If you are old enough to remember Big Joe Kernan and Jimmy Keaveney both scoring 2 goals in the same AI final then you should attend to your pension. There is an article in the Sindo today about this.
If you are from the 6 counties or worked there or in Britain and have not been working there for the last couple of decades then you can buy UK State pension contributions from 2006 until July, after that you can only buy 6 years. So this would suit people who moved away or people working in England etc in the past. This would be like buying an index linked annuity from age 67 except it is only a fraction of price. You only get paid from age 67 but then you could get the cost back in less than 5 years and if you live for another 20 years you'll liberate the UK exchequer of quite a bit more than you paid.
Check out your present situation https://www.gov.uk/check-national-insurance-record
you can use a passport for ID purposes and it helps to have your old national insurance number to hand.
Worth checking if you are somewhere near reaching the age required and haven't been working in the UK lately, but did before 2006.
I'd echo that. I did six years in London. With an investment of 1500 now I'll get about 107 sterling a week compliments of the Crown. I'm happy with that return
Quote from: gerrykeegan on April 09, 2023, 06:38:58 PM
I'd echo that. I did six years in London. With an investment of 1500 now I'll get about 107 sterling a week compliments of the Crown. I'm happy with that return
Presumably Sunak thinks this is OK as he gets the £1500 now, but someone else has to pay out the pension in years to come!
To be honest I can pay the 1500 now or over the next 10 years, either way it's a win win for me.
Is it a matter of ringing up and paying missed contributions over the phone?
Have tried and tried and tried ringing lord have mercy but no avail
Quote from: thedice on April 09, 2023, 07:38:47 PM
Is it a matter of ringing up and paying missed contributions over the phone?
Have tried and tried and tried ringing lord have mercy but no avail
I am still in the process. However, comment elsewhere suggests that you can fill in the form requesting the contributions, send this by recorded delivery and they will come back to you with a bill.
It looks like that link https://www.gov.uk/check-national-insurance-record (https://www.gov.uk/check-national-insurance-record) is just for those with a current uk postcode. Anyone with any sense would not linger longer than necessary inside the UK, never mind having an actual current uk postcode.
I suspect there is another route for those domiciled outside the UK, which just happens to be deftly hidden under state secret protocol.
Quote from: Main Street on April 09, 2023, 10:51:46 PM
It looks like that link https://www.gov.uk/check-national-insurance-record (https://www.gov.uk/check-national-insurance-record) is just for those with a current uk postcode. Anyone with any sense would not linger longer than necessary inside the UK, never mind having an actual current uk postcode.
I suspect there is another route for those domiciled outside the UK, which just happens to be deftly hidden under state secret protocol.
Not so. You need to sign in using a government gateway and that does not need a postcode.
Someone with sense with the prospect of getting back 4 times what they paid in might well organise themselves a postcode.
Quote from: armaghniac on April 09, 2023, 11:01:11 PM
Quote from: Main Street on April 09, 2023, 10:51:46 PM
It looks like that link https://www.gov.uk/check-national-insurance-record (https://www.gov.uk/check-national-insurance-record) is just for those with a current uk postcode. Anyone with any sense would not linger longer than necessary inside the UK, never mind having an actual current uk postcode.
I suspect there is another route for those domiciled outside the UK, which just happens to be deftly hidden under state secret protocol.
Not so. You need to sign in using a government gateway and that does not need a postcode.
Someone with sense with the prospect of getting back 4 times what they paid in might well organise themselves a postcode.
You can't just use a valid UK postcode and address even if you know the residents. Now what I would like is a hint from somebody who has the sense to know where one applies for a government gateway account.
General information informs
How to set up a Government Gateway account
You should follow these steps to create an account:
If it is protected by Government Gateway, you will be asked to 'sign in using Government Gateway'.
Scroll down the page and select 'Create sign in details'.On that Nat Ins page there is no option to
create sign in details.
edit : okay I got it now, the Nat Ins page states that you need the gateway id before you can
start now, but you have to
start now in order to create the new gateway id. I have been away from the British Isles for too long.
Edit They are still demanding a UK postcode before you can proceed even though this method is also for people who live abroad. It's easier to fill out the online form than deal with this maze. I am sure my application for pension details will be warmly received.
