Early retirement at age 56 state pension advice

auntyjohn

I took early retirement from The Post Office 14 March 2010, I was then aged 56 & 7 months. I am receiving my Post Office Pension and not working. I requested a State Pension statement, which I have recieved and which states the following:
For full basic pension I need 30 qualifying years.
I have 40 qualifying years.
Up to 5 April 2010, your estimated state pension is £100.55. when I reach state pension age in 2019. This is made up as follows:

Basic State Pension £97.65
*Additional State Pension £1.29
Graduated Retirement benefit £1.61

Total weekly state Pension £100.55

*Additional State Pension
Total additional State Pension £68.59
less the contracted-out deduction of £67.30

*Total estimated additional State Pension £1.29

Now my questions are:
(1) Do I need to keep paying further contributions:
(a) To maintain these payments?
(b) Is it possible/advisable to pay more contributions to increase my pension?

(2) My first wife died aged 43 in April 1993 am I entitled to a Widows Pension?

Thank you for your advice on matters that are confusing to me.:(

sammyjammy

If you are paying a voluntary NI contribution then you do not need to, this statement is your pension forecast as it stands now, if you do not work between now and then this is what you will receive and paying a voluntary NI will make no difference, pending any future changes in government policy.

I can't help with the widows pension, sorry. Was she over retirement age when she died?

auntyjohn

My wife died aged 43 in 1993, am I entitled to a widows pension?

jem16

auntyjohn wrote: »

My wife died aged 43 in 1993, am I entitled to a widows pension?

If you had been entitled you would have received it when your wife died.

However the basic answer is no - a widow's pension was paid to a widow, not a widower. The law changed in 2001 to allow it also to be paid to widowers.

You may be entitled to a percentage of your wife's SERPS/S2P when you reach pension age though.

Loughton_Monkey

I would suggest you don't need to do anything else. Absolutely nothing is to be gained by paying any more NI. Your pension will be what you have been quoted plus the agreed uplifts announced every year. And you will continue to receive the PO pension of course.

You will, of course, have the usual options of 'deferring' your state pension in return for more (or a lump sum) later on but this is simply not worth considering until just before you get there. There are no major advantages either way. Just cash flow really.