State Pension help! Please

seven-day-weekend

margaretclare wrote: »

7DWE, this is an extremely clear and succinct explanation of the situation.

Why more people don't make efforts to find out these things in the years preceding retirement, I can't imagine.

The OP says she did not know about pension credit. This has been widely-advertised over the past few years, on TV, all over the place, using the slogan 'Pick it up - it's yours'. Many older people still do not claim it out of a false idea that it's 'charity', but I would have thought there were few who could say that they did not know about it.

Margaret

Margaret, I have met people who did not know about the increase in retirement age for those younger than me (born in January 1950, I am in the last group of women to be able to claim my State Pension on my 60th birthday).

My husband's cousin who was born in 1955 still thought she could claim her pension at 60, so did another woman I spoke to who is only in her forties.:eek:


I know another lady who thought she would get a full pension at 60 despite the fact she has never worked and her husband would only be 61.

TBH, I don't tell people now unless they ask as it's me that gets the earache as though it's my fault.

I think some people a) take no interest or b) feel they can't understand it (and some genuinely can't) or c) assume they won't be eligible as they have savings.

I personally have not seen the ads for pension credit, but I've lived in Spain for three years and don't have British TV, so that's probably why.

I like coming on this board and helping out if I can, particularly if I can give some good news!!

margaretclare

elona wrote: »

This may be wrong but I thought if you had not paid enough in stamps to qualify for a pension that you could pay to make up the difference and entitle you to a pension.

If they have savings it could be worth investigating how much would have to be paid for the OP to get a pension in her own right.

Apparently it depends how many years the OP has already, whether she has HRP, and in some cases, I've read, it's not cost-effective. The OP does not tell us how many years she had, just that she 'hasn't enough'. But certainly, it's something that should be looked into.

If both partners in a marriage have their own state retirement pension it does make a huge difference. DH and I both have SRP in our own right, plus other things. It makes a difference to me, too, in terms of a sense of independence.

Margaret

seven-day-weekend

elona wrote: »

This may be wrong but I thought if you had not pad enough in stamps to qualify for a pension that you could pay to make up the difference and entitle you to a pension.

If they have savings it could be worth investigating how much would have to be paid for the OP to get a pension in her own right.

You can pay stamps for up to ten years and for some people this may make a difference between a full pension or not.

If a married woman has never paid/been credited with any full contributions, they are usually better off claiming their 60% from their husband's contributions.

It may be worthwhile the OP investigating this.

(Edited to add) - She really needs to apply for those pension forecasts!! It will tell her all this!

sixtytwo

We retired when my husband was 62.We did have a gentleman come to the house to see if we were able to claim anything from the state,and we were told we had too much money saved.I believe the amount was over eight thousand pound
Then they changed the goalposts.
I did not know about pension credit until I found this site.
You would be surprised how many pensioners have not heard about pension credit especially one's like us that have never claimed a penny and have worked very hard and saved their money.Must admit at first I felt guilty about claiming it.I am now confused as to how they work it out.According to them our savings bring us approx £159 per week when in reality they dont earn anything like that amount more like £90 per week.

seven-day-weekend

The interest they claim you have made on your savings is always unrealistic for any means-tested benefits and bears no relationship to reality. That's just the amount they have set it at.

Farway

seven-day-weekend wrote: »

The interest they claim you have made on your savings is always unrealistic for any means-tested benefits and bears no relationship to reality. That's just the amount they have set it at.

They assume you get £1 per week for every £500 or part thereof savings, so 499 pounds counts as £1 income, but the rub is £501 counts as £2 income

So if claiming do your sums and ensure you are not just a few quid over a £500 barrier

seven-day-weekend

That is useful to know farway, thankyou.

getting-sorted-sarah

I work for Age Concern (Information and Advice Manager) - all Age Concerns differ but most will be able to give you advice on what you can claim, and what you should receive - take advantage of this advice!

As far as paying 'stamp' retrospectively, many women of retirement age paid what was known as 'married women's stamp' which was at a reduced rate but did not count towards a pension (yeah - what a great idea!!). Most women who took the opportunity to save a few pence each week had no idea what this would mean for the future. In this circumstance, there is no possibility of making up a shortfall.

Pension Credit is a complicated calculation, there is some reward for saving - you can get Savings Credit even if you don't qualify for Guaranteed credit due to a low income. Each case is different! It needs a PC calculator - I do these calculations for clients in my role at work - if any one wants to PM me I'd be happy to help as much as I can.

EdInvestor

http://forums.moneysavingexpert.com/showthread.html?t=570703

This thread contains masses of info on how you may be able to increase your state pension if you are a woman over 60.

margaretclare

As far as paying 'stamp' retrospectively, many women of retirement age paid what was known as 'married women's stamp' which was at a reduced rate but did not count towards a pension (yeah - what a great idea!!). Most women who took the opportunity to save a few pence each week had no idea what this would mean for the future. In this circumstance, there is no possibility of making up a shortfall.

This was one of the biggest con tricks perpetrated on the female part of the population who chose to be married and also to go to work. Most of us, in fact! It is now a minority of retired women who receive full state pension based on their own contributions, and I am one of that minority group, for which thank heavens.

It's amazing that this con trick lasted for decades and it seems to be only now that people are realising what an injustice it was. There are comments in the thread quoted above which illustrate that.

Margaret