Retirement pension. Rules when you are married.

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
5 replies 668 views
coolagarrycoolagarry Forumite
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I am a male who is approaching the time when he will get a retirement pension. I have paid my full contributions. I am confused about how it works.

When I reach 65yrs my wife will be 54.
She works full time and hopes to have paid her full amount of NI

When I retire (She intends to retire at 55) will I just get a single pension
or will we get a married couples pension
or will we get two single pensions as she has her own contributions.

What advantages does a woman who has paid her own contributions get over someone whose pension is based on their husbands contributions only.

(As you can see I really don't understand the retirement pensions system)

Thank you
I'm Glad to be here... At my age I'm glad to be anywhere!!
I'm not losing my hair... I'm getting more head!!

Replies

  • dunstonhdunstonh Forumite
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    Are you talking about the state pension or your personal arrangements?

    Assuming state, you wont get anything from your wife (or she wont if she has accumulated enough to have her own pension) until she hits her state retirement age. Not 55.

    At this point you will be looking at a single state pension.
    What advantages does a woman who has paid her own contributions get over someone whose pension is based on their husbands contributions only.

    They usually get more plus the income is in their name and goes against their personal allowance and not the husbands.
    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.
  • CISCIS Forumite
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    For the state pension

    When you retire at 65 - you'll get your own state pension, but you rwife wont get any pension, nor will you get any for her - you MAY get an adult dependency increase - but the rules are quite tight,

    She will need to get age 60 in order to claim her pension, at this point, as you will already have your pension, her claim will go straight in as a category BL pension claim (married womans), this means that if her own basic pension is worth less than 60% of your own basic state pension, she'll get an increase to that 60% level, otherwise if her pension is more than £50.50, she'll get a category A pension based on her own NI record as she already will have moe than she could claim off your record.

    No such pension as a married couples pension exists, you each get a pension paid individually, the only differnce is that in certain cases, she can have her pension increased based on the NI you have paid.
    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.
  • seven-day-weekendseven-day-weekend Forumite
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    I think I'm right in saying that if your wife is only 54 now, she will not get her State Pension at 60, but somewhere between 60-65.

    At that point, she will get a State Pension based upon her own contributions if this is more money than claiming 60% based on your contributions.

    Until then, you will get solely your own pension.

    I suggest that your wife gets a State Pension Forecast.

    http://www.thepensionservice.gov.uk/atoz/atozdetailed/rpforecast.asp
    (AKA HRH_MUngo)
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  • coolagarrycoolagarry Forumite
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    Oh Dear !! Was getting quite excited but not any more and I think you're right Seven-day. She was born in '55 and will not get her pension in her own right until she is 64..... Ah well never mind. Thank you all for your trouble.
    I'm Glad to be here... At my age I'm glad to be anywhere!!
    I'm not losing my hair... I'm getting more head!!
  • seven-day-weekendseven-day-weekend Forumite
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    coolagarry wrote:
    Oh Dear !! Was getting quite excited but not any more and I think you're right Seven-day. She was born in '55 and will not get her pension in her own right until she is 64..... Ah well never mind. Thank you all for your trouble.


    Thanks for your thanks!

    I thought I was right because I was born in January 1950 (making me 56) and I know that the cut-off point for getting your pension at 60 is April 1950. I just made it!

    Sorry to be the bearer of bad news but I'm sure you would rather have accurate knowledge than live in false hopes.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
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