Early Retirement

Jack_Itin

Well, That's it, decision made, managers approval given, sending letter off in the morning, if pension trustees give approval then should be out of there by mid April, taking holidays into account, should probably wait for state pension forecast, but will cross that bridge 3 years hence, a big step to take, but sometimes you just have to ''go for it''......Thanks to all for the help and advice.......Jack

Jack_Itin

O,K Have now obtained state pension forecast,they estimate £128 a week,this is when I reach age 65, obviously they don't know that I am taking early retirement at 62, what I need to know, is would it benefit me to pay voluntary N.I. contributions for the 3 years until I am 65 ? I have 44 years worth already.....any thoughts on this appreciated....Jack

jem16

Jack_Itin wrote: »

what I need to know, is would it benefit me to pay voluntary N.I. contributions for the 3 years until I am 65 ? I have 44 years worth already.....any thoughts on this appreciated....Jack

There wouldn't be any point as you have way more than the maximum of 35 years needed.

Jack_Itin

O.K. Jem, thanks, I just wondered if their estimate takes into consideration that I was contracted out for a while, I assume that it does ?.............Jack

jem16

Jack_Itin wrote: »

O.K. Jem, thanks, I just wondered if their estimate takes into consideration that I was contracted out for a while, I assume that it does ?.............Jack

It does, yes. Everything will be detailed on the forecast. What does it say?

xylophone

I am assuming that your occupational pension includes pre 88 and post 88 GMP?

If so, you might wish to ask your scheme administrator about what will happen about increases on the GMP part of your occupational pension once you reach GMP age (still 65 for men), bearing in mind that this will be post implementation of the single tier pension.

Jack_Itin

Have read through it now, and as I understand it, paying any voluntary N.I. contributions would be pointless, as I already have over the maximum amount needed..............Jack

Jack_Itin

Xylophone, Not sure I understand what pre 88 & post 88 GMP is.....Jack

xylophone

Xylophone, Not sure I understand what pre 88 & post 88 GMP is.....Jack

Try here http://www.barnett-waddingham.co.uk/news/2012/07/what-is-a-gmp/

xylophone

Xylophone, Not sure I understand what pre 88 & post 88 GMP is.....Jack

And this thread might be of interest https://forums.moneysavingexpert.com/discussion/comment/65583593#Comment_65583593