New State Pension Guide

Mutton_Geoff

cwoodward659_googlemail said:

Im 45 so due to hit retirement age in 2042.  My question is, will there still be a state pension when my retirement comes around?  I've always worked full time so always paid my national insurance.  

Who knows? It may still exist and be means tested. Do you have any other provision? At 45, it would be a good time to start to save you having to rely on what is effectively a state ponzi scheme. Your NI contributions have only ever been used to fund current pensioners and never been allocated to a pot in your name unlike countries like Singapore that do with their CPF scheme.

Your current retirement age will be 68 by 2037 so that's currently a retirement in 2045/2046 for you depending when your 68th is.

https://www.gov.uk/government/news/proposed-new-timetable-for-state-pension-age-increases

anitamp1

I worked at a university in the 80s and was compulsory opted out of SERPS. I had sufficient years for full pension. But opting out brought my years down so I don't get full state pension. But my small university pension is non incremental so can't help wondering if I've actually lost out.

molerat

anitamp1 said:

I worked at a university in the 80s and was compulsory opted out of SERPS. I had sufficient years for full pension. But opting out brought my years down so I don't get full state pension. But my small university pension is non incremental so can't help wondering if I've actually lost out.

But you received no less than you had accrued under the old scheme.  It is likely the pension is paying more than you lost out on. If you retired after 2016 you may have also had the opportunity to add to the SP.

LHW99

Your NI contributions have only ever been used to fund current pensioners

As I understand it, NI contributions are used to fund more benefits than just current state pension payments - https://www.gov.uk/national-insurance/what-national-insurance-is-for