No pension

[Scutterbug]

Is anyone else in the same position? I actually have no pension.

I am 50. Had 4 children in my twenties so did childminding and was self employed. Did a few more jobs in my 30s but part time and didn’t pay into a pension (i know!).

Got a decent job at 40, paid a few years into a pension, think my pot is about 4k. Left with severe MH issues. Not worked since.

Im absolutely fucked aren’t I?

Have you contributed enough NI for a state pension?

Check your NI contributions you may have enough for State Pension or you may be able to voluntarily pay to make up any gaps.

pension credits?

If you were claiming child benefit for your kids, you'll have pension contributions for at least 15 years or so plus the years that you worked from 40.

Op do a pension forecast at .gov.uk, then you'll know how you're fixed.

So if you’re 50 now you could still work and have a chance of paying something into a pension? Better than nothing as you have another 17 years or so before state pension.

Could you get a job in the civil service? Even a few years would be amazing for the pension

As others have said you shoudl
at least check your NI contributions to see if you’ll get a state pension. Is there anyway you can get a job, even if part time?

How do you get by now?

I would like to work. I keep being sectioned because of my psychosis which makes it difficult. I also do t leave the house with my anxiety so need a wfh job.
We did claim CB all the years mine were young.

If you are claiming long term sickness benefits (ESA or Unemployability Allowance or Supplement) you get class 1 NI credits added automatically to your record giving you qualifying years for state pension eligibility. If you are claiming SSP for the whole of a year you can apply to HMRC for class1 NI credits to be added to your record for that year.

Hopefully you will be able to build up enough years to get your full state pension in this way.

Also have you checked your pension forecast with HMRC? Set up a government gateway account on you.gov and you will be able to see your record online so you know how many more years of NI credits you will need.

Sounds like you could have sufficient NI contributions to be well on your way a full state pension, which is better than nothing, it used to be that you were given the CB credits until DC left school, so that would probably account for at least 20 years with 4 DC. Also, you probably worked before you had DC? Check online to see. Currently you should be entitled to credits due to ill health benefits, so make sure you're claiming those.

You say 'we' does that mean you're still married? If so, can you make pension contributions out of household income? You can put in nearly £3k pa even without an income so worth doing if you can afford it. Also if it's worth buying extra NI credits (they aren't always necessary) do that if the household can afford it.

Another solution would be if you own your house, can you downsize to release equity to provide an income to live on?

So it might not be as bad as you fear and you do have time to improve your pension provision.

If you are single and are renting and you have no private pension there's no real reason to top up gaps in your national insurance record. This is because you will be better off getting pension credit

I'm assuming you get pip at the moment? If you still get pip when you reach pension age, you will get an extra amount on your pension credit

If you're getting by on UC or ESA at the moment then you will see your income go up quite a lot when you reach pension age.

(All of this assumes you are not living with a partner - if you are then the situation would look quite different)

The first thing the OP needs to do is set up an account on the Government Gateway where they can (a) check their NI record and (b) get a pension prediction.

As above NI credits are paid (and can I think be claimed retrospectively) for bringing up children. If you're on ESA you'll get class 1 credits and even on UC they give class 3 which count for State Pension.

Backstop is Pension Credit.

So according to the website I am eligible for £11500 per year from the government pension scheme, I thought it would be less than that.

That's great but just make sure you understand the assumptions that are made about what happens between now and you attaining Pension Age ie that you continue working or perhaps receiving benefits that give NI credits.

Are you/were you married at all?

I'm 54 and been self employed most of my working life. Have zero private pensions. Just heard the rumours that pension age could increase to 71 for anyone born after April 1970...I was born in December 1970 No rich parents or partner to bail me out. I also private rent so I'm well and truly fucked. I try not to think about it.

Rumours are rumours and such have no basis in fact

State pension is planned to increase to 67 between 2026 and 2028, and then to 68 between 2044 and 2046. There is an outside possibility it may be faster than that, but very highly unlikely it will go up to 71 for someone born in 1970

And yet there's a 400 post thread because someone posted a link to a crappy clickbait article reporting on 'research' done by someone no-one's ever heard of and interpreted this as if it's definitely happening. Bizarre.

I am married, yes. Husband has very small pension pot.

Ok, in that case you and he need to sit down together and work out what pension and state pension he will have coming in. Then you need to go and talk to citizens advice to get advice on whether it's worth you topping up years in your ni record and whether you're getting the NI credits you need now