Pensions

[stevewool]

Well I have been paying into my State Pension since starting work at 17, so there are lots of years that has been put away.

Will I make it to retirement age? Who knows? I hope I do and many many more years past the date too.

I have been doing a lot of adding and taking away to see if its possible to go in the next year or so, and yes I know I cannot get my State pension till I reach 66. 10 more years to go before that date.

I have been doing an online forecast for my State Pension with the government site, and they have forecast I am into this new pension, and they can only forecast what I may receive. The grand total is £113 and pence, this is the lower amount they say.

I have paid National Insurance since day 1 of work and I thought there may have been a little more in the kitty to support me in my old age, and Emma and the rest of the family in the Phils too

[Terpe]

At my age I'll miss out on that new state pension. Boo Hoo

I haven't reviewed the nitty-gritty but I understand the new pension is to be a Flat-Rate pension of £145 (today's level) based on 35 full years of NI contributions.

The 'old' state pension that I'm on is based on 30 years.

My wife will be eligible for the new flat-rate pension. One of the reasons we delayed relocating to the Philippines was to be sure she completed the minimum 10 years contributions of NI

Under the current scheme pension was paid even for a few years contributions.
Say 5 years contribution would earn 5/30 th's of the full pension

Under the new scheme anything below 10 years contributions doesn't count and is 'lost'.

(Well, unless the proposed 7 year period gets voted in quickly)

[Terpe]

Anyone who thinks that the State Pension alone will provide security for retirement is sadly mistaken. IMO

[stevewool]

Anyone who thinks that the state pension alone will provide security for retirement is sadly mistaken. IMO

Indeed, its a top up for what we may have coming into our lives, but as i like to say, if its not in my hands its not counted yet

[stevewool]

My wife will be eligible for the new flat-rate pension. One of the reasons we delayed relocating to the Philippines was to be sure she completed the minimum 10 years contributions of NI

Under the current scheme pension was paid even for a few years contributions.
Say 5 years contribution would earn 5/30 th's of the full pension

Under the new scheme anything below 10 years contributions doesn't count and is 'lost'.

(Well, unless the proposed 7 year period gets voted in quickly)

So what Ems pays in contributions she will never ever see it then if we are planing on going in the next 5 years or sooner, that would have given her just over the 7 years

[Dedworth]

Well I have been paying into my State Pension since starting work at 17, so there are lots of years that has been put away.

Will I make it to retirement age? Who knows? I hope I do and many, many more years past that date too.

I have been doing a lot of adding and taking away to see if its possible to go in the next year or so, and yes I know I cannot get my state pension till I reach 66. 10 more years to go before that date.

I have been doing an online forecast for my State Pension with the government site and they have forecast I am into this new pension, and they can only forecast what I may receive. The grand total is £113 and pence, this is the lower amount they say.

I have paid National Insurance since day 1 of work and I thought there may have been a little more in the kitty to support me in my old age, and Emma and the rest of the family in the Phils too

Leave the country, after binning your passport re-enter the UK in the back of a truck carrying a handwritten sign saying you are deaf, dumb, don't know your nationality and are claiming "asylum".

All will be taken care of

[Terpe]

So what Ems pays in contributions she will never ever see it then if we are planing on going in the next 5 years or sooner, that would have given her just over the 7 years

Basically Steve that's correct.....unless the new-scheme would get changed to say 5 years.
The minimum eligibility hasn't yet been fixed as far I understand it so currently remains at 10 years.

Maybe others reading this thread have more up-to-date information of this issue.

I think the new pension comes into force on 6 April 2016.

As I say, currently the criteria states 10 qualifying years as eligibility.

The payment stands at not less than £148.40 per week

[stevewool]

Leave the country, after binning your passport re-enter the UK in the back of a truck carrying a handwritten sign saying you are deaf, dumb, don't know your nationality and are claiming "asylum".

All will be taken care of

you are not wrong there

[Terpe]

Leave the country, after binning your passport re-enter the UK in the back of a truck carrying a handwritten sign saying you are deaf, dumb, don't know your nationality and are claiming "asylum".

All will be taken care of

Not the sort of life I'd be happy with at my age

[stevewool]

Thanks Peter, save hard spend less and make the move sooner than later. Sun and warmth compared to can we afford to put another lump of coal on the fire Ems

[jonnijon]

We live a very comfortable life here on a State Pension. Depends how you want to live.

[Terpe]

We live a very comfortable life here on a State Pension. Depends how you want to live.

Glad to hear that
Hope to be saying the same before too long.
Maybe we'll get to meet up very soon

[fred]

Under the current scheme pension was paid even for a few years contributions.
Say 5 years contribution would earn 5/30 th's of the full pension

That's me screwed then!!

[Michael Parnham]

I get £649 per month on my State Pension, including Serps.

That per calendar month amounts to £703.83, more than enough to live reasonably comfortably in Philippines!

[stevewool]

Yes Michael, I am sure that is plenty to live on. When the time comes for me to collect the State Pension, I will be lucky to receive anywhere near that amount

[Michael Parnham]

Yes Michael I am sure that is plenty to live on. When the time comes for me to collect the State Pension, I will be lucky to receive anywhere near that amount

If you've worked 37 years Steve, you will get the full pension and if you qualify for £148.40 per week, that is £643.66 per calendar month!

[Michael Parnham]

Don't forget you will get your annual increase even though you're living in the Philippines!

[SimonH]

Steve,

Have a look at this

http://www.justretirement.com/About-...w-and-in-2015/

There's some very interesting changes that could be very beneficial to you coming in next year