state pension

I have posted this on legal - thought I had the answer and then was confused again.
My husband has been made to retire. He has a works pension which is £10,500 before tax. Its inflation linked but thats what it is now.
He also had a lump sum which is in a fixed rate bond and gets him another £200 a month income.
He is 61. He will be officially retired in 2015. He has worked for forty two years ( or maybe more). What state pension will he get ( at today's values will be fine)?
Will he be means tested on that state pension because he has his works pension?
I am five years younger than husband and I am not sure what my state pension is likely to be ( I am caught up in all those changes they made). My state pension will not come in until I am 66 and a bit ( apparently its May 2020 although I was born in April 1955).
I do not have a works pension - bitty employment record and part time working. I have no children. I do have a lot of money in inheritance and savings ( just so that all is clear. I am not sure it is relevant) .
We own our house , no mortgage.
a) will I be able to get a state pension from my husbands contributions as I was originally told or will it all be on my own NI contributions?
b) If I lose my job before or at 60 ( could happen) will husband get any payment for keeping me or will he just get a single mans allowance?
c) If I do make 30 years NI ( either by paying extra in or working) what is my state pension likely to be? DWP are not giving this information to my age group at present so I have to ask elsewhere - like here.
Is it going to be means tested ? will my savings ( the inheritances I have ) affect my state pension?
I just want to know how much I am likely to have to retire on with OH pension and myself.
Thanks for any help on this.
Reply to
sweetheart
If he's paid NI for most of that time, he should get a full pension - but not until he reaches pension age, of course. That's currently just over £100 per week - and he may qualify for more on top of that if he has ever paid graduated contributions (probably depending on whether he was 'contracted out' of this part of his works pension).
No, but if his total income is above the tax allowance, he will have to pay tax.
When your husband reaches retirement age, you will qualify for a pension on the strength of his contributions - but it's only about half of a full pension earned in your own right. When *you* reach retirement age, you can instead receive a pension based on *your* contributions - if that is higher. If it isn't (depending on your NI record) you can continue to receive the pension derived from your husband's contributions.
Only inasmuch as savings income is potentially taxable - so you may have to decide who "owns" the savings in order to minimise your total tax bill. I hope you've got as much of it as possible outside the tax system - in ISA's etc.
Good.
Yes, if he reaches pension age first - see above.
I don't think that *he* will get anything for you, but *you* can get a pension based on his contributions, once he is receiving his. You may also be able to get Job Seeker's allowance if you are looking for another job - but that might reduce your pension (you need to check the rules)
They've changed the rules recently. Is 30 years what you now need for a full pension? If so, that's what you'll get. Also, if you're not working for the last few years before reaching retirement age (forget exactly how many) you should be able to receive NI credits to add to your years.
No. The only thing it affects is tax. If your total income is more than the allowance, you'll pay tax - but you should qualify for Age Allowance and thus be able to earn more before paying tax. However, if your total income is above a certain level (£20k-odd) you start losing Age Allowance, and have to pay more tax.
Unless things have changed, you should be able to apply for a State Pension Forecast, by filling in a form. This will tell you how much to expect and will also tell you whether there would be any advantage in topping up your NI record.
Reply to
Roger Mills
It is now illegal to make someone retire, although they can still be made redundant or dismissed because they are no longer able to perform their job adequately.
What has been discussed here is the state pension. There is also a means tested benefit, pension credit. I think your husband's income will be too high to qualify for that. If you should be widowed, the situation could be complex. You will probably get half of your husband's company pension, if it is typical, which may disqualify you, but, if it doesn't you also need to account for capital. The bond may well push you over the limit. You also mentioned savings from inheritanc es.
Reply to
David Woolley

