UK pensions

[imtommygunn]

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.

[Saffrongael]

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

[Milltown Row2]

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?

[Saffrongael]

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

[imtommygunn]

Is it not tiered based on ni contributions?

[JohnDenver]

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.

[Milltown Row2]

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.

[Saffrongael]

Is it not tiered based on ni contributions?

Your NI contributions are paid for you when you are sitting on the dole

[Milltown Row2]

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!!

[Saffrongael]

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

[qwerty123]

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.

[screenexile]

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.

[onefineday]

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.

[onefineday]

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?

[Milltown Row2]

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