Early Retirement

jem16

Jack_Itin wrote: »

Thanks Jem, I wonder if it will affect me ?......Jack

As you've been contracted out of S2P/SERPS you will be affected as you will not receive the full flat-rate pension. However this is compensated by your pension scheme.

Basically, as said earlier, you should get a state pension forecast to find out what you will actually receive.

Jack_Itin

O.K Jem, thanks, I shall send for a state pension forecast, surely I will get SOMETHING......I have been working for 45 years, since I left school and always payed my dues.....Jack

jem16

Jack_Itin wrote: »

O.K Jem, thanks, I shall send for a state pension forecast, surely I will get SOMETHING......I have been working for 45 years, since I left school and always payed my dues.....Jack

Of course you will get something as you will get at least the basic state pension of around £110 per week. If you have contracted out for all of those 45 years then you will not get the extra S2P/SERPS. If you were not contracted out for all of those years, then you may have more than the £110pw.

Jack_Itin

Jem, Thanks, No I was not contracted out for ALL of those years, I guess I need to find out excactly how many.......Jack

jem16

Jack_Itin wrote: »

Jem, Thanks, No I was not contracted out for ALL of those years, I guess I need to find out excactly how many.......Jack

Yes a state pension is going to be really useful as that will give you a better idea of what you will get. If it's higher than the new flat rate pension because you have some S2P/SERPS, then you will get that.

Jack_Itin

So, Just to clarify, if I have been contracted out of SERPS/ S2P for however many years, I will still be entitled to at least the basic pension when I hit 65, is that correct ?........Jack

mgdavid

Jack_Itin wrote: »

So, Just to clarify, if I have been contracted out of SERPS/ S2P for however many years, I will still be entitled to at least the basic pension when I hit 65, is that correct ?........Jack

as said earlier, you should get a state pension forecast to find out what you will actually receive. It will consist of basic state pension based on piad years of NI contributions and extra based on payments into SERPS/S2P.

Triumph13

Jack_Itin wrote: »

So, Just to clarify, if I have been contracted out of SERPS/ S2P for however many years, I will still be entitled to at least the basic pension when I hit 65, is that correct ?........Jack

At least the CURRENT basic state pension. Get a forecast.

Jack_Itin

Sorry to waffle on, just trying to get things clear in my head, so SERPS/ SP2 is EXTRA to basic pension ?.......and whatever the scenario I will recieve at least basic pension at 65 ?....I shall get a state pension forecast asap.........Jack

Triumph13

Yes and yes