I managed to get the gateway ID sent to me via email I just can't remember the sequence. I know 😊 had to verify my Irish passport using an app that I had to download. It was very impressive. I sat my phone on the front of the passport and it read the biometric data. Sorry I can't remember the sequence
Quote from: gerrykeegan on April 11, 2023, 02:31:45 PM
I managed to get the gateway ID sent to me via email I just can't remember the sequence. I know 😊 had to verify my Irish passport using an app that I had to download. It was very impressive. I sat my phone on the front of the passport and it read the biometric data. Sorry I can't remember the sequence
I did that but then they demanded a postcode before you can proceed, with no other option.
Unrelated UK pensions question
What is the best plan of action for someone with 5-6 different pensions from the same number of jobs to combine them into one?
Each pension pot would be about 2-3 years worth of payments before moving into next job
Quote from: Main Street on April 11, 2023, 02:41:03 PM
Quote from: gerrykeegan on April 11, 2023, 02:31:45 PM
I managed to get the gateway ID sent to me via email I just can't remember the sequence. I know 😊 had to verify my Irish passport using an app that I had to download. It was very impressive. I sat my phone on the front of the passport and it read the biometric data. Sorry I can't remember the sequence
I did that but then they demanded a postcode before you can proceed, with no other option.
You can use a Jobs & Benefits office in NI as a correspondence address, lots of people do it IRO Benefits, it's not illegal or anything, not ideal I'm sure tho.
Quote from: Main Street on April 11, 2023, 02:41:03 PM
Quote from: gerrykeegan on April 11, 2023, 02:31:45 PM
I managed to get the gateway ID sent to me via email I just can't remember the sequence. I know 😊 had to verify my Irish passport using an app that I had to download. It was very impressive. I sat my phone on the front of the passport and it read the biometric data. Sorry I can't remember the sequence
I did that but then they demanded a postcode before you can proceed, with no other option.
If I go to https://www.gov.uk/check-state-pension
and click of Start and login using the Government Gateway, it then asks me for my name and brings me to a page
where it says
We will ask you about items you may have, like your:
UK or
International passport UK photocard driving licence (including provisional licences)
Payslips or P60
Self Assessment
Tax credits (optional Voice ID)
Credit record
Done from Spain, with an Irish passport. No request for a UK postcode once, no VPN etc.
Quote from: giveherlong on April 11, 2023, 02:52:19 PM
Unrelated UK pensions question
What is the best plan of action for someone with 5-6 different pensions from the same number of jobs to combine them into one?
Each pension pot would be about 2-3 years worth of payments before moving into next job
Think there is someone on here that can help with that. Put this question out before and had a pm from him
In the same boat! I've a 9 year one, and about 3 3 year ones and a 8/9 year one! Pish poor but probably together they may work out better.
Quote from: armaghniac on April 11, 2023, 04:56:59 PM
Quote from: Main Street on April 11, 2023, 02:41:03 PM
Quote from: gerrykeegan on April 11, 2023, 02:31:45 PM
I managed to get the gateway ID sent to me via email I just can't remember the sequence. I know 😊 had to verify my Irish passport using an app that I had to download. It was very impressive. I sat my phone on the front of the passport and it read the biometric data. Sorry I can't remember the sequence
I did that but then they demanded a postcode before you can proceed, with no other option.
If I go to https://www.gov.uk/check-state-pension
and click of Start and login using the Government Gateway, it then asks me for my name and brings me to a page
where it says
We will ask you about items you may have, like your:
UK or International passport
UK photocard driving licence (including provisional licences)
Payslips or P60
Self Assessment
Tax credits (optional Voice ID)
Credit record
Thanks but I don't get that choice.
I sign up,, email verification, followed by non uk phone nr text message verification,
then fill in name
then question what's your Nat ins nr?
I click on 'I dont know'
then it brings me to the post code question
I even tried a known post code and they replied "no known record"
Anyway my claim would be termed a not so straight foreward cold case, though under the legal name I was using then in the UK I received 4 tax rebates, so if their records have all been digitalised I do exist somwhere in the system. But probably my claim is best explained over the online application.
I got signed up and just checked my history from i left school in 1989. I have two missing years where apparently I did not pay any contributions (1995-96 & 1996-97). When I click on those two missing years it tells me I can only pay for missing contribution for the previous 6 years...
