I worked for 50 years and when I applied for my state pension I was told that the extra 15 years that I had paid in was for the people who never worked.
49 years of full N.I. subscriptions but, only 35 years are required to qualify for a full state pension yet, you can't stop paying it. So, not only have I overpaid, my State Pension is now under threat from labour who want to means test it to see if I can still have it all.
Thank you you've paid mine then . I've never worked and going to pick up a shovel when king Charles does . Only fools and horses work. Up with the workers.😂
Since my work pension is £707/month, Vegas is out for me ! The present state pension is 884/4 weeks. This about £3 above pension credit eligibility, so those without a work pension are actually worse off by losing the WFA, than those with slightly less NI contributions ( i.e. those getting about £3 less than full pension. . To get MY full state pension amount I needed 50 yrs NI ( age 16 to age 66) contributions, not the standard 35 yrs., because ( for the privilage of paying in to a work pension) each NI contribution yr. counted for less than a full year of state pension !
I was/am a one man band Ltd Co. and also a sole trader, all the money I made/make was made by me only. I paid employers NI, employee NI and self employed NI for 52 years. I was also in the higher tax band for a significant number of years, I get the maximum state pension at the moment but I guess they will come after me because I have private pensions and I'm still working as semi retired. With all the other changes coming down the road I'm looking into becoming a digital nomad and going to Portugal to live.
Glad I paid as little as possible and am certainly not going to back fill, because when they up the pension age again and when they means test it I’m getting next to nothing anyway. Boomers were always on a sticky wicket.
Afternoon Proper Money guy, I went on the .gov and i hit the forcast for 11.5k a year, but hell, only £220 a week? i need double now... what can i do? Im 54 atm. I have about another 25 years of work left in me. what should i do? would you suggest i start a private pension? (btw im getting my kids sorted on this, this week. i wish i had a kick up the backside when i was in my 20's) anyone can help me with suggestions if you want.
Having just run my kids approximate details through the state pension age checker, I'm getting 68 for all of them. My youngest is 12 y.o... (I'd be happy for them to have a chance at getting some kind of state pension) but what gives - why the discrepancy with the Interactive Investor table...?
As of now the state pension age is set to rise to 68 by 2046, so judging by your youngest being 12 that would be correct (although I imagine it will be even higher by the time they reach this age). Probably not worth looking into too much with such a long time horizon, all kinds of changes to the system will likely take effect between now and when your children are around that age. Which interactive investor table are you referring to?
You should not be advising people to pay missing NI contributions You can miss 15 years and still qualify, my wife missed 3 years bringing up our children (too proud to sign on) got a letter from HMRC about 25 years ago asking for about £1500 for missed NI contributions , We did not pay this and yet my wife is still entitled to full state pension , had another letter from HMRC saying she did not need to pay this , so if we had paid it it would have been money wasted You also missed the big point and that is state pension will eventually be means tested, so if you have saved in a small private pension you will be penalised 😢
I made sure to specifically say 'For those of you who are not set to hit the full 35 years'. 15 years is obviously what your wife missed and still reached the maximum, but 'You can miss 15 years and still qualify' is incorrect - it is about reaching the 35 years, regardless of how many years you miss. Regarding means testing, there is nothing concrete to suggest this as of now, this is being pushed by sensationalist media and UA-cam channels as it's contentious and attracts views. That's not to say it won't happen, but the most highly regarded/relied upon UK economic think tanks such as the IFS are very explicitly AGAINST means testing as part of pension reforms.
I’ve been receiving my FULL state pension from my 66th Birthday at the end of October last year and had 45 qualifying NI years. What happens to the additional 10 years (over and above the 35 years required for a full state pension) I’ve paid into? Where does this go?
Those additional 10 years will provide no direct benefit to you in terms of state pension entitlement. It will have just been absorbed into the pool of money allocated for state benefits (state pension, state benefits, maternity pay, stat sick pay etc..)
