Off Topic What grinds your gears

[Kalman II]

I will be sure to do both those things when I'm home from work later, Werthers.

Enjoy the weather and stay cool

Werthers

 

[Heimdallr]

Not sure of the min max but the UK don't have a set amount either do they? Isn't it based on NI contributions up to the max so differs?

Ye, thought you got a set amount if you paid contributions for 35 years.

Here you got to work for a minimum 10 years to get anything (or claim benefits which include pension contributions and are taxed), then you get staggered amounts depending on length of time you pay in and amount you pay in... So if two ppl work 35 years and one earns 50k and the other earns 100k, the 100k earner will get a higher pension due to higher contributions (but not twice as much as the difference in earnings).

There are other factors - such as if you work for a unionised company, you get higher pension amount and can retire earlier, as the company covers the difference via the public pension.

 

[Cityzen]

But it’s not linked to how much you put in, it’s linked to how many years you put at least something in for

If you don’t pay in for the maximum amount of years you get pension credit. This takes you up to the amount a full pension is but opens up a raft of other benefits, rate reductions, housing benefit, prescriptions for glasses, transport to medical appointments…So this brings about the ridiculous situation where someone who only worked and paid NI for half the years ends up better off than those who paid in the maximum number of years.

 

[Plum]

Ye, thought you got a set amount if you paid contributions for 35 years.

kind of but it also depends on when you reached state pension age and if you'd paid into a secondary state pension

 

[Cityzen]

Ye, thought you got a set amount if you paid contributions for 35 years.

Here you got to work for a minimum 10 years to get anything (or claim benefits which include pension contributions and are taxed), then you get staggered amounts depending on length of time you pay in and amount you pay in... So if two ppl work 35 years and one earns 50k and the other earns 100k, the 100k earner will get a higher pension due to higher contributions (but not twice as much as the difference in earnings).

There are other factors - such as if you work for a unionised company, you get higher pension amount and can retire earlier, as the company covers the difference via the public pension.

Should have brought a similar system in here years ago.

 

[Ric Glasgow]

Not sure of the min max but the UK don't have a set amount either do they? Isn't it based on NI contributions up to the max so differs?

More a less a set amount nowadays but some born before the pension reforms get less.Those entitled to a state pension before 2016 get the 'old state pension' which is only £184.90,whereas those on 'new state pension' get £241.30 after paying in for over 35 years.

 

[Ric Glasgow]

If you don’t pay in for the maximum amount of years you get pension credit. This takes you up to the amount a full pension is but opens up a raft of other benefits, rate reductions, housing benefit, prescriptions for glasses, transport to medical appointments…So this brings about the ridiculous situation where someone who only worked and paid NI for half the years ends up better off than those who paid in the maximum number of years.

It's also possible to claim a state pension having put nothing in all your life as state benefit is regarded as credits.

 

[dennisboothstash]

kind of but it also depends on when you reached state pension age and if you'd paid into a secondary state pension

And also whether your work pension contracted out of additional NI contributions, which some did (I think you got higher pay but didn’t get full years NI)
In those cases people can have worked for well over 35 years but not actually have full NI contributions

 

[dennisboothstash]

If you don’t pay in for the maximum amount of years you get pension credit. This takes you up to the amount a full pension is but opens up a raft of other benefits, rate reductions, housing benefit, prescriptions for glasses, transport to medical appointments…So this brings about the ridiculous situation where someone who only worked and paid NI for half the years ends up better off than those who paid in the maximum number of years.

I didn’t know that
Presumably that’s means tested somehow otherwise people would leave their NI slightly short if they had the chance and be better off?

 

[spesupersydera]

Some people did have gardens in Hull in 1976 as lots of the houses with gardens are older than that and the ladybird plague was in the gardens. Some people had deckchairs but none of the Dads or old blokes had shorts, in a heatwave they would strip down to their vests and roll their trouser legs up. Remember lots of ice cream vans as no c#nt had a freezer?

Big year for me was 1976 - married for first time, bought my first house on Hessle Road for £1750, spent £110 having the outside (and only) loo and coalhouse into a bathroom, we had a gas powered fridge, a gas cooker that made the best toast, my old bed from home and a few bits that we bought from the sellers of the house; turned out to be a good buy, we made good money on it when we moved two years later; I also did the Lyke Wake Walk, 40 miles from Osmotherly to Ravenscar, on the hottest day of what turned out to be the hottest year - the walk wasn't too bad as we did the majority of it through the night and early morning of the next day. When I look in the mirror and see some old geezer looking back at me I sometimes wonder what happened to the lanky so and so who thought bugger all of a 40 mile hike!