Quote from: illdecide on April 11, 2023, 11:00:58 PM
I got signed up and just checked my history from i left school in 1989. I have two missing years where apparently I did not pay any contributions (1995-96 & 1996-97). When I click on those two missing years it tells me I can only pay for missing contribution for the previous 6 years...
I'm not sure about the 6 years, but my understanding is that you can now only buy years from 2006. If you have these recent years then you are not in the zone for this.
The way I'm looking at it i need 35 years contributions for a full pension. I currently have 31 years and by the end of this month it will be 32. I only have another 3 years to go to qualify anyway so coming 50 later this year bar any bad luck or death etc I should achieve the 35 year total eaasily enough...
Quote from: illdecide on April 11, 2023, 11:07:38 PM
The way I'm looking at it i need 35 years contributions for a full pension. I currently have 31 years and by the end of this month it will be 32. I only have another 3 years to go to qualify anyway so coming 50 later this year bar any bad luck or death etc I should achieve the 35 year total eaasily enough...
Yeah the missing years are only an issue if you are going to be short of the 35 when you retire, and even at that you still get a state pension pro rata if you haven't the full 35 years
What happens when you reach the 35 years ... do you stop paying NI contributions?
Quote from: giveherlong on April 11, 2023, 02:52:19 PM
Unrelated UK pensions question
What is the best plan of action for someone with 5-6 different pensions from the same number of jobs to combine them into one?
Each pension pot would be about 2-3 years worth of payments before moving into next job
I'm not an expert but I assume there's a downside with fees on multiple pots adding up. Putting them all into one pot takes away that problem, but then you've all your eggs in the one basket so if it doesn't do well then you're losing. So looks like a trade off?
Quote from: Milltown Row2 on April 11, 2023, 05:59:07 PM
Quote from: giveherlong on April 11, 2023, 02:52:19 PM
Unrelated UK pensions question
What is the best plan of action for someone with 5-6 different pensions from the same number of jobs to combine them into one?
Each pension pot would be about 2-3 years worth of payments before moving into next job
best bet amalgamate and then take some advice on what pots your monies are in
as they should change as you get older
Think there is someone on here that can help with that. Put this question out before and had a pm from him
In the same boat! I've a 9 year one, and about 3 3 year ones and a 8/9 year one! Pish poor but probably together they may work out better.
Quote from: Sportacus on April 12, 2023, 11:27:35 AM
Quote from: giveherlong on April 11, 2023, 02:52:19 PM
Unrelated UK pensions question
What is the best plan of action for someone with 5-6 different pensions from the same number of jobs to combine them into one?
Each pension pot would be about 2-3 years worth of payments before moving into next job
I'm not an expert but I assume there's a downside with fees on multiple pots adding up. Putting them all into one pot takes away that problem, but then you've all your eggs in the one basket so if it doesn't do well then you're losing. So looks like a trade off?
You'll probably pay more fees moving them all into one. Could be better to leave them all where they are and take a tax free lump sum from them all, then take payments on the rest from multiple pots, but each persons own situation will need to be assessed in more detail obviously
Quote from: balladmaker on April 12, 2023, 11:12:22 AM
What happens when you reach the 35 years ... do you stop paying NI contributions?
AFAIK you continue to pay them until state pension age
Quote from: Kidder81 on April 12, 2023, 01:53:11 PM
Quote from: balladmaker on April 12, 2023, 11:12:22 AM
What happens when you reach the 35 years ... do you stop paying NI contributions?
AFAIK you continue to pay them until state pension age
I'm working 35 years and based on the state pension age I'll be paying NI contributions for another 16 years!!
Will a working man get more of a state pension than a lazy cnut?
It's based on contributions so yes.
It is a joke though. People who have never worked their whole lives will still get benefits like Pension credits. They may not get as much us us that have worked all their lives but they still get a fair amount for being a lazy bastid. I suppose another way of looking at it is are we the silly ones for working our asses off until we're not fit to wheel the bin out...I always used to think the lazy benefit people who never worked will reap their rewards some day and I though that day is in pension age but the reality is they still get looked after until they die, they get a pension, get their rent paid, no rates...Ahh feck I need to stop or i'll throw myself off the edge here...lol
Quote from: imtommygunn on April 12, 2023, 02:30:15 PM
It's based on contributions so yes.
Your contributions are paid on benefits too so you someone who has never done a tap will get the same state pension
All of them?
Oh. That's a lot. Makes you wonder though ideally if you worked all your life you'd have a private pension and savings too.