Your NI was just another tax, paid for then current pensioners. It wasn't hypothecated and saved in some giant pot. The link between it and the benefit we call State Pension is entirely notional.
@@JasonK-gt8tm Er wrong the DWP have confirmed that I will get other allowances or benefits equal to the State pension plus top ups.Get your facts correct I'm an expert at claiming money from you!!
Any way the Government can "Stop" Hard working People who started working when we left School and then Monday morning, Now.! Anyway the Government can "Stop" us Hard work people won't get our Pension
From 2016 you only need 35 yrs of full NI to receive the UKs full state pension at the moment... At least you will get the triple lock rise of about 8% each year so don't moan.. All UK state pensions should start from 60 for both sexes instead of 66..Also remember 20% of men die before they reach the current state pension age.. Tony cuenca
It's on the beach when they arrive with there Hotel room and car keys and there appointment to collect there dole money there f....k luvin it 😠😠😠😠😠😠😠👍🏴🦊
Pensioners already pay TAXES---VAT ------IMPORTED GOODS. IN AUSTRALIA pensioners pay 4 different tariffs for imported goods plus GST where purchase is required. So why you want to elderly pensioners to become driven out of home5 into the streets. This is a sign OF COMMUUNISMS.
I worked for 50 years and when I applied for my state pension I was told that the extra 15 years that I had paid in was for the people who never worked.
49 years of full N.I. subscriptions but, only 35 years are required to qualify for a full state pension yet, you can't stop paying it. So, not only have I overpaid, my State Pension is now under threat from labour who want to means test it to see if I can still have it all.
Thank you you've paid mine then . I've never worked and going to pick up a shovel when king Charles does . Only fools and horses work. Up with the workers.😂
Not really. Who told you that? All our NI and tax contributions go into the general pot.
Buggers, if state pension is going to be means tested I am going to vegas and blowing my private pension
Fully support this approach
Everyone says that. But they don't really mean it. Living on state handouts is no fun especially when you are elderly.
Since my work pension is £707/month, Vegas is out for me ! The present state pension is 884/4 weeks. This about £3 above pension credit eligibility, so those without a work pension are actually worse off by losing the WFA, than those with slightly less NI contributions ( i.e. those getting about £3 less than full pension. . To get MY full state pension amount I needed 50 yrs NI ( age 16 to age 66) contributions, not the standard 35 yrs., because ( for the privilage of paying in to a work pension) each NI contribution yr. counted for less than a full year of state pension !
I was/am a one man band Ltd Co. and also a sole trader, all the money I made/make was made by me only. I paid employers NI, employee NI and self employed NI for 52 years. I was also in the higher tax band for a significant number of years, I get the maximum state pension at the moment but I guess they will come after me because I have private pensions and I'm still working as semi retired. With all the other changes coming down the road I'm looking into becoming a digital nomad and going to Portugal to live.
So helpful, thank you
Glad you found it helpful, thanks so much for watching! ❤️
Your table missed age 64-65 with stage pension age of 66! That's me. Retire 2024-3/2026.
Pension credit with other benefits with no other income, do not pay those missed years.
Ive worked 40+ years am 8 years off retirement if the government turned round to me and said i no longer have a pension i will be extremely miffed
Great video! btw how can i reach you?
Thank you! Email address in on my channel bio
Glad I paid as little as possible and am certainly not going to back fill, because when they up the pension age again and when they means test it I’m getting next to nothing anyway. Boomers were always on a sticky wicket.
Afternoon Proper Money guy, I went on the .gov and i hit the forcast for 11.5k a year, but hell, only £220 a week? i need double now... what can i do? Im 54 atm.
I have about another 25 years of work left in me. what should i do? would you suggest i start a private pension? (btw im getting my kids sorted on this, this week. i wish i had a kick up the backside when i was in my 20's) anyone can help me with suggestions if you want.
