Pension stuff, how's it all looking ? HAve you prepared ?

[Count Steer]

Here y'go. This is very similar to what I remembered.

https://www.which.co.uk/money/pensions- ... mlv7V7sVe9

[Count Steer]

Surely in that circumstance person 2 gets the pension of dead person 1 in most circumstances?

Not necessarily with company pensions eg final salary. If I cark it though mine will pay the missus half rate and vv. Some just stop - as does state pension.

They're getting less common though and yes, at the moment, I think you inherit the full pension pot of a SIPP without inheritance tax. A financial adviser will know more though.

[weeksy]

Surely in that circumstance person 2 gets the pension of dead person 1 in most circumstances?

Not necessarily with company pensions eg final salary. If I cark it though mine will pay the missus half rate and vv. Some just stop - as does state pension.

They're getting less common though and yes, at the moment, I think you inherit the full pension pot of a SIPP without inheritance tax. A financial adviser will know more though.

So yes then. Mostly

[Count Steer]

Surely in that circumstance person 2 gets the pension of dead person 1 in most circumstances?

Not necessarily with company pensions eg final salary. If I cark it though mine will pay the missus half rate and vv. Some just stop - as does state pension.

They're getting less common though and yes, at the moment, I think you inherit the full pension pot of a SIPP without inheritance tax. A financial adviser will know more though.

So yes then. Mostly

Since most people aren't currently drawing pensions then absolutely 'yes' for most of the population.

[Dodgy69]

Retirement isn't for everyone. I know plenty of folk in their late 60s/70s who keep working just for "something to do". They don't need the money, they pay plenty of tax, but without working they would struggle.

They need a purpose and mental stimulation from work is their fix. I on the other hand are quite happy tatting about. It's a bit shitty with all this rain but I can still find something to do and chill out when I want. Yesterday I spent a few hours on Google maps looking at a route to take the monkey away for a couple of days. Roll on sunshine.

People are different.

[Count Steer]

Retirement isn't for everyone. I know plenty of folk in their late 60s/70s who keep working just for "something to do". They don't need the money, they pay plenty of tax, but without working they would struggle.

Reminds me of a heated conversation in our local Oxfam books. Aged volunteer was objecting to all the briefings and general management guff that staff were subjected to - to the manager.

'You're trying to make this feel like a job with all the buggeration but none of the salary'.

He didn't stay long.

[weeksy]

Retirement isn't for everyone. I know plenty of folk in their late 60s/70s who keep working just for "something to do". They don't need the money, they pay plenty of tax, but without working they would struggle.

Reminds me of a heated conversation in our local Oxfam books. Aged volunteer was objecting to all the briefings and general management guff that staff were subjected to - to the manager.

'You're trying to make this feel like a job with all the buggeration but none of the salary'.

He didn't stay long.

My tolerance for idiots as i get closer to retirement is going up. I basically told our estate agent he was a useless arsehole yesterday, in a slightly more polite way, but the point was clear

[Horse]

Retirement isn't for everyone. I know plenty of folk in their late 60s/70s who keep working just for "something to do". They don't need the money, they pay plenty of tax, but without working they would struggle.

One element is 'identity'. In a social situation, you meet someone, they're likely to ask "what do you do?". When you retire, that easy answer is gone.

I was determined that I'd not be bored. Had a long list of stuff to do - hardly done any of it!

Although the ambulance stuff was planned 'continuity', I moved from weekends to weekdays.

What I hadn't expected was offers of part-time work, and to be invited to become a Charity Trustee, which has led to other stuff.

Reminds me of a heated conversation in our local Oxfam books. Aged volunteer was objecting to all the briefings and general management guff that staff were subjected to - to the manager.

'You're trying to make this feel like a job with all the buggeration but none of the salary'.

Hmmm ... There's a lot of that with the ambulance stuff, online compliance training, etc.

But fun stuff too. I've been an injured person in a terrorist attack (with armed police) and two multi-casualty car:bus crashes

[Taipan]

Retirement isn't for everyone. I know plenty of folk in their late 60s/70s who keep working just for "something to do". They don't need the money, they pay plenty of tax, but without working they would struggle.

They need a purpose and mental stimulation from work is their fix. I on the other hand are quite happy tatting about. It's a bit shitty with all this rain but I can still find something to do and chill out when I want. Yesterday I spent a few hours on Google maps looking at a route to take the monkey away for a couple of days. Roll on sunshine.

