henry d Posted October 2, 2018 Report Share Posted October 2, 2018 I retired a few years ago aged 51 and I was told, in error, that I did not need to pay my NI. If anyone is in a similar situation I would suggest they get on the GOV website and get a govenment gateway account and check their contributions are up to date and if not consider if they need to get some voluntary contributions paid. Quote Link to comment Share on other sites More sharing options...
B725 Posted October 2, 2018 Report Share Posted October 2, 2018 22 pay day's for me if all goes to plan I'd go tomorrow if I could just can't afford to yet Quote Link to comment Share on other sites More sharing options...
Dave-G Posted October 2, 2018 Report Share Posted October 2, 2018 (edited) Good thinking there. However depending on which side of the benefits fence a person sits, or circumstances dictate, if insufficient contributions were paid to get a full pension, that person is likely to get up to 0% council tax bills - which equals a full pension but he also get free dental and eye care so is actually better off than me. That's as near as I can figure from a mate who gets a smaller state pension + pension credits because he did'nt present enough stamps when self employed taxi driving. Seems he bought them but left them in the attic of his old house several years ago. The self employed bought 'actual stamps and stuck them into a booklet in those days. Edited October 2, 2018 by Dave-G Quote Link to comment Share on other sites More sharing options...
henry d Posted October 2, 2018 Author Report Share Posted October 2, 2018 Yeah, been there done that... Quote Link to comment Share on other sites More sharing options...
Rim Fire Posted October 2, 2018 Report Share Posted October 2, 2018 (edited) What is the number now i thought it was 34 thats what they told me when i retired i was 53 at the time Edited October 2, 2018 by Rim Fire Quote Link to comment Share on other sites More sharing options...
Mighty Ruler Posted October 2, 2018 Report Share Posted October 2, 2018 Yeah, I was told the same but I think the rules have since changed. I own a few properties though so not too bothered about my pension. Quote Link to comment Share on other sites More sharing options...
oowee Posted October 2, 2018 Report Share Posted October 2, 2018 12 minutes ago, Mighty Ruler said: Yeah, I was told the same but I think the rules have since changed. I own a few properties though so not too bothered about my pension. Still worth checking as the state pension is cheap money. Quote Link to comment Share on other sites More sharing options...
Mighty Ruler Posted October 2, 2018 Report Share Posted October 2, 2018 17 minutes ago, oowee said: Still worth checking as the state pension is cheap money. Yeah, next time I see my accountant I’ll have to ask her advice. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 2, 2018 Report Share Posted October 2, 2018 I think you need 30 yrs NI contributions to get state pension. Quote Link to comment Share on other sites More sharing options...
snow white Posted October 2, 2018 Report Share Posted October 2, 2018 Cant remeber how many years you have topay in but i started work when i was 14 years old i payed most of my life some bits selfemployed when i was going to retire i got intouch with pensions was told i had to pay somethink like £1500 to get full pension i got me pension My addvice is if you are thinking about retiring give them a call you might lose out Quote Link to comment Share on other sites More sharing options...
Lord Geordie Posted October 2, 2018 Report Share Posted October 2, 2018 Mum did this upon her retirement and found she was around £2k short. Many people think it's an automatic right. But they need to have had the correct amount of NI contributions paid. It's easy to forget about your contributions if your self employed, or not in receipt of benefit but also not claiming benefit. It's important for people to check say 5 years before they are due to retire and this leaves a better time frame to make any payments needed before retiring. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 2, 2018 Report Share Posted October 2, 2018 You need 35 qualifying years toget the full new state pension.youll get a proportion of the new state pension if you have between10-35 qualifying years .you have 20 qualifying years on your national insurance record after 6april 2016. you divide £164.35 by 35 and then multiply by 20 .thats of the gov web site Quote Link to comment Share on other sites More sharing options...
oowee Posted October 2, 2018 Report Share Posted October 2, 2018 I have been retired since 50. I just checked mine. I have 34 years in which was enough for a full pension but now the web site says I need to buy another 9 years. Spoke to the govt pension team and they said to buy years post 2015 (buying prior years will not acrue entitlement) they will cost about £700 a year and they will each give me another £4.70 a week so £244 extra a year for £700 with state pension age of 66. I am not allowed to buy the years in advance and the price of each year is set by HMRC each year. Its a pretty good rate of return. Quote Link to comment Share on other sites More sharing options...
henry d Posted October 3, 2018 Author Report Share Posted October 3, 2018 The above two seem to be the same as what I was told and saw online. Seems to be quite a few people who are unaware of this and it does make quite a difference when you total it all up. I am short by 33 quid a week if I do not give voluntary additional contributions of, as oowee says, over 700 quid from 2016/17 until the present which is just over 2 grand, however when I pick up my pension I will be 1700 better off a year. So as long as I stay top side its a winner. Quote Link to comment Share on other sites More sharing options...
