- Joined
- Dec 30, 2005
Well It’s Official
- Thread starter hibbybilly
- Start date
- Joined
- Jun 30, 2002
already? is it no 67 for u+me pal? 
- Joined
- Oct 5, 2021
Did they write to you first? My turn next month but the post is so slow here or often just disappears.
- Joined
- Dec 30, 2005
Naw D, pension start going up if you were born 1960already? is it no 67 for u+me pal?
- Joined
- Dec 30, 2005
Aye, letter this morning. I dinnae turn 66 till July.
- Joined
- Oct 5, 2021
Born between October 1954 and April 1960 you get your pension at 66already? is it no 67 for u+me pal?
Findlayhibby
Private Member
- Joined
- Mar 20, 2007
Auld *&*^.
- Joined
- Oct 5, 2021
I'm August so next month for my letter
joethehibby
Private Member
- Joined
- Jul 13, 2010
Good time to get it , mine going up by 10-11%
- Joined
- Dec 30, 2005
I've a mate, a year older than me, who's lived in Tenerife for 22 years. Somebody mentioned their pension tae him and he applied for his. He got it backdated tae last July. Telt me it pays his golf course membership fees.
- Joined
- Oct 5, 2021
Unfortunately for me once I get it that's it. Thailand is one of 75 (I think) countries where ex pats have what's called a frozen pension. If I live to 100 it'll still be what I'm given in August. Is it about £204 per week? Did they tell you officially? The forecast isn't always right.
- Joined
- Dec 30, 2005
Mate gets his as long as he lives. Nae amount yet, I think they calculate on what NI contributions you have made. I missed a few in the 80's working on the grip so I don't think I'll get the full amount.
- Joined
- Jan 9, 2006
I've no idea what'll happen with my pension, having (to date) worked 19 years in the UK & 19 years in France. If I eventually retire at say 62, the UK probably won't pay their part until I'm 65/67 or whatever.
One thing for sure is that it'll be a pain in the arse to sort out.
- Joined
- Oct 5, 2021
I'll get mine as long as I live but will never get the yearly increases because I happen to live in the wrong country!! Bastards!
You need 35 qualifying years where you paid NI to get the full whack. 10 years minimum to get something and anywhere in between gets you some more. I've got 48 years of paying tax and NI in Britain but they'll still treat me like a piece of shit.
- Joined
- Jun 30, 2002
Buggér, over here been 67 for a few years already for my age group.
Dutch pension pretty good but I miss portions because running my own wee bizz the last decade or more but some contribs from my parttime postie work too.
Also got a prepension running already up to pension age and will get a couple of private pensions fom a few years ago working for a decent conpany that then nearly wwnt bust and reorganiaed me onro the street. But did get a generous severance which I will get paid out alingside the other stuff.
it is a pain even tho they consolidate as much as poss.
Dunno what rules are if I wanted to go back to Scotland now post-Brexit?
And while we're at it, anyone know hiw you can find your old NI number? Be a shame to miss out on even a pittance...!
Dutch pension pretty good but I miss portions because running my own wee bizz the last decade or more but some contribs from my parttime postie work too.
Also got a prepension running already up to pension age and will get a couple of private pensions fom a few years ago working for a decent conpany that then nearly wwnt bust and reorganiaed me onro the street. But did get a generous severance which I will get paid out alingside the other stuff.
it is a pain even tho they consolidate as much as poss.
Dunno what rules are if I wanted to go back to Scotland now post-Brexit?
And while we're at it, anyone know hiw you can find your old NI number? Be a shame to miss out on even a pittance...!
- Joined
- Oct 5, 2021
Attachments
- Joined
- Jun 30, 2002
Thx!
But what is a personal tax account? Do I need my NI no. to get one?
But what is a personal tax account? Do I need my NI no. to get one?
- Joined
- Oct 5, 2021
Haha I never said it was easyThx!
But what is a personal tax account? Do I need my NI no. to get one?
