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

[Skub]

Nobody planning to leave a beautiful corpse?

I need to catch her at the right time first.

[JackyJoll]

Nobody planning to leave a beautiful corpse?

After ten pints.

[JackyJoll]

I’m on a “final pittance” scheme.

[Bigyin]

We've just changed pension providers and i've been able to log on and see my pension projections...

It's a bit bloody grim, I knew the government had shafted me, but it looks like they're using the biggest dildo they can find to do it!!!!!

I'm now not sure I can retire at 55 (and I would have still worked just part time etc) like I thought i'd be able to.

I lost touch with the changes in the scheme when i left , i thought there was legal challenge to govt changing the T and C and it was going well given that Trumpton had succeeded in their challenge. The only person i know who was pleased they moved the retirement age to 60 was my team partner in crime who joined late and wouldnt have got full term in by 55 but by 60 he will have made it. Ex Army Commando who now late 50's is still fit as a fiddle and front line kicking in doors and dealing with the contents.

I was lucky, still am, to have left at 51 but working part time is now essential with the rapid increase to cost of living in the last 6 months and my continued mortgage. Relying on my pension income with a missus who works part time as well would have clobbered our savings in the current environment and i am now looking at increasing my days instructing to keep things even and if that doesnt happen moving to something that provides what i need financially as the income is fairly crap but i really enjoy what i do. I am realistic in the amount of years i have to earn a decent living so time is getting to that stage i will need to make a decision within the next 6 or so months

[Nordboy]

We've just changed pension providers and i've been able to log on and see my pension projections...

It's a bit bloody grim, I knew the government had shafted me, but it looks like they're using the biggest dildo they can find to do it!!!!!

I'm now not sure I can retire at 55 (and I would have still worked just part time etc) like I thought i'd be able to.

I lost touch with the changes in the scheme when i left , i thought there was legal challenge to govt changing the T and C and it was going well given that Trumpton had succeeded in their challenge.

There was/ is, it's still ongoing and in the meantime we've all moved onto the new scheme regardless of the fact that we've won our case. Typical government though have still yet to work out what the result of challenge will mean, even though the court gave them until Sept 1st 2021 to come up with the remedy, and it may be we have to go back to court.
They've now decided to employ (in other words spend more money) working out the remedy, even though it surely makes sense to put everyone back on their original schemes and change the pension for new entrants?? So they're wasting more money and whatever they come up with may well be challenged.
For someone like me, I have no idea what i'll eventually get, but at this point can only see existing potential figures so have to go with those. How anyone is supposed to plan ahead is beyond me? I'm not sure it will get sorted out in the next 4 years so I can decide!!

As an aside, I joined later, and was only going to get 25 yrs in. Based on what I've got at the moment If I stay for the extra 5 yrs and do the full 30 I'll only get an extra £24K in my lump sum, despite paying in £27K over that period. It's just not looking like it's worth doing at this point. Which is exactly what the government want of course.

[Potter]

I found my pension and logged into the online portal.
My pension is about half of Weeksy's, but it's more than I thought. I have another one but I haven't looked at it, I think that's only about £10k though.

They have a goals tool and a thing where you can change things, basically I said I wanted £15k a year (to increase at 4% inflation year on year) (my thoughts are this would be enough to pay bills and food, so if I got that it's me set for life and anything else is a bonus) and the tool said I need to drop £280k into the pot - although that was if I retire today (and the tracker assumed I'm 55 today). I couldn't figure out how you make it work so I can retire in 7yrs at 55, it only seemed to work by saying if I retire today at 55 (I'm 48).

I could do that, but it doesn't seem to add up financially as the best thing to do. Let's imagine I've got £500k and I drop £280k into this pot and keep £220k as savings.
It's better than having that £280k in the bank and drawing it down @ £15k a year because that would run out in <20yrs and this is for the rest of my life, but (just as an example) I could buy 3x terraced houses and rent them out and recover £15k a year in rent, I'd have expenses to go with that, but I'd also keep my capital that I put into the houses, and it would probably increase in value.

Pensions only seem to work if your employer is also putting money in for you.

[Taipan]

Just looked a the gov.uk website and it says, "The full new State Pension is £179.60 per week", assuming you've paid full contributions, which the wife and I will certainly have done. We could easily live on best part of £360 a week, let alone our private pensions on top of it!

