State Pension Deadline Approaching

[vmaxv4]

& Here

[Jack1960]

I hope people watch it, i know so many people caught out, It takes about 10 mins to register on government gateway but so much info on there re national imsursnve and tax etc

[RobertT]

It's worth noting the need to have 35 qualifying years to get a full state pension is a bit of a fallacy, as many older posties will know.

The 35 years rule only applies to those people who started work/paying NIC's after April 2016. Anyone with a National Insurance record before then, will potentially have been contracted out of SERPS and therefore may actually need more than 35 qualifying years to get the full state pension.

On the plus side, there was no ability to contract in to SERPS and be a member of the RM DB pension schemes, and most people will gain far more from them than they would have done had they been contracted in.

*Contracting out ended in 2016.

[renrag40]

I went on the government gateway last week put all the details in and it calculated that I would receive the full state pension. I was contracted out from 1985 until 2016. My National Insurance history went back to 1980 when I started doing my A levels..... ahhh the glory years! Thrown away by joining Royal Mail

[RobertT]

I went on the government gateway last week put all the details in and it calculated that I would receive the full state pension. I was contracted out from 1985 until 2016. My National Insurance history went back to 1980 when I started doing my A levels..... ahhh the glory years! Thrown away by joining Royal Mail

Had the state pension system not changed in 2016, you'd have probably only got an amount around the basic state pension figure, which is currently £156.

The last 7 years(2016-23) and beyond, have actually enabled many people to build up more than they would have got under the old system. It sounds like you have benefited from that, as I have too.

So we'll have the benefit of a contracted out company scheme and years of reduced NIC's, plus a full rate state pension!

For reference, the COPE figure on a state pension forecast is an estimate of what you would have earned via SERPS, and is included in your RM pension and any other contracted out pension you may have.

In practice, everyone's state pension entitlement will be different based on their own work history. So it's always a good idea to check what you're going to get.

Back in the day, 16 year old's received 'starting credits' for National Insurance. One was awarded for each of the tax years you hit 16, 17 and 18, regardless of whether you were in full time education or employed.

But those who then went onto university didn't earn any credits, unless they also had a job.

That system ran from 1975 to 2010.

[NWpostie]

So essentially future section C pensioners is much better off compared to most schemes and future state pension only pensioners

[vmaxv4]

My Gov. statement has my Nic’s record with no missing years from 1976. However I still have 1 more year to qualify for the full State Pension £203.85..

[Jack1960]

I went on the government gateway last week put all the details in and it calculated that I would receive the full state pension. I was contracted out from 1985 until 2016. My National Insurance history went back to 1980 when I started doing my A levels..... ahhh the glory years! Thrown away by joining Royal Mail

My first jobs were tax and national insurance free , travelling fairs!! Luckily RM came to my rescue and led me on the right path, but blimey i learned a thing or two as innocent catholic teenager.

[RobertT]

So essentially future section C pensioners is much better off compared to most schemes and future state pension only pensioners

Not necessarily!
But generally speaking if you have a contracted out DB pension, you'll probably be in a better position than someone who was contracted into SERPS. But it'll all come down to circumstances and the pension provision you had before, or after RM.

A mate of mine worked for RM for about 25 years, but he never paid into the company pension schemes.
He gets about £25 per week more in state pension due being in SERPS. But he's probably missing out on at least £100 per week by not joining the RMPP(section C in his case).

[RobertT]

The deadline for making voluntary NIC's to top up state pension, has now been extended to 5th April 2025:

https://www.actuarialpost.co.uk/article ... -22130.htm

[vmaxv4]

The deadline for making voluntary NIC's to top up state pension, has now been extended to 5th April 2025:

https://www.actuarialpost.co.uk/article ... -22130.htm

Even better news

[Wullie10]

Depending on your age they'll be a number of new governments over the next few years who'll be desperate to get their hands on your pensions , nothing is set in stone.

[NWpostie]

I've just checked my pension forecast on Government Gateway, I've had enough national insurance years to qualify for the full state pension of £203 a week.

So that's one thing out of the way, however the next five years of NI contributions won't make any further difference to my pension.

[RobertT]

Depending on your age they'll be a number of new governments over the next few years who'll be desperate to get their hands on your pensions , nothing is set in stone.

I'm not sure they'll be desperate to get hold of our pensions, but there's always been changes every few years in the past and that will probably continue to be the case.

[RobertT]

I've just checked my pension forecast on Government Gateway, I've had enough national insurance years to qualify for the full state pension of £203 a week.

So that's one thing out of the way, however the next five years of NI contributions won't make any further difference to my pension.

Yes, once you've hit the full rate, it doesn't matter how long you work or how much NIC's you pay, you won't be able to earn more state pension.

Although when the new state pension was brought in, everyone would have been given a starting amount based on their entitlement at the time. They compared what you would have got under the old system to the new system, and if your old amount was higher than the new, you were allowed to keep the extra.

So there are people who've been contracted into SERPS previously who are actually entitled to more than the full rate. That applies to my mate as I previously mentioned.

You can also get more by deferring.