No just register and it'll magically appear..... Maybe.
Rocky
Private Member
- Joined
- May 6, 2007
Couple of things on that, first there was some kind of change a few years back which compared contribution history with something else and worked out which made you better off. Think if you didn't have full contributions at that point you could effectively still get a full pension by working 5 more years. Appreciate that's a bit sketchy lol but worth looking into if they're not showing you entitled to full pension. Second thing, if you don't have full contributions I think you can "buy" years. Not sure what the rules are around that but I think it's something like £700 to buy a year which at current rates pays for itself in a year and a bit so its pretty much the best value investment you van make if you have the cash.
- Joined
- Jun 28, 2002
Mine is a good bit less........ depite working and paying NI for 48 years.
Possibly the 'contracted out' for a works pension affected it. Who knows.
I haven't been notified of an increase though.
- Joined
- Sep 22, 2002
I was notified about 3 weeks ago. Maybe contact them Doc.
- Joined
- Dec 30, 2005
I don't think there's much difference in amounts yi get. No sure if I payed extra it would be worth while, I'm certainly no working another 5 years, might peg oot in that time
- Joined
- Jun 28, 2002
Check out Martin Lewis web site, gives details on how much you might benefit if you 'buy' additional years.I don't think there's much difference in amounts yi get. No sure if I payed extra it would be worth while, I'm certainly no working another 5 years, might peg oot in that time
- Joined
- Jun 30, 2002
If you can give me the url of the link in your screenshot image, I might have a go.Haha I never said it was easy
No just register and it'll magically appear..... Maybe.
Off sick tiday anyway wi the dreaded lurgy. Points to anyone who knows where that expression comes from SANS GOOGLE
- Joined
- Oct 5, 2021
You download the HMRC app first (white crown on green background)If you can give me the url of the link in your screenshot image, I might have a go.
Off sick tiday anyway wi the dreaded lurgy. Points to anyone who knows where that expression comes from SANS GOOGLE
Was lurgy something to do with the goons?
Now I'm thinking Derek and Clive, I'm sure it was from that era.
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Wishbone
Private Member
- Joined
- May 11, 2008
Every year I get a P60 type statement from the DWP which shows how the pension is made up and there is a list of things that make up the pension amount. My statement tells me that my "contracted out" period in Royal Mail knocked off a portion of the yearly pension total. The amount you lose depends on how long you were "contracted out". Contracting out at the time meant a small decrease in your income tax or NI contributions (can't remember which). Looking back, the small amount you saved at the time had a bigger effect on your eventual pension than was realised by most of us.
I have been receiving my state pension for over 11 years after paying in for around 48 years and I reckon my "contracted out" period (around 14/15 years) has eventually cost me almost £1k p.a.
Not had any letters regarding an increase yet so the champers is still on ice .
- Joined
- Jun 30, 2002
Thx again, will see if I can get some sense out of it. Ltho I'm sure I do have the number in an old ledger in a cupboard that hasnae seen the light of day in many a year.
And aye, the Goons - more specifically Spike M and Harry S in this case - an episode parodying government warnings about stuff that never actually came to pass (don't tell the wappies). Jist b4 my time. Honest!!
- Joined
- Jul 1, 2002
You need a Government Gateway User ID
How do I find my Government Gateway User ID? – TaxScouts
You can then sign in here and get your State Pension Forecast.
HMRC services: sign in or register
Sign in or register for your personal or business tax account, Self Assessment, Corporation Tax, PAYE for employers, VAT and other services
You'll get a graphic that looks something like this:
You can get your State Pension on:
Your forecast is £185.15 a week, £805.07 a month, £9,660.86 a year.
(Think this is around the going rate for a person with full NI contributions)
Most people were contracted out. Everything came back under the Government in 2016. Your personal forecast will explain exactly how it affects you, if it does.
I can recommend the Pensionwise service which as a Government backed scheme. They do not sell anything or give you financial advice, only give you the facts.