[Treadeager]

Just looked a the gov.uk website and it says, "The full new State Pension is £179.60 per week", assuming you've paid full contributions, which the wife and I will certainly have done. We could easily live on best part of £360 a week, let alone our private pensions on top of it!

Tiepin , If you have been paying into a University " final salary scheme " , you will almost certainly have not been paying in NI contributions at the FULL rate . That's what I did and consequently receive less than £150 pw state pension . ( despite having 44 years of NI contributions behind me . I have heard tales of folk who HAVE paid 35 years of full NI contributions then additional years at lesser rate because they are also paying into a final salary scheme . Even they do NOT get the full state pension ! )

[Mr. Dazzle]

'tis easy to find out online if you've paid full contributions or not. I haven't, but then I'm 37 so I'd struggle

[Scotsrich]

Just looked a the gov.uk website and it says, "The full new State Pension is £179.60 per week", assuming you've paid full contributions, which the wife and I will certainly have done. We could easily live on best part of £360 a week, let alone our private pensions on top of it!

You’d think so but it’s more difficult than you’d think.

My wife can’t take her pension for a couple of years and we’re living on about £1800/month and it’s surprising how the money disappears.

Okay we don’t skimp on going out or enjoying ourselves but there’s always something each month that you haven’t budgeted for.

This month:- dentist £145, grandkids birthdays £80, archery fees £75, boots for the wife £55 and that’s just some of the ones I can think of off the top of my head.

It’s not a big deal for us because we’ve got a fallback pot but there’s never a lot left at the end of the month in the current account.

People who have a limited fixed budget (and I mean really fixed) are in for a shock.

[Taipan]

Just looked a the gov.uk website and it says, "The full new State Pension is £179.60 per week", assuming you've paid full contributions, which the wife and I will certainly have done. We could easily live on best part of £360 a week, let alone our private pensions on top of it!

You’d think so but it’s more difficult than you’d think.

My wife can’t take her pension for a couple of years and we’re living on about £1800/month and it’s surprising how the money disappears.

Okay we don’t skimp on going out or enjoying ourselves but there’s always something each month that you haven’t budgeted for.

This month:- dentist £145, grandkids birthdays £80, archery fees £75, boots for the wife £55 and that’s just some of the ones I can think of off the top of my head.

It’s not a big deal for us because we’ve got a fallback pot but there’s never a lot left at the end of the month in the current account.

People who have a limited fixed budget (and I mean really fixed) are in for a shock.

I know it'll be a change but I had no idea the state pension was that much! I thought it was about £70 plus benefits if you need/qualify lol! We wont have any mortgage or rent payments and I don't shoot for the finer things in life, but a free c£1k a month will certainly take the sting out of things!

[Yambo]

Just looked a the gov.uk website and it says, "The full new State Pension is £179.60 per week", assuming you've paid full contributions, which the wife and I will certainly have done. We could easily live on best part of £360 a week, let alone our private pensions on top of it!

My state pension is £150 a week (and some pennies). I looked up about the new state pension, wondering why I wasn't getting £179 and guess what, it's because the new rate is only for those born after April 4 1951. The fuckin' government is shafting me and being ageist. However, bearing in mind they've shafted just about everyone over pensions in the last few years complaining ain't gonna help.

I'm pretty sure you're OK age wise.

[Count Steer]

I know it'll be a change but I had no idea the state pension was that much! I thought it was about £70 plus benefits if you need/qualify lol! We wont have any mortgage or rent payments and I don't shoot for the finer things in life, but a free c£1k a month will certainly take the sting out of things!

If you still have an income at pension age it's worth thinking about deferring the state pension. (You'll pay tax on the combined figure). Every 9 weeks you defer it they'll increase it by 1% or 5.8% for a year. So, when your income drops you claim an increased pension as your tax liability drops.

It used to be even more than 5.8% and worth living off the cash in typical savings accounts while it racked up. Even 5.8% is more than most safe investments.

Even though you won't be paying rent/mortgage the fixed outgoings are a bit Council tax, gas, electric, water, home and contents insurance, car/bike insurance then there's food, petrol...damned if I know how some people manage.

[Bike Breaker]

Just looked a the gov.uk website and it says, "The full new State Pension is £179.60 per week", assuming you've paid full contributions, which the wife and I will certainly have done. We could easily live on best part of £360 a week, let alone our private pensions on top of it!

