension. I am in employment and continue to pay NI - what benefit is there to me in continuing to pay NI,

NI contributions aren't just about qualifying for a state pension. They also provide other state benefits such as sick pay etc.

do these extra payments increase the final pension you receive?

No

If there is no additional benefit do I have a choice not to pay?

If you are working you will pay NI unless below the minimum level.

dougz_2

pag wrote: »

Does anyone know the latest about the so called 'flat Rate' pension the government mentioned last autumn...

Might be news in this new thread https://forums.moneysavingexpert.com/discussion/3088014

donnylad1

I opted out of SERPS over 20 years ago and had a final salary pension scheme with the company I work for which they have now closed due to financial constraints.

I am now left in a situation whereby:

1. I can open a stakeholder pension plan with the company and my final salary pension is frozen.

2. I could contract back into SERPs but am wondering at my age if it is worth it.:cool:

kidmugsy

For what it's worth, in your shoes I might delay contracting back in until the government had told us about the new citizens' pension that it's planning. Or I might just think that, given the choice, I'd rather the money wasn't under the direct control of politicians and let the last two year's worth of contracted out payments go to the old pension scheme.

Barter

I wonder if anyone can give guidance in my situation:

I reached 60 on 26/10/2008. When I got married in 1972 I elected Married Woman's stamp, had children in 1976 & 1978; my record shows my election lapsed in 1980. I gather I cannot recover those years from 1972 to 1980?

I have 3 years HRP, and from various part-time & full-time work, I paid enough NI for years up to 1994. Just before I reached 60, I bought back 10 years (1997 -2008) but I was not allowed to pay voluntary contributions for tax year 1995/96 as they said their records showed a Deficiency Notice was issued at the appropriate time. I never received this; I have kept everything they ever sent me!

My main question is: does anyone know if this current offer mean that now I can buy back that year?

walkerscott

If someone has not got enough contributions in to qualify for a FULL state pension surely they would fall under the minimum existence figure of £130 ish per week and qualify for Pension Top Up? If they qualify for pension top up they then become eligible for council tax rebates or aren't they?

JamesU

Barter wrote: »

My main question is: does anyone know if this current offer mean that now I can buy back that year?

You haven't made it easy to understand how many years you have or need. Obviously a pension state forecast is needed to confirm how many eligible years you have to date, if not done already.

Have a read through the link below and then give HMRC a ring (open until 8pm) to find out for definite on 95/96 and any remaining eligibility to pay in years 1975-present (posts #6,#12,#14 in link).

https://forums.moneysavingexpert.com/discussion/3092694

Hope this helps.

JamesU