I just received my State Pension forecast

EdInvestor

Perhaps there should be an effort to extend the juvenile credit system to give automatic NIC credits for full time university students, so as to offset some of the debt burden they face now that they have to pay for their further education.

I can see that it wouldn't have been seen as necessary or fair in the old days when there were few of them, they got student grants for living costs, and fees were free.But now times have changed, you have to pay and very large numbers of young people are involved.

fannyadams

me and HWTHMBO regularly receive letters from HMRC telling us that we haven't apid enough NIC.
Given that we have both worked full time since we were 16. When we send copies of our P60s with a letter saying 'don't think you're right, old bean' (or words to this effect) they usually send us a letter back saying 'oh yes, you're right. sorry, silly us'
it's a bit inconvenient but luckily we do not throw away anything tax related (even though you can after 6 years).
They might have made a mistake, if you send a copy of your P60 to them they will work it out and let you know if they are right. Don't ask me how they work it out. I have a relative who works for HMRC and even she doesn't know how they work it out....

derrick

EdInvestor wrote:

BTW just the basic state pension would cost around 90k to buy on the open market now for a man, and more for a woman, double it for both pensions. So the two state pensions are getting on for 200k's worth of pension rights building up. It's worth paying attention to them.

Just out of curiosity,(not there yet) where do you arrive at the 90k to acheive the state pension for a male at pension age (65) (£84.25 a week)

From HERE it is about £515 per month (£128 a week) for a male, 65,single life,level. from Canada Life. (90k fund)

A 60k fund will supply a monthly pension of £343.(£85.50 a week) from Canada life as above, a third less fund value as you suggest?

CIS

Perhaps there should be an effort to extend the juvenile credit system to give automatic NIC credits for full time university students, so as to offset some of the debt burden they face now that they have to pay for their further education.

That may be a good idea, but if it comes down to cost, they'll not do it.

Andy_L

Derrick,
I suspect you're looking at level anuity rates rather than those that increase in line with the rpi like the state pension

Andy

EdInvestor

Don't forget about index- linking (RPI) plus it's on a joint life basis.

derrick

Andy_L wrote:

Derrick,
I suspect you're looking at level anuity rates rather than those that increase in line with the rpi like the state pension

Andy

Yes I was, that is in my post

EdInvestor wrote:

Don't forget about index- linking (RPI) plus it's on a joint life basis.

O K, but neither you nor the OP mentioned that

EdInvestor

A lot of people don't have any idea how much the two state pensions are worth.Some people don't even know there are two.

Apply here for a forecast about how much you will get at retirement ( and remember it's index linked and your spouse will get it when you die.)