UK state pension

[Surelynot]

8 minutes ago, tinca tinca said:

dont think it can be 1500 per month.....seem high figure !!!

Max, with full NIC's is only £175.20 a week???

[Pilotman]

3 minutes ago, Surelynot said:

Max, with full NIC's is only £175.20 a week???

You can get a higher monthly payment if you defer starting your pension for one year or more. 

[dabhand]

1 minute ago, Surelynot said:

Max, with full NIC's is only £175.20 a week???

 

Can be higher, as noted in this link.

https://www.gov.uk/new-state-pension/what-youll-get#:~:text=The full new State Pension,amount of Additional State Pension

 

I personally know of someone who held off receiving a state pension for over 10 years, at a time when the yearly uplift was over 10%pa. So that situation, whilst very unusual, is not impossible. Plus the noted additional element. That was under the old scheme, not sure if the new scheme is similar, although the uplifts for late payment is now reduced to only just over 5%.

[Surelynot]

2 minutes ago, Pilotman said:

You can get a higher monthly payment if you defer starting your pension for one year or more. 

Arrrr.....yes... forgotten about that....but I can't imagine the UK government being so generous under any circumstances paying out £1500 a month.......may be if you defer until you have died?

[Surelynot]

5 minutes ago, Pilotman said:

You can get a higher monthly payment if you defer starting your pension for one year or more. 

5.8% increase per year....not sure if that is compounded or takes into account annual uplifts though....too lazy to work it out.

[treetops]

1 hour ago, Surelynot said:

Max, with full NIC's is only £175.20 a week???

 

That's the figure under the new (2016) rules, I think.  Under the old rules and with maximum SERPS and State Second Pension it can be around £300 per week.  Still not £1,500 per month but shows it's possible to get close with a couple of years deferral added on.

 

I don't think there will be many, if any, on that though.

[Surelynot]

3 minutes ago, treetops said:

 

That's the figure under the new (2016) rules, I think.  Under the old rules and with maximum SERPS and State Second Pension it can be around £300 per week.  Still not £1,500 per month but shows it's possible to get close with a couple of years deferral added on.

 

I don't think there will be many, if any, on that though.

Wow.........£300!

 

Fortunately the Tory government forcibly opted me out of the SERPS on the grounds I would be better off....so kind of them.

[treetops]

11 minutes ago, Surelynot said:

Fortunately the Tory government forcibly opted me out of the SERPS on the grounds I would be better off....so kind of them.

 

It would have been you as an individual, or your company when setting up their scheme, that decided to be contracted out.  Private or workplace pension gains from contracting out should more than balance any money lost from the State scheme.  YMMV.

[Surelynot]

2 minutes ago, treetops said:

 

It would have been you as an individual, or your company when setting up their scheme, that decided to be contracted out.  Private or workplace pension gains from contracting out should more than balance any money lost from the State scheme.  YMMV.

Servant of the Crown......so it was the Government.........can't thank them enough.

[foreverlomsak]

2 hours ago, tinca tinca said:

dont think it can be 1500 per month.....seem high figure !!!

agree with you, that is about 4 times what I am projected to get with 32 years service out of 35 and as you said in your other post it is not paid monthly, but every 4 weeks which lands you with at least 1 month with a double payment.

[treetops]

29 minutes ago, foreverlomsak said:

agree with you, that is about 4 times what I am projected to get with 32 years service out of 35 and as you said in your other post it is not paid monthly, but every 4 weeks which lands you with at least 1 month with a double payment.

 

Under the new rules you should get almost £700 per calendar month if you calculate it out.

[Andrew Dwyer]

15 minutes ago, treetops said:

 

Under the new rules you should get almost £700 per calendar month if you calculate it out.

£759 by my calculations.

[treetops]

6 minutes ago, Andrew Dwyer said:

£759 by my calculations.

 

That's the full amount I believe.

 

I was replying to foreverlomsak who only has 32 years NI and reckons he'll get ~ £400.  I used (£175.20 / 35) * 32 to get a weekly amount, then multiplied by 52 for annual and divided by 12 for monthly.

