National Insurance / Early Retirement Query

Yes -- you're male aged 52 so will reach SPA at age 65 in 2020. Under presently enacted legislation you will need 30 qualifying years for a full state pension, and you expect to have 33. No problem.

Matti

Did they actually enact that while I wasn't looking, or is it still on the 'To be Done' stack?

It (Pensions Act 2007) received Royal Assent on 27 July 2007

Chris

Bitstring , from the wonderful person Chris Blunt said

Oh good .. however the DWP strill keep sending me voluntary contribution reminders with the 'this MAY get changed' words on .. guess they must have a backlog of pre-printed stationery.

I pay Class 3 contributions by monthly direct debit, and have done so for many years now. I'm 49 years old and *think* I've probably already paid the full 30 years by now. I'm not sure if they'll stop taking the direct debits at the appropriate time, or whether I need to cancel them myself. As far as I know, there's no further benefit to be gained from continuing to pay after the 30 years have been completed, and probably no way to get back any additional payments that are made unnecessarily.

Chris

Bitstring , from the wonderful person Chris Blunt said

I'd bet money you need to take action yourself. if you turn in a pension forecast request (for BR19? something like that) to the folks in Newcastle they will tell you whether you have 30 years and whether you need to pay more.

No, afaik, you can't get excess payments back again..

You can if they were made after the legislation was first published.

Matti

Bitstring , from the wonderful person biggirlsblouse said

Thanks for that reference. It also appears that 'SERPS' ceases to be 'Earnings related' 'ere too long .. so much for Babs Castle!!

"GSV Three Minds in a Can" wrote

Ermmm - SERPS ended a number of years back!

Bitstring , from the wonderful person Tim said

Yes, so they changed the name, so what .. however what came out still bore some relation to what you put in .. no more, apparently.

Unfortunately they've stopped issuing pension forecasts until the Autumn of 2008, supposedly because it will take them that long to sort out their computer systems to handle the new legislation.

Looks like I have the choice of stopping payments now and hoping I already have sufficient qualifying contributions, or continuing payments for another year and risk losing those extra payments.

Chris

Bitstring , from the wonderful person Chris Blunt said

Another department 'not fit for purpose' then. I mean if the new rules can't be programmed and tested in 4-6 weeks, then they are too complicated and need rethinking. Muppets. I think all government employees (including MPs) should be paid by the CSA using computer systems operated by the DWP, and with their pensions expressed as a multiple of the average state pension. That'd learn them .. 8>.

You can always make retrospective contributions (for up to 5? or 7? years), albeit maybe at a slightly higher rate. Not sure what happens with a 'part year' though, so if you've already started this year you might want to finish

"GSV Three Minds in a Can" wrote

It wasn't *just* the name they changed, now was it!

"GSV Three Minds in a Can" wrote

Ah, but with S2P they didn't include the words "earnings related" in the name -- so why should you think it would continue to be earnings-related? :-(

You can ask them for the number of qualifying years you already have, though. Phone the forecasting team on 0845 3000 168 (lo-call rate) and have your NI number handy.

Matti

You mean I can just phone up a government department and get a simple answer to a simple question there and then? That sounds far too good to be true, but I'll definitely give your suggestion a try. :-) Thanks.

Chris

Bitstring , from the wonderful person Tim said

Well, it DID continue to be earnings (aka contribution) related .. right up until now, didn't it.