Breaking Through, Travelling On

edinburgher

I have to admit to being far gloomier. I don't even include the state pension in my retirement plans :eek:

SueP19

Not got a personal plan, was too much in debt to start that one plus I didn't like the idea the government told me what to do with my money.

When we were 35 I did one of those forecasts (pre MSE days) that told you how much you needed to save a month to get the pension equivalent of our current wages.....................it was more than our mortgage monthly payment at that time _pale_

Goldiegirl

elantan wrote: »

yep I'm thinking it will be 70 for me as well and a loss of £40 a week when I do eventually get it. and that's just now, I'm sure that will go up.

Why will you be losing £40 per month?

elantan

Per week Goldie ... I may have wrote month sorry

I will loose my sp2 contributions but wont get the full benefit of the new pension either ... I'm at the awkward age where I get shafted both directions

Karmacat

Oh my .... there are some important posts up there since yesterday - Ed, and El too for that matter, are quite a bit younger than me, and I might be in the *first* generation to be badly shafted, but I'm *only* the first - later peeps are going to get much worse. In spite of the present increase they're talking about, up to £150/155, whatever it is, I too can see it disappearing by the time Ed is of an age to receive the state pension.

Some of my own predicament is my own fault - I never took career choices with pension or retirement in mind until I was in my 50s, truly ... I was always way out there politically speaking. Though not so far out as one of my last bosses, a *really* hard line socialist activist who refused to open a savings account because it was too capitalist. He only realised the implications of what he'd let himself in for when he actually *got* to retirement age, poor man.

So, my CPD was submitted on Tuesday (and I've just done an anonymous survey that gave them hell as they're so useless for anything but a few basic services that they ignore completely on the website), my English tax was submitted yesterday, and my French tax is ready to go, but .... but .... but ... I think I've found the most godawful cockup, and I'm a bit spooked. I've got to check the figures out today and find out if I've really done what I think I've done _pale_ and if I have, next week will be a bit full-on. Hey ho.

Working at lunchtime today. Boy, I need the work, if I've done that thing ...

elantan

Fingers crossed it's not too bad for you KC xxxx

Karmacat

Thanks El! I've just done a spreadsheet summary of all the figures for the apartment since I started doing my own taxes, and its **not** what I thought it was, thank heavens. I'm always inclined to think I've got it wrong because I know how bad I am at detailed figures (no false modesty there, I really am bad).

What I was forgetting is that I sat on the phone with the HMRC for an hour last year, going through how to declare it, with a fine toothcomb. And although I'd obviously got it wrong previously, she didn't say anything then about resubmitting, so I'm just going to open up this year's declaration and alter it so that its like she advised me to do it - except better, because I can see now I didn't put in the final bit that was needed to do what she was trying for. So that mistake was in *their* favour :money:

Such a nightmare! I might actually get it right this year, though.

Goldiegirl

elantan wrote: »

Per week Goldie ... I may have wrote month sorry

I will loose my sp2 contributions but wont get the full benefit of the new pension either ... I'm at the awkward age where I get shafted both directions

I was wondering if you'd ordered your pension forecast and how old you are?

As I understand it, people aren't losing pension that they've already earned.

For example, Mr Goldie has earned a pension of approx £190pw. He'll carry that forward to the new state pension scheme, and when he reeaches 65 in October this year his state pension will still be around £190 pw, considerably more than the £155 flat rate pension.

In my case, I'm currently eligible for a state pension of approx £126. This will be my foundation amount in the new state pension. I then have 10 years in which to pay more NI contributions to bring me up to the full flat rate pension of £155.

So, in those examples, pension already earned is not being lost,must carried forward.

In the case of a worker aged around 50, who has already accrued a pension of £155 or more under the old scheme, this will be carried forward to the new scheme. But if they continue to pay NI, they won't be able to accrue any further pension, as they are already at or beyond the new flat rate amount. So that's not having money taken away, but not being able to accrue more.

That's why I wondered what your pension projection figure was, and your age, as things might not be as bad as you fear.

Karmacat

Thanks for that input, Goldie El's been out on the razz with Skinty, feeding themselves cocktails :rotfl: :T :j


I did my work thing early afternoon and then did nothing whatsoever for the rest of the day absolutely shattered by all the tax stuff. I'll re-set the form on Monday, but for now I'm just checking things through, as I'm off to my sister's for a couple of hours today :j

elantan

Goldiegirl wrote: »

I was wondering if you'd ordered your pension forecast and how old you are?

As I understand it, people aren't losing pension that they've already earned.

For example, Mr Goldie has earned a pension of approx £190pw. He'll carry that forward to the new state pension scheme, and when he reeaches 65 in October this year his state pension will still be around £190 pw, considerably more than the £155 flat rate pension.

In my case, I'm currently eligible for a state pension of approx £126. This will be my foundation amount in the new state pension. I then have 10 years in which to pay more NI contributions to bring me up to the full flat rate pension of £155.

So, in those examples, pension already earned is not being lost,must carried forward.

In the case of a worker aged around 50, who has already accrued a pension of £155 or more under the old scheme, this will be carried forward to the new scheme. But if they continue to pay NI, they won't be able to accrue any further pension, as they are already at or beyond the new flat rate amount. So that's not having money taken away, but not being able to accrue more.

That's why I wondered what your pension projection figure was, and your age, as things might not be as bad as you fear.

Yes I usually order one every year but admittedly I didn't order one last year as I understood that there were issues surrounding the changes that come into effect this year

My second last one showed me I was getting 40 odd a week on serps with a projected future of higher serps

My last one showed the calculations of the old way and a way to work out the new way and I was losing the 40 ...Mr El was getting less than the new pension as he paid his serps into his works scheme so wasn't entitled to the basic

I will however get a new one in June or July to see if it's sorted now with the changes that are coming in