State pension ... Anyone nearly there?

KIPAX

KIPAX

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KIPAX Lancashire UK
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I have a few years left but I wanted to read up on something (unrelated to this) and came accross the new rules.. to get a state pension you need to have at least 10 yrs NI contribution to get anything and 35 years to get the maximum..

I ahve a chequered work history leaving school at age 14.... Currently at nearly 10yrs paying my own contrubutions.. A driving job for 10 yrs and DynoRod for 8 yrs... The other 20 yrs I had 23 other job with the shortest lasting half a day

(in the 70s the employment place would send you out to half a dozen interviews and you decided which job you wanted to take at the end of the day..it was that easy.. you could fnish a job on friday and find a new one monday..)

Anyway ..35 yrs contributions needed.. Did I have that many given that you could pay for 46 weeks of a year and that counted as a NON YEAR

Being self employed I ahve my login for hmrc where i can do self assesment and stuff... it turns out theres a link to personal info and on this page it tells me when i can claim pension and how much i will get.. i can also look at my lifelong contributions and it turns out I have 41 yrs full NI contributions and so have enough for full state pension ...wahay!! (that wont be my only income.. have my life sorted :) )

then it says the following

You cannot improve your forecast any more.

If you’re working you may still need to pay National Insurance contributions until 1 August 2022 as they fund other state benefits and the NHS.
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Hmmm may need to pay... doesnt say one way or the other.. I ahve plenty enough for the pension.. I don't know if I can stop paying..seems an odd way to word it..

Anyways..... worth checking and the good news is you can do it easy enugh online :)
 
:clap: very happy for you! Thanks for info, I do need to take a look as been abroad for some years and lost track. The was a time when you could pay voluntary contributions to make sure the years counted while you’re away. Not sure if that is still possible.
 
newbie1 said:
:clap: very happy for you! Thanks for info, I do need to take a look as been abroad for some years and lost track. The was a time when you could pay voluntary contributions to make sure the years counted while you’re away. Not sure if that is still possible.
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It is but only going back 6 yrs...
 
You do need to still pay if you are earning enough,thats where the may need to pay comes in.
 
KIPAX said:
Hmmm may need to pay... doesnt say one way or the other.. I ahve plenty enough for the pension.. I don't know if I can stop paying..seems an odd way to word it..
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I'd take that to mean you are as you said ok for your pension but you may need to continue paying for nhs, unemployment benefits etc.
 
As above, if you dont earn enough to be "caught" by the earnings rule you wont pay NI contributions, however if you earn enough (about £9k I think) then you will be required to pay NI contributions.
I have a few years where I paid into my own pension (contracted out) or worked abroad and paid reduced NI so despite having worked for 47 years apparently I dont have enough for a full pension, so good idea to check where you stand, I can "buy" the missing years if I want to, currently about £750 for each missing year and I think good value for money given each year is worth about £250 pa extra pension.

Tony bear in mind your total income when in pension will still be liable to income tax at whatever rate is applicable but not NI contributions, they stop (currently) when you reach retirement age.

Matt
 
YOUR NI CONTS HAVE NO RELATIONSHIP TO THE NHS.... :muted: :muted: (I’ve no idea where this rumour started, but it’s impossible to kill)

If you’re paying class 2 and 4, you’re not buying any entitlement to contributory based benefits either, only pension.

However I don’t think you’re free to just stop paying your conts until you reach pension age. You should ring them and check though.

Most of us will pay more years than necessary, I’ve got two short years, but I started work at 16 and don’t get my pension till 67, which means I’ll have paid nearly 50 years worth.
 
Phil V said:
YOUR NI CONTS HAVE NO RELATIONSHIP TO THE NHS.... :muted: :muted: (I’ve no idea where this rumour started, but it’s impossible to kill)

If you’re paying class 2 and 4, you’re not buying any entitlement to contributory based benefits either, only pension.

However I don’t think you’re free to just stop paying your conts until you reach pension age. You should ring them and check though.

