Pension

[NameChangerAmI]

Just thinking about pensions (as a result of another current pension thread).

I know someone on here will be able to tell me...if you've not worked at all for your entire adult life, apart from say, 12 months, PT, but have claimed CB for 32 or so years; will you be entitled to the same state pension as someone who, on retirement, will have clocked up 49 years worth of full contributions?

I know I should know this, but I am one of those really ignorant women you hear about in the press (and on here,) who is completely clueless about pensions, and is starting to panic and also feel slightly pissed off about the inequalities of the system.
TIA

? What inequalities? Everyone gets same state pension regardless of whether they’d made £20k/yr or £200k/yr.

You need a record of 35 years of National insurance credits to qualify for the full State Pension. If you are registered for Government Gateway you can check online what your own record is. So potentially yes, you could have a very nearly full record by having Home Responsibilities credits.

You earn state pension through NI contributions or credits.
“Under these rules, you'll usually need at least 10 qualifying years on your National Insurance record to get any State Pension. You'll need 35 qualifying years to get the full new State Pension. You'll get a proportion of the new State Pension if you have between 10 and 35 qualifying years.”

You & your employer make NI contributions if you meet weekly pay threshold for a job, I think it is £166/wk now but it changes so look it up. It is not based on PT or FT. There is a lower threshold where you may get an NI credit instead.

You get NI credits if you collect child benefit for a child under age 12, or are on ESA (too sick to work).

I’d suggest the U.K.gov Website. You can actually use your NINO to look up how many years of NI you have towards the full state pension.

But state pension is peanuts and could be cut or abolished by future governments. That’s why you have to save your own money towards retirement.

Another here asking what inequalities?

A pension is a savings plan. How much have you saved?

Thank you for the replies.

AngelasAshes I meant the inequality of someone who has done everything they can to avoid working their whole adult life, receiving the same pension as someone who has worked as much as they were physically able.

And I don't mean people who are unable to work due to illness or disability, or because they are a carer to a family member, obviously.

I've checked my state pension forecast, and by the time I retire I will have accrued 49 years worth of full contributions.

siring1 I'm hardly going to declare my personal savings to you or anyone else on MN! [shocked]

I think you are making a lot of assumptions and conclusions. Sometimes people have mental health issues and therefore don't work. I could be quite judgey as to why you are ignorant about pensions but there you go!

I meant the inequality of someone who has done everything they can to avoid working their whole adult life, receiving the same pension as someone who has worked as much as they were physically able.

The state pension is hardly enough to live on. Why would you be pissed off that those who are entitled to it, can claim it when they hit retirement age.

Sorry... I thought you were the one who had never paid in.

I meant the inequality of someone who has done everything they can to avoid working their whole adult life

What do you propose to address this "inequality"? Compulsory internment in workhouses? Public flogging? Trial by the readership of right wing media? Execution at state retirement age for those without adequate pension pots?

What about the inequality resulting from our government deliberately impoverishing disabled people? Why does that not bother you?

rainandshine52 I'm really not.

I specifically said I don't mean people who are unable to work due to illness or disability, or because they are a carer to a family member, obviously.

A MH illness can absolutely be a genuine barrier to work. You assume that I don't know this and/or have not been in this position myself, but how do you know?

It's fair enough to judge me about my ignorance re pensions, though, but not for you to assume that I'm judging people with a MH illness.

And I think that if I was in receipt of the maximum state pension today, it would be enough for me to live on, tbh. I've never had loads of money or lived extravagantly, so it wouldn't come as such a shock to me, I don't think.

minibroncs how do you now it doesn't?

This thread was about pensions specifically.

The assumptions you and others are making about me say more about you than they do about me.

And I think that if I was in receipt of the maximum state pension today, it would be enough for me to live on, tbh. I've never had loads of money or lived extravagantly, so it wouldn't come as such a shock to me, I don't think.

The current state pension gives approx £80 a month more than I'm left with from my take home pay after rent & council tax. If I was getting state pension I'd get full HB & CT reduction. So I could easily live on that!

And minibroncs I don't propose anything, I was just trying to understand the system. I'm more than happy for my NI contributions to support anyone who can't work for valid reasons, but not so much for healthy adults who choose to stay at home doing nothing rather than going to work.

I don't want anyone to be impoverished, but downright laziness bugs me, and I doubt I'm the only one.

Natasha exactly!

If I was currently retired and living off the state pension, with my mortgage paid off, and all the DCs supporting themselves, I'd have more disposable income than I do now!

I'd also have a free bus pass so no travel costs

Slightly off tangent but how does someone claim child benefit for 32 years or so?
You'd need to have at least 3 children with 12 year age gaps to get 32 years of CB pension credits.

Lindy2

If you have a baby when you're eldest child is 15?

Or am I being thick?

(I wouldn't put it past me! I'm very tired & have had a glass of wine or two!)

Natasha I'm expecting them to have done away with the free bus pass when I'm of free bus pass age, but hope not!

I suppose if they did, the bus companies would go bust!

Your eldest child not you're!

www.gov.uk/check-state-pension

Enter your National Insuranace number
It will tell you how much you have paid in per year
How many years you need to pay in to receive full state pension
It will tell you when you will recieve it & estimate how much

If you receive certain benefits, your National Insurance should be paid for you
eg receive child benefit, but dont work
eg receive job seekers allowance/UC
others

The pension age may increase

NameChanger - you only get NI credits until the child is age 12.
Working out though having a child at age 16, 28 and then 40 would give you over 32 years of credits as you'd get 12 years of credits for each.

Really? Till the child is 12? When did that come into force, do you know? I thought it was until they were 16.

Sorry - I missed that point earlier.

Also imagine you worked 35 years

Then worked another 15 years, the Government still deducts the National Insurance, it doesn't stop when you hit the 35
It all goes into the pot

OwlAgainOwl thanks, yes I did realise that.