Deferred Pension Statements ...

JillyC8

poohsticks: I'll check again, maybe I'm mistaken. Last time I checked it said I had 32 years qualifying contributions so I assumed that meant I had three years left.

Hi Dorian, I'm just getting myself prepared ... I turn 53 very soon and want to know what my financial future holds and if maybe I can take something off my mortgage at 55 and whether it's worth it etc.

AlanP_2

Dorian1958 wrote: »

As you are trying to address this issue now I would forget about looking into a cetv for the DB pensions : you are 52 and you can't do this until you are 55 (unless I stand to be corrected).

Incorrect, sorry.

You can apply for a CETV at any age, and transfer at any age.

What you cant do is access the funds until you are 55 once transferred out to your own pension fund.

JillyC8

I've checked my state pension and it says I currently qualify for £150.45 and I need to pay another three years before 2032 to qualify for the full amount so I guess I need to try to do this?

I'm a bit confused as it says my forecast is £164.35 a week ... does this mean I need to up my payments to include an extra 3 years contributions, or that I need to pay for another three years at least? Sorry im a bit confused. The COPE amount is £45.47 a week ...

p00hsticks

JillyC8 wrote: »

I've checked my state pension and it says I currently qualify for £150.45 and I need to pay another three years before 2032 to qualify for the full amount so I guess I need to try to do this?

I'm a bit confused as it says my forecast is £164.35 a week ... does this mean I need to up my payments to include an extra 3 years contributions, or that I need to pay for another three years at least? Sorry im a bit confused. The COPE amount is £45.47 a week ...

Your current NI record entitles you to £150.45.

If you pay or get credits for another 3 years between now and 2032 you'll get £164.35.

JillyC8

Also my national insurance record since I started work shows different amounts of NI credits each year - some at 52 weeks, some at more than 52 weeks and some in monetary terms?

GunJack

p00hsticks wrote: »

Your current NI record entitles you to £150.45.

If you pay or get credits for another 3 years between now and 2032 you'll get £164.35.

...and that £164 will be increased by CPI/Wage Growth/2.5% p.a. (depending on Govt. policy) - commonly known as the Triple-Lock...

JillyC8

Thank you all for your input - it is much appreciated!

So just to clarify, do I need to do anything over and above remaining employed to qualify for the full amount? Or do I need to be paying extra to cover a shortfall?

JillyC8

Also would still appreciate some input regarding my deferred pensions as detailed earlier up the post - what a fabulously useful forum this is!

Marcon

AlanP wrote: »

You can apply for a CETV at any age, and transfer at any age.

No, you can't. You only have a statutory right to a CETV up to one year before the normal retirement age of the scheme in question. The rules of your scheme may give you the option to apply for a transfer after that time, but you need to check well before it becomes an issue.

p00hsticks

JillyC8 wrote: »

Thank you all for your input - it is much appreciated!

So just to clarify, do I need to do anything over and above remaining employed to qualify for the full amount? Or do I need to be paying extra to cover a shortfall?

No you don't need to do anything more - assuming you earn over the Lower Earnings Limit (currently equivalent £116 a week) for the next three years then you should be up to the maximum (as long as they don't change the rules again)