Who is thinking of retiring?

bumblebee

Hi all, Not good with pensions but obliged to get into in now! Is there a basic contribution towards state pension (I am aware of 30 yrs of service before you can qualify)? is there such thing that you have to contribute so much towards to get decent basic state pension?

blobbyh

bumblebee wrote: »

is there such thing that you have to contribute so much towards to get decent basic state pension?

Yep, blood, sweat and tears with no guarantee it'll still be there in thirty years time when you finally need it.

Was this unhelpful? ;-)

Bookworm55

bumblebee wrote: »

Hi all, Not good with pensions but obliged to get into in now! Is there a basic contribution towards state pension (I am aware of 30 yrs of service before you can qualify)? is there such thing that you have to contribute so much towards to get decent basic state pension?

Yes. Read this.

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/DG_183774

and this

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/NationalInsurance/Voluntarycontributionsandtoppingup/DG_190077

As someone who as spent half his adult life in poorly paid jobs or in full-time education, I have accrued very few 'qualifying years'. But with more than thirty-five to go before reaching state pension age, I'm not that concerned. Having said that, I'm not exactly relying on it still being there by 2050.

Jay1981

Wasn't the qualifying time to be reduced to 22 years? Sure i heard the Tories banging on about this.

CJC

Hmmm, well this goes in the 'I'll believe it when I see it' category.

http://www.bbc.co.uk/news/uk-politics-11618019

bumblebee

Well, as far as I can think, unless you will a lottery! and that might never happen (but you never know :rolleyes: ). Hoping that my health keeps going as far as... and someone might invent free installations of human robotic super power organs(for my body to keep working and freeze my ageing process) that might keep me going and working until my last breath!

bumblebee

blobbyh wrote: »

Yep, blood, sweat and tears with no guarantee it'll still be there in thirty years time when you finally need it.

Was this unhelpful? ;-)

:huh:!
Yep

blobbyh

Ah, but depending on your age, when you finally come to retire it'll no doubt have gone up to one hundred years - and only available if you've paid into it for ninety-nine of those.

PGM

I can't believe how bad annuity rates are for cashing in private pension schemes, I saw a figure of 6% quoted. But thats not interest, when you die they keep the capitals, plus the standard annuity doesn't get an annual inflation increase...