Pension need to knows Official MSE Guide Discussion

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  • Dimey
    Dimey Posts: 1,434 Forumite
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    Does anyone know whether we will get refund of SERPS & Graduated pension payments when the flat rate pension comes in? The DWP have told me I will get the same £144 pension having contributed 43 years as someone who has only contributed 2 years.
    My pension planning has already been knocked off course having lost to Equitable life and employer pension going bust. Not to mention having left work at 60 only to find I can't draw state pension till I'm 67.
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    "Any more posts you want to make on something you obviously know very little about?"
    Is an actual reaction to my posts, so please don't rely on anything I say. :)
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    No refunds, that is the problem really, as NI is primarily a straight tax but does give rights to certain benefits.

    Seems a bit remiss though lack of planning to retire seven years too early though, didn't you check when the state pension was due before you retired?
  • woolly_wombat
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    Dimey wrote: »
    Not to mention having left work at 60 only to find I can't draw state pension till I'm 67.

    If you have already left work at 60 then you will be able to draw your state pension before 67.

    http://www.nidirect.gov.uk/calculating-your-state-pension-age

    Extract:

    "Current State Pension age

    For men born before 6 December 1953, the current State Pension age is 65.
    For women born after 5 April 1950 but before 6 December 1953, their State Pension age is between 60 and 65."


    Click on the link above to find a link to the official gov.uk pension age calculator.

    WW
  • Dimey
    Dimey Posts: 1,434 Forumite
    edited 17 April 2013 at 10:47PM
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    bigadaj wrote: »
    No refunds, that is the problem really, as NI is primarily a straight tax but does give rights to certain benefits.

    Seems a bit remiss though lack of planning to retire seven years too early though, didn't you check when the state pension was due before you retired?

    Thanks Bigadaj. Yes I checked and was told I would get my pension at age 63 but it later turned out not till 67 (per DWP when I applied for a pension forecast). I'd planned to live on savings anyway so they'll just have to last longer.

    I've just used Woolly_Wombat's link to calculator and found my pension age is 65 so I've gained a couple of years!
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    "Any more posts you want to make on something you obviously know very little about?"
    Is an actual reaction to my posts, so please don't rely on anything I say. :)
  • jem16
    jem16 Posts: 19,404 Forumite
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    Dimey wrote: »
    Thanks Bigadaj. Yes I checked and was told I would get my pension at age 63 but it later turned out not till 67 (per DWP when I applied for a pension forecast). I'd planned to live on savings anyway so they'll just have to last longer.

    I've just used Woolly_Wombat's link to calculator and found my pension age is 65 so I've gained a couple of years!

    Dimey - I am rather confused with the info that you seem to have got from the DWP.

    Basically the only way you would have been told it was possible to retire at age 63 is if you are female. Males have never neem able to retire any earlier than age 65. Presumably if you had been told age 63 then you must also have told them you are female?

    However now you say that it's age 65 which would mean you are male.

    Can you clarify - are you male or female?
  • Dimey
    Dimey Posts: 1,434 Forumite
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    Sorry for the confusion. Yes I'm female. And the DWP did initially say 63 then later said 67 with the probability of it going up to 68. The calculator I just did as a female came out at 65.
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    "Any more posts you want to make on something you obviously know very little about?"
    Is an actual reaction to my posts, so please don't rely on anything I say. :)
  • jem16
    jem16 Posts: 19,404 Forumite
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    Dimey wrote: »
    Sorry for the confusion. Yes I'm female. And the DWP did initially say 63 then later said 67 with the probability of it going up to 68. The calculator I just did as a female came out at 65.

    I think you need to look at that calculator again.

    As you are female with a date of birth of;
    Dimey wrote: »
    Wow, I have had duff info from the DWP haven't I. My DOB is 24/2/1953

    Your state pension age according to the caluclator is 62 years 10 months 13 days and you will reach state pension age on 6th January 2016.

    https://www.gov.uk/calculate-state-pension/y/age/female/1953-02-24

    As you will be eligible for your pension under current rules, the state pension forecast that you will be able to get now will be what you will get in a little over 2 years.
  • Dimey
    Dimey Posts: 1,434 Forumite
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    Thank you for helping me Jem 16 and everyone else. All is now completely clear.:j
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    "Any more posts you want to make on something you obviously know very little about?"
    Is an actual reaction to my posts, so please don't rely on anything I say. :)
  • cazza1972
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    I currently have a pension through my employer but they will not accept a pension share from my ex husbands pension provider. Im new to all this pension finding malarky and would really like some advice as to what to look for when starting a new pension. I dont really want to risk the lump sum that will be put in. Any advice anyone :o
  • dunstonh
    dunstonh Posts: 116,655 Forumite
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    cazza1972 wrote: »
    I currently have a pension through my employer but they will not accept a pension share from my ex husbands pension provider. Im new to all this pension finding malarky and would really like some advice as to what to look for when starting a new pension. I dont really want to risk the lump sum that will be put in. Any advice anyone :o

    Any local IFA will be able to look at this for you. https://www.unbiased.co.uk and post code search to find your nearest ones. Make sure it is independent and not restricted.
    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.
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