Most of us will pay more years than necessary, I’ve got two short years, but I started work at 16 and don’t get my pension till 67, which means I’ll have paid nearly 50 years worth.
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When I looked at the "front sheet" of the statement it indicated I had full years for nearly all my working life (like you nearly 50) it was only when I dug in a bit deeper I saw that some years werent full years, despite the front sheet indicating they were (for the reasons I stated above) so it may be worth digging a little deeper to see if they are actually all full years, having said that they might well be, shame you dont get a bit of "credit" for paying more than the max required.
 
MatBin said:
When I looked at the "front sheet" of the statement it indicated I had full years for nearly all my working life (like you nearly 50) it was only when I dug in a bit deeper I saw that some years werent full years, despite the front sheet indicating they were (for the reasons I stated above) so it may be worth digging a little deeper to see if they are actually all full years, having said that they might well be, shame you dont get a bit of "credit" for paying more than the max required.
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I worked with some ladies in conts in the 90’s, I know exactly which years I’m short and why. ;)
 
MatBin said:
When I looked at the "front sheet" of the statement it indicated I had full years for nearly all my working life (like you nearly 50) it was only when I dug in a bit deeper I saw that some years werent full years, despite the front sheet indicating they were (for the reasons I stated above) so it may be worth digging a little deeper to see if they are actually all full years, having said that they might well be, shame you dont get a bit of "credit" for paying more than the max required.
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Hiya.. this is my actual hmrc account online.. it shows each year and how many weeks so for example it shows the years that dont count and i can click on it and it shows me how many weeks i paid.. hence the comment about 46 weeks paid but not a full year :( which although true seemed harsh and as it was over 6 yrs ago i couldnt make it up.. however as i ahve the required 35 yrs (41) then it doesnt make any difference how many more i get...as you say.. seems like a waste the extra years oh hum .
 
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nilagin said:
I'd take that to mean you are as you said ok for your pension but you may need to continue paying for nhs, unemployment benefits etc.
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yeagh just worded funny... I am not thinking of stopping it and getting in trouble and as i now pay yearly then plenty time to sort ..ta :)
 
KIPAX said:
Hmmm may need to pay... doesnt say one way or the other.. I ahve plenty enough for the pension.. I don't know if I can stop paying..seems an odd way to word it..
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It means that even though you have enough qualifying years for the full state pension, you don't get exempted from paying NI until you are past state pension age.

I just logged in to mine it told me I couldn't increase my forecast any more and I had 31 full years plus one part year (I'm 48). Can't get at it until 2036 though!
 
onomatopoeia said:
It means that even though you have enough qualifying years for the full state pension, you don't get exempted from paying NI until you are past state pension age.
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Is that a guess ? you seem to be stating it as fact.. is there any source of information? ...If this is true then why is the word "may" in there ?

onomatopoeia said:
I just logged in to mine it told me I couldn't increase my forecast any more and I had 31 full years plus one part year (I'm 48). Can't get at it until 2036 though!
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Enjoy the wait :) :)
 
Phil V said:
YOUR NI CONTS HAVE NO RELATIONSHIP TO THE NHS.... :muted: :muted: (I’ve no idea where this rumour started, but it’s impossible to kill)
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Possibly section 162 of the Social security administration act (1992), or section 4 of the National Insurance Act (2002). Your guess is as good as mine though.
 
You used to be able to "contract out", that is pay less NI and put the difference into a private pension, more accurately HMRC used to pay your rebate into the pension fund (so you couldnt just keep the difference) but they stopped that a few years ago probably because anyone with enough contributing years (such as yourself) would obviously stop paying the full amount now and slide it off, quite legally and pay into a private pension, with consequent loss of income to HMRC.
Of course those of us that inadvertently did that got the best of both worlds, a full HMRC state pension and a few years rebate into a private pension, but the taxman will grab some of it back so its not a total win situation.
Matt
 
Phil V said:
YOUR NI CONTS HAVE NO RELATIONSHIP TO THE NHS.... :muted: :muted: (I’ve no idea where this rumour started, but it’s impossible to kill)
.
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But this is actually on the HMRC page so you can see how one would think? they say it does and you say it doesn't ?

