New State Pension Age

[nichola]

quote Stoop

"Fair points but you can't blame the insurance companies for the poor performance of the stock market and low interest rates can you"?

but you can blame them for misselling in an unregulated market for years and years until a responsible government put a stop to it

what a scam legitimised by the state!

[Eric]

quote:Originally posted by milorni

What makes me cross is that on my pension forecast, it shows that I have now contributed enough Ni etc to qualify for my state pension. I am 47 so theoretically will now be contributing afor another 19 years before I can claim anything back.Humph!Who's getting my 19 years worth of contributions? Not me!!

Double check this with your employer.  If it is correct I am sure you can opt to stop paying NI.  When I retired I was told I had paid the maximum NI and If I wanted I could stop NI deductions from my pension (but not income tax[!])This I did, so there is only tax deducted at source now.

[valleyboy]

I am no economist, but I do find this topic quite interesting, one question I've always wanted to ask, and maybe some of you "financiers" could shed some light on is; Everyone goes on about lengthening life spans and extra amounts in pensions to pay out, but conversely what happens to the NI contributions of someone who unfortunately dies when they are 64 and never even collected state pension or even at <70 and only collected up to 5 years pension (and a lot do), where does all this  unclaimed money go ? (back into the pot I guess) [?][?]

[rpg9000]

quote:where does all this unclaimed money go ? (back into the pot I guess)

Yes - and there still isn't enough. That's the whole problem with (state) pensions!

[Jenny1]

I am in a final salary pension with my employers, they
match my payments every month. Are these 'safe' pensions?
Will the new retirement age affect this or is it relevant to state pensions only?

[c1]

Stoop-can't blame insurance companies for poor stock market preformance, well yes you can because they on their customers behalf have invested in companies which have poor management and have not in most cases curbed crazy bonus schemes ie banks, they have also failed to remove/use power to remove poor directors etc. the golden rule should be he "who has the gold makes the rules" insurance/ assurance companies have had to cosier relationship, with the poor and I do mean poorer pensioner taking the hit. if any other product that we buy failed so often we could get a full legal redress with slae of goods atc etc. rant over.

[Tineathers]

From 6/4/2010 you only need 30 years for a full basic state pension but you cannot opt out of paying NI contributions when you have reached 30 years. You do however become exempt from paying NI if you are still working for an employer after state pension age. NI contributions are also used for contributory benefits such as Job Seekers Allowance and sickness benefits not just for the State Pension.At this rate I think we will all be working until we drop.

[nichola]

quote:Originally posted by Jenny1

I am in a final salary pension with my employers, they
match my payments every month. Are these 'safe' pensions?
Will the new retirement age affect this or is it relevant to state pensions only?

Lucky you! It's a rare employer that looks after its staff by providing a Final Salary Pension scheme - they are very expensive for them.

Like all financial investments the rules can change. Keeping up to speed with developments and advice through a reputable paper like the Saturday Guardian that has an easy to read section on Money can help you understand how to stay abreast of potential changes and threats to your investments, how to benefit and save money by taking advantage of new deals as well as how to claim compensation when you have been missold for example a mortgage, an endowmwent or even a pension.