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23rd September 2019, 19:22 | #11 | |
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Or did you receive an enhanced pension “pot” as part of a redundancy package which you will now be accessing when you retire? |
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23rd September 2019, 19:30 | #12 | |
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I have been paid a company pension monthly since 50 - it has allowed me to retire early, but have worked up until 58 The HMRC (my personal section) which I log into documents all this along with the state pension forecast. I was hoping just to tidy up a few loose ends, and maybe that’s all it is, but more homework required, I suspect. |
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23rd September 2019, 20:03 | #13 | |
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I may be wrong - in which case you did well with the package you negotiated. But if I’m correct - then could it be possible that you have a “pot” of old “Protected Rights” benefits that you have not accessed yet? What is confusing me is that in 2006 the earliest pension age for taking benefits changed to 55 from age 50. So it’s a bit confusing as if you are 58 now then you were 50 eight years ago - and that would make it 2011 And based on that - I’m not sure if the rules would allow you to access what was “Protected Rights” at age 50 I’m being cautious because “Voluntary Redundancy via Early Retirement” is complicated in the extreme. As I said in a previous post - the Company Scheme Trustees can - to a degree write their own rules - but differing rules would (I think) still apply to any Protected Rights Benefits. |
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23rd September 2019, 20:43 | #14 | |
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Well I really need to get study my paperwork, to clarify for myself. I am 62 now, but the voluntary redundancy offer was made when I was 48, couldn’t turn it down on the terms offered. The company scheme was excellent. Ill health meant I worked only to 58, but started in full Time employment since 16. Oh, how the years have flown past. Remember chatting to other (older) engineers all those years ago, who were really looking forward to 65 Anyway many hundreds of us took it, and it included expert advice, then, from investors, HMRC, and others on how to invest, tax implications and coping with leaving. But as I get closer to state pension age these other issues I just need to sort out, which is why I was interested in others experience. |
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23rd September 2019, 20:50 | #15 | |
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23rd September 2019, 21:24 | #16 |
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Some years ago, before you could do it online, we requested a State Pension forecast for Mrs B, and it came back saying she had missed contributions for a complete tax year a few years previously, but she could buy them back by paying something like £300.
As she had been employed by my company during the year in question, we had all the payment records, and there had been none missed, so we challenged it and got it corrected. Two things came out of it, firstly they make mistakes, and secondly, the total of the employee's and employer's contributions that year was just over £900!
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24th September 2019, 06:24 | #17 | |
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24th September 2019, 06:55 | #18 |
I really should get out more.......
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I am really confused. If SERPS was for high earners why was I advised to do it on minimum wage? It has lost money and now I will get less pension even with the SERPs added on. I was very young and gullible when I did it and now I will have a very small pension for something that only lasted a few years.
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24th September 2019, 07:39 | #19 | |
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Dawn, have you got your State Pension Forecast yet? If not, it is easy to sign up online with HMRC and get it. Worth seeing exactly what you are due and when. |
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24th September 2019, 10:05 | #20 | |
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And just to clarify - SERPS was for everyone BUT! it was designed to benefit those who paid more NIC. So whilst the low paid did benefit - those on high pay paid more into the system and so got more out of the system. Now it’s a simpler system with 35 years NIC getting everyone a flat rate State Pension far more generous than the old basic State Pension. |
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