Quote from: imtommygunn on April 12, 2023, 03:46:09 PM
Oh. That's a lot. Makes you wonder though ideally if you worked all your life you'd have a private pension and savings too.
Savings ;D not if you have kids/college/weddings/new kitchens and if you have been in lots of different companies over the years the private pension doesn't add up to that much
I walk the dogs every night and that is my conversation either in my head or with her lol!!
Well you better make sure the kids have good jobs and you're nice to them then ;D
Is your house not your biggest pension?
Quote from: imtommygunn on April 12, 2023, 03:46:09 PM
Oh. That's a lot. Makes you wonder though ideally if you worked all your life you'd have a private pension and savings too.
Compulsory to offer a work place pension now I think ?
Quote from: marty34 on April 12, 2023, 04:27:58 PM
Is your house not your biggest pension?
It's usually not a money making asset in regards to cash flow. It's value can't generally be unlocked until you don't need it anymore, by which time, you'll not be worrying about a pension....
Quote from: Kidder81 on April 12, 2023, 04:39:41 PM
Quote from: imtommygunn on April 12, 2023, 03:46:09 PM
Oh. That's a lot. Makes you wonder though ideally if you worked all your life you'd have a private pension and savings too.
Compulsory to offer a work place pension now I think ?
Yeah - 8% minimum contribution with 3 from employers minimum. Not sure if that's cumulative - e.g. if employer contributes 6 can you do 2 etc - but any which way 8%.
Poor doctors have to contribute about 9% but neglect to mention the employer (tax payer) is chipping in 20-30% on top of that.
Quote from: imtommygunn on April 12, 2023, 04:45:10 PM
Quote from: Kidder81 on April 12, 2023, 04:39:41 PM
Quote from: imtommygunn on April 12, 2023, 03:46:09 PM
Oh. That's a lot. Makes you wonder though ideally if you worked all your life you'd have a private pension and savings too.
Compulsory to offer a work place pension now I think ?
Yeah - 8% minimum contribution with 3 from employers minimum. Not sure if that's cumulative - e.g. if employer contributes 6 can you do 2 etc - but any which way 8%.
By comparison in the Nordic countries, (current minimum wage is approx eur32,000 p/a) contributory pension average is 4% from employee, + 10% employer, if an an optional add-on private pension is chosen, up to a max 4% employee + max 2 % employer .
That amounts to 14% - 20% of income earned in life stored away in a safe fund with compound intrest. I suppose the skill is figuring out when you want to start using the fund and how long you are going to live.
Incentive for young folk to save, is that they can withdraw from the added private pension fund tax free, to help with a first property purchase.
State pension goes from a minimum eur15,000 pa to eur 28,000 pa (for those with no other means)
Quote from: gerrykeegan on April 09, 2023, 06:38:58 PM
I'd echo that. I did six years in London. With an investment of 1500 now I'll get about 107 sterling a week compliments of the Crown. I'm happy with that return
How so little? It's telling me I have to pay £800 odd per year - not sure the sums add up at that rate. What is the minimum pension, based on achieving the bare 10 years?
Quote from: onefineday on June 05, 2023, 09:51:48 PM
Quote from: gerrykeegan on April 09, 2023, 06:38:58 PM
I'd echo that. I did six years in London. With an investment of 1500 now I'll get about 107 sterling a week compliments of the Crown. I'm happy with that return
How so little? It's telling me I have to pay £800 odd per year - not sure the sums add up at that rate. What is the minimum pension, based on achieving the bare 10 years?
There are two categories, one pays around £300 the the other £900. If you were working and then left the UK you get to pay the lower amount, which is a complete no brainer. If you have to pay the £900 it is a good deal, if you live long, but not quite brilliant, as many Irish people with the cash in hand will end up paying 40% tax on this.
Quote from: Tony Baloney on April 12, 2023, 08:15:11 PM
Poor doctors have to contribute about 9% but neglect to mention the employer (tax payer) is chipping in 20-30% on top of that.
They don't get that 20-30% though. It goes into a communal pot to pay everyone who works for HSCNI. They get 1/54(?) of each years salary every year of retirement.
Quote from: RedHand88 on June 05, 2023, 10:07:21 PM
Quote from: Tony Baloney on April 12, 2023, 08:15:11 PM
Poor doctors have to contribute about 9% but neglect to mention the employer (tax payer) is chipping in 20-30% on top of that.
