State Pension with insufficient years N.I. (self employed) advice please.

molerat

https://www.gov.uk/pension-credit/overview

Torry_Quine

Maharishi wrote: »

No, and I currently do not understand what that means or is ...

Pension credit is a benefit for people over state pension age as a top up to the pension. It is means tested so takes account of all household earnings and savings.

https://www.gov.uk/pension-credit/overview

Maharishi

Torry_Quine wrote: »

Pension credit is a benefit for people over state pension age as a top up to the pension. It is means tested so takes account of all household earnings and savings.

https://www.gov.uk/pension-credit/overview

Thank you for that. I haven't explored the link but your text makes me wonder whether my wife's savings might be a problem if they are over a threshhold, (assuming that there is one).

Torry_Quine

Maharishi wrote: »

Thank you for that. I haven't explored the link but your text makes me wonder whether my wife's savings might be a problem if they are over a threshhold, (assuming that there is one).

There is a threshold but higher than other means tested benefits.

xylophone

Much more detail here

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS48_Pension_Credit_fcs.pdf?dtrk=true

Hope reading it won't

cause an aneurysm

:eek:

Maharishi

xylophone wrote: »

Much more detail here

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS48_Pension_Credit_fcs.pdf?dtrk=true

Hope reading it won't :eek:

LOL. It's the jargon that makes it tough going sometimes.

Maharishi

Torry_Quine wrote: »

There is a threshold but higher than other means tested benefits.

Right. I was, of course, referring to the £16k that seems to be bandied about if you want to apply for council tax benefit etc. And although she tends to be guarded about her money, I am sure that she exceeds that much.

Torry_Quine

Maharishi wrote: »

Right. I was, of course referring to the £16k that seems to be bandied about if you want to apply for council tax benefit etc. And although she tends to be guarded about her money, I am sure that she exceeds that much.

She would have to be open about her savings to claim pension credit.

p00hsticks

Maharishi wrote: »

on my 37th birthday I changed my name by Deed Poll, so the employed years will be under my birth name and a lot of my self employed time will be under my taken name which, alongside my UTR number, appears to have been given a different NI number than the one I was originally allotted.

Both HMRC and DWP use NI number rather than name as the primary identifier, so the change in name won't be as problematic as the possible use of two separate NI numbers - you should get that sorted out with HMRC to identify what has happened as if necessary get the two sets of records merged and the correct number to use established ASAP

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/national-insurance-numbers

jamesd

Since your wife reached her state pension age before 6 April 2016 she can defer her state pension and it will be increased by 10.4% for each year of deferral. You will inherit the increase into your own state pension after her death if you haven't remarried before reaching your own state pension age or she dies after you do. A person who has already claimed their state pension can still defer once.

First ensure that you're not entitled to means tested benefits already.

One of the significant issues here is that you might be entitled to means tested benefits after her death. This might reduce the gain from increasing your own state pension. Increasing her state pension while you're probably not entitled to means tested benefits gets around this to some extent: you both gain while she's alive.

Assuming her health is OK it still looks likely to be a good move to improve your state pension record as first priority, though seeing how close you get to the full flat rate will be useful.