My state pension is £150 a week (and some pennies). I looked up about the new state pension, wondering why I wasn't getting £179 and guess what, it's because the new rate is only for those born after April 4 1951. The fuckin' government is shafting me and being ageist. However, bearing in mind they've shafted just about everyone over pensions in the last few years complaining ain't gonna help.

I'm pretty sure you're OK age wise.

The new state pension was introduced in 2016 so anyone already receiving their pension would have been on the old one and they weren't moved over to the new one. 2016 is 65 years after 1951(isn't education wonderful? ) which was the retirement age at the time* so they supposedly made it simple (Ha,Ha!) by starting with a clean sheet of qualifiers for it, all being paid the same and doing away with add-ons acquired by SERPS, graduated pension payments, and, perhaps other contributory top-up schemes.

However, not everyone born after April 2016 is put on the new pension rate, depending on individual circumstances. "They" said everyone would get a bigger pension if they've accrued the correct number of qualifying years. Not so. Anyone who was contracted out of the 2nd state pension bit, and therefore paid a lesser NI contribution, receives a pension that is either based on calculations from the old scheme or the new scheme, whichever is the greater. It was assumed that the 'saving' was paid into a workplace pension scheme. I suspect self-employed people are likely to fall foul of this, too.

Like Yambo and Treadeager, I had over 40 complete qualifying years and my new two day old state pension is from the old scheme, giving me £140 per week. I had a personal forecast done before I quite work and the calculation for the new scheme would have provided £68 per week. I have no complaints as I was expecting that by the time it was my turn, the Gov. of the day would have stopped paying to anyone with a work pension. Moving the age goalposts twice miffed me a bit but at least I've lived long enough to be miffed. Some people get nowhere near.


*I'm not going to complicate things by trying to include the women's pension changes.

[Mr. Dazzle]

I'm not planning on receiving any state pension.

Not in the sense that I mean to die first, I'm just saving on the assumption I'll get nothing.

[Skub]

State pension isn't a benefit,it's something anyone who has worked will have paid for.

[Mr. Dazzle]

Yes but from my POV it's also a ticking time bomb about 30 years off. I have no doubt it'll still be a thing when I'm in my 60s/70s but I expect the eligibility age to go up a few more times and the amount to go down.

As I've said loads of times the numbers just don't add up. So the best thing I can try and do to avoid the fallout is plan to not need it.

[Cousin Jack]

Even though you won't be paying rent/mortgage the fixed outgoings are a bit Council tax, gas, electric, water, home and contents insurance, car/bike insurance then there's food, petrol...damned if I know how some people manage.

Fixed? Council tax?

In my neck of the woods that is in no way fixed, it goes up every year.

[Potter]

I checked my NI a couple of years ago and because I was a contractor (or just a wanderer) for years I sometimes had a couple of weeks here and there where I wasn't earning and I didn't pay NI, sometimes I'd just take a few weeks off and go on holiday - that means those years aren't counted, so I have 7-8yrs where I paid, for example, 45 weeks NI in the year, but it doesn't count at all because it wasn't a full year.

Ironically, the most years of unbroken full NI I have are the last ten years I was abroad (and not using the UK health system) because I always made sure to pay my voluntary NI via DD. I'll catch up to the max needed if I carry on paying it until I reach pension age, but it's annoying that they took the money and those years count for nothing.

However, like Dazzle I always worked on the assumption that I'll get nothing anyway and I'm busy making my own provisions - although I won't be turning it down if we qualify - chances are though the state pension will be means tested by then and they'll find another way to rip off people that have worked hard and saved a few bob.

[Potter]

Even though you won't be paying rent/mortgage the fixed outgoings are a bit Council tax, gas, electric, water, home and contents insurance, car/bike insurance then there's food, petrol...damned if I know how some people manage.

That ^

It's really easy to burn through money, especially if you're not working and you have more time on your hands.
Every time we come back to the UK we live for a few weeks like we're retired (no mortgage to pay either) and when I check what we've spent (because we don't add up as we go along) it's surprising, even just a weekend away in a nice hotel, with a nice meal and a bit of shopping on the Saturday is a monkey, and that's without trying.

When we do it properly we'll have to actually start adding up as we go along and I reckon there will be a few moments.