[foreverlomsak]

6 hours ago, treetops said:

 

That's the full amount I believe.

 

I was replying to foreverlomsak who only has 32 years NI and reckons he'll get ~ £400.  I used (£175.20 / 35) * 32 to get a weekly amount, then multiplied by 52 for annual and divided by 12 for monthly.

Perfectly correct.

Except that as I also have a Private Pension, the entitlement is further reduced.

The Government encouraged us to join works pensions schemes, now I'm being crucified for doing so, hence my statement of "about 4 times".

[treetops]

1 hour ago, foreverlomsak said:

Perfectly correct.

Except that as I also have a Private Pension, the entitlement is further reduced.

The Government encouraged us to join works pensions schemes, now I'm being crucified for doing so, hence my statement of "about 4 times".

 

Are you referring to the "Contracted Out Pension Equivalent" value referred to on the Government site where you can see your pension forecast?  If so, ignore it as it's gives a (very poor) estimate of what your other pension at the time of contracting out is going to pay.  It is not subtracted from your State pension.

 

With 32 full years of full NI contributions you should get what I said, unless I'm missing something obvious.

 

I too was in works' pension schemes and contracted out but my forecast is still up above the £175.20 mark.

[Mutt Daeng]

 

9 hours ago, treetops said:

 

Are you referring to the "Contracted Out Pension Equivalent" value referred to on the Government site where you can see your pension forecast?  If so, ignore it as it's gives a (very poor) estimate of what your other pension at the time of contracting out is going to pay.  It is not subtracted from your State pension.

 

With 32 full years of full NI contributions you should get what I said, unless I'm missing something obvious.

 

I too was in works' pension schemes and contracted out but my forecast is still up above the £175.20 mark.

I have 36 years of full contributions (as stated on my NI record) but according to my state pension estimate, I will only receive just over £150 a week. I worked for Local Govt. for most of my working life (paying into LG pension) and was also contracted out of Serps.

 

[sandyf]

22 hours ago, Surelynot said:

Max, with full NIC's is only £175.20 a week???

That is not true.

People on the old scheme can have much higher pensions. If I was in the UK mine would be well over £200 a week, about 45% being additional pension. The new system phased that out so current pensions are a good bit lower than they were.

Back in the mid 80's I was a factory manager on a fixed salary of about 13K but the shift supervisors with their overtime were earning more than double that. On the basis they worked the required years their pensions are going to be higher than mine.

[sandyf]

1 hour ago, Mutt Daeng said:

 

I have 36 years of full contributions (as stated on my NI record) but according to my state pension estimate, I will only receive just over £150 a week. I worked for Local Govt. for most of my working life (paying into LG pension) and was also contracted out of Serps.

When looking at state pension benefit you cannot consider your actual state pension in isolation. When contracted out part of your NI contribution goes to another pension, either employment or private so part of that pension is also a state pension benefit.

I never contracted out as it was not allowed privately until I was mid 40's. At that time general opinion was that at that age there was not enough years for a private pension to overcome the start up costs and make a significant profit, so I stayed with SERPS. As a result I have a significant proportion of additional pension but nothing else.

The new system took away additional pension schemes, a deliberate attempt by the government to force people into funding more towards their retirement either through employment or private schemes. They backed that up with legislation forcing employers to provide company pension schemes.

[ubonjoe]

This topic has been drug way off topic to a discussion about UK pensions.

Please continue the discussion in this topic in the Home Country forum.

https://forum.thaivisa.com/topic/1142813-uk-pensions-and-related-info-2020/

 

[VocalNeal]

On 3/21/2021 at 1:59 PM, PAWNEESE said:

The months flash by so quick when your in retirement longterm holiday mode.

 

Amen to that.

[Moonlover]

On 3/22/2021 at 5:04 PM, dabhand said:

 

Wise address the FET issue in the below link. They are quite open with the fact that sending by swift, rather than via Wise, may be a better option for some customers.

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

 

Most posters are only trying to assist. Harsh responses tend to put helpful posters off, which benefits no-one. Just saying.......

Well done. Glad to see that someone's 'on the ball' around here.