How much to live on

Catpuss66

QrizB said:

Loch_Lochy said:

Thanks to those who mentioned about the state pension forecast site, I didn't know about this. This is what it says:

"You can get your State Pension on xxxxxxxxxx 2035
Your forecast is £203.85 a week, £886.38 a month, £10,636.60 a year.....

£203.85 is the most you can get
You cannot improve your forecast any more.

Despite having been contracted out at some point, I'll still get the full State Pension? Am I eligible for the Full State pension, without any more NI contributions (I'm sure that is what it's saying)?

Yes, the statement "You cannot improve your forecast any more" means that your NI to date has already earned you a full new state pension.

As it says it’s a forecast. If anything changes you drop your hours or become more poorly & your income & contributions change then your forecast will change. They are waiting for you to carry on working until your retirement age 67 ? Then you would have paid your limit & some. Ask nhs pension to give you a forecast of your pension & options.I was like you thought I had paid 35 yrs I had actually paid in longer still owed then 2 years, got 10 years to pay them think I will wait, who knows what is going to happen to the state pension in 10 years. There is a direct number for future pension enquiries think Martin Lewis has it on the pension part of his website.

QrizB

Catpuss66 said:

QrizB said:

Loch_Lochy said:

Thanks to those who mentioned about the state pension forecast site, I didn't know about this. This is what it says:

"You can get your State Pension on xxxxxxxxxx 2035
Your forecast is £203.85 a week, £886.38 a month, £10,636.60 a year.....

£203.85 is the most you can get
You cannot improve your forecast any more.

Despite having been contracted out at some point, I'll still get the full State Pension? Am I eligible for the Full State pension, without any more NI contributions (I'm sure that is what it's saying)?

Yes, the statement "You cannot improve your forecast any more" means that your NI to date has already earned you a full new state pension.

As it says it’s a forecast. If anything changes you drop your hours or become more poorly & your income & contributions change then your forecast will change

That's not true.

Catpuss66 said:

They are waiting for you to carry on working until your retirement age 67 ?

If you are trying to say that Loch_Lochy needs to remain employed until 67 to earn the full NSP, based on that forecast they don't.

Catpuss66 said:

.I was like you thought I had paid 35 yrs I had actually paid in longer still owed then 2 years,

You are not "like them", Loch_Lochy does not need any more years. And "paid 35 years" is a red herring.

Catpuss66 said:

There is a direct number for future pension enquiries think Martin Lewis has it on the pension part of his website.

Based on the information posted, there is no point in Loch_Lochy phoning the FPC.

Catpuss66

QrizB said:

Catpuss66 said:

QrizB said:

Loch_Lochy said:

Thanks to those who mentioned about the state pension forecast site, I didn't know about this. This is what it says:

"You can get your State Pension on xxxxxxxxxx 2035
Your forecast is £203.85 a week, £886.38 a month, £10,636.60 a year.....

£203.85 is the most you can get
You cannot improve your forecast any more.

Despite having been contracted out at some point, I'll still get the full State Pension? Am I eligible for the Full State pension, without any more NI contributions (I'm sure that is what it's saying)?

Yes, the statement "You cannot improve your forecast any more" means that your NI to date has already earned you a full new state pension.

As it says it’s a forecast. If anything changes you drop your hours or become more poorly & your income & contributions change then your forecast will change

That's not true.

Catpuss66 said:

They are waiting for you to carry on working until your retirement age 67 ?

If you are trying to say that Loch_Lochy needs to remain employed until 67 to earn the full NSP, based on that forecast they don't.

Catpuss66 said:

.I was like you thought I had paid 35 yrs I had actually paid in longer still owed then 2 years,

You are not "like them", Loch_Lochy does not need any more years. And "paid 35 years" is a red herring.

Catpuss66 said:

There is a direct number for future pension enquiries think Martin Lewis has it on the pension part of his website.

Based on the information posted, there is no point in Loch_Lochy phoning the FPC.

Well from your answer you have given no help whatsoever, you have just taken the time to pick apart my response. Does your comment make you feel superior. Well hope you feel better for your contribution in helping the other person.

Albermarle

Catpuss66 said:

QrizB said:

Catpuss66 said:

QrizB said:

Loch_Lochy said:

Thanks to those who mentioned about the state pension forecast site, I didn't know about this. This is what it says:

"You can get your State Pension on xxxxxxxxxx 2035
Your forecast is £203.85 a week, £886.38 a month, £10,636.60 a year.....

£203.85 is the most you can get
You cannot improve your forecast any more.

Despite having been contracted out at some point, I'll still get the full State Pension? Am I eligible for the Full State pension, without any more NI contributions (I'm sure that is what it's saying)?

Yes, the statement "You cannot improve your forecast any more" means that your NI to date has already earned you a full new state pension.

As it says it’s a forecast. If anything changes you drop your hours or become more poorly & your income & contributions change then your forecast will change

That's not true.

Catpuss66 said:

They are waiting for you to carry on working until your retirement age 67 ?

If you are trying to say that Loch_Lochy needs to remain employed until 67 to earn the full NSP, based on that forecast they don't.

Catpuss66 said:

.I was like you thought I had paid 35 yrs I had actually paid in longer still owed then 2 years,

You are not "like them", Loch_Lochy does not need any more years. And "paid 35 years" is a red herring.

Catpuss66 said:

There is a direct number for future pension enquiries think Martin Lewis has it on the pension part of his website.

Based on the information posted, there is no point in Loch_Lochy phoning the FPC.