 

[originalminority]

More a less a set amount nowadays but some born before the pension reforms get less.Those entitled to a state pension before 2016 get the 'old state pension' which is only £184.90,whereas those on 'new state pension' get £241.30 after paying in for over 35 years.

I paid NI for 39 years, however our company pension contracted us out of SERP pre 2016 which leaves my NI contributions just short of full state pension, you can get the forecast on GOV, you can top up but I'm just leaving it until 67, its only about £25 a month short and live comfortably on my BAE pension, pay tax but no NI so maybe I save on NI now anyway?

 

[Cityzen]

I didn’t know that
Presumably that’s means tested somehow otherwise people would leave their NI slightly short if they had the chance and be better off?

You can have up to £10,000 in savings before the amount is affected.

 

[Cityzen]

And also whether your work pension contracted out of additional NI contributions, which some did (I think you got higher pay but didn’t get full years NI)
In those cases people can have worked for well over 35 years but not actually have full NI contributions

They will have company pension which was increased by the NI contributions going into it. Can’t have your cake and eat it.
I got credit for NI for the years I was in a company scheme. If you retired before 2016 SERPs increases the amount. Despite my wife being on the new scheme which pays more than the old one with SERPs I get more than her. Though that will diminish as the SERPs element doesn’t go up at the higher rate the main pension does under the triple lock but the lowest, 2.5%.

 

[Plum]

And also whether your work pension contracted out of additional NI contributions, which some did (I think you got higher pay but didn’t get full years NI)
In those cases people can have worked for well over 35 years but not actually have full NI contributions

When I got to state pension age I tried to figure out what they were paying me and why but couldn't make head nor tail of it. All I know is I'm getting more than £241/week and it must be something to do with SERPS which I'd contracted out of then back in again.
I'm not complaining.

 

[Cityzen]

Big year for me was 1976 - married for first time, bought my first house on Hessle Road for £1750, spent £110 having the outside (and only) loo and coalhouse into a bathroom, we had a gas powered fridge, a gas cooker that made the best toast, my old bed from home and a few bits that we bought from the sellers of the house; turned out to be a good buy, we made good money on it when we moved two years later; I also did the Lyke Wake Walk, 40 miles from Osmotherly to Ravenscar, on the hottest day of what turned out to be the hottest year - the walk wasn't too bad as we did the majority of it through the night and early morning of the next day. When I look in the mirror and see some old geezer looking back at me I sometimes wonder what happened to the lanky so and so who thought bugger all of a 40 mile hike!

I started work for the Prudential in August 1976. Had to go round in a car with no air conditioning in a suit and tie. Couldn’t wait for a few pints. Thing is the high temperatures lasted for a longer time than they are at the moment. Went on weeks rather than the days we are getting at the moment. Despite all the hysteria about a “heat dome” turning maps red, danger to life and everywhere shutting down the new high record reached today was only 0.1% higher than the previous record.

 

[Cityzen]

When I got to state pension age I tried to figure out what they were paying me and why but couldn't make head nor tail of it. All I know is I'm getting more than £241/week and it must be something to do with SERPS which I'd contracted out of then back in again.
I'm not complaining.

Likewise. The ones who complain about the old pension being less than the new one don’t mention that. That, with the addition of a private pension means I am quite happy. Only thing not fair is you need less years contributions now to claim a full pension.

 

[dennisboothstash]

They will have company pension which was increased by the NI contributions going into it. Can’t have your cake and eat it.
I got credit for NI for the years Imwas in a company scheme. If retired before 2016;SERPs increases the amount. Despite my wife being on the new scheme which pays more than the old one with SERPs I get more than here. Though that will diminish as the SERPs element doesn’t go up at the higher rate the main pension does under the triple lock but the lowest, 2.5%.

Wasn’t saying it’s wrong.
Just thought I’d mention it as some people don’t realise and think it’s purely years worked when it’s a bit more complicated
Easy enough to check your own though

 

[Cityzen]

Wasn’t saying it’s wrong.
Just thought I’d mention it as some people don’t realise and think it’s purely years worked when it’s a bit more complicated
Easy enough to check your own though

Us old people can’t work these things out. According to one poster on here anyway. Not cogniscant enough to use the internet and get on the Gov site.

 

[TwoWrights]

Big year for me was 1976... When I look in the mirror and see some old geezer looking back at me I sometimes wonder what happened to the lanky so and so who thought bugger all of a 40 mile hike!

He lived for another fifty years, and counting, not everyone is so lucky.


It's our time.

 

[originalminority]

Likewise. The ones who complain about the old pension being less than the new one don’t mention that. That, with the addition of a private pension means I am quite happy. Only thing not fair is you need less years contributions now to claim a full pension.

Not quite the only thing, the SP age has gone to 67 and will rise to 68 for all born after 1970.