People are different.

My Dad took early retirement and always said he never knew how he had the time to work! He had a few hobbies though, painting, shooting etc. He also said that in his experience, there were two types of retired people: those who were grateful for every day above ground and the opportunity to do things, and the others who went from their bed to their chair and used their time to moan about everything! I've found as a generalisation, its a pretty accurate one!

[Yorick]

Retirement isn't for everyone. I know plenty of folk in their late 60s/70s who keep working just for "something to do". They don't need the money, they pay plenty of tax, but without working they would struggle.

They need a purpose and mental stimulation from work is their fix. I on the other hand are quite happy tatting about. It's a bit shitty with all this rain but I can still find something to do and chill out when I want. Yesterday I spent a few hours on Google maps looking at a route to take the monkey away for a couple of days. Roll on sunshine.

People are different.

My Dad took early retirement and always said he never knew how he had the time to work! He had a few hobbies though, painting, shooting etc. He also said that in his experience, there were two types of retired people: those who were grateful for every day above ground and the opportunity to do things, and the others who went from their bed to their chair and used their time to moan about everything! I've found as a generalisation, its a pretty accurate one!

I retired at 54 and never looked back. Life is to have fun. Not to work.

I happily tell folk what age I retired and where.
They say I'm lucky.
I say "No. I worked hard. Anyone can do it"

[IccyV2]

They way it seems set up is that if you’re retired early and have no income that you pay tax on, then you don’t get NI credits and unless you already have 35yrs NI paid in, then you won’t get a full UK state pension.

We have always paid a voluntary stamp but they've realised that for around £15 a month people were building up credits that would give them a full pension. So they stopped it and now NI credits are the same as the state pension, e.g. class three credits paid voluntarily will be about £1000 a month, so you can receive that back come pension time, if they haven’t changed the rules.

So we’re in the position now that we can’t pay a voluntary stamp and we won’t be able to retire properly at 55 because we’ll need to earn NI credits to get our pension, so we’ll have to take 2 days a week stacking shelves somewhere.

To compound my plans my guess is that within 15yrs they’ll make the state pension means tested and if you retire with anywhere near a decent pot then you won’t get it anyway even though you will have factored it into your plan and will struggle without it.

[Count Steer]

They way it seems set up is that if you’re retired early and have no income that you pay tax on, then you don’t get NI credits and unless you already have 35yrs NI paid in, then you won’t get a full UK state pension.

Not sure how I managed it but I retired at 55 and got a full state pension at 65. I think that NI credits must be made when in full-time further education + I was Physics Lab technician as a part time job in my last 2 years at school and that must have made contributions + my undergraduate course included 2 stints of industrial training that were waged. I did check the situation on the government pension checker before I quit and it confirmed I'd get the full £.

[IccyV2]

It used to be 30yrs qualified you but they changed it to 35.

What is also incredibly annoying is that only full years count. So when I was a contractor I would work 48-50 weeks out of the year and then take two or four weeks holiday. I didn’t get paid for time off so I didn’t pay NI in those weeks. So I’ve got quite a few years where I paid 48 weeks NI but they don’t count towards my pension because they’re not full years.
If that’s not a scam I don’t know what is.

[Count Steer]

It used to be 30yrs qualified you but they changed it to 35.

What is also incredibly annoying is that only full years count. So when I was a contractor I would work 48-50 weeks out of the year and then take two or four weeks holiday. I didn’t get paid for time off so I didn’t pay NI in those weeks. So I’ve got quite a few years where I paid 48 weeks NI but they don’t count towards my pension because they’re not full years.
If that’s not a scam I don’t know what is.

That's absolutely ludicrous - I didn't know that. Strewth, with the rise of the 'gig economy' and other trends in the labour market there's going to be a shed load of people not getting full pensions and having minimal other provision.

I can't imagine how people in stuff like acting and orchestral musicians etc, which are often very fragmented employment, can ever satisfy the 35 target. No wonder certain professions have very active benevolent societies!

[JackyJoll]

They way it seems set up is that if you’re retired early and have no income that you pay tax on, then you don’t get NI credits and unless you already have 35yrs NI paid in, then you won’t get a full UK state pension.

We have always paid a voluntary stamp but they've realised that for around £15 a month people were building up credits that would give them a full pension. So they stopped it and now NI credits are the same as the state pension, e.g. class three credits paid voluntarily will be about £1000 a month, so you can receive that back come pension time, if they haven’t changed the rules.

