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

Maharishi

jamesd wrote: »

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.

She took her state pension when she retired as that is her sole source of income (the private one realises a very small amount every week/ month). Very interesting information though.

jamesd

So she can still defer, useful to know. We really need to know what your state pension forecast and NI records say to get to a good answer here.

Maharishi

p00hsticks wrote: »

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

Yes, I only noticed it when I started entering the accounts online (my accountant is very anti digital and so provides me with a completed paper return which I then enter online every January).

He has also informed me that, due to HMRC changes going digital from 2018, that he won't be doing any more accounts like mine from then. So I can only rely on his assistance for another 12-18 months.

Don't take this the wrong way, but, if I manage to drop dead before getting to 67, it will a whole lot simpler

Maharishi

Torry_Quine wrote: »

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

Yes indeed. I understand that but she is essentially a private person, (even with me after 20 years), and views form filling as hellishly intrusive. It's one of the few things that vexes me.

Torry_Quine

Maharishi wrote: »

Yes indeed. I understand that but she is essentially a private person, (even with me after 20 years), and views form filling as hellishly intrusive. It's one of the few things that vexes me.

Then you have to decide whether she can afford to stay private.

xylophone

She took her state pension when she retired as that is her sole source of income (the private one realises a very small amount every week/ month).

If she has a private pension, then her SP is not her sole source of income.

She is sure that her tax code is correct?

Should your wife pre- decease you, does her PP offer a widower's benefit?

With regard to inheritance of Additional Pension, if you are the "dependant" then page 12 of
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181235/derived-inherited-entitlement.pdf

seems relevant.

Since it is possible that you may not have shuffled off this mortal coil before you reach SPA, it is worth your while to sort out your position in good time.

Maharishi

xylophone wrote: »

If she has a private pension, then her SP is not her sole source of income.

She is sure that her tax code is correct?

Should your wife pre- decease you, does her PP offer a widower's benefit?

With regard to inheritance of Additional Pension, if you are the "dependant" then page 12 of
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181235/derived-inherited-entitlement.pdf

seems relevant.

Since it is possible that you may not have shuffled off this mortal coil before you reach SPA, it is worth your while to sort out your position in good time.

Her private pension realises £20/wk so not a great source of income. I'll check the info next week when I am not on a working day. Thank you for that.

Maharishi

Torry_Quine wrote: »

Then you have to decide whether she can afford to stay private.

Well, yes, but you can't force someone to do something that they don't want to do. Just because she's my wife does not mean that she has to comply with my wishes 100%. Of course, if it means that she would have to support me more than maybe she would actually have to, it might make the difference.

Torry_Quine

Maharishi wrote: »

Well, yes, but you can't force someone to do something that they don't want to do. Just because she's my wife does not mean that she has to comply with my wishes 100%. Of course, if it means that she would have to support me more than maybe she would actually have to, it might make the difference.

Of course you can't force her. I can never understand why a couple wouldn't be aware of at least an idea of finances.

Maharishi

Torry_Quine wrote: »

Of course you can't force her. I can never understand why a couple wouldn't be aware of at least an idea of finances.

Yep. I have better reasons, to be covert, with my track record over the years. She was an only child so maybe that had a bearing on it. I don't know really. She won't discuss death or funeral stuff either - it's not just finance.