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Two years in retirement, let’s have a look back.


Thai Spice

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29 minutes ago, thegrogmonster said:

I worked in the UK for 2 years paying National Insurance so would this entitle me to anything?

10 years minimum NI payments to get state pension AIUI.  You get credits if you were in education past 16 years old and in some other circumstances so might be worth checking which can be done on the Government website.  You can usually buy missing years' credits if you wish.

https://www.gov.uk/check-state-pension

 

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13 hours ago, Esco said:

You retired at 47 and have 3 good pensions? 

Interesting 🙂

@Esco yes.

I kept paying into my previous pension scheme after changing to my final  company employer.
I was offered a gold plated Final Salary pension from my final employer, who also put an extra lump sum into my pot, because I stayed for approximately 6 months past the date I had originally decided to retire. I was on an extremely high salary when I retired from that company at 47, but didn’t touch the pension until I was 55.  
The third pension is my State pension of £221pw, which pays me approximately £60 more per week (as an extra guaranteed payment) above the normal maximum of £164 pw, due to the date I hit 65 years of age and because I fell between the old and new State pension Scheme. 

Edited by KhunDon
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11 hours ago, thegrogmonster said:

I worked in the UK for 2 years paying National Insurance so would this entitle me to anything?

I don't think so , you need a minimum of 10 years I believe and have to pay in for 35 to receive the full pension 

 

just seen KWA has already replied 

Edited by Stillearly
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13 hours ago, KhunDon said:

The third pension is my State pension of £221pw, which pays me approximately £60 more per week (as an extra guaranteed payment) above the normal maximum of £164 pw, due to the date I hit 65 years of age and because I fell between the old and new State pension Scheme. 

Not falling between them I suspect as that's not really possible.  In 2016 they did a calculation using old and new methods and the higher outcome became your starting point.  When it comes round, I too will get more than the current £168.60 per week (will rise again in April) and the higher amount is due I believe that despite having contracted out, I was still making sufficient NI contributions to get some of the additional benefit.

 

12 hours ago, Stillearly said:

I don't think so , you need a minimum of 10 years I believe and have to pay in for 35 to receive the full pension

There will still be a lot under the 30 year rule old pension rules from when they did the calculation in 2016 I think, especially amongst us old gits on here. 🙂

 

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@KWA I used “I fell between the old and new State Pension Scheme” as from memory, that was what was written in the letter the DWP sent me mate. They also sent me a printout of each years NI contributions, but I can’t seem to lay my hands on it at the moment.
If I remember the wording correctly, I’m getting the absolute maximum State Pension possible 🤗 and, as you say, it goes up every April, but not if I were to go back to live permanently in Thailand. But that’s been discussed many times on expat forums. 😉

 I don’t actually get to see any of my State pension anyway,  as it goes into my bank account twice per month and is then transferred to my little sons savings account! ☹️
Good luck when you finally get your pension. 👍

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46 minutes ago, Stillearly said:

I'm only 51 , 16 years before I collect mine and by then it will probably be means tested ... I'm not counting on it anyway 😉 

"SMART" you are .... I have never counted on it ( social security ) either ...

It was beaten in to my brain as a young man "never" depend on anyone or anything except yourself ..... I have lived that way my entire life .... don't know if that is good or bad ... but, that has been my way ...

16 years is a long time  ...... ( even though time flies by when you look back on it )

Edited by code_slayer_bkk
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14 hours ago, KhunDon said:

@KWA I used “I fell between the old and new State Pension Scheme” as from memory, that was what was written in the letter the DWP sent me mate. They also sent me a printout of each years NI contributions, but I can’t seem to lay my hands on it at the moment.
If I remember the wording correctly, I’m getting the absolute maximum State Pension possible 🤗 and, as you say, it goes up every April, but not if I were to go back to live permanently in Thailand. But that’s been discussed many times on expat forums. 😉

 I don’t actually get to see any of my State pension anyway,  as it goes into my bank account twice per month and is then transferred to my little sons savings account! ☹️
Good luck when you finally get your pension. 👍

I suppose anyone of working age in April 2016 could loosely be said to fall between the two schemes, but in actual fact your position then dictated whether your payment would be based on the new or old schemes and that could not subsequently change.  I suspect yours is based on the old with no contracted out period (so maximum Serps/State Second Pension) and 30 years NI credits.  This site may explain it better.  Look for the section titled "How is my pension amount worked out?"

https://www.ageuk.org.uk/information-advice/money-legal/pensions/state-pension/new-state-pension/

You may be able to see your NI contributions on the .gov.uk website linked in post 51 above.  I can see mine but not sure if that changes when you reach pension age.

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I had I think, 47+ years NI contributions     (I continued to pay contributions after I stopped work, up until my 65th birthday) and never opted out, so you’re probably correct. 
I’d tried years ago to use the gov. web site and tried all 3 of their verification systems, but never managed to establish my identity to their satisfaction!
Yet they had managed to take taxes and NI contributions from me and had all my addresses and passport details etc all those years. 🤔

 

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32 minutes ago, KhunDon said:

I had I think, 47+ years NI contributions     (I continued to pay contributions after I stopped work, up until my 65th birthday) and never opted out, so you’re probably correct. 
I’d tried years ago to use the gov. web site and tried all 3 of their verification systems, but never managed to establish my identity to their satisfaction!
Yet they had managed to take taxes and NI contributions from me and had all my addresses and passport details etc all those years. 🤔

 

Typical government ... are you really surprised ?

 

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On 1/19/2020 at 4:19 AM, KWA said:

10 years minimum NI payments to get state pension AIUI.  You get credits if you were in education past 16 years old and in some other circumstances so might be worth checking which can be done on the Government website.  You can usually buy missing years' credits if you wish.

https://www.gov.uk/check-state-pension

 

Mine is predicted December 2037

image.png

 

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Good thread as very relative to our mental well being. I retired at 53 and now have state pension plus two private pensions. Inherited some cash so not unduly worried about finances. But very aware that it is easy to screw up and make mistakes. No debts and mortgage free helps.

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On 1/20/2020 at 7:51 PM, Stillearly said:

I'm only 51 , 16 years before I collect mine and by then it will probably be means tested ... I'm not counting on it anyway 😉 

51 ? shit just a kid ! ☺️ I did not think i would be around to collect mine but its really nice to see it in my account month after month  Was really shocked when I stopped working at Secrets and Thai SS paid me lump sum 77K Baht and then SS paid me 84K when I retired from Babydolls. Never expected that 

Edited by Yesitisdakid
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On 1/22/2020 at 11:03 AM, Lemondropkid said:

The first bullet point is the key one there.

Rich man like yourself has no chance of picking that up come 2037 😲

Spot on. Will be means tested for sure and it’s not a fair system 

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21 hours ago, Yesitisdakid said:

 Was really shocked when I stopped working at Secrets and Thai SS paid me lump sum 77K Baht and then SS paid me 84K when I retired from Babydolls. Never expected that 

After I "officially" retired from my French employer, I worked 3 years as free lance under my own Ltd Co in HK. As such I contributed monthly to the HKG MPF retirement system. When I left HKG, I proceeded to clear that pension in cash and received 100k HKD ( 12,800 USD) .

Helped pretty well for my "re installation" in Bali (and celebrate my departure in Wanchai..)

The process to clear the MPF IN HK is pretty easy. Took 3 weeks from starting the process to receive the cheque.

 

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