Pension Wise: free pension guidance | MoneyHelper
Good luck! I found it a lot easier than I'd expected.
- Joined
- Jul 1, 2002
Some info from the HMRC site about contracting out:
When you were contracted out:
This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government.
In most cases the private pension scheme you were contracted out to:
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Guidance
Contracting out and why we may have included a Contracted Out Pension Equivalent (COPE) amount when you used the online service
Updated 6 April 2017
For people who reach their State Pension age from 6 April 2016 onwards, the new State Pension replaced the basic State Pension and the earnings-related additional State Pension.
If you qualify for the new State Pension, we have used your NI record to 6 April 2016 to work out a Starting Amount for you. This Starting Amount calculation compared the amount of State Pension you would have received under the old State Pension rules with that under the new State Pension rules, based on your NI record as of 6 April 2016. The higher of these amounts is your Starting Amount for the new State Pension system.
Find out more about the new State Pension
Find out more about the additional State Pension
You are likely to have been contracted out of the additional State Pension if:
So, although you may not have realised this, when you were contracted out, depending on the type of pension scheme(s) you belonged to during the period(s) you were contracted out, either:
Many workplace pension schemes where the pension you get is linked to your earnings (for example – defined benefit, final salary or career-average salary schemes) contracted out all their scheme members as part of their scheme rules. If you were a member of a defined contribution workplace scheme (sometimes called a money purchase scheme) or bought a personal or stakeholder pension from a pension provider, you may also have been contracted out of the additional State Pension.
However, you should bear in mind that you may be able to increase your State Pension by adding further NI qualifying years before you reach your State Pension age.
Find out more about how the new State Pension is calculated
The following sections explain your Contracted Out Pension Equivalent amount.
An estimate of your COPE will be shown if you use the online Check your State Pension service or if you request a State Pension Statement through the post. The COPE amount is based on your National Insurance contribution record up to 5 April 2016 used to calculate your Starting Amount for the new State Pension. The COPE estimate shown in your statement is based on April 2016 State Pension rates.
If you were a member of 2 or more contracted out schemes, the COPE amount shown is based on all your schemes and covers all the years you were contracted out.
We will not know the exact amount your scheme will pay you as a result of contracting-out as it will depend on the actual rules of your private scheme, and possibly any investment choices you may make.
The date when you get your workplace or personal pension, and the full amount you receive, will depend on the rules of your scheme(s) and possibly any investment choices you make.
If you are unsure when you will be paid your workplace or personal pension, please contact your scheme to find out. If you are unsure of their contact details, you can use the Pension Tracing Service.
Find pension contact details
In some cases, it is possible that your schemes may not pay you an amount equivalent to the COPE if:
This means that the actual pension amount you get will depend on the performance of your investments (for example, where your pension pot is invested, the fees you are charged and how much these investments increase), and the choices you make when you decide how to take your fund.
For instance, under the pension flexibility reform that was introduced in April 2015, you may take some or all of your pension pot as a cash payment. The amount you take will affect your private pension income amount – and if you decide to take all your pension pot as a cash payment, you may not get any private pension income.
If you use your private pension investment to buy an annuity that provides a regular pension income, the type of annuity you buy will also determine your private pension income.
You were contracted out
In the past you’ve been ‘contracted out’ of the additional State Pension.When you were contracted out:
- you and your employers paid lower rate National Insurance contributions, or
- some of your National Insurance contributions were paid into another pension scheme, such as a personal or stakeholder pension
Contracted Out Pension Equivalent (COPE)
Your COPE estimate is £48 a weekThis will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government.