They don't get that 20-30% though. It goes into a communal pot to pay everyone who works for HSCNI. They get 1/54(?) of each years salary every year of retirement.
Should someone with a public job pension get a state pension?
Doctors have a pretty large annual fee to pay on their contributions too. Their pension is not what some think it is.
Everyone should get a state pension.
My personal view is it should be linked to work history & you shouldnt get the same for sitting on your arse for years, without paying in to the system
Quote from: Saffrongael on June 05, 2023, 10:15:21 PM
My personal view is it should be linked to work history & you shouldnt get the same for sitting on your arse for years, without paying in to the system
This is what I'm getting at, it's not tiered, someone who's worked 50 years and someone who's worked nowt get the same?
Quote from: Milltown Row2 on June 05, 2023, 10:20:10 PM
Quote from: Saffrongael on June 05, 2023, 10:15:21 PM
My personal view is it should be linked to work history & you shouldnt get the same for sitting on your arse for years, without paying in to the system
This is what I'm getting at, it's not tiered, someone who's worked 50 years and someone who's worked nowt get the same?
Yes
Is it not tiered based on ni contributions?
Good to see the Thatcherites out in force.
The issue is being able to clearly distinguish between those that are genuinely unable to work, and those who are milking the system. It's probably the same a in a lot of walks of life. There will always be the bluffers and scammers.
Quote from: JohnDenver on June 05, 2023, 10:24:37 PM
Good to see the Thatcherites out in force.
The issue is being able to clearly distinguish between those that are genuinely unable to work, and those who are milking the system. It's probably the same a in a lot of walks of life. There will always be the bluffers and scammers.
Think you'll see I didn't mention those unable to work, just those that don't work, and if there are bluffers that are working they are still earning and paying into the system.
Quote from: imtommygunn on June 05, 2023, 10:24:16 PM
Is it not tiered based on ni contributions?
Your NI contributions are paid for you when you are sitting on the dole
Just googled it, there's 50 quid difference if you've less than 35 years working and contributing, or if you've never worked but claimed benefits you'll get a state pension
I'm minimum (currently) 16 years away from that! (Good grief)
Need a plan!!
Quote from: Milltown Row2 on June 05, 2023, 10:48:19 PM
Just googled it, there's 50 quid difference if you've less than 35 years working and contributing, or if you've never worked but claimed benefits you'll get a state pension
I'm minimum (currently) 16 years away from that! (Good grief)
Need a plan!!
You will still get something pro rata for the number of years you have contributed
And I think the 50 quid difference is between the "basic state pension" (born before 1951 for a man & 1953 for a woman) and the current state pension for those born after those years
Quote from: armaghniac on June 05, 2023, 09:58:52 PM
Quote from: onefineday on June 05, 2023, 09:51:48 PM
Quote from: gerrykeegan on April 09, 2023, 06:38:58 PM
I'd echo that. I did six years in London. With an investment of 1500 now I'll get about 107 sterling a week compliments of the Crown. I'm happy with that return
How so little? It's telling me I have to pay £800 odd per year - not sure the sums add up at that rate. What is the minimum pension, based on achieving the bare 10 years?
There are two categories, one pays around £300 the the other £900. If you were working and then left the UK you get to pay the lower amount, which is a complete no brainer. If you have to pay the £900 it is a good deal, if you live long, but not quite brilliant, as many Irish people with the cash in hand will end up paying 40% tax on this.
I have the same issue: 6 years of incomplete years, but each of the years would cost at least £720+. Would it still be worth paying that? It's quite a lump sum to pay out but I would if I thought it would be worth it.
Quote from: qwerty123 on June 05, 2023, 11:37:27 PM
Quote from: armaghniac on June 05, 2023, 09:58:52 PM
Quote from: onefineday on June 05, 2023, 09:51:48 PM
Quote from: gerrykeegan on April 09, 2023, 06:38:58 PM
I'd echo that. I did six years in London. With an investment of 1500 now I'll get about 107 sterling a week compliments of the Crown. I'm happy with that return
How so little? It's telling me I have to pay £800 odd per year - not sure the sums add up at that rate. What is the minimum pension, based on achieving the bare 10 years?
