qualifying years for state pension.

martin57

Hi folks,

Being in my mid 50's and already having the 30 years necessary for the state pension.

Just wondering if the new propossed 35 year qualifying years affect people like me?

Thanks for any info

Martin57

jem16

martin57 wrote: »

Just wondering if the new propossed 35 year qualifying years affect people like me?

What new proposal? I haven't heard of any changes.

SnowMan

I am waiting until Monday before trying to answer this sort of question, but perhaps it is this 35 the OP is talking about?

http://www.moneymarketing.co.uk/pensions/govt-to-set-out-plans-for-144-a-week-flat-rate-state-pension/1064204.article

The minimum number of years a person will have to pay National Insurance in order to receive the full state pension payment will rise from 30 years to 35 years.

:eek::eek:

The proposals will also include a mechanism to allow those in DB schemes who would have lost out through scrapping the contracted-out rebate to recoup this money. People with a 35 year NI contribution record will be allowed to build up extra state pension

jem16

SnowMan wrote: »

I am waiting until Monday before trying to answer this sort of question, but perhaps it is this 35 the OP is talking about?

http://www.moneymarketing.co.uk/pensions/govt-to-set-out-plans-for-144-a-week-flat-rate-state-pension/1064204.article


:eek::eek:

So reduce it from 44/39 to 30 years in 2010 and then plan to put it up again to 35 years.

I think the only thing you can rely on is not to rely on it!

wakeupalarm

This really would be a kick in the teeth for women in particular as tied with the later retirement dates could easily mean woman were actually contributing for longer then under the old 39 years required. They may even decide to link the number of required years to increasing life expectancy.

SnowMan

jem16 wrote: »

So reduce it from 44/39 to 30 years in 2010 and then plan to put it up again to 35 years.

I think the only thing you can rely on is not to rely on it!

BBC website are now confirming the 35 year requirement. Completely ridiculous to reduce it to 30 and then put it back up to 35

http://www.bbc.co.uk/news/business-20989050

The government is also expected to announce that anyone who has not paid National Insurance for at least 10 years will not qualify for a state pension. Those who have paid for less than 35 years will see their pension reduced in a change from the 30-year threshold introduced a few years ago

parcival

Agreed - to change from 30 back to 35 is ludicrous. How are people supposed to make plans..........

Anyway, lets wait and see when the thing is actually published.

SnowMan

Steve Webb from Moneybox on 9th June 2012 listen 9 mins 20 seconds in

http://www.bbc.co.uk/radio/player/b01jpptl

I can be absolutely categoric......If you haven't yet retired our starting point will be the rights you've already built up. So if somebody's already got a statement from us saying you're gonna get a £160 pension, you've already got those rights in the bank, Steve Webb's not going to come along and say 'guess what it's going to be £140'........This is about honouring what you've built up to date

Not sure how the 35 year rule will fit in with this for someone with 30 years now who gets no future credits.

parcival

I don't trust anything anyone has said in the past. It all smacks of making it up as you go along.

I am hoping the 35 year rule (if true) won't affect me too much.

I am not working and am not going to be working again. I reckon that I have 29 years of qualifying work. I have a pension forecast from HMRC confirming that I have the 30 years currently required. I am guessing that I was maybe credited with 2 years when aged 16 and 17 but still at school.

So hopefully 31/35ths of the new pension - still a bit better than the current state pension.

This all assumes these plonkers don't change it again in the next 10 years.

McKneff

SnowMan wrote: »

Steve Webb from Moneybox on 9th June 2012 listen 9 mins 20 seconds in

http://www.bbc.co.uk/radio/player/b01jpptl



Not sure how the 35 year rule will fit in with this for someone with 30 years now who gets no future credits.

I presume they wil get less state pension in proportion.

SnowMan

parcival wrote: »

I am guessing that I was maybe credited with 2 years when aged 16 and 17 but still at school.

So hopefully 31/35ths of the new pension - still a bit better than the current state pension.

This all assumes these plonkers don't change it again in the next 10 years.

Yes you could get 3 years of youth credits from around age 16 see this link from the TPAS website. I've got those 3 credits myself.

Credits for Young People

Young people with no liability to pay Class 1 or 2 contributions can also get credits automatically for the tax year in which they reach 16 and the two following years.