In most cases the private pension scheme you were contracted out to:
- will include an amount equal to the COPE amount
- may not individually identify the COPE amount
----
Guidance
Contracting out and why we may have included a Contracted Out Pension Equivalent (COPE) amount when you used the online service
Updated 6 April 2017
Introduction
For people who reached their State Pension age before 6 April 2016, the State Pension was made up of 2 parts:- basic State Pension – a flat rate where you got the full amount if you had 30 years of National Insurance (NI) contributions
- additional State Pension (called State Second Pension or S2P, but before 6 April 2002 it was called SERPS) – this paid different amounts depending on earnings as well as what type of NI contributions or credits the person had and what type of contracted-out private pension scheme they paid into
For people who reach their State Pension age from 6 April 2016 onwards, the new State Pension replaced the basic State Pension and the earnings-related additional State Pension.
If you qualify for the new State Pension, we have used your NI record to 6 April 2016 to work out a Starting Amount for you. This Starting Amount calculation compared the amount of State Pension you would have received under the old State Pension rules with that under the new State Pension rules, based on your NI record as of 6 April 2016. The higher of these amounts is your Starting Amount for the new State Pension system.
Find out more about the new State Pension
What is contracting out?
Under the old State Pension rules, up to 5 April 2016, you were able to ‘contract out’ of the additional State Pension. This meant that you and your employer could pay less NI contributions into the state system. You could not contract out of the basic State Pension. You could only opt out (‘contract out’) of the additional State Pension, and you could only pay less NI contributions into the state system if you were part of a private pension – such as a workplace or personal pension scheme – that could build up to replace the State Pension you were opting out of.Find out more about the additional State Pension
You are likely to have been contracted out of the additional State Pension if:
- you are or were in a final salary or career-average pension scheme, or
- before 6 April 2012, you were in some other types of pension scheme at work
So, although you may not have realised this, when you were contracted out, depending on the type of pension scheme(s) you belonged to during the period(s) you were contracted out, either:
- you and your employer paid NI at a lower rate than the full standard rate, or
- some of the NI contributions you paid were used to contribute to your private pension instead of the additional State Pension
Did you contract out?
Most people were contracted out at some time during their working life.Many workplace pension schemes where the pension you get is linked to your earnings (for example – defined benefit, final salary or career-average salary schemes) contracted out all their scheme members as part of their scheme rules. If you were a member of a defined contribution workplace scheme (sometimes called a money purchase scheme) or bought a personal or stakeholder pension from a pension provider, you may also have been contracted out of the additional State Pension.
How does this affect the amount of State Pension you get?
Your Starting Amount for the new State Pension may be lower than that for people with similar circumstances who were not contracted out.However, you should bear in mind that you may be able to increase your State Pension by adding further NI qualifying years before you reach your State Pension age.
Find out more about how the new State Pension is calculated
The following sections explain your Contracted Out Pension Equivalent amount.
The Contracted Out Pension Equivalent (COPE)
The pension you get from your workplace or personal pension scheme for the periods you were contracted out, should include an amount that, in most cases, will be the equivalent of the additional State Pension you would have got if you had not been contracted out. This is your Contracted Out Pension Equivalent (COPE) amount.An estimate of your COPE will be shown if you use the online Check your State Pension service or if you request a State Pension Statement through the post. The COPE amount is based on your National Insurance contribution record up to 5 April 2016 used to calculate your Starting Amount for the new State Pension. The COPE estimate shown in your statement is based on April 2016 State Pension rates.
If you were a member of 2 or more contracted out schemes, the COPE amount shown is based on all your schemes and covers all the years you were contracted out.
We will not know the exact amount your scheme will pay you as a result of contracting-out as it will depend on the actual rules of your private scheme, and possibly any investment choices you may make.
Will my pension scheme(s) pay the COPE amount separately?
In most instances your workplace or personal pension(s) will include an amount that is equivalent to the estimated COPE amount shown in your statement. This is not normally identified specifically but is paid by your pension scheme(s) as part of your total private pension.The date when you get your workplace or personal pension, and the full amount you receive, will depend on the rules of your scheme(s) and possibly any investment choices you make.
If you are unsure when you will be paid your workplace or personal pension, please contact your scheme to find out. If you are unsure of their contact details, you can use the Pension Tracing Service.