There are two categories, one pays around £300 the the other £900. If you were working and then left the UK you get to pay the lower amount, which is a complete no brainer. If you have to pay the £900 it is a good deal, if you live long, but not quite brilliant, as many Irish people with the cash in hand will end up paying 40% tax on this.
I have the same issue: 6 years of incomplete years, but each of the years would cost at least £720+. Would it still be worth paying that? It's quite a lump sum to pay out but I would if I thought it would be worth it.
I have about 6 years of non qualifying payments but I'll still easily get the full 35 years by retirement age so there's no point in me bringing my payments up to date.
Quote from: Milltown Row2 on June 05, 2023, 10:11:20 PM
Quote from: RedHand88 on June 05, 2023, 10:07:21 PM
Quote from: Tony Baloney on April 12, 2023, 08:15:11 PM
Poor doctors have to contribute about 9% but neglect to mention the employer (tax payer) is chipping in 20-30% on top of that.
They don't get that 20-30% though. It goes into a communal pot to pay everyone who works for HSCNI. They get 1/54(?) of each years salary every year of retirement.
Should someone with a public job pension get a state pension?
Are public pensions in UK/ni not on a defined contribution basis now, therefore no reason why they shouldn't get both in the same manner as all other workers.
In the south, I think the state pension is counted as part of the public sector pension - but it depends on which of the 3 schemes the worker is on. There's a pre-94 scheme, a pre-2013 scheme both based on final salary benefits and the newest which is based on average salary benefits.
There's a reasonable difference between those will full contributions and those without in terms of weekly payout - and if you don't have sufficient contributions you may not qualify.
Quote from: armaghniac on June 05, 2023, 09:58:52 PM
Quote from: onefineday on June 05, 2023, 09:51:48 PM
Quote from: gerrykeegan on April 09, 2023, 06:38:58 PM
I'd echo that. I did six years in London. With an investment of 1500 now I'll get about 107 sterling a week compliments of the Crown. I'm happy with that return
How so little? It's telling me I have to pay £800 odd per year - not sure the sums add up at that rate. What is the minimum pension, based on achieving the bare 10 years?
There are two categories, one pays around £300 the the other £900. If you were working and then left the UK you get to pay the lower amount, which is a complete no brainer. If you have to pay the £900 it is a good deal, if you live long, but not quite brilliant, as many Irish people with the cash in hand will end up paying 40% tax on this.
Is it calculating my cons at the higher rate as I am domestic but they don't know I left UK, just radio silence for 20yrs!! So I'd need to contact someone and get them to adjust my contribution rate. I have very few full years, need 5 to get to the minimum 10 - is it worth increasing beyond the min 10 years cons and effectively paying up the 300 for each year from 2006 onwards? Or just pay enough to qualify for the minimum?
If you live till you're 77 it's only ten years of a pension, not a lot in the grand scheme of things as the prices of fuel, food for starters is a lot more than it was 20 years ago let's say. £100,000
Quote from: imtommygunn on June 05, 2023, 10:12:45 PM
Doctors have a pretty large annual fee to pay on their contributions too. Their pension is not what some think it is.
Everyone should get a state pension.
Can you elaborate on this? They save tax but then pay a charge?
I am not 100% sure on the details of this but they pay a lump sum every year on their pension.I think it is possibly because their pension contributions cumulatively exceed the tax threshold pension contributions they are also taxed. They feel it is a number that is magically pulled out of thin air too and it is hugely different year on year.
I am a bit grey on some details tbh but I have a few close friends who are doctors and they are regularly lamenting this.
Private pensions are allowed a tax free lump sum but everything else is taxed. Tax relief on contributions encourages people to save.
There's only so much, which has just been extended and is a lot mind you, which is tax free. (60k or something)
You pay a charge if you contribute more than £40k to a defined contribution pension scheme or for doctors who have DB aka final salary schemes, they pay a charge if the value of their pension increases by more than £40k in one year. That limit has been upped to £60k following the last budget.
You can now put £60k per year into your private pension. (Used to be £40K) The cap was just over a £1m. So once you'd £1m in your pension was said to be full. That has now been removed. There's no upper limit. You can still take 25% out tax free at 57 years.
Quote from: Mario on June 06, 2023, 08:11:40 AM
You pay a charge if you contribute more than £40k to a defined contribution pension scheme or for doctors who have DB aka final salary schemes, they pay a charge if the value of their pension increases by more than £40k in one year. That limit has been upped to £60k following the last budget.
