Waspi trying to maximise state pension

gall10

Good afternoon everyone
First time poster so a little bit nervous!!
So...worked in public sector 44yrs. Online state pension forecast £135/week
I am trying to maximise state pension & know each extra year worked will have increase my pension by a few quid (now that there’s no contracted out rate).
My last estimate was based on NI contributions up to April 2018.
If I give up work niw will I get any benefit from the 9 months contributions I have made this financial year? Or will it be beneficial if I leave at the end of the financial year I.e.end of March? I’m unsure if part-years count!!
When I joined public sector pension scheme I wasn’t given the option to ‘opt in’ In a dream world could this be mis-selling? 😉
Many thanks to anyone who replies...I find the whole of this site fascinating!

AlanP_2

gall10 wrote: »

Good afternoon everyone
First time poster so a little bit nervous!!
So...worked in public sector 44yrs. Online state pension forecast £135/week
I am trying to maximise state pension & know each extra year worked will have increase my pension by a few quid (now that there’s no contracted out rate).
My last estimate was based on NI contributions up to April 2018.
If I give up work niw will I get any benefit from the 9 months contributions I have made this financial year? Or will it be beneficial if I leave at the end of the financial year I.e.end of March? I’m unsure if part-years count!!
When I joined public sector pension scheme I wasn’t given the option to ‘opt in’ In a dream world could this be mis-selling? 😉
Many thanks to anyone who replies...I find the whole of this site fascinating!

If you had been been offered the opportunity to "opt in" 44 years ago just imagine how much extra NI you would have paid and how much lower your LGPS DB pension would be.

You paid a lower rate of NI as the employer scheme "guaranteed" to make your pension at least as good as you would have got by being opted in. In reality it's a lot better.

gall10

Thought my wink emoji thing showed this was tongue in cheek! Always someone here bemoaning public sector pensions!

greatkingrat

gall10 wrote: »

Good afternoon everyone
First time poster so a little bit nervous!!
So...worked in public sector 44yrs. Online state pension forecast £135/week
I am trying to maximise state pension & know each extra year worked will have increase my pension by a few quid (now that there’s no contracted out rate).
My last estimate was based on NI contributions up to April 2018.
If I give up work niw will I get any benefit from the 9 months contributions I have made this financial year? Or will it be beneficial if I leave at the end of the financial year I.e.end of March? I’m unsure if part-years count!!
When I joined public sector pension scheme I wasn’t given the option to ‘opt in’ In a dream world could this be mis-selling? 😉
Many thanks to anyone who replies...I find the whole of this site fascinating!

If you have earned over £6032 so far this year then it will count as a year for pension purposes.

marlot

greatkingrat wrote: »

If you have earned over £6032 so far this year then it will count as a year for pension purposes.

As long as its for one employer.

GunJack

gall10 wrote: »

Thought my wink emoji thing showed this was tongue in cheek! Always someone here bemoaning public sector pensions!

to be fair, the emoji doesn't show up clearly on a PC running the "old" forum skin...I had to go back and re-look at it...hard

Nowt wrong with CS/LGPS/other Public Sector (have a deferred one myself )..also many fans of them on here.

As to your SP, have you checked your SP on the GOV.uk site, along with your NI record. Do you have any years you could pay voluntary NI for to up the SP?

Chris.R

I don't know what "voluntary" NI rates are, but I found I had insufficient years-in because I had contracted out.
BUT having contacted the gov site and got my assessment, I spoke to a real person there who was v helpful.
If I carry on paying the minimum self-employed rate @ £2.75 a week for a couple of years then I get up to a full pension. Well worth it.

gall10

Thanks for reply. Yes I’ve checked my online state pension forecast. I have been contracted in since January 2016. Hope to finish work completely at end of this tax year. Hoping to pay ? Voluntary class 2(or is it 3) until state retirement age. I think I can ‘sign on ‘ for JSA -won’t get any financial reward but will get NI contributions?? Yes I’ll have to apply for jobs-but will anyone employ a 63 yr old female with no qualifications or skills!!!

gall10

Sorry...posted before reading your reply! That’s exactly what I might end up doing!!

OldBeanz

gall10 wrote: »

Thanks for reply. Yes I’ve checked my online state pension forecast. I have been contracted in since January 2016. Hope to finish work completely at end of this tax year. Hoping to pay ? Voluntary class 2(or is it 3) until state retirement age. I think I can ‘sign on ‘ for JSA -won’t get any financial reward but will get NI contributions?? Yes I’ll have to apply for jobs-but will anyone employ a 63 yr old female with no qualifications or skills!!!

You can only pay Class 2 if you are self employed. Claiming JSA, you will still be expected to apply for jobs and jump through hoops even though you are not being paid.

Mnd

Why would you apply for JSA with no intention of working