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Monday, 12 June 2017

Have you checked your state pension forecast?

Thank you for all your comments regarding the House Renovations. As I mentioned in the replies, we started doing renovations out of necessity and have learnt so much.  And I probably would do it again if the right property presented itself!

Now the dreaded subject of pensions, some of you may be years away from it  and  I know I've spoken about this before but its doesn't hurt to reiterate some things that are important. For those of us who saw the goal post moved from 60 to 66-67 years of age this is really important.  Furthermore I found out if you where born after April 1956 your pension will be paid as an individual and not as a married couple (if you are married). However hubby is before April 1956 and I am after so our forecasts are looking a little strange.  Apparently they will pay whatever is the better figure. Happy days!

The government have a website were you can register and look at all your National Insurance (NI) contributions paid throughout your life and see what your pension forecast stands at. Although not a definite, it is a great indicator.  Plus you know if you've ever worked for anyone who hasn't paid the correct contributions or indeed not paid them at all. This happened to a friend of mine, her employer was pocketing her NI contributions. She eventually had all those contributions honoured by the state. The site is very secure but its well worth the long winded registration.

 
Sorry its a little blurred but it says based on my NI record to date 5 April 2017 I will get on the **/10/2022 £134.79 out of the possible £157.58. I currently have 44 full year contributions and I will not be paying anymore in as its not worth it to  me. I am short by £23 a week (£100 a month) because I didn't know that my employer the HOME OFFICE were paying a reduced contribution but I do have my Civil Service Pension. I just wished I'd known as I would have paid the difference.  Have you checked yours? Is it correct? Are you out of pocket?

I hope you all had a good weekend, the weather was lovely here on the Essex coast and I managed to get lots of odd jobs in the garden sorted. We also helped our daughter and son in law with their decking.  More about that soon. Back soon. Bye for now. Tx

16 comments:

  1. I checked mine a couple of weeks ago, before I handed in my notice, but it does says figures are at current rules and the rules can change. I really hope they don't change again, one big change is enough.

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    1. I know, I'm angry about it but not as angry as my friend who missed the cut off by 4 weeks. I thought there was a sliding time line but apparently not!

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  2. I had a pension forecast.... it said I shall get Not A Lot! I guess I'll just have to downsize again!

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    1. At least you have that option, lots of women our age stayed at home with their children. The govt said they gave us notice I can't recall a letter detailing what the changes would mean.

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  3. Having seen my whole pension situation change drastically, I'm always suspicious that they might do it again! Interesting to know that there's a website tho. Jx

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    1. The website is good especially if you've had lots of different employers. It goes right back to your first payments. It's complex to set up but worth it.

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  4. Just in case this info is of use to anyone...... If you were part of an employers' pension scheme which was "opted out" (this includes any public sector employer) your state pension will be reduced. However, if you work from 2016 onwards and pay NI, you can rectify this situation and increase your eventual state pension by around £4.50 per week for each extra year worked, as contracting out is no longer allowed.

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    1. Thanks for that. I looked into it but it wasn't worth the additional payment.

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  5. I went on a website a few years ago but I think they will have changed now so I really must reregister and have another look - thanks for the reminder.

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    1. It's worth keeping an eye on just incase they gave incorrect info.

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  6. I was born in 1948. My years at home child-caring with child benefit payments for all three children counted fully towards my years in work. I don't know if this is still the case?

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    1. I don't know because I have always worked whether it be full or part time. That's why it's important to check before you get your pension to make sure it's correct.

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    2. Yes, home responsibilities protection credits still count. You just have to have been in receipt of child benefit. Eloise

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    3. Thanks for that. I suppose that means once you are no longer entitled to child allowance and still choose not to work you won't get those years credited.

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  7. I am at the moment trying to claim back my home responsibility protection. I stayed at home with the children for thirteen years and collected Family allowance. But I have no N.I credits against this time as they went on my then husband salary. The online form is a nightmare. Very ambiguous, I have spoken to so many people to get advice at the HMRC and every single one has given different information. I am now waiting for a paper copy then it will take up to 15 weeks to sort out.

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    1. Nothing with the Govt and HMRC is simple. I had to ring the tax office yesterday because they said I owed them money when they've just given me a refund! Why? Computer says no now, haha. I don't owe them any money they owe me a further £1.49. I won't get rich on that. I certainly hope you can prove your case and those years are honoured. Good luck let me know how it goes.

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