You know when you are getting old.

get mine in september ronnie- money will be handy though

I remember decades ago when I first got my pension. I know I'm very old now because when I look in the mirror to shave, I look like my passport photo. My knees buckle & my belt won't. The older I get, the earlier it gets late. I wake up feeling like it's the morning of the night before & I haven't been out. My idea of a night out is a walk around the garden before going to bed.

Have you applied for your bus pass yet? I'm told that if you birthday is on say 20 March and the pass arrives on 10 March, it will work from then. Anyone know for sure?

Up here we get our bus pass at 60.

It was 60 here when I got mine.

yeh 60 in Scotland

can confirm buses still attract a high than average percentage of nutters
though I only use on match days and when drinking in town if it can be helped...

Have to wait until I'm 67 here. Will prob go up to 70 when I reach 66

Have saved thousand of pounds when in London using my Freedom Pass. My car in London has done 150 miles in the last year.

Yes but slicer you also have the holy grail system

What was it again? lay 0-0 half time then what?

Didn't know you had to apply for it?

You will know when people send you birthday cards and you wonder why. I will be 80 in April and cautiously optimistic that I will get that far.

Well remembered GG. It was great until the markets adjusted! Using an adaptation in running but it's not infallible.

I get mine my every four weeks on Thursdays (I'm in the money today). I receive my company pension on first day of month and I get a real kick of being paid twice in the month. So happy rays Ronnie and don't forget the bus pass.

what about tv license brin and council tax plus help with rent any free specs and prescriptions

Werbie -you have to apply for it as some people choose to defer it -gawd knows why -while you get a bit more if you defer it, if you throw a seven before eventually claiming it, you'd be furious .

It's pretty cool getting any income every 28 days because one calendar month a year you get paid twice 

One of my drinking pals has just applied for his & has nominated to receive it weekly

blimey sounds like a bonanza. no chance of me getting any of it 

When I applied for my pension decades ago, I was asked if I'd like to defer it. I burst out laughing. If you defer it these days, you risk losing it when Labour get elected & Shariah Law gets introduced later on!

shariah aleady exists in pockets of the yuk

It does, Theresa May was a supporter if I remember correctly.

Buses all electric up here I believe.

You need to make sure you have paid 30 years stamps to get the full pension, I get 3 pensions (2 private), my wife gets one, and get tax of around £400 a month deducted on one of the private one's. Good job I work in a stress free, non labour intensive capacity.

stewarty b 08 Feb 24 13:53 
Buses all electric up here I believe.

.............

Didn't they buy a load of electric bin lorries and park em up in storage to rust away stewy?

I was telling a new bargirl in the local about the pubs history and that 50 years ago, me and my brother used to do "penny for the guy" outside the then public bar when we were 6 & 7.

She looked puzzled as Mrs. Blue explained to me and said that she has got absolutely no idea what you're talking about you daft ****.

It wasn't exactly one on my finest moments it has to be said.

Yes you have to apply a few months before and if you have private pension it’s a nightmare as they don’t want you to have it lol remember prudential that once great company well it’s a nightmare been taken over pay you fk all still trying years later to get at it as it’s a old one with guaranteed rates and lumped them all into a sipp, I can gamble myself like they do without all the heavy costs it’s a shambles the pension game

Yes you have to apply a few months before and if you have private pension it’s a nightmare as they don’t want you to have it lol remember prudential that once great company well it’s a nightmare been taken over pay you fk all still trying years later to get at it as it’s a old one with guaranteed rates and lumped them all into a sipp, I can gamble myself like they do without all the heavy costs it’s a shambles the pension game

I reached 65 in 2009 and at that time you needed 45 qualifying years of contributions. I had spent 2 years in the US doing a Master degree and was paid there but of course that didn't qualify even though I paid US taxes. I retired from full time at 56 but kept paying the self employed NI up to 65 so only lost 2 years which cost me 5% of my state pension. I was not amused when they reduced it to 30 years.

80 sagey?

khan ewe still get the horn?

Manoleeds 08 Feb 24 13:16 
Werbie -you have to apply for it as some people choose to defer it -gawd knows why -while you get a bit more if you defer it, if you throw a seven before eventually claiming it, you'd be furious .

Cheers Mano

Nice1 Sage , sounds like you've had a great life as well or worded better HAVING a great life. 

Happy birthday for April just in case I'M not around 

When will I reach State Pension age?
State Pension age is currently 66 years old for both men and women. You can check when you'll receive your State Pension using the GOV.UK checker below.

You won't get your State Pension automatically – you have to claim it.

You should get an invitation letter from the Pension Service around 4 months before you reach State Pension age. You'll have the choice to claim it then or to defer it and receive higher payments in the future instead.

