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  #1  
Old 25th December 2016, 13:12
Schmosby Schmosby is offline
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Default Who knows about pensions?

So I logged on the gov site to check if I had any gaps

You have:
16 years of full contributions
32 years to contribute before 5 April 2048
4 years when you did not contribute enough

This is the link if anybody wants to check theirs

Soooo, should I fill the gaps? It says I can only fill 3 of the gaps as one is too old.

It says that up until now ive paid enough to get 80pw, but if i keep paying in until 2048 I'll get 155. The 80 sounds fine to me, so am I free now? Does the 80 go up with inflation or will I get 80 in 2048?
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  #2  
Old 26th December 2016, 00:10
Platypus Platypus is offline
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Default Re: Who knows about pensions?

As I understood things you need 35 years of contributions to get the 155/week. As you've already got 16 years you'd need another 19 years of paying in which would take you to 2036 (I assume the 2048 is the cut-off for any contributions?).

If you see yourself working until 2036 then I don't see the point in filling in any gaps. If there are any health issues that might stop you working later on in life then it may be worth topping it up while you can. One thing to bear in mind is that while it's currently set at 35 years this may increase in the future as life expectancy increases.

As the pension rules stand at the moment the 80 will increase each year by 2.5%, inflation or average wage growth - whichever is highest. Again, that may change as it is considered by many to not be sustainable.
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  #3  
Old 1st January 2017, 14:26
Mikei Mikei is offline
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Default Re: Who knows about pensions?

Thanks to your pension discussion, I've found out there are two years where contributions were apparently not paid, it was too long ago to fill in the gaps but I was in employment the whole time so it seems like a mistake was made. Will be fishing out the P60's in the week...
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  #4  
Old 1st January 2017, 15:55
Progress Progress is offline
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Default Re: Who knows about pensions?

^ As far as I remember you can miss 2 years with no affect on your final pension.

Looks like I've got 3 years without full contribution but it says my pension is the maximum it can be.
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  #5  
Old 11th January 2017, 00:00
Schmosby Schmosby is offline
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Default Re: Who knows about pensions?

I decide I would fill mine as Its a lot cheaper than adding an extra 3 years fresh. I'll be doing that this payday.

So have any of you heard about the new LISA? You can put in 4k per year and the government add 25% each year (not compond) and you can keep doing this until you are 50, so i could get 14k free. I'm quite excited about this one.
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  #6  
Old 11th January 2017, 11:07
Platypus Platypus is offline
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Default Re: Who knows about pensions?

^ A LISA does look to be decent if it's used for both your first house deposit and/or retirement (but don't delay buying a house because of a LISA as house prices are likely to increase faster than the bonus you'll receive).

Also consider a SIPP. Everyone can invest at least 2,880 each year and for that you'll get 720 or more back from the government.

Yourself and your employer should also be contributing to a workplace pension unless you've opted out. If you pay 0.8% of your qualifying earnings your employer must put in an additional 1% and the government another 0.2%.
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  #7  
Old 11th January 2017, 14:38
Schmosby Schmosby is offline
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Default Re: Who knows about pensions?

^^ I thought the mandatory pension isn't coming in until 2019?

I'll have to look into SIPP, ty.
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  #8  
Old 11th January 2017, 16:33
Platypus Platypus is offline
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Default Re: Who knows about pensions?

^ The 2019 date is when contributions will reach their intended rate of 5% of your earnings and 3% of your employers. The workplace pensions started coming in for larger companies from late 2012, with smaller ones having until the start of the 2018-19 tax year to set one up.
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  #9  
Old 11th January 2017, 23:57
SpaceMonkey SpaceMonkey is online now
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Default Re: Who knows about pensions?

I've been meaning to do this for a while.

But the site just throws back at me:

HM Revenue & Customs
We're unable to confirm your identity

You can't access this service because HM Revenue and Customs (HMRC) doesn't know enough about you to be able to confirm your identity.

Helpful
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  #10  
Old 12th January 2017, 00:10
Schmosby Schmosby is offline
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Default Re: Who knows about pensions?

Do you not have payslips or p60? This is how I verified. You could just call and ask as you need to call to pay anyway I believe.
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  #11  
Old 12th January 2017, 01:16
SpaceMonkey SpaceMonkey is online now
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Default Re: Who knows about pensions?

Quote:
Originally Posted by Schmosby
Do you not have payslips or p60? This is how I verified. You could just call and ask as you need to call to pay anyway I believe.
It asked if I had a valid passport (I don't) then asked for my postcode to check my record on credit score sites (to verify my identity). I assume I just don't have enough of a credit record for them to use it as valid ID.

I will have to phone, but I have serious phone anxiety so that might take a few days to work up the courage, if at all
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  #12  
Old 12th January 2017, 01:28
Schmosby Schmosby is offline
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Default Re: Who knows about pensions?

I'm not good with phones either, I'm not looking forward to calling to pay.

You can request a printed version via the online form it might even arrive with one of those slips so you can pay it at the post office or something.
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  #13  
Old 12th January 2017, 15:29
Utopia Utopia is offline
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Default Re: Who knows about pensions?

When you think about it this is just some money that you can get back from taxes you have paid throughout your life. It may even be more efficient to just save the money in a lisa and then invest it in a private annuity or something when you retire. The pension is easier though and you probably won't have to worry so much about inflation etc.

Also is it any cheaper if you top up? I cba to do the maths but you might want to top up if it would be cheaper than contributing through your last years of work.
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  #14  
Old 4th October 2017, 23:08
Schmosby Schmosby is offline
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Default Re: Who knows about pensions?

Just to update, my NI record was only just updated, last month. So it took them around 8 months to update my record after payment.
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  #15  
Old 5th October 2017, 17:09
neilm neilm is offline
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Default Re: Who knows about pensions?

Don't think anyone really knows about pensions , the rules/qualifying criteria/age limits etc seem to get changed all the time
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