So we’re in the position now that we can’t pay a voluntary stamp and we won’t be able to retire properly at 55 because we’ll need to earn NI credits to get our pension, so we’ll have to take 2 days a week stacking shelves somewhere.

To compound my plans my guess is that within 15yrs they’ll make the state pension means tested and if you retire with anywhere near a decent pot then you won’t get it anyway even though you will have factored it into your plan and will struggle without it.

Their rule-changing is certainly frustrating.

[JackyJoll]

It used to be 30yrs qualified you but they changed it to 35.

What is also incredibly annoying is that only full years count. So when I was a contractor I would work 48-50 weeks out of the year and then take two or four weeks holiday. I didn’t get paid for time off so I didn’t pay NI in those weeks. So I’ve got quite a few years where I paid 48 weeks NI but they don’t count towards my pension because they’re not full years.
If that’s not a scam I don’t know what is.

Wasn’t there a process for keeping the Stamp up to date when idle though?

Something makes me think there was. As a man who actually worked all his life, I’ve no first hand experience, obviously.

[Pirahna]

It used to be 30yrs qualified you but they changed it to 35.

What is also incredibly annoying is that only full years count. So when I was a contractor I would work 48-50 weeks out of the year and then take two or four weeks holiday. I didn’t get paid for time off so I didn’t pay NI in those weeks. So I’ve got quite a few years where I paid 48 weeks NI but they don’t count towards my pension because they’re not full years.
If that’s not a scam I don’t know what is.

Wasn’t there a process for keeping the Stamp up to date when idle though?

You could pay the self employed stamp. I paid it from around 1989 to 1993, I think it was £4.50 a week.

[Count Steer]

It used to be 30yrs qualified you but they changed it to 35.

What is also incredibly annoying is that only full years count. So when I was a contractor I would work 48-50 weeks out of the year and then take two or four weeks holiday. I didn’t get paid for time off so I didn’t pay NI in those weeks. So I’ve got quite a few years where I paid 48 weeks NI but they don’t count towards my pension because they’re not full years.
If that’s not a scam I don’t know what is.

Wasn’t there a process for keeping the Stamp up to date when idle though?

Something makes me think there was. As a man who actually worked all his life, I’ve no first hand experience, obviously.

Missus says she paid annually so got a full year each time. £18/month sounds about the right rate.

[IccyV2]

It used to be 30yrs qualified you but they changed it to 35.

What is also incredibly annoying is that only full years count. So when I was a contractor I would work 48-50 weeks out of the year and then take two or four weeks holiday. I didn’t get paid for time off so I didn’t pay NI in those weeks. So I’ve got quite a few years where I paid 48 weeks NI but they don’t count towards my pension because they’re not full years.
If that’s not a scam I don’t know what is.

Wasn’t there a process for keeping the Stamp up to date when idle though?

You could pay the self employed stamp. I paid it from around 1989 to 1993, I think it was £4.50 a week.

It's currently about £15 a month, we both pay it, but the last payment will be June/July 2026, then there seems to be a gap, then starting from 2028 you can buy a voluntary class 3 stamp which is roughly £1000 a year.

The best way around it is to earn enough to pay NI, or earn between £125-250 a week and then you don't pay NI because you're under the threshold, but you do get a full class 1 stamp credit as if you have paid it. If you earn <£125 a week you do not get any NI credit, so a dinner lady doing an hour a day five days a week on minimum wage won't get it, someone could do that for 50yrs and still not be entitled to any pension.

[weeksy]

Wasn’t there a process for keeping the Stamp up to date when idle though?

You could pay the self employed stamp. I paid it from around 1989 to 1993, I think it was £4.50 a week.

It's currently about £15 a month, we both pay it, but the last payment will be June/July 2026, then there seems to be a gap, then starting from 2028 you can buy a voluntary class 3 stamp which is roughly £1000 a year.

The best way around it is to earn enough to pay NI, or earn between £125-250 a week and then you don't pay NI because you're under the threshold, but you do get a full class 1 stamp credit as if you have paid it. If you earn <£125 a week you do not get any NI credit, so a dinner lady doing an hour a day five days a week on minimum wage won't get it, someone could do that for 50yrs and still not be entitled to any pension.

Tbf, if they've done 5 hours a week for 50 years I'm not sure they deserve a pension. Its got to have a certain level of fairness