NI contributions/State Pension

2009jack

I took voluntary redundancy in August aged 54. Initially I did not take my company pension and claimed jobseekers allowance. I decided to take my pension and, as this was more than js, I get no benefits. Jobcentre told me I should still sign on to get my NI paid. Pension office told me that from April 2010 you only need 30 years to qualify for state pension. I already have 36 years. Jobcentre staff know nothing about this change and say I should still sign on. Since I am not receiving any benefits I have withdrawn my claim. Will I still qualify for full state pension or am I missing something?

healy

You are correct you will receive a full state retirement pension if you have 36 qualifying years.

Oldernotwiser

And would also do so if you had only 30 (just to clarify).

Bryando

Pensions. I'm early 20s and worry about this!! Do you get a occupation pension and state pension?
Member of my family (retired) says he has two pensions and the amount of tax he pays is shocking. So I've got no idea what to do when I get into employment, if I can. Something school never taught me, useless crap was on the agenda I seem to have discovered so far in life.

bunny999

You get a state pension if you have paid enough NI conts. You get an occupational pension if you pay into one via your employer.

bryanb

Bryando wrote: »

Pensions. I'm early 20s and worry about this!! Do you get a occupation pension and state pension?
Member of my family (retired) says he has two pensions and the amount of tax he pays is shocking. So I've got no idea what to do when I get into employment, if I can. Something school never taught me, useless crap was on the agenda I seem to have discovered so far in life.

Remember that your contributions are tax free, so taxing them when you draw the pension instead is usually beneficial to you.

Bryando

this being occupational pension?

p00hsticks

Bryando wrote: »

Member of my family (retired) says he has two pensions and the amount of tax he pays is shocking.

In general, over 65's get quite high tax allowances compared to 'working age' people, so if you think the tax he pays is shocking, just wait until you get into employment!

Bryando

Can't understand so to speak getting taxed when you've worked for it/paid into it. As a said. I'm only early 20s. But think it is wize to try and understand this area.

Dave101t

im 20's and have no private pension. what you are calling an occupational pension.
remember the state 2nd pension exists, as well as the pension 'top-up' coming in, as well as the state run mandatory pension scheme in a couple of years. google is your friend.
i save my money, pay my tax and invest as i like. thata way i keep control. 20k after 2 years saving isnt bad.

Bryando

Investements and shares. Thats again something I tried to work out.