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  • FIRST POST
    • gall10
    • By gall10 7th Nov 18, 2:40 PM
    • 7Posts
    • 0Thanks
    gall10
    Waspi trying to maximise state pension
    • #1
    • 7th Nov 18, 2:40 PM
    Waspi trying to maximise state pension 7th Nov 18 at 2:40 PM
    Good afternoon everyone
    First time poster so a little bit nervous!!
    So...worked in public sector 44yrs. Online state pension forecast £135/week
    I am trying to maximise state pension & know each extra year worked will have increase my pension by a few quid (now that there’s no contracted out rate).
    My last estimate was based on NI contributions up to April 2018.
    If I give up work niw will I get any benefit from the 9 months contributions I have made this financial year? Or will it be beneficial if I leave at the end of the financial year I.e.end of March? I’m unsure if part-years count!!
    When I joined public sector pension scheme I wasn’t given the option to ‘opt in’ In a dream world could this be mis-selling? 😉
    Many thanks to anyone who replies...I find the whole of this site fascinating!
Page 1
    • AlanP
    • By AlanP 7th Nov 18, 2:44 PM
    • 1,552 Posts
    • 1,209 Thanks
    AlanP
    • #2
    • 7th Nov 18, 2:44 PM
    • #2
    • 7th Nov 18, 2:44 PM
    Good afternoon everyone
    First time poster so a little bit nervous!!
    So...worked in public sector 44yrs. Online state pension forecast £135/week
    I am trying to maximise state pension & know each extra year worked will have increase my pension by a few quid (now that there’s no contracted out rate).
    My last estimate was based on NI contributions up to April 2018.
    If I give up work niw will I get any benefit from the 9 months contributions I have made this financial year? Or will it be beneficial if I leave at the end of the financial year I.e.end of March? I’m unsure if part-years count!!
    When I joined public sector pension scheme I wasn’t given the option to ‘opt in’ In a dream world could this be mis-selling? 😉
    Many thanks to anyone who replies...I find the whole of this site fascinating!
    Originally posted by gall10
    If you had been been offered the opportunity to "opt in" 44 years ago just imagine how much extra NI you would have paid and how much lower your LGPS DB pension would be.

    You paid a lower rate of NI as the employer scheme "guaranteed" to make your pension at least as good as you would have got by being opted in. In reality it's a lot better.
    • gall10
    • By gall10 7th Nov 18, 3:03 PM
    • 7 Posts
    • 0 Thanks
    gall10
    • #3
    • 7th Nov 18, 3:03 PM
    • #3
    • 7th Nov 18, 3:03 PM
    Thought my wink emoji thing showed this was tongue in cheek! Always someone here bemoaning public sector pensions!
    • greatkingrat
    • By greatkingrat 7th Nov 18, 3:49 PM
    • 172 Posts
    • 158 Thanks
    greatkingrat
    • #4
    • 7th Nov 18, 3:49 PM
    • #4
    • 7th Nov 18, 3:49 PM
    Good afternoon everyone
    First time poster so a little bit nervous!!
    So...worked in public sector 44yrs. Online state pension forecast £135/week
    I am trying to maximise state pension & know each extra year worked will have increase my pension by a few quid (now that there’s no contracted out rate).
    My last estimate was based on NI contributions up to April 2018.
    If I give up work niw will I get any benefit from the 9 months contributions I have made this financial year? Or will it be beneficial if I leave at the end of the financial year I.e.end of March? I’m unsure if part-years count!!
    When I joined public sector pension scheme I wasn’t given the option to ‘opt in’ In a dream world could this be mis-selling? 😉
    Many thanks to anyone who replies...I find the whole of this site fascinating!
    Originally posted by gall10
    If you have earned over £6032 so far this year then it will count as a year for pension purposes.
    • marlot
    • By marlot 7th Nov 18, 4:55 PM
    • 3,803 Posts
    • 2,928 Thanks
    marlot
    • #5
    • 7th Nov 18, 4:55 PM
    • #5
    • 7th Nov 18, 4:55 PM
    If you have earned over £6032 so far this year then it will count as a year for pension purposes.
    Originally posted by greatkingrat
    As long as its for one employer.
    • GunJack
    • By GunJack 7th Nov 18, 9:02 PM
    • 10,567 Posts
    • 7,903 Thanks
    GunJack
    • #6
    • 7th Nov 18, 9:02 PM
    • #6
    • 7th Nov 18, 9:02 PM
    Thought my wink emoji thing showed this was tongue in cheek! Always someone here bemoaning public sector pensions!
    Originally posted by gall10
    to be fair, the emoji doesn't show up clearly on a PC running the "old" forum skin...I had to go back and re-look at it...hard

    Nowt wrong with CS/LGPS/other Public Sector (have a deferred one myself )..also many fans of them on here.