If this is the charge tommygunn is referring to, then he is correct - their pension is not what some think, it is exceedingly more. Hard to have sympathy with anyone who contributes more to their pension than the average worker receives in gross salary.
Quote from: RedHand88 on June 05, 2023, 10:07:21 PM
Quote from: Tony Baloney on April 12, 2023, 08:15:11 PM
Poor doctors have to contribute about 9% but neglect to mention the employer (tax payer) is chipping in 20-30% on top of that.
They don't get that 20-30% though. It goes into a communal pot to pay everyone who works for HSCNI. They get 1/54(?) of each years salary every year of retirement.
They would appear to get more. A doctor with 30 years service on pensionable final salary of 50k (not unreasonable, maybe conservative estimate) would receive yearly pension of c.£30k - 60% of their salary? Be very hard pushed to get anything as good anywhere else for 9% contributions from your wage.
Average accrual rates for DB schemes are 1/60 or 1/80, so getting a boost here too.
Quote from: qwerty123 on June 05, 2023, 11:37:27 PM
Quote from: armaghniac on June 05, 2023, 09:58:52 PM
Quote from: onefineday on June 05, 2023, 09:51:48 PM
Quote from: gerrykeegan on April 09, 2023, 06:38:58 PM
I'd echo that. I did six years in London. With an investment of 1500 now I'll get about 107 sterling a week compliments of the Crown. I'm happy with that return
How so little? It's telling me I have to pay £800 odd per year - not sure the sums add up at that rate. What is the minimum pension, based on achieving the bare 10 years?
There are two categories, one pays around £300 the the other £900. If you were working and then left the UK you get to pay the lower amount, which is a complete no brainer. If you have to pay the £900 it is a good deal, if you live long, but not quite brilliant, as many Irish people with the cash in hand will end up paying 40% tax on this.
I have the same issue: 6 years of incomplete years, but each of the years would cost at least £720+. Would it still be worth paying that? It's quite a lump sum to pay out but I would if I thought it would be worth it.
Each extra contribution year gets you an extra £260 of pension retirement income per annum. So you would need to live over 3 years past the retirement age for it to become beneficial (if it costs you £720 per incomplete year). But its a hefty lump sum to be paying out for something you
may benefit from in the future and if you need the money now then its not going to be a top priority. The rules around pension are always subject to budgetary changes though and who knows what may happen with them in the future in terms of age eligibility and the possibility that they may become means tested. I certainly wouldn't be putting down a big lump of money to pay for gaps unless I knew it was very likely to be of benefit.
Quote from: Milltown Row2 on June 05, 2023, 10:11:20 PM
Quote from: RedHand88 on June 05, 2023, 10:07:21 PM
Quote from: Tony Baloney on April 12, 2023, 08:15:11 PM
Poor doctors have to contribute about 9% but neglect to mention the employer (tax payer) is chipping in 20-30% on top of that.
They don't get that 20-30% though. It goes into a communal pot to pay everyone who works for HSCNI. They get 1/54(?) of each years salary every year of retirement.
Should someone with a public job pension get a state pension?
Yes. I'll be getting a public sector pension and 2 state pensions (2 jurisdictions).
Might start a private one too later on when things have settled.
Quote from: yellowcard on June 06, 2023, 03:17:57 PM
Each extra contribution year gets you an extra £260 of pension retirement income per annum. So you would need to live over 3 years past the retirement age for it to become beneficial (if it costs you £720 per incomplete year). But its a hefty lump sum to be paying out for something you may benefit from in the future and if you need the money now then its not going to be a top priority. The rules around pension are always subject to budgetary changes though and who knows what may happen with them in the future in terms of age eligibility and the possibility that they may become means tested. I certainly wouldn't be putting down a big lump of money to pay for gaps unless I knew it was very likely to be of benefit.
Of course the £260 is likely to attract tax for many contributors and some people have to pay up to £900, so you may need to live longer. But then life expectancy is 80 odd and if you are dead then you won't miss the money, but if you live long then you may need it. It does have the advantage of being index linked, presently with a triple lock that no private fund would give you. The age eligibility means that this suits people close to the retirement age as the risk is less. The means testing would be a major issue, to be sure. But given that rich people pay back quite a bit of it in tax they will likely leave it alone, given that people paid into it.