Pension stuff, how's it all looking ? HAve you prepared ?

[weeksy]

NI is a tax that pays for the state pension system (among other things). It's not a personal pension payment. All your payments when working pay current pensioners and when you get your pension it is being paid by current NI payers.

They can means test it if they decide to. It's a common fallacy that NI payments go into your very own pension pot. That misconception will make it difficult to do though.

Tha doesn't make it right though. Its pretty unfair to take it away from people who've been paying it for 40 years

[Count Steer]

NI is a tax that pays for the state pension system (among other things). It's not a personal pension payment. All your payments when working pay current pensioners and when you get your pension it is being paid by current NI payers.

They can means test it if they decide to. It's a common fallacy that NI payments go into your very own pension pot. That misconception will make it difficult to do though.

Tha doesn't make it right though. Its pretty unfair to take it away from people who've been paying it for 40 years

NI is nonsense though. It's just part of general taxation but it means it can be increased while claiming 'We have not increased Income Tax'.

It should be scrapped. Not least because it is totally misunderstood - because of how it's presented. 'You can't really object to NI because it pays your pension and is needed for the NHS'. Baloney. It all goes into the government coffers just like VAT, Income Tax, IHT, Vehicle Tax, CGT, fuel duty, Stamp Duty.....ad infinitum.

[Dodgy69]

Afaiac, NI contributions throughout your working life goes in the SP big pot. This big pot pays SP payments when of age. If we check our SP forecast and fall short, we can over pay NI payments to get full SP.

This ties the 2 together and we shouldn't deviate from this, but I'm sure governments will try their best to do just that.

[Taipan]

NI pays for the doleys too! So we work to support those that don't!

[Rockburner]

Afaiac, NI contributions throughout your working life goes in the SP big pot. This big pot pays SP payments when of age. If we check our SP forecast and fall short, we can over pay NI payments to get full SP.

This ties the 2 together and we shouldn't deviate from this, but I'm sure governments will try their best to do just that.

Only if the missed payment was within the last 6 years.

I missed 3 payments* 20 years ago so the NI website tells me i don't qualify for the full amount and there's fuck all i can do about it.

* I was out of work for a month or two, a couple of times, and didn't bother signing on because i didn't need to. I had no idea about needing to keep up the NI because it was never made clear at that time that a missed payment reduced your pension 40 years in the future.

[Count Steer]

Afaiac, NI contributions throughout your working life goes in the SP big pot. This big pot pays SP payments when of age. If we check our SP forecast and fall short, we can over pay NI payments to get full SP.

This ties the 2 together and we shouldn't deviate from this, but I'm sure governments will try their best to do just that.

It goes into the National Insurance Fund ie the National Insurance Scheme after deductions for the NHS.It pays for a lot of benefits if you qualify. Qualification could easily include whether you are minted or not.

The National Insurance Scheme was established on 5 July 1948 to provide unemployment benefit, sickness benefit, retirement pensions and other benefits in cases where individuals meet the contribution and other qualifying conditions.

It's all just optics and was supposed to be seen as a sort of reward for working. (Quite why full-time mothers/fathers should be regarded as not doing something beneficial is another ).

Like I said, they could scrap it and roll it into other taxation ie Income Tax but it all gets a bit emotional if it ever gets proposed. The NIF is just a label on a semi-theoretical part of the government coffers. In accounting terms it's just a line on a ledger.

[Rockburner]

Afaiac, NI contributions throughout your working life goes in the SP big pot. This big pot pays SP payments when of age. If we check our SP forecast and fall short, we can over pay NI payments to get full SP.

This ties the 2 together and we shouldn't deviate from this, but I'm sure governments will try their best to do just that.

It goes into the National Insurance Fund ie the National Insurance Scheme after deductions for the NHS.It pays for a lot of benefits if you qualify. Qualification could easily include whether you are minted or not.

The National Insurance Scheme was established on 5 July 1948 to provide unemployment benefit, sickness benefit, retirement pensions and other benefits in cases where individuals meet the contribution and other qualifying conditions.

It's all just optics and was supposed to be seen as a sort of reward for working. (Quite why full-time mothers/fathers should be regarded as not doing something beneficial is another ).

Like I said, they could scrap it and roll it into other taxation ie Income Tax but it all gets a bit emotional if it ever gets proposed. The NIF is just a label on a semi-theoretical part of the government coffers. In accounting terms it's just a line on a ledger.

Indeed, my father was always very pissed off that he'd paid into NI all his working life, (born 1929), but was never going to get the same amount back.

[Count Steer]

Afaiac, NI contributions throughout your working life goes in the SP big pot. This big pot pays SP payments when of age. If we check our SP forecast and fall short, we can over pay NI payments to get full SP.

This ties the 2 together and we shouldn't deviate from this, but I'm sure governments will try their best to do just that.

It goes into the National Insurance Fund ie the National Insurance Scheme after deductions for the NHS.It pays for a lot of benefits if you qualify. Qualification could easily include whether you are minted or not.

The National Insurance Scheme was established on 5 July 1948 to provide unemployment benefit, sickness benefit, retirement pensions and other benefits in cases where individuals meet the contribution and other qualifying conditions.

It's all just optics and was supposed to be seen as a sort of reward for working. (Quite why full-time mothers/fathers should be regarded as not doing something beneficial is another ).

Like I said, they could scrap it and roll it into other taxation ie Income Tax but it all gets a bit emotional if it ever gets proposed. The NIF is just a label on a semi-theoretical part of the government coffers. In accounting terms it's just a line on a ledger.

