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NoMoreKickingCans
Posted: 06 January 2023 20:08:53(UTC)
#35

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Tyrion Lannister on 06/01/2023(UTC)
NoMoreKickingCans
Posted: 06 January 2023 20:12:13(UTC)
#36

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Quote:
My wife is due to retire in 4 years

Don’t forget she can also get tax relief on SIPP contributions even if a non-taxpayer.
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Tyrion Lannister
Posted: 06 January 2023 23:48:20(UTC)
#37

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NoMoreKickingCans;252836 wrote:
Quote:
My wife is due to retire in 4 years

Don’t forget she can also get tax relief on SIPP contributions even if a non-taxpayer.


Yes, she's been paying the max allowed over the last 5 years or so - £240 pm net.
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NoMoreKickingCans on 07/01/2023(UTC)
Dennis .
Posted: 07 January 2023 09:40:47(UTC)
#24

Joined: 26/12/2007(UTC)
Posts: 1,018
SF100;252716 wrote:
[
Does the African state not pay a pension for those paying tax there?


There is now a state pension but by European standards its minimal, to put it into context if you are earning more than about £4k/annum you are a top rate tax payer! My son is paid a European level salary but in local currency and is taxed locally so that he doesn't have to pay tax here too.
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downatthirdman
Posted: 07 January 2023 11:18:51(UTC)
#38

Joined: 16/10/2020(UTC)
Posts: 64
Please be aware that SP is FULL and complete years- i.e 52 weeks contributions.

This means its highly likely that all of us do not have up to 52 weeks so those even with for example 33 years and 51 weeks will only receive 33 years. The good news is partial payments of a week or 51 weeks can be made. Make sure you dont lose this partial year qualifications

On a wider thread recently those of us in our 50s and 60s have been blamed for adding to inflation due to staff shortages. I d suggest the government look at why anyone would make 50 years contributions for a 35 year SP which looks like been advanced to 68. In addition and theres no option to take earlier for a reduced figure. Then theres the LTA!
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Steve U
Posted: 07 January 2023 13:41:41(UTC)
#34

Joined: 30/08/2017(UTC)
Posts: 336
Tyrion Lannister;252831 wrote:
My wife is due to retire in 4 years and is 4 years NI contributions shy of a full state pension. We can manage it so that non of her pension income will be taxable so I think it's a no brainer to pay voluntary contributions. She works part time but doesn't earn enough to qualify for NI contributions.

Having made this decision I went on line (signed in as her) to pay the shortfall but couldn't find a way to do it.

So I called the future pensions people and after being on hold for 45 - 50 mins gave up!

It should be possible to do this online but I'm not sure it is, can anyone help please?



I spoke to Future Pensions about Mrs U's contributions, tel 0800 731 0175 - very helpful. You apparently need a reference number from HMRC in order to pay. Future Pensions offered to transfer me to HMRC to do this, otherwise tel 0300 200 3500. I did this yesterday, little waiting, very helpful, all done now.
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Easyrider
Posted: 07 January 2023 15:36:55(UTC)
#40

Joined: 09/11/2020(UTC)
Posts: 1,951
I think I have 44 years State Pension contributions and have been drawing it for many years.
This year it's being increased by 10.1%.
This will increase my pension to £10,771. Good to note that working to 66 actually pays.
Not a lot, but pays for holidays, meals out, and a few bottles of wine and Old Bushmills.
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Easyrider
Posted: 07 January 2023 17:08:17(UTC)
#27

Joined: 09/11/2020(UTC)
Posts: 1,951
guantou;252707 wrote:
Quite a lot of people believe the state pension will not exist that far into the future.


A friend of mine thought that decades ago. When he retired he didn't make voluntary contributions when he had the opportunity to do so because he thought the State Pension would whither on the vine, or be abolished, or be means tested.
He was wrong. He still receives a State Pensioni but smaller than it would have been. In fact the State Pension has increased in real value in recent years and is larger than it's ever been.
It has also been improved significantly for women taking time out to have children.


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Easyrider
Posted: 07 January 2023 17:13:09(UTC)
#39

Joined: 09/11/2020(UTC)
Posts: 1,951
downatthirdman;252884 wrote:
Please be aware that SP is FULL and complete years- i.e 52 weeks contributions.

This means its highly likely that all of us do not have up to 52 weeks so those even with for example 33 years and 51 weeks will only receive 33 years. The good news is partial payments of a week or 51 weeks can be made. Make sure you dont lose this partial year qualifications

On a wider thread recently those of us in our 50s and 60s have been blamed for adding to inflation due to staff shortages. I d suggest the government look at why anyone would make 50 years contributions for a 35 year SP which looks like been advanced to 68. In addition and theres no option to take earlier for a reduced figure. Then theres the LTA!



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I agree. I worked 44 years for my enhanced State Pension and I see no reason why others shouldn't do the same except for illness and women taking time out to start a family.
35 years is too generous for the full State Pension IMO. It should be at least 40 years. This would increase affordability.
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Tyrion Lannister
Posted: 09 January 2023 01:14:12(UTC)
#28

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guantou;252707 wrote:
Quite a lot of people believe the state pension will not exist that far into the future.


You’re probably right but it’s unlikely to disappear for existing pensioners and anyone now above age 50.
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