    As to your SP, have you checked your SP on the GOV.uk site, along with your NI record. Do you have any years you could pay voluntary NI for to up the SP?
    ......Gettin' There, Wherever There is......
    • Chris.R
    • By Chris.R 7th Nov 18, 9:17 PM
    • 14 Posts
    • 3 Thanks
    Chris.R
    • #7
    • 7th Nov 18, 9:17 PM
    • #7
    • 7th Nov 18, 9:17 PM
    I don't know what "voluntary" NI rates are, but I found I had insufficient years-in because I had contracted out.
    BUT having contacted the gov site and got my assessment, I spoke to a real person there who was v helpful.
    If I carry on paying the minimum self-employed rate @ £2.75 a week for a couple of years then I get up to a full pension. Well worth it.
    • gall10
    • By gall10 8th Nov 18, 9:57 AM
    • 7 Posts
    • 0 Thanks
    gall10
    • #8
    • 8th Nov 18, 9:57 AM
    • #8
    • 8th Nov 18, 9:57 AM
    Thanks for reply. Yes I’ve checked my online state pension forecast. I have been contracted in since January 2016. Hope to finish work completely at end of this tax year. Hoping to pay ? Voluntary class 2(or is it 3) until state retirement age. I think I can ‘sign on ‘ for JSA -won’t get any financial reward but will get NI contributions?? Yes I’ll have to apply for jobs-but will anyone employ a 63 yr old female with no qualifications or skills!!!
    • gall10
    • By gall10 8th Nov 18, 9:59 AM
    • 7 Posts
    • 0 Thanks
    gall10
    • #9
    • 8th Nov 18, 9:59 AM
    • #9
    • 8th Nov 18, 9:59 AM
    Sorry...posted before reading your reply! That’s exactly what I might end up doing!!
    • OldBeanz
    • By OldBeanz 8th Nov 18, 11:03 AM
    • 815 Posts
    • 633 Thanks
    OldBeanz
    Thanks for reply. Yes I’ve checked my online state pension forecast. I have been contracted in since January 2016. Hope to finish work completely at end of this tax year. Hoping to pay ? Voluntary class 2(or is it 3) until state retirement age. I think I can ‘sign on ‘ for JSA -won’t get any financial reward but will get NI contributions?? Yes I’ll have to apply for jobs-but will anyone employ a 63 yr old female with no qualifications or skills!!!
    Originally posted by gall10
    You can only pay Class 2 if you are self employed. Claiming JSA, you will still be expected to apply for jobs and jump through hoops even though you are not being paid.
    • Mnd
    • By Mnd 8th Nov 18, 11:12 AM
    • 1,106 Posts
    • 1,573 Thanks
    Mnd
    Why would you apply for JSA with no intention of working
    • Thrugelmir
    • By Thrugelmir 8th Nov 18, 11:18 AM
    • 62,450 Posts
    • 55,553 Thanks
    Thrugelmir
    Thanks for reply. Yes I’ve checked my online state pension forecast. I have been contracted in since January 2016. Hope to finish work completely at end of this tax year. Hoping to pay ? Voluntary class 2(or is it 3) until state retirement age. I think I can ‘sign on ‘ for JSA -won’t get any financial reward but will get NI contributions?? Yes I’ll have to apply for jobs-but will anyone employ a 63 yr old female with no qualifications or skills!!!
    Originally posted by gall10
    Why not ask to reduce your hours and work part time. That way you'll increase both your state and scheme pension.
    "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." - Peter Lynch
    • AlanP
    • By AlanP 8th Nov 18, 12:21 PM
    • 1,552 Posts
    • 1,209 Thanks
    AlanP
    Thought my wink emoji thing showed this was tongue in cheek! Always someone here bemoaning public sector pensions!
    Originally posted by gall10
    Far from it, I contribute to a PS scheme as does my wife.

    As you didn't seen to understand that you were better off overall by being contracted out I was highlighting the fact that you were.
    • lisyloo
    • By lisyloo 8th Nov 18, 12:30 PM
    • 23,420 Posts
    • 11,952 Thanks
    lisyloo
    Yes I’ll have to apply for jobs-but will anyone employ a 63 yr old female with no qualifications or skills!!!

    Yes (although I don't believe you have NO skills if you've lived til 63 :-)
    Plenty of women in their 60's working in chip shops, hospitals, supermarkets, shops.
    Do you have the skills to made tea, walk with a trolley and hand out drinks to people in hospital?

    Unless you are physically disabled I can think of loads of things you could do.
    • gall10
    • By gall10 8th Nov 18, 8:06 PM
    • 7 Posts
    • 0 Thanks
    gall10
    JSA..I wouldn’t say I have no intention of ever working again...just not full time in my current post, and part time here isn’t an option. I’d be happy to job-seek. JSA also gives NI credits.
    • gall10
    • By gall10 8th Nov 18, 8:08 PM
    • 7 Posts
    • 0 Thanks
    gall10
    I don’t think there’s many hospitals left where the employ people to ‘walk about with a tea trolley’ when did you last work in the modern NHS!!!
    • kidmugsy
    • By kidmugsy 8th Nov 18, 11:55 PM
    • 12,480 Posts
    • 8,845 Thanks
    kidmugsy
    I don’t think there’s many hospitals left where the employ people to ‘walk about with a tea trolley’ when did you last work in the modern NHS!!!
    Originally posted by gall10
    Our local NHS hospital employs people to distribute tea to patients. They have a remarkable skill at putting the tea down in such a place that a bed-bound invalid can't reach it. Indeed, they are multi-skilled; they can pull the same trick with food.
    Free the dunston one next time too.
    • jamesperrett
    • By jamesperrett 10th Nov 18, 12:22 AM
    • 861 Posts
    • 497 Thanks
    jamesperrett
    I don’t think there’s many hospitals left where the employ people to ‘walk about with a tea trolley’ when did you last work in the modern NHS!!!
    Originally posted by gall10
    Either Kidmugsy and I have been to the same hospital recently or someone walking about with the tea trolley is more common than you might think.
    • Tom99
    • By Tom99 10th Nov 18, 1:49 AM
    • 3,789 Posts
    • 2,655 Thanks
    Tom99
    So after 2017/18 you will need a further 6 or 7 yrs to top up to the £164.35 max. Do you have scope for that re your state pension date being after 5th April 2024?
    • gall10
    • By gall10 10th Nov 18, 10:55 AM
    • 7 Posts
    • 0 Thanks
    gall10
    State retirement date Oct ‘22. Not sure if I can pay NI after that???
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