Indeed, my father was always very pissed off that he'd paid into NI all his working life, (born 1929), but was never going to get the same amount back.

If I was working and paying NI now I might get a tad miffed if I thought that it was being used to bung £12k pa to squillionaires (or even the 'ordinary wealthy') while my State Pension age goes skyward - particularly if I worked in a physical job that really doesn't suit a 66 year old.

The other thing that seems to go straight over people's heads is what sort of society do they want to be getting their pension in? Stop paying out of the NIF and using it as a safety net so there's more for pensions? - then watch crime figures rise, cost of policing rise, cost of home and car insurance rise. People with no money may well look to unorthodox ways of obtaining an income.

It's like those that say 'Why should I pay for education, I haven't got kids?' and would then wonder why they're surrounded by many more under-educated, unemployed people.

[Dodgy69]

Afaiac, NI contributions throughout your working life goes in the SP big pot. This big pot pays SP payments when of age. If we check our SP forecast and fall short, we can over pay NI payments to get full SP.

This ties the 2 together and we shouldn't deviate from this, but I'm sure governments will try their best to do just that.

Only if the missed payment was within the last 6 years.

I missed 3 payments* 20 years ago so the NI website tells me i don't qualify for the full amount and there's fuck all i can do about it.

* I was out of work for a month or two, a couple of times, and didn't bother signing on because i didn't need to. I had no idea about needing to keep up the NI because it was never made clear at that time that a missed payment reduced your pension 40 years in the future.

That's scandalous. Just reading now, it does seem that Job seekers and other benefits are also subject to how much NI you have paid in.

I'd imagine the never worked in their life scrotes must get their wages from a different piece of the taxpayers pie.

I might be wrong here but don't we have to claim SP when we reach SP age. ? So I wonder if the super rich do actually claim. Alan Sugar and Co.

[IccyV2]

Only if the missed payment was within the last 6 years.

I missed 3 payments* 20 years ago so the NI website tells me i don't qualify for the full amount and there's fuck all i can do about it.

* I was out of work for a month or two, a couple of times, and didn't bother signing on because i didn't need to. I had no idea about needing to keep up the NI because it was never made clear at that time that a missed payment reduced your pension 40 years in the future.

I was self employed for years in the UK and I'd pay something like 48 weeks of NI and then take 4 weeks off, because I was self employed I didn't earn anything for those 4 weeks and I didn't pay NI.

I didn't know that only complete years with 52 weeks of payments contribute to your pension, so I've got about 10yrs where each year I never paid less than 45 weeks NI, but none of those 10yrs will be counted towards my pension.

Just another way to scam people out of money.

[MyLittleStudPony]

It was possible, until recently, to make up older missing years of NI contributions, dating back to 2006.

I paid for a year which was between 15 and 20 years ago. I think I must have been moving in or out of self employment and somehow didn't pay a complete year at the time. I had no idea until I checked it recently on the .gov website.

The incompetence of the relevant government bodies made it very hard to pay and it took many (many) phone calls over a 12+ month period.

I think I've only got two more full years to pay and I've got the complete set.

[Sunny]

Mate I used to work with has just messaged me to tell me he retires at the end of this month, at a mere 55 and a half years old.

I'm so jealous

[Bustaspoke]

Mate I used to work with has just messaged me to tell me he retires at the end of this month, at a mere 55 and a half years old.

I'm so jealous

I retired aged 61,I was telling someone earlier today that my only regret is that I didn't have enough funds to finish in my mid 50's...

[MyLittleStudPony]

I put the ski mask on to get the cash.

My home boy ain't home; so fuck it, I'll trespass.

[Yorick]

Mate I used to work with has just messaged me to tell me he retires at the end of this month, at a mere 55 and a half years old.

I'm so jealous

I retired aged 61,I was telling someone earlier today that my only regret is that I didn't have enough funds to finish in my mid 50's...

I was 54. Highly recommended

[weeksy]

Mate I used to work with has just messaged me to tell me he retires at the end of this month, at a mere 55 and a half years old.

I'm so jealous

I retired aged 61,I was telling someone earlier today that my only regret is that I didn't have enough funds to finish in my mid 50's...

I was 54. Highly recommended

Most i think would like to retire earlier, but mortgages and kids make that harder.. If i had neither of those, i'd be retiring in October

[Wscad]

My missus got a phone call last July from a mate of hers from China to tell her she is getting a state pension of around £500 a month . She is 50 years old and will get increases every year. By the time she hits 60 it’s projected she will have a state pension around the £2k mark along with free bus/rail/underground travel.

My wife’s parents are still alive. State pension for them is almost double of a uk state pension. Along with free public transport

[Count Steer]

My missus got a phone call last July from a mate of hers from China to tell her she is getting a state pension of around £500 a month . She is 50 years old and will get increases every year. By the time she hits 60 it’s projected she will have a state pension around the £2k mark along with free bus/rail/underground travel.

My wife’s parents are still alive. State pension for them is almost double of a uk state pension. Along with free public transport

Do they do the company pension thing with employer contributions etc much in China or are people expected to make their own provisions for retirement out of salary?

[Taipan]

ISTR reading that we have, or had, the lowest state pension in Europe? Is that right?

[weeksy]

ISTR reading that we have, or had, the lowest state pension in Europe? Is that right?

IT's a weird one, as i chat to Euro guys a fair bit, my mate in Belgium gets a better state pension but his personal pension is only 10% the value of mine, through no fault of his own in that context, just how they work there.