Pension advice at 53

kermchem

Go on, just because it is the most common thing that people posting in this sub-forum guess rather than actually check. Will you have 35 completed years of NI contributions which is widely and incorrectly rumoured to give a full SP, or have you checked your SP prediction and read all of the information?

As you have been in contracted out pension schemes the number might not be 35. Please check.

QrizB

https://forums.moneysavingexpert.com/discussion/comment/82162998#Comment_82162998

OP had a thread on exactly this a couple of years ago:

https://forums.moneysavingexpert.com/discussion/6629235/2-years-of-working-until-i-have-enough-for-pension

paul2louise

https://forums.moneysavingexpert.com/discussion/comment/82163037#Comment_82163037

Yes I did ask this. I have checked and I only need to complete this year and I will have full completed.

@DRS1 I am in the retail job just to complete the national insurance contributions. I have worked for 25 + years prior to having a child. Then I worked for several years recieving credits while he was under 13 and wasn't working enough hours to get contributions. I took the retail job of 20 hours so I get full contributions. Once I get this finished next April I may work somewhere else but not necessarily enough hours to get contributions

DRS1

OK I'll shut up now. But first I will just mention that if you flexibly access any DC pension - taking a taxable drawdown pension or UFPLS payments from it then that will trigger the MPAA. You won't care about that unless you do start another job and join a DC pension for that job. If you do that then your and your employer's contributions to that DC pension will be restricted to £10k pa. Again you may not care about that if you are contemplating a low paid job.

I should say that the LGPS is not a DC pension but your others might be.

paul2louise

https://forums.moneysavingexpert.com/discussion/comment/82163548#Comment_82163548

Thank you. All advice is welcome. I am considering a lower less income guaranteed job. I currently work as exam invigilators as well as the retail job. The hours are flexible and there are very busy times then periods of no work. This means that my national insurance contributions are not consistent and would result in gaps for the year as I tend to process payments after each block of exams roughly 3 times a year.