Not a bad life I suppose but 80 years is a long time. Born in a farm cottage. No running water or electricity and still food rationing but we were better off than most even then. My father was a very smart businessman and when my grandfather died in 1956 we moved to the farmhouse and my father bought the farm as a sitting tenant and paid for it in 7 years. Most school holidays spent working on the farm, went point to pointing with family from the age of 4 and life just got better as time passed. I was a keen athlete and ran for UK as a veteran in 1984 and 85. We bought our first horse as a family in 1978 (ish) and I had my first in my own right in 1985. I mostly had shares and as it got more expensive and farm profits went the other way it went down to 25% then 10% shares in the last 4 horses. All four were good horses though winning 15 races between them. Now enjoying wildlife volunteering, watching all sport but mainly racing on TV and keeping in touch with family.

Rico-Dangleflaps Joined: 07 Sep 18
Replies: 3143308 Feb 24 16:10 
80 sagey? Scared

khan ewe still get the horn?

If not, there is always Viagra. Apparently also may lower the risk of Alzheimer's and stops you rolling out of bed

Nicest thing about getting old is in the morning looking in mirror and still seeing a reflection!

manoleeds

"you have to apply for it as some people choose to defer it -gawd knows why -while you get a bit more if you defer it, if you throw a seven before eventually claiming it, you'd be furious"

If you're still working in a decent job, you're going to lose 40% of that state pension in income tax, so deferring it for the uplift makes a lot of sense.

Same applies to any pension frankly - mine's pretty much all defined-contribution investments, so I could have started taking it at 55, the longer I leave it the more I get when I take it.  Popping my clogs in the meantime would give me more sources of discontent than an unclaimed pension...

Think its 35 qualifying years for full state pension.

I believe it's currently 35 years but will almost certainly be raised. The current 'pot' is empty.

I think the original idea was that you were saving into your own "pot", rather like a personal private pension
Of course, it's now the current NI and tax payers that are paying for today's pensioners

I become eligible in September and have been getting the forecasts
I missed quite a few years when I was abroad and now have the option to buy extra years to make it up to the full pension
The sums are basically that each year I pay a flat 800 quid for, will give me an extra 250 a year extra

longbridge 08 Feb 24 17:37 
manoleeds

"you have to apply for it as some people choose to defer it -gawd knows why -while you get a bit more if you defer it, if you throw a seven before eventually claiming it, you'd be furious"

If you're still working in a decent job, you're going to lose 40% of that state pension in income tax, so deferring it for the uplift makes a lot of sense.

Same applies to any pension frankly - mine's pretty much all defined-contribution investments, so I could have started taking it at 55, the longer I leave it the more I get when I take it.  Popping my clogs in the meantime would give me more sources of discontent than an unclaimed pension...




If you are fit and well take the pension and enjoy life while you can and never mind deferring it. I have seen so many people who have worked from the ages of 15 and 16 not getting more than five years of retirement but it might be alright for someone who never started work until they were in their 20s and leaving university for a life in an office or similar.

'Reg', I thought for every £800 top-up you'll get £5000 per year extra. I believe Martin Lewis emphasised this, and so did my sister. It's a no-brainer topping-up unless one pops the clod unexpectedly very soon post topping-up. I also believe one can buy/top-up as from 2006 (16yrs instead of the usual 6yrs) by 30th June 2025 - this was extended by 2 years (originally was 30th June 2023.

You sound very optimistic about the long life in retirement most people have and the affordability of deferring it, impossible.  Still they might have a fine old time in their 80s if they are lucky and have not been in manual or shift work for most of their lives.

impossible123 • February 8, 2024 6:56 PM GMT
'Reg', I thought for every £800 top-up you'll get £5000 per year extra.

I don't think so, maybe a fiver more a week I thought.

Top ups are £800 per year up to 35 years contributions which will give £5.36 per week for every year you top up,the wife has just paid £1600 for 2 missing years.

Even £250, which is inflation linked, is a massive return for £800.


My wife had part-time jobs which often left her a little short to claim for a full year but we paid something like 270 to bring her up to full number of years needed.
She has now been retired for nearly five year but had received the £270 back within 9 months.

'CROPSICK', if that's the case what'd be the point of topping-up? If I may use your wife as an example she'll only recoup her £1600 outlay after 6 years.

I'll speak to my sister for clarification as I'm very near to pensionable age. I think I'll need to top-up. Thanks everyone!

Impossible, as others have said, I was about right in each year you buy for 800,gives you 250 extra per year

Even so, probably a no brainer unless you are paying a lot of it in tax because it takes you over the threshold

I have a friend who decided against it because without it it meant he could claim pension credit with all it's associated other benefits , like less/zero council tax

Seems a daft system

No, impossible, after 3 years still because her 1600 will equal an extra 10 quid a week

Surely?