If you’re working you may still need to pay National Insurance contributions until 1 August 2022 as they fund other state benefits and the NHS.
Click to expand...
 
KIPAX said:
Is that a guess ? you seem to be stating it as fact.. is there any source of information? ...If this is true then why is the word "may" in there ?



Enjoy the wait :) :)
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As above "may" because they dont know what you'll be earning, which if lower than the NI contribution level means no contributions, if above i.e. about £9k you still have to pay up, assuming you are a PAYE type employee, self-employed might be different, my bet is it wont be.
There's mo way "they" will allow someone with 35 years contributions and a few years working life left in them not continue to cough-up.
 
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If Trump let's you get there :)
 
MatBin said:
If Trump let's you get there :)
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haha from Castro to Trump I spent my life wondering if the world was going to blow up ... too many madmen with too much power throughout history...
 
onomatopoeia said:
Possibly section 162 of the Social security administration act (1992), or section 4 of the National Insurance Act (2002). Your guess is as good as mine though.
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I have no idea what this means. Do you have additional information that might be useful?
 
Phil V said:
I have no idea what this means. Do you have additional information that might be useful?
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Both provide for part of employee and employer NI contributions to go to the NHS.
 
onomatopoeia said:
Possibly section 162 of the Social security administration act (1992), or section 4 of the National Insurance Act (2002). Your guess is as good as mine though.
Click to expand...
So the treasury may determine that any surplus in NI Conts may be paid into the NHS.

I don’t see that as a relationship between my conts and my relationship with the NHS

A quick google tells me that many people believe that NI conts directly benefits the NHS, the truth is that it’s discretionary and of course there’s no relationship between an individuals NI records and NHS provision in the way there is for pensions and benefits.
 
you can fill in a BR19 and send it off, takes about 2 months but you will get a statement of how many years you have paid up. As a company director I do not pay direct NI as I pay a basic wage and pay into my private pension but because I pay myself less than 9k a year I still get my NI years stamped up and accumulated.

https://www.gov.uk/check-state-pension
 
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KIPAX said:
But this is actually on the HMRC page so you can see how one would think? they say it does and you say it doesn't ?
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It also states on the money advice website that NI contributions go in part to the nhs.
 
onomatopoeia said:
Both provide for part of employee and employer NI contributions to go to the NHS.
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And back to my point in response to someone’s suggestion that Tony’s conts May be linked to his access to the NHS?
Any correlation at all?
 
nilagin said:
It also states on the money advice website that NI contributions go in part to the nhs.
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There’s a discretionary payment from the NI fund to the NHS, but no relationship between your conts and your NHS treatment in the way there is with your pension.
 
KIPAX said:
But this is actually on the HMRC page so you can see how one would think? they say it does and you say it doesn't ?
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Yes they partially ‘fund’ the NHS but if you were in a position where you weren’t required to pay conts, it wouldn’t affect your right to healthcare.
 
Mr Bump said:
you can fill in a BR19 and send it off, takes about 2 months but you will get a statement of how many years you have paid up. As a company director I do not pay direct NI as I pay a basic wage and pay into my private pension but because I pay myself less than 9k a year I still get my NI years stamped up and accumulated.

https://www.gov.uk/check-state-pension
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You can check it online now.
 
Mr Bump said:
not classed as an official doc if you print it yourself, might need it in years to come when gov try to diddle me.
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What do you mean "try"?
 
Mr Bump said:
not classed as an official doc if you print it yourself, might need it in years to come when gov try to diddle me.
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Whilst ever the old farts go out to vote, the government will keep looking after them.

Currently pensioners receive over 50% of all benefit spend and about 65% of all health spending. Hardly being diddled o_O
 
Phil V said:
Whilst ever the old farts go out to vote, the government will keep looking after them.

Currently pensioners receive over 50% of all benefit spend and about 65% of all health spending. Hardly being diddled o_O
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you will be one of those old farts in a few years
 
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