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MSE News: £140-a-week state pensions on the cards
Comments
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It's a good wheeze isn't it? But I think the real answer is that we don't know. And probably won't know the details even after the Budget later this month...What is the now the position of those who (with government encouragement) have voluntarily paid lump sums to buy "missing" years of NI contributions? Will they derive no benefit from these payments, and if so will they be refunded?0 -
What is the now the position of those who (with government encouragement) have voluntarily paid lump sums to buy "missing" years of NI contributions? Will they derive no benefit from these payments, and if so will they be refunded?
As has been pointed out a million times on this forum, NI contributions pay for a range of services and entitlements, not just the state pension.0 -
As has been pointed out a million times on this forum, NI contributions pay for a range of services and entitlements, not just the state pension.
I take this point, but to the best of my knowledge all the other "services and entitlements" accrue within a fairly limited time after the payment. If one pays a lump sum to "purchase" missing NI contributions from years previously, then is it not too late to benefit in other way other than pension entitlement? (One does not, for example, get paid in arrears any contribution-based JSA which one would have been able to claim had the contributions been made at the time.....)0 -
How will this affect people already retired? I think my dad would be very interested in this,he gets less state pension because he also saved for a private pension all of his working life. Any bit extra that can make your life abit more comfortable,is a good thing i think. But we shall see.0
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How will this affect people already retired?
If they are past state pension age then it wont.he gets less state pension because he also saved for a private pension all of his working life.
The state pension is not affected by personal pension provision. The only thing that is potentially affected is pension credits. However,if he saved in a personal pension all his working life, it would be doubtful that he would qualify for those anyway. pension credits are for low earners who havent made any or much provision.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.0 -
So I am semi retired working self employed for only a day a week. I still pay my Class 2 contributions each week because I assumed if I did not it could affect my state pension. Is that no longer the case and do you think it will matter if I stop paying soon? :jKeep it simple. If in doubt - desist.0
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Until gadgetmind mentioned his figure I wasnt actually aware of mine as I have always bundled it in with the bottom line.
I only split mine out because the rules regards lump sums and drawdown of PR aren't always in line with everything else. However, if they decide to steal my Protected Rights, I guess it will make it easier to delete those rows.
Anyway, fingers crossed. It's not as if HMG have treated Private Pensions as their own piggy banks ever before, oh no!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
strawberrylane wrote: »Yep, but don't expect anything concrete any time soon.
Quite so. It's not as if there is any rush as people don't really need to be doing pensions planning based on solid information, or anything like that.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
See an updated story, following Iain Duncan Smith's speech:
State pension reform unveiled but no £140-a-week payout confirmed
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You're doing a great job, Guy.
Keep it up0
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