yod dropper Posted October 3, 2018 Report Share Posted October 3, 2018 I've a feeling the difference between the 35 and 44 year contributions are to do with spousal benefits. Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted October 3, 2018 Report Share Posted October 3, 2018 19 hours ago, henry d said: I retired a few years ago aged 51 and I was told, in error, that I did not need to pay my NI. If anyone is in a similar situation I would suggest they get on the GOV website and get a govenment gateway account and check their contributions are up to date and if not consider if they need to get some voluntary contributions paid. Thank you for this. I retired a couple of years ago (at 59) and like you was told that I didn't need to pay NI. I have checked today and I have 42 'qualifying years complete' and will receive the maximum pension. It was a good thing to check though, and thank you for the reminder. Quote Link to comment Share on other sites More sharing options...
henry d Posted October 3, 2018 Author Report Share Posted October 3, 2018 No worries, I just hope it of some help to people who may have had a few jobs or times of unemployment etc. and not fully contributed. I was just chatting with a guy from the fishing club and he told me to check as few of his pals had fallen foul of this and one was getting less than half the maximum! Quote Link to comment Share on other sites More sharing options...
daveboy Posted October 3, 2018 Report Share Posted October 3, 2018 When I checked mine I had to live about 3 years past 67 to get my money back. The only thing I would be worried about is if they move the goalposts again, you only needed 30 years to get a full pension then they changed it to 35, will they change it again ?? Quote Link to comment Share on other sites More sharing options...
blackbird Posted October 3, 2018 Report Share Posted October 3, 2018 It’s just a matter of time & state pension will be a thing of the past, why do you think employers now by law have to provide a basic pension what makes my blood boil is the younger generation are paying into something which they are not going to get. Quote Link to comment Share on other sites More sharing options...
oowee Posted October 3, 2018 Report Share Posted October 3, 2018 2 hours ago, blackbird said: It’s just a matter of time & state pension will be a thing of the past, why do you think employers now by law have to provide a basic pension what makes my blood boil is the younger generation are paying into something which they are not going to get. The young are paying for those on a pension and the problem is there are too many on pension and not enough paying. If we had more kids and died a died a bit younger pension would be fine. 🙂 In fact we should maybe reduce the pension entitlement for women as they live longer and draw more? Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted October 3, 2018 Report Share Posted October 3, 2018 2 minutes ago, oowee said: the problem is there are too many on pension and not enough paying. The problem is also that there are some who live on a 'pension' in the form of benefits, child allowances, housing benefit etc. all their lives and never pay at all. Those who have paid in for 35 years (or whatever the current qualifying period is) deserve to get a bit back. That was the deal. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 3, 2018 Report Share Posted October 3, 2018 Don’t forget you pay tax on state pension.if you have a works pension you get the full state pension but pay extra tax on your work pension Quote Link to comment Share on other sites More sharing options...
blackbird Posted October 3, 2018 Report Share Posted October 3, 2018 (edited) 56 minutes ago, JohnfromUK said: The problem is also that there are some who live on a 'pension' in the form of benefits, child allowances, housing benefit etc. all their lives and never pay at all. Those who have paid in for 35 years (or whatever the current qualifying period is) deserve to get a bit back. That was the deal. “There are some” lol that’s a bit of an understatement. Edited October 3, 2018 by blackbird Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted October 3, 2018 Report Share Posted October 3, 2018 11 minutes ago, blackbird said: “There are some” lol that’s a bit of an understatement. Actually 'real' pensions have the biggest share at 42% (2013 figures); Pensions - £111bn (42%) Family benefits, income support & tax credits - £46bn (18%) Incapacity, disability and injury benefits - £44bn (16%) Personal social services and other benefits - £35bn (13%) Housing benefits - £25bn (10%) Unemployment - £2bn (1%) Quote Link to comment Share on other sites More sharing options...
blackbird Posted October 3, 2018 Report Share Posted October 3, 2018 12 minutes ago, JohnfromUK said: Actually 'real' pensions have the biggest share at 42% (2013 figures); Pensions - £111bn (42%) Family benefits, income support & tax credits - £46bn (18%) Incapacity, disability and injury benefits - £44bn (16%) Personal social services and other benefits - £35bn (13%) Housing benefits - £25bn (10%) Unemployment - £2bn (1%) Actually you will find that many many of the idle pensioners that have never worked or contributed are on far more than a state pension, unlike the hard working people of this country that have to live on just a state pension. Quote Link to comment Share on other sites More sharing options...
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