Find pension contact details
Will I always get an amount equivalent to the COPE amount from my workplace or personal pension?
That depends on your scheme.(a) If you were part of an earnings-based private pension scheme
Schemes that pay an amount of pension based on your earnings (often called defined benefit, final salary or career-average salary schemes) are required to provide benefits to replace the State Pension you were opted out of, in return for allowing members and employers to pay lower NI. The private pension you built up during the years 1978 to 1997 as a result of being contracted out is called your Guaranteed Minimum Pension (GMP). If you are no longer contributing to this earnings-based private pension scheme, your scheme is required to revalue your GMP each year either by a fixed rate or by the rate of increase in average national earnings. If your scheme uses a fixed rate, your GMP amount should be higher than the additional State Pension you otherwise may have got.In some cases, it is possible that your schemes may not pay you an amount equivalent to the COPE if:
- your scheme got into financial trouble and wound up underfunded
- your rights were transferred to a scheme that was not linked to your earnings and investments in that scheme did not perform well
(b) If you were a member of a defined contribution, personal or stakeholder pension scheme
These types of scheme pay you according to the investment returns on the contributions you (and where appropriate your employer) have paid in.This means that the actual pension amount you get will depend on the performance of your investments (for example, where your pension pot is invested, the fees you are charged and how much these investments increase), and the choices you make when you decide how to take your fund.
For instance, under the pension flexibility reform that was introduced in April 2015, you may take some or all of your pension pot as a cash payment. The amount you take will affect your private pension income amount – and if you decide to take all your pension pot as a cash payment, you may not get any private pension income.
If you use your private pension investment to buy an annuity that provides a regular pension income, the type of annuity you buy will also determine your private pension income.
Alberta Hibee
Just A Radge
- Joined
- Jun 10, 2018
Fick me sounds like it's going to be a bit of a nightmare, I have enough problems getting money from two of my private pensions never mind d getting the government one.
- Joined
- Jul 1, 2002
I thought that but I think the process of claiming State Pension is not that complicated mate.
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- Joined
- Jun 30, 2002
- Joined
- Dec 30, 2005
I changed career a couple of years ago, well I left the building game because various bits of my body are broken, got another part time job that enrolled me in a pension. Its sweeties but its mine, I've never had a pension in ma puff.
What happens when I reach 66? Do I get what I paid in? If aye, does it pay oot automatically or do I have tae ask for it? I might carry on doing a shift mibbes once a week, will this stop any payout or do I stop paying?
What happens when I reach 66? Do I get what I paid in? If aye, does it pay oot automatically or do I have tae ask for it? I might carry on doing a shift mibbes once a week, will this stop any payout or do I stop paying?
joethehibby
Private Member
- Joined
- Jul 13, 2010
Your company will pay into your pension as well, sometimes matching your payment . As you near retirement age the pension company will inform you of your options . Take it all or a lump sum and the rest as a pension . Will be up to you to decide what’s best
- Joined
- Oct 5, 2021
You can leave it, take it as a monthly pension but sounds like that won't be much, take a 25% tax free lump sum or cash in the whole pot. I did the latter because I didn't start a workplace pension until too late to build up a decent sum. You must talk to your provider.
- Joined
- Dec 30, 2005
Your company will pay into your pension as well, sometimes matching your payment . As you near retirement age the pension company will inform you of your options . Take it all or a lump sum and the rest as a pension . Will be up to you to decide what’s best
Cheers, probs will take it all, it might pay for my season ticket.
Green juventine
Private Member
- Joined
- Feb 23, 2017
Working on the grip, no heard that for ages.
Spanish-hibs
Well-Known Radge
- Joined
- Jun 29, 2021
I paid a self employed stamp for 40 years. Now 64 will I get full or reduced at 66 ?
joethehibby
Private Member
- Joined
- Jul 13, 2010
My wife only paid a WEE insurance stamp all her working life, she was advised to do so
she now gets a reduced pension on MY contributions 