State Pension

Bogof_Babe

Oh I didn't know you had to contribute to SERPS/S2P, I thought it just 'happened' if you weren't in a company scheme .

Doubtful my work pension will be much as I finished work at nearly 51 (various reasons, including aged parents requiring care), and was on £15K at the time. I believe the scheme works on 60ths of your final salary, so I'd only have 25/60ths, i.e. pension of around £6K annually, or (oh! :shocked: just worked it out, and it's £120 a week :shocked: ). That's if I manage to hold off until I'm 65 and don't take a lump sum presumably.

OH's is only about £5K, but he did take a lump sum, and did take it at 59 so missed out on six years' accruals.

Interesting times ahead :think: .

Bennifred

Dunroamin wrote: »

Don't forget that your SERPS/S2P contributions would have been higher if you hadn't been contracted out - you get nowt for owt!

That should be "you don't get owt for nowt" ie you don't get anything (owt) for nothing (nowt).

Dunroamin

Bennifred wrote: »

That should be "you don't get owt for nowt" ie you don't get anything (owt) for nothing (nowt).

Sorry - I'm from Surrey and don't speak nothern.:o

Bennifred

Dunroamin wrote: »

Sorry - I'm from Surrey and don't speak nothern.:o

Forgiven!

seven-day-weekend

Dunroamin wrote: »

Sorry - I'm from Surrey and don't speak nothern.:o

Yow dow spake Black Country neither, me wench!! (You don't speak Black Country either, my girl!).

xylophone

Told you I was confused

See https://forums.moneysavingexpert.com/discussion/4532605 post 12

and post 18 https://forums.moneysavingexpert.com/discussion/comment/60319901#Comment_60319901

xylophone

I reach pension age in a few months, but will have to wait another three years to get my full employment pension

You are already receiving the Guaranteed Minimum Pension from your occupational pension?

Bogof_Babe

xylophone wrote: »

You are already receiving the Guaranteed Minimum Pension from your occupational pension?

No, sorry, I mis-worded my post. I'm not receiving anything atm, just living on savings & bonds interest, and OH's various sources of funds. We don't have an extravagant lifestyle!

What I meant was that if I were to take my occupational pension now it wouldn't be "full", as in the amount I should receive by waiting until I'm 65. I appreciate I could have taken a reduced pension any time from 55 onwards. I decided not to do this as I'd rather take a gamble on living long enough for the sums to stack up favourably by waiting for my ex-employer's official retirement age.

Before I tie myself in any more knots I'd better log off and go to bed!

margaretclare

Bennifred wrote: »

That should be "you don't get owt for nowt" ie you don't get anything (owt) for nothing (nowt).

It's what remains, via local dialects, of Anglo-Saxon (Old English) speech. 'Aught' means anything. 'Naught' is the negated form i.e. nothing.

I love Old English speech and wish we hadn't lost so much of it. 'He is' as now, but 'he nis' - he isn't. And you can do double negatives too, which are frowned on in modern grammar.

The Black Country was in Mercia. Miercena lande.

Sorry about the digression.

Bennifred

"Naught" is still used as a number, is it not?