Boosting State pension

jamesd

You're allowed to defer your state pensions once even if you've already started to take the money. That is one possible way to get an increase in them. You don't have to defer for a whole year, it can be part of one only if you like.

I'm assuming that you didn't reach state pension age between 6 April 2008 and 5 April 2015. If you did, you could buy up to six more years if you don't yet have enough to get a full basic state pension.

opinions4u

How much cash do you have?

It might e worth seeing an IFAto identify ways to generate an income with it.

atush

I agree with the above, You could use your S&S Isa Allownce to buy some equity income funds to generate more income than a savings acct.

But capital values can vary up and down (although the income should remain stable if you aren't using capital).

Yesm deferring before you start is one of the best ways to boost your SP. But, if as said above you can take a break now, do let us know if DWP says it is allowed.

Good luck.

And, also as said above, if you do not currently get 60% of the SP, then once your husband reaches pension age, your SP will be set at 60% based on his contributions.

margaretclare

Maryp wrote: »

Hi McKneff

No only a part pension as I went on to a reduced married women's contribution for about 10 years, it doesn't seem to count for anything. i'm now divorced from him and I have since remarried.

Can I ask why you did this? Did anyone ever point out to you the drawbacks, or that you didn't have to? Was it like so many women, you thought it would be nice to have the money in your pocket now rather than on retirement? Or did you just do it because that was what everybody did?

I'm interested because like McKneff I'm of that era, although somewhat earlier than yourself.

Never a week passes that I don't give thanks for the knowledgeable friends who steered me away from that trap, way back in 1957.

kidmugsy

atush wrote: »

Yesm deferring before you start is one of the best ways to boost your SP. But, if as said above you can take a break now, do let us know if DWP says it is allowed.

It is allowed - my wife has done it. But if there's a chance of swapping to 60% of husband's pension OP would have to check what happens to the extra pension earned by suspending - does it still get paid?

atush

Yes, she hasn't got back with his SP age, her total number of years etc.

No point in deferring now, if she will get a boost for no extra contribs soon.

stagey_2

margaretclare wrote: »

Can I ask why you did this? Did anyone ever point out to you the drawbacks, or that you didn't have to? Was it like so many women, you thought it would be nice to have the money in your pocket now rather than on retirement? Or did you just do it because that was what everybody did?

I'm interested because like McKneff I'm of that era, although somewhat earlier than yourself.

Never a week passes that I don't give thanks for the knowledgeable friends who steered me away from that trap, way back in 1957.

You were lucky you had friends who knew! After the birth of my son in 1975 I was whisked down to the NI office locally to sign to say that I would continue to pay the MW stamp. Yes now I would be screaming and shouting NO as in my maturer years I am myself now so much more knowledgable. When I eventually divorced and remarried 23 + years ago and working in full time work I paid the full rate and did so till the age of 60. I am now 68 and still working, paying my taxes etc and would willingly have contributed more to receive a better pension. And because I didn't realise that I would be working so much longer, I took my pension, the basic of which is something like £35 and then made up to £77 via various other add ons. Those who paid into the MW scheme were not allowed e to 'top up' - yes I looked in to every which way. My sister who lived abroad for 15 years and returned here 8 years' ago or thereabouts, who never paid into anything here except in here earlier years and is now 64, was allowed to buy into having a full pension. But there you go, wrong place at the wrong time, wrong birthdate, you name it! But that's life. I'm over feeling miffed - uses up too much energy.

margaretclare

stagey wrote: »

You were lucky you had friends who knew! After the birth of my son in 1975 I was whisked down to the NI office locally to sign to say that I would continue to pay the MW stamp. Yes now I would be screaming and shouting NO as in my maturer years I am myself now so much more knowledgable. When I eventually divorced and remarried 23 + years ago and working in full time work I paid the full rate and did so till the age of 60. I am now 68 and still working, paying my taxes etc and would willingly have contributed more to receive a better pension. And because I didn't realise that I would be working so much longer, I took my pension, the basic of which is something like £35 and then made up to £77 via various other add ons. Those who paid into the MW scheme were not allowed e to 'top up' - yes I looked in to every which way. My sister who lived abroad for 15 years and returned here 8 years' ago or thereabouts, who never paid into anything here except in here earlier years and is now 64, was allowed to buy into having a full pension. But there you go, wrong place at the wrong time, wrong birthdate, you name it! But that's life. I'm over feeling miffed - uses up too much energy.

Oh yes, sounds familiar. I've heard so many sad stories like this. 'You were whisked down...' who did the whisking? Those of us in the Women's Movement in the 1970s had been campaigning to get this changed and the change took effect in April 1978, not long after your son's birth in 1975. And as the OP illustrates, there are STILL women coming through who are affected by this daylight robbery.

What happened to me was: prior to my marriage in Feb 1957 I'd been working at the then Ministry of Labour & National Service (now JobCentre). I'd made that change in the first week of marriage because it was 'just what you did', was living with in-laws in a small bungalow and couldn't stand it so I left and went back home in a matter of weeks. I then wanted to claim unemployment benefit, and it was then that I found out what I'd done, what the change would mean in the long-term. I changed back again PDQ and, even when we were reconciled and continued to 35 years of marriage, until his death in 1992, I always paid full NI and paid into the NHS pension scheme. I was laughed at so many times. Those who laughed are not laughing now.

jaffa_cake__

Yes you can and you will need to contact HMRC as there are rulea and regulations around it, i.e. if you were paying married womans stamp in some years, for example.

If you do decide to pay voluntary contributions DWP will receive notification.