Well from your answer you have given no help whatsoever, you have just taken the time to pick apart my response. Does your comment make you feel superior. Well hope you feel better for your contribution in helping the other person.

Your responses were not correct, so could have led to misunderstandings.

Albermarle

Despite having been contracted out at some point, I'll still get the full State Pension? Am I eligible for the Full State pension, without any more NI contributions (I'm sure that is what it's saying)?

Yes that is what it is saying. If you stopped working today you will still get the full state pension.
However if you continue to work, you will still have to pay NI, even though it will not increase your pension. 
NI is just another tax really and is used to pay for other things than just pensions.

I also have a private FSAVC with £25,000. What would be the best way of getting the money from this before State Pension age? It wouldn't matter to me if it was a single lump sum, or staged payments. Just wouldn't want hit with too much tax.

When you say FSAVC, where has this come from? Is it linked to your current NHS pension, or is it from some previous employment? If it is the latter does that mean you have another final salary type pension ?

Or do you mean you just have a private personal pension you have paid into? The term 'FSAVC' would not normally be used in this case.

Loch_Lochy

Albermarle said:

Despite having been contracted out at some point, I'll still get the full State Pension? Am I eligible for the Full State pension, without any more NI contributions (I'm sure that is what it's saying)?

Yes that is what it is saying. If you stopped working today you will still get the full state pension.
However if you continue to work, you will still have to pay NI, even though it will not increase your pension. 
NI is just another tax really and is used to pay for other things than just pensions.

I also have a private FSAVC with £25,000. What would be the best way of getting the money from this before State Pension age? It wouldn't matter to me if it was a single lump sum, or staged payments. Just wouldn't want hit with too much tax.

When you say FSAVC, where has this come from? Is it linked to your current NHS pension, or is it from some previous employment? If it is the latter does that mean you have another final salary type pension ?

Or do you mean you just have a private personal pension you have paid into? The term 'FSAVC' would not normally be used in this case.

Thank you all for your responses, I do appreciate your help.

Sorry if my abbreviation confused things. My statement is marked as Free Standing Additional Voluntary Contributions. This is a very small private scheme I took out with the Pru (pay into it every month) and has no connection to any employer.

Thanks.

blue.peter

Albermarle said:

Or do you mean you just have a private personal pension you have paid into? The term 'FSAVC' would not normally be used in this case.

The term FSAVC actually became pretty much meaningless in April 2006, when the relevant bits of Finance Act 2004 came into force. Now, a pension is a pension is a pension. A single chunk of tax legislation covers all pensions. For most practical purposes, FSAVCs have become Personal Pensions. @Loch_Lochy has now said that that this is what they have.

Having said that, the contract with the Pru might still have some odd hangover limitations in it from the days when PPs and FSAVCs were distinct. I think that the best thing to be done to answer the question is probably to ask the Pru what can be done about accessing the money. I'd be surprised if State Pension Age is relevant. My guess is that they'll probably allow benefits to be taken at any time from the current minimum pension age*, irrespective of whether or not you're still working. They might still have some limitation on the amount that can be taken as a lump sum, and might not offer drawdown. If there are any restrictions like these and they're problematic, you'll probably be able to work around them by transferring the fund to another pension plan. (I had an FSAVC, and transferred it to a PP before I drew the benefits a few years ago.)

*I think that's still 55, but am not certain - I recall that it was set to increase, but am not sure when that will happen/has happened.

Albermarle

blue.peter said:

Albermarle said:

Or do you mean you just have a private personal pension you have paid into? The term 'FSAVC' would not normally be used in this case.

The term FSAVC actually became pretty much meaningless in April 2006, when the relevant bits of Finance Act 2004 came into force. Now, a pension is a pension is a pension. A single chunk of tax legislation covers all pensions. For most practical purposes, FSAVCs have become Personal Pensions. @Loch_Lochy has now said that that this is what they have.

Having said that, the contract with the Pru might still have some odd hangover limitations in it from the days when PPs and FSAVCs were distinct. I think that the best thing to be done to answer the question is probably to ask the Pru what can be done about accessing the money. I'd be surprised if State Pension Age is relevant. My guess is that they'll probably allow benefits to be taken at any time from the current minimum pension age*, irrespective of whether or not you're still working. They might still have some limitation on the amount that can be taken as a lump sum, and might not offer drawdown. If there are any restrictions like these and they're problematic, you'll probably be able to work around them by transferring the fund to another pension plan. (I had an FSAVC, and transferred it to a PP before I drew the benefits a few years ago.)

*I think that's still 55, but am not certain - I recall that it was set to increase, but am not sure when that will happen/has happened.

To add to the above good info.

The earliest age you can take a DC pension ( like this one ) is still 55 for another four or five years. It is unconnected to when you retire or the state pension age.
The Pru have a habit of charging customers ( 3%) for starting to withdraw/go into drawdown. Also they have a poor reputation for customer service.
@Loch_Lochy- As suggested above you should try and speak to the Pru about withdrawal options. Older pensions are not as flexible as modern ones. Normally 25% is tax free and 75% taxable when you withdraw it.

When you have more info, it would probably be a good idea to have a look at this Govt website and book a free chat with PensionWise.
Pensions and retirement | Help with pensions and retirement | MoneyHelper

sgx2000

What a good thread
Loads of info
Always better hearing real world examples of what others sre doing

[Deleted User]

As the weather has not been so good today I have spent some time re- reading this thread. Amazing to think it is nearly 3 years old! It really comes across as informative and inclusive.
Would be great to hear again from some of the early posters (say from pages 1 to 90 or whatever lol) to see how things are going.
Best wishes to you all.