Pension Advice Please

OliverDog_2

Hi Please could someone give me some advice. I am 50 later this year and have just left work to live between the UK and abroad with my husband so will not be working very much if at all over the foreseeable future.

I have 27 years NI contributions, and will pay the other three myself if I do not return to work. I have two private pension schemes. Can I apply for early retirement after I am 50 had have a small pension from these schemes? If I do this will it affect my NI contributions as I have retired before 2010 (will this mean I have to pay more than 30 years for a full state pension?) as I have retired early?

Or should I not apply for early retirement until after 2010, when the 30 year NI Contributions will come into effect for me. Under the new laws would I then have to wait until I am 55 in 2013?

Thanks for your help - I do not really understand the system properly but I am trying.....:T

CLAPTON

if the private pensions allow you to take your pension at 50 then yes you can take them..

As far as the state pension scheme is concerned the ealiest you can receive the state pension is when you are 65 although to receive the full amount you need to pay three more years.

OliverDog_2

Hi thanks for this. I know I wont be able to apply for the state pension until I am 65, but if I apply for my private pensions at 50 later this year, before the changes date in 2010 will I have to have more than 30 years NI contributions, as the law stands now? Thanks

CLAPTON

by the time you are 65 you need 30 years contributions ... unless the rules are changed of course.
there is no connect between the 30 years and your private pensions

OliverDog_2

Many thanks for your help