Forgive my ignorance, why do you need to top up? If you've missed paying NI contributions at some point?

Laying, to qualify the minimum number of full years paying NI is 30
That equates to the full pension
So if you've only paid in for 25 years qualifying, you'll only get 5/6ths
You can top up by buying any or all of the other 5 years

Cheers Reg.

How much is the state pension nowadays? I'm mid forties and I'm not convinced it will be around when I reach retirement age

With the triple lock, it's going up to just over 200 quid a week from April

This pension thing is way beyond me. I think I may top-up to max prior June 2025. Nevertheless, pension credit and other state freebies will need to be considered carefully too incase other investments (not punting) implode. Otherwise, it could be happy, happy times!

More inflation! It cost me £37 per quarter to cover the years between when I retired and registered as self employed and when I reached 65 adding 9 years qualifying which would equate to 20% of my pension. One more tip. Take any private annuities without the inflation adjustment. You are much more likely to want money to spend between 65 (or at retirement) up to 75 than later. It is much harder to travel when you get older as you can't get travel insurance, can't hire a car etc. so your costs go down a lot. It takes about 12-15 years for an inflation adjusted pension to overtake a fixed annual amount.

Laying.
I will get 221 a week.
Ronnie.

Exactly sage regarding wanting money more at 65 than 75 as many on this thread seem to think that nothing much changes after reaching their 70s etc.

Mr Sageform- lovely to read your story-WELL DONE! However you're just a young whippersnapper compared to me. No further personal info on me available.

Just doing some quick sums...

Average UK worker paying 9k in taxes per year
Pension of 12 million pensioners about 10k per year

So tax of about 13 million out of 31 million workers in UK are covering pension payments

Must be easily the biggest outgoing, forget NHS, Education, Defence budgets

You certainly started something with the opening post Ronnie. I will be on £290 a week after April 6 as I have earnings related on my state pension. Not sure if that still applies.

Sage, you must be on the top whack

Things like serps and contracted out came in later
I don't know much about these though

Pension credit for those who need it, that’s the best one no council tax and you don’t need all those years, you get all these cost of living payments and they pay your rent, so they are better off not qualifying than having the full years and our boat friends coming over they get the cost of living payments and if your not on credit payments all our own skint working family’s can’t get it

Interesting discussion. No mention of Winter Fuel Payments.

Must be a nice feeling seeing money coming in from the government after a lifetime of paying out to them.

Just make sure you leave some for us younguns

Laying, youngsters like you might have to make alternative arrangements regarding OAPensions, unfortunately

Hopefully, any changes won't come before September for my benefit

But, I'll be thinking of you, so that's some comfort!

Just checked my government pension, £815 a month, I would be in sh1t street if I had to live on that.

To qualify for the full state pension then you need to have been employed (not self employed - different rules) for 35 years, this will get you your full entitlement.

However, if you, like myself have been self employed and/or opted out of Serps at any time then rules are a little different, I'm shortly due to retire (I wont of course) and to qualify for the full state pension then I've been told I will need 46 years to have been paid in full. Given that you dont pay NI until you are 18 and retire at 66 then the maximum you could possibly have is 48 years.

Of course if you have sat on your arse all your life and the Government/dole have been paying your NI, then you have nothing to worry about

Will I get a full State Pension if I am self-employed?


If you're self-employed, you're entitled to the State Pension in the same way as anyone else. For people reaching State Pension age from 6 April 2016, State Pension is based entirely on your National Insurance record.

Partly true but I would give up my state pension before I give up my savings etc. I have enough to live on for 10 years without any state handouts but I fear that a Labour Government will confiscate half of any savings over a certain amount. Socialism is all about making everyone dependent on the state.

Why would a Labour Government confiscate half your savings, sageform?

I can hear you all now 'Triple lock, yes get in' 

Pot be dry in 15 years for us 70's babies

Absolute nonsense, Carla.

What's nonsense?? Already want to put age up to 71 for people born from 1970 onwards, what age IYO will 1990's babies will able to claim?

That's my children and what age will 2020's babies be able to claim? That's our grandkids.

Don't tell me, Labour will get in sort it all out and we all go back to 65

Enjoy your triple lock, it's the last one ever.

The triple lock has been generous for the last 3 years but before that pensions steadily fell in real terms since 1990. sparrow, the answer to your question is that Labour will run out of money very fast from existing taxation and savings are an obvious target. I can't see tax free ISAs or the tax free estate duty allowance lasting long. And as for the idea of a Government or community owned energy company Starmer is proposing, Bristol City council tried that and lost millions before abandoning it.

