Help needed re. Retirement please

linclass

Hi
I was born May 1954, the month I should receive the state pension is November 2019. I spent some years staying home to raise 2 children in the very early 1970s. I separated from my husband (he was born 1949) almost 5 years ago. It's not an official separation, we just don't live together anymore, and highly unlikely to in future. He's been drawing his state pension since 2014 (I think it was). What I'd like to know is, when I start to draw my pension, will his and my pension be lumped together as a 'married/couple' pension or we receive ours each in our own right? He's currently receiving £127 p/w.

Thanks

Silvertabby

There's no such thing as a married couples pension anymore - you'll both receive your own State pension based on your own NI contributions.

kidmugsy

Silvertabby wrote: »

There's no such thing as a married couples pension anymore - you'll both receive your own State pension based on your own NI contributions.

Silvertabby: he's drawing the old-style pension. If he dies first, might the OP get an increase in pension of the sort she might have received had she been on the old-style pension too?

DairyQueen

OP's spouse receives oSP. Although she will receive nSP this link suggests that, should he die, OP may be entitled to receive part of any Additional SP that he currently receives.

OP: other than that, I believe that your SP will be based entirely on your own NI record.

Silvertabby

Inheriting a protected payment

You’ll inherit half of your partner’s protected payment if your marriage or civil partnership with them began before 6 April 2016 and:

• their State Pension age is on or after 6 April 2016
• they died on or after 6 April 2016

It will be paid with your State Pension.

OK, point taken - but as OP's husband is currently receiving £127 per week, half of his SERPS (£4.70 per week, so just £2.35 spouses payment) won't make much of a difference to OP.

xylophone

Re inheritance of additional state pension see page 12.


https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181235/derived-inherited-entitlement.pdf

OP, have you obtained a new state pension statement?

https://www.gov.uk/check-state-pension

xylophone

it's not an official separation, we just don't live together anymore, and highly unlikely to in future.

Does your husband have any private/occupational pension?

If so, what is the position regarding a widow's pension?

Do you have any private/occupational pension?

If so, what is the position concerning any widower's pension?

linclass

Good morning and thanks for the input everyone. Husband has his workplace pension that he's been receiving since 2006. If he should die before me, I should receive an amount (obviously not all) of this pension. He hasn't altered his wishes, we was chatting about this the other day. I originally took early retirement in 2002 and have a workplace pension (not even £300) per month. I also haven't changed what happens should I die first.

I've been on the Gov.UK website which I find a dreadful experience -NOT a well planned site - and can see the years where I hadn't paid any NI, and the suggestion that I *could* pay an amount to bring my contributions up to max. It also states *I can only pay the past 6 years suggested contributions* - and YET! It also suggests the amount for further back than these 6 years that I could pay to bring my contributions up to max!! Very confusing, and I could well be reading it wrongly...

linclass

Ah! Just been to GOV.UK and note re COPE.
This is what my forecast is:
s.p.: £109.49 p/week
COPE: £22.75 p/week

I really do not understand what COPE is.

I receive £250 p/month from my last job.

It doesn't mean I will receive 109 LESS 22 COPE does it?

Can someone explain this a little clearer please?

Linton

linclass wrote: »

Ah! Just been to GOV.UK and note re COPE.
This is what my forecast is:
s.p.: £109.49 p/week
COPE: £22.75 p/week

I really do not understand what COPE is.

I receive £250 p/month from my last job.

It doesn't mean I will receive 109 LESS 22 COPE does it?

Can someone explain this a little clearer please?

COPE doesnt matter here - it is an adjustment factor used in the calculation of the forecast to allow for you having been contracted out of S2P/SERPS and so paid reduced NI. The amount you will receive is £109.49p/week. Other information on the forecast should provide guidance as to if and how you can increase this amount by paying extra voluntary NI.

xylophone

See https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf

Have a look at the above but for NSP read £155.65 and for BSP £119.30.

See also

https://www.royallondon.com/Global/documents/GoodWithYourMoney/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf