The ELITE Eggstra Easter thread

David.

blondynurse wrote: »

Did. Nobody notice that i had been called bloodynose and not blondynurse lol

Sorry just used to all these different names floating about
bloodynose is good though :T:T

bargainqueen8

squilliondollarbaby wrote: »

BTW I'm sure most of you already know this, but some maybe not.

You can buy up to 6 missing pension contribution years, ie go back no further than 2006/7. (If you don't have 35 years or more by the year before you retire, you won't get a full state pension.)

Provided you live to an average age, your 'voluntary contribution' would pay for itself in about 2 years, then you'd be making money.

Would anybody like details on:

1. How to check your current status in terms of pension contribution years?
2. How to buy back missing years?

yes please,as it happens i have just opened a letter from dwp with my pension forecast in it,so would be interested in buying missing years.thanks

rose28454

bargainqueen8 wrote: »

yes please,as it happens i have just opened a letter from dwp with my pension forecast in it,so would be interested in buying missing years.thanks

My sister ( who has lived abroad for over 30 years) is due a small pension and has to make up her years. I sent a cheque on her behalf last March and they are now saying they have not got it. So make sure you get proof of payment.

nuttybabe

Call_of_Trouty wrote: »

Just tried that and still not showing for me

mine only started showing about 2 mins ago after pressing lots of different things

squilliondollarbaby

squilliondollarbaby wrote: »

BTW I'm sure most of you already know this, but some maybe not.

You can buy up to 6 missing pension contribution years, ie go back no further than 2006/7. (If you don't have 35 years or more by the year before you retire, you won't get a full state pension.)

Provided you live to an average age, your 'voluntary contribution' would pay for itself in about 2 years, then you'd be making money.

Would anybody like details on:

1. How to check your current status in terms of pension contribution years?
2. How to buy back missing years?

1. Get the serious state pension statement here though you need to enrol first https://secure.thepensionservice.gov.uk/statepensionforecast/default.aspx
You'll need to enrol with the Govt Gateway to get a proper ID.
2. A quicker way to find out how many years pension contributions you have is to phone up and ask (you'll need your NI number). 0845 60 55 999
They will also tell you if you have missing years available to buy back. Get in before the end of the tax year is my advice. We bought 2 years for my wife recently and they'll cash your cheque in 4-5 days so there's plenty of time if you act now.
Voluntary contributions and topping up:
http://www.hmrc.gov.uk/ni/volcontr/
3. Apply online for a statement of your National Insurance account:
http://www.hmrc.gov.uk/ni/intro/online-statement.htm

Pensions Q&A

What are the key changes?
From April 2017 [TODAY THEY ANNOUNCED THIS WILL NOW BE EARLY 2016] there will be one single pension set at £144 a week in today’s money, rising to £155-£160 in four years’ time. This new ‘single-tier’ pension will replace the basic state pension, currently £107 per week, and various “top-ups” or additional state pensions. However, it will be tougher to claim the full state pension under the new rules.

A maximum of 35 years of national insurance contributions, up from the current 30, will be needed. Anyone with less than 10 years’ contributions, such as immigrants, will not receive a pension. The savings credit element of the pension credit will be abolished along with “contracting out”, which will mean bigger tax bills for millions of private and public sector workers.

How is this better than the current pension system?
Simplicity and fairness. The current combination of basic and earnings-related additional pension systems is confusing; many people have no idea of what they will get from the state when they retire. The new single-tier pension will be set just above the current pension credit level, which means less means-testing to top up benefits. Low-earners and women who have taken time off work to care for family are the main beneficiaries.

Will everyone get the full state pension of £144?
No, £144 per week is the maximum. To receive the full weekly rate an individual will need a full 35 years of national insurance contributions or credits, with a proportionate pension paid to those with shorter contribution records. Those with less than 10 years receive nothing.

I am already receiving the state pension. Will I benefit?
No. Only those reaching state pension age after the reform is introduced in April 2017 will be entitled to the new single tier payment. There are currently 11.5m people claiming the state pension.

I was expecting to get more than £150 per week from the state pension. What will happen to the benefits I have built up?
The government says that state pension rights accrued under the old system will be recognised, so nobody will lose out on any pension they have earned.

I am due to reach state pension age before April 2017. Can I delay until after 2017?
No. Anyone reaching the state pension age before April 6 2017 will automatically receive a pension under the old rules.

I am “contracted out” of the state second pension. What will happen to me?
Those paying into a workplace pension instead of the state pot have paid less NICs than those who are not contracted out. But, after April 2017, many will be brought back into the state system and will pay full NICs. This will mean an effective tax rise of 1.4 per cent, or £250 a year, for workers earning £25,000, or £500 a year for those on £40,040. Some will benefit from special arrangements for moving back into state system.

nictrinwyn

For those doing the bingo ones, my william hill has tracked at 1p, do I need to do tell them or will it change to the right amount?

fairclaire

Mildred1970 wrote: »

Helloooooo :wave: yes I'm in

I'm trying to play through this bonus, it's taking forever!

I have a feeling you could play and win all day long and still not be able to withdraw anything :cool:

edit just saw squigs post. Well done!! I live in hope now lol

squilliondollarbaby

Interestingly, one snippet I picked up is that for anybody who started paying NICs as an 18 year old before 2010, we all got 3 'free' years when we were 16, 17 & 18.

This stopped in 2010.

But any EU citizens who came to work in the UK before the cut-off date 2010 will also get 3 free years.

David.

fairclaire wrote: »

I have a feeling you could play and win all day long and still not be able to withdraw anything :cool:

edit just saw squigs post. Well done!! I live it hope now lol

Well stop winning and give the rest of us a chance
Oh by the way you not talking over there :eek:

Call_of_Trouty

bargainqueen8 wrote: »

yes please,as it happens i have just opened a letter from dwp with my pension forecast in it,so would be interested in buying missing years.thanks

The forecast from my private pension is £107 per annum :T



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