Spend spend spend if you haven’t got it they can’t get it can’t get blood out of stone as old saying says
Having just run my kids approximate details through the state pension age checker, I'm getting 68 for all of them. My youngest is 12 y.o... (I'd be happy for them to have a chance at getting some kind of state pension) but what gives - why the discrepancy with the Interactive Investor table...?
As of now the state pension age is set to rise to 68 by 2046, so judging by your youngest being 12 that would be correct (although I imagine it will be even higher by the time they reach this age). Probably not worth looking into too much with such a long time horizon, all kinds of changes to the system will likely take effect between now and when your children are around that age. Which interactive investor table are you referring to?
Full pension means no pension credit and winter fuel payment lost. Cheers Labour.
You should not be advising people to pay missing NI contributions You can miss 15 years and still qualify, my wife missed 3 years bringing up our children (too proud to sign on) got a letter from HMRC about 25 years ago asking for about £1500 for missed NI contributions , We did not pay this and yet my wife is still entitled to full state pension , had another letter from HMRC saying she did not need to pay this , so if we had paid it it would have been money wasted
You also missed the big point and that is state pension will eventually be means tested, so if you have saved in a small private pension you will be penalised 😢
I made sure to specifically say 'For those of you who are not set to hit the full 35 years'. 15 years is obviously what your wife missed and still reached the maximum, but 'You can miss 15 years and still qualify' is incorrect - it is about reaching the 35 years, regardless of how many years you miss. Regarding means testing, there is nothing concrete to suggest this as of now, this is being pushed by sensationalist media and UA-cam channels as it's contentious and attracts views. That's not to say it won't happen, but the most highly regarded/relied upon UK economic think tanks such as the IFS are very explicitly AGAINST means testing as part of pension reforms.
I’ve been receiving my FULL state pension from my 66th Birthday at the end of October last year and had 45 qualifying NI years. What happens to the additional 10 years (over and above the 35 years required for a full state pension) I’ve paid into? Where does this go?
Those additional 10 years will provide no direct benefit to you in terms of state pension entitlement. It will have just been absorbed into the pool of money allocated for state benefits (state pension, state benefits, maternity pay, stat sick pay etc..)
You've helped people like me who haven't bothered to get a job over the last 40years I'll get the same as you for nothing so thanks.
Your NI was just another tax, paid for then current pensioners. It wasn't hypothecated and saved in some giant pot. The link between it and the benefit we call State Pension is entirely notional.
@@bertiewooster3326 No, you won't get a penny of a State Pension. Get your facts right.
@@JasonK-gt8tm Er wrong the DWP have confirmed that I will get other allowances or benefits equal to the State pension plus top ups.Get your facts correct I'm an expert at claiming money from you!!
Any way the Government can "Stop" Hard working People who started working when we left School and then Monday morning, Now.! Anyway the Government can "Stop" us Hard work people won't get our Pension
What if you were contracted out
From 2016 you only need 35 yrs of full NI to receive the UKs full state pension at the moment... At least you will get the triple lock rise of about 8% each year so don't moan.. All UK state pensions should start from 60 for both sexes instead of 66..Also remember 20% of men die before they reach the current state pension age.. Tony cuenca
You get a letter from the DWP stating what pension you will get.. After you either called them or filled out the form... Tony cuenca
Triple lock is nowhere near 8%, it's just that the last couple of years of high inflation have skewed the figures. More like 3%.
What if I am an expat?
One question, how long do the boys arriving in the dinghy's have to claim benefits for, to claim the full state pension?
It's on the beach when they arrive with there Hotel room and car keys and there appointment to collect there dole money there f....k luvin it 😠😠😠😠😠😠😠👍🏴🦊
Shameful racist comment
Pensioners already pay TAXES---VAT ------IMPORTED GOODS. IN AUSTRALIA pensioners pay 4 different tariffs for imported goods plus GST where purchase is required.
So why you want to elderly pensioners to become driven out of home5 into the streets. This is a sign OF COMMUUNISMS.
Definitely not what I want!
Suggest you read up on what communism is