You should have nothing to fear from a Starmer government sageform. And after such as Truss it's a wonder there is any money left at all.

Apart from the 20 u-turns he's already done Another one yesterday, saddest part today is, there is virtually no difference between the 2 main parties, worrying times for our children IMO.

I started my business career when Wilson was PM and I have never forgotten that. £50 maximum to take out of the country on holiday, 95% top rate income tax and they still had to run to the IMF.

Correct ladycarla and that is because nobody of sound mind and integrity will run for election any more and the Civil Service is in charge.

The UK is already Garfunkled. And when Labour get in this year, it will be well & truly Simoned as well!

zzzorro • February 9, 2024 8:46 AM GMT
To qualify for the full state pension then you need to have been employed (not self employed - different rules) for 35 years, this will get you your full entitlement.

However, if you, like myself have been self employed and/or opted out of Serps at any time then rules are a little different, I'm shortly due to retire (I wont of course) and to qualify for the full state pension then I've been told I will need 46 years to have been paid in full. Given that you dont pay NI until you are 18 and retire at 66 then the maximum you could possibly have is 48 years.

Whoever told you that is talking complete nonsense.

In simple terms, if you had 30 years by April 2016 and you have contributed every year since 2016, you will at least get the full new pension. This is because under the transitional rules everyone retiring after April 2016 was provided with a starting amount based on the best of the old rules or new rules - the old rule was 30 years for basic pension - so that is presently £156 and every contribution year after 2016 on the new pension adds £5.80. So 156 + (8 x 5.8) = 202.4. The full new pension.

Those retiring in 2025 will need to have had at least 29 years at 2016, 2026 at least 28 etc.

Anyone with serps or second state pension entitlement could get more than the above, but no one employed (contracted in our out) or self employed will get less.

Dave, NOT if you are self employed and always have been, self employed have different rules and pay diferent (lower) rates of National Insurance. Oh and who told me - HMRC, therefore it is correct.

dave numbers is never wrong about numbers. I was self employed for ever, sparingly for many years
and paid two or three quid a week for something called class 4 insurance. I get a full state pension.

It would have been class 2 for the weekly saddo - class 4 is with the tax return. I can only imagine zzorro didn't pay his conts for some years.

zzorro go on to the hmrc site and look up your pension forecast/ nic record. As I said if you had 30 years by 2016 and have contributed since you will get the full amount.

I used to take a viagra every day so I could give Mrs Gravy good rogering. Now I take half a day to stop myself p1ssing on my slippers.

You'll be right dave, I paid little tax over the years so little to no N/I, but that class 2 was a constant.

Getting the State Pension when you’re self-employed

If you’re self-employed, you’re entitled to the State Pension in the same way as anyone else.

For people reaching State Pension age from 6 April 2016, State Pension is based entirely on your National Insurance record.

You’ll usually need:

at least ten qualifying years on your National Insurance record to get any State Pension, and at least 35 qualifying years to receive a full State Pension.
For the current tax year (2023/24), the full State Pension is £203.85 per week.

Have you worked for someone else rather than yourself in the past? Then you might have built up entitlement to Additional State Pension under the old system – and get more than this. The extra amount is called a ‘protected payment’.

In some cases, if you were contracted out of the Additional State Pension you might get less than £203.85, even if you have a full National Insurance record.

a lot of retired self employed were annoyed when the new pension came in as someone with 35 years self employment retiring in february 2016 got £120ish and someone retiring in may 2016 got £160ish.

zzorro there is absolutely nothing in your bolded paras that conflicts with my post.

I didn't even know I was entitled to a state pension until about ten years ago, was a nice surprise so I've done very little since.

A late uncle of mine was a market trader all of his working life but would have nothing to do with the state in regards of tax and NI contributions and consequently expected nothing from the state and then one day at the age of 77 had a heart attack at his stall and had to go into hospital. Some after I went to see him and he told me that a social worker from the hospital had been to visit him and said he would arrange for him to get the pension and my uncle said to me " would you believe it" and yes he was amazed when he finally did receive it.

I've always had an accountant so all paid that should have been, I've had an interrupted life and
had many periods of minimum work, just can't be arsed the last ten.

Let's all move to Scotland to take advantage of preferential treatment of pensioner's... of course subsidised by the English taxpayer ! Devolution anybody ! ?....

And of course we had free TV licenses promised. They cancelled it 2 months before mine was due for renewal.

If your partner is under state pension age you cant claim pension credit until he/she reaches pensionable age.

Having to rummage through the bin in McDonalds to retrieve your false teeth isn't exactly a sign of youth.

. It's not all bad, I get to child mind a ten month old baby,
a privilege and the highlight of my week tbh.