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well sometimes things work lol.
i filled out the paperwork a couple of months ago to claim my old age pension i am 66 in sept.
got the letter today confirming they will pay me 753 on 17 oct and 878 from 14 november 4 weekly from then.
boy i wish them and war pensions did monthly rather than 4 weekly. after tax that will be about £700 so i will be about 50quid worse off since being made redundant last week. still better than a poke in eye with a sharp stick.
just got to wait till 1st sept to put in only my second claim for dole, be interesting to see what i get for 23 days.
you hear so many horror stories about people not receiving stuff on time so lets hope this is all ducks in a row.
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Had my state pension in Oct 2023 and have it paid weekly and so happy with that although like you said I get tax taken off my small pension at source.
Sorry to hear about your redundancy @mitch (assuming that it wasn’t a good thing for you, given your age and proximity to state pension?)
I agree that the 4 weekly payment system used (I think) for most benefits is irritating. Surely everyone manages their money monthly (standing orders etc)? A payment on the same day every month (like my private pension) would be much more sensible.
Just a thought, but your £878 every 4 weeks would indicate that you are not getting a full new state pension? Might be worth checking if that’s the case. If it’s down to you not having a full National Insurance history, HMRC will allow you to ‘buy’ those missing years and it’s a no brainer to do it, although you have to do it within so many years of the missing ones, and you probably have to do it before you start drawing the pension, so it might be too late. Still worth a look though.
Also, re the tax (you probably know this) but HMRC will reduce your tax code by the value of your state pension (as they do with other taxable benefits), so effectively its tax free (if, in total, the payments are less than your tax free allowance) which will have the effect of increasing the tax on any other taxable income, such as private pension. It all works out the same, but it’s just how they do it and it confuses many people. I’ve no idea how war pensions work though, so you may already be well aware of all this!
it took a while to find out glos guy but its reduced because of my time in the army, i was classed as contracted out for that time, not that anyone told us that but then again my army pension whilst not great does more than make up the difference lol. although my brother in law who did similar number of years in the police gets almost twice the pension i do.
regarding our freinds hmrc yes they will take a cut as i have my army pension a small inherited pension from my late wifes work then fortunately the war pension like pip isnt taxable. but it will be a pain having 2 4 weekly payments and they will be about a week apart i think if my calculations are correct.
the redundancy came just at the wrong time it means ive got to claim on 1st sept but am then 66 on the 24th so not entitled from that date. and i dont think i qualify for anything else due to my pensions etc although i dont think wpms is counted towards uc or other benefits. but i will see nearer the time and get some advice on whats out there as i cant see anyone wanting a disabled 66 year old.
Used to be paid weekly all my working life always voted for paid every week as you have to wait 4 to 5 weeks to get any money not good.
Glad you’ve got it all sorted @mitch Police pensions these days are nowhere near as generous as they used to be (no doubt your BIL will be on the old scheme which was brilliant) plus, of course, unlike military pensions, they pay quite a bit towards them as well throughout their working life.
The contracted out thing affects millions of people, myself included. My private pension drops by about 7% when I get to 65 due to being contracted out, but my state pension won’t be affected by it. The drop was meant to coincide with starting my state pension, but that’s now not starting until I’m 67. It’s odd how it affects people differently.
It sounds as though you didn’t get a bumper redundancy payment, as most people dream of being made redundant just before retirement! If it’s your desire to continue working then I wish you well, although don’t rule out retirement if you can afford it. I retired at 54 and never looked back. You never hear anyone say “I wish that I’d retired later”!
no this redundancy wasnt a windfall i was only there 3 years but it means i wont lose out for the month of september as the redundancy payment is 3.5 weeks plus the notice period so anything i get off the dole will be a bonus. extra spends as ive a holiday booked for 26 oct for a week. ideally i would like a part time job really for my mental health to get me out of the house more than anything. danger of becoming a recluse other wise.
ive just enrolled on a 15 week weight management thing through the gp so i go tommorrow to eckington gym to see what clasess etc i can do which could be interesting with my back the way it is. if that works out it may suit not having to fit it around work, may look for some voluntary stuff.
I do a day a week voluntary work @mitch and really enjoy it. It’s mentally challenging work (but that’s no bad thing as it keeps the grey matter active) and it’s nice to chat to lots of people from different backgrounds. With the combination of that, time with friends and family, hobbies and interests (all of which get me out of the house) plus the never ending jobs that need doing in the house and garden I am never bored!
Mitch, I was in the same situation, when I retired fully paid up two year ago and found out that I would not get the full state retirement pension of £203 a week but a state pension of £171 per week (nothing to do with tax or contribution’s), due to me being a civil servant and unknowingly opting out of my full state pension, without any option or knowledge that this was going to happen. My pal was the same and I assume most, if not all of my working colleagues.
I think that most people assume that paying into the new workplace pension will give them an extra pension. I fear that the Government will just see it as an excuse to lower the state pension.
yes we assumed that as the army pension was noncontributary that was it no effect to anything else. but it is in a sense contributary as some of your ni contributions go to the army pension scheme reducing your oap.but that is not explained not that you can do anything about it as you cant make up those contributions like you can if your just short on contributions. esp women who either dont earn enough to pay ni or take time out for children, my sister was short and she was able to buy back those years,i think it cost her £800 but it means she will get full whack when she hits 67 or whatever it is in 4 years or so when she qualifies. mind shes quids in as she gets a lloyds bank pension and got redundancy after 30 years service so got a handsome payoff no wonder they holiday in the seychelles every year plus a cruise or 2.
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