It is now illegal to make someone retire, although they can still be made redundant or dismissed because they are no longer able to perform their job adequately.
What has been discussed here is the state pension. There is also a means tested benefit, pension credit. I think your husband's income will be too high to qualify for that. If you should be widowed, the situation could be complex. You will probably get half of your husband's company pension, if it is typical, which may disqualify you, but, if it doesn't you also need to account for capital. The bond may well push you over the limit. You also mentioned savings from inheritances.
Thank you for the responses. Leaving aside they legality, lets face it, something being illegal wont change what employers do. In my work they are having a " skills audit" - which means they can effectively sack who they want ( which will be the older ones because they are paid more effectively and this is cost cutting) and claim redundancy of posts - since of course any other person with the "skills" in the audit can take the job over even though they will not be specialists . So lets not bother about that.
No, I know we are not entitled to pension credit. I know we have too much in savings ( OH being a miser and me having lost three family members - and yes, that money does mean we are well over the limits. But I want to know what the state pension situation is ( not means tested) so I can work out what a family ( no children me and OH) would be in the circumstances ....... which will tell me if I will have to go and fight for a job rather than be able to leave and live a quiet life.
Hence the questions about the state pension. I need to know what OH will get and whether any of it might cover me at all ( as it did in the past) or whether I will have to struggle for six years until I get that so called pension in my " own right"
Its just an attempt to plan. - all without any means tested benefits because we are not entitled. Unfortunately we worked and earned and have saved because we are daft.
But thanks for the response. The rules have gotten so complex ( and I seem to be under one set and OH under another and the DWP are not giving pension forecasts or information to either of us , that so called service is suspended.
Reply to
sweetheart

The service is still advertised. If they are not giving you forecasts it is because the legislation is in a state of flux and they cannot give a reliable state pension age to you.
Reply to
David Woolley
In article , "sweetheart" says...
Apply for a state pension forecast here -
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And as for the comments about your husband being forced to retire and the legality of this - do not forget this is a very recent change in law, so unless he retired recently his employer was entitled to force him to do so.
Reply to
Moles Harding

Thank you for that but there are no state forecasts because of our ages, it tells you that once you start filling the form in. I am guessing the DWP do not know any more than we do then.
My husband was retired off two weeks before the new legislation hit ( along with a third of his firms older workers!). No one really cared. But that's not my point here. Thanks
Reply to
sweetheart
In message , sweetheart writes
I was "persuaded" into retirement 20 years ago, along with everyone over 55. Best thing that ever happened to me. :-)
Reply to
Gordon H

I wish my husband felt the same way, but never a day goes by when he doesnt say " I had a job once ..... they got rid of me". He is one of those people who lived for his work ( pity his firm didnt realise this) . He even would work for nothing many times . He will go to his grave mising his job. No matter what I suggest, nothing seems to be suitable to replace it. He just wants his job ( not another job, not a hobby, just the job he had).
Reply to
sweetheart

I thought I should just add, in case anyone thinks I was a stupid fermale ( or person) who never tried to make any other provision and so is " stuck on the state". I did have a private pension once. It was of those from the 1980's ( which were later deemed to be mis sold but I could not claim anything because I bought mine before the rules changed and the scam was opened up) So I don't have a private/ personal pension .
Reply to
sweetheart

As I understand it, the mis-sold pensions are still valid pensions, it is just that they were clearly not the most cost effective solution - in particular an employer provided private pension was often better.
Reply to
David Woolley
In message , sweetheart writes
My dad died aged 60, still working for the same company after 30 years, and all four directors attended his funeral. That made me resolve that it wasn't going to happen to me. My mother died at 72, but by then she had money which she was unable to enjoy due to ill health, and 72 was "old" in 1970. ;-)
I started walking with a group of people from work when I was 40 which has kept me fit after most of my friends have died or become infirm. I have had many hobbies, amateur radio, photography etc, done voluntary driving for MS, and voluntary conservation work in a country park.
Do try to motivate him, or you will lose him before his time... :-( :-)
Reply to
Gordon H

They may be " valid" but in terms of how much they pay out they are not worth the paper that people signed. I put away a lot of money in one and as time went on I noticed I had less and less. management fees and other such charges ate into it. I eventually got it out when I reached age and I ended up with £500 after all the fees, charges and what not. I had paid in something like 30K It was just taken every year with more charges. I would have ended up with nothing at all had I not got it out.
Reply to
sweetheart

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