Who is thinking of retiring?

bumblebee
bumblebee Well-KnownRegistered Posts: 135
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?

Comments

  • blobbyh
    blobbyh Font Of All Knowledge Registered Posts: 2,415
    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
    Bookworm55 Trusted Regular Registered Posts: 479
    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
    Jay1981 Feels At Home Registered Posts: 36
    Wasn't the qualifying time to be reduced to 22 years? Sure i heard the Tories banging on about this.
  • CJC
    CJC Font Of All Knowledge Registered Posts: 1,657
    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
    bumblebee Well-Known Registered Posts: 135
    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
    bumblebee Well-Known Registered Posts: 135
    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
    blobbyh Font Of All Knowledge Registered Posts: 2,415
    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
    PGM Font Of All Knowledge Registered Posts: 1,954
    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...
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