Financial Adviser Explains - The New State Pension (UK)

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This video explains the New State Pension we have here in the UK. Here's what is covered:
00:00 Intro
01:11 What is it?
01:23 Who is entitled?
02:26 How much will you get?
03:27 How does it keep pace with inflation?
04:28 When will you get it?
05:15 How do you claim it?
05:47 How is it paid?
06:19 How to build a full entitlement?
07:03 Old state pension and contracting out
08:07 How do you topup?
08:53 Is it taxed?
09:58 Can you delay your state pension?
10:43 How do you get a forecast?
11:33 Can you rely on it?
Here's the links mentioned throughout the video for further reading:
www.gov.uk/new-state-pension/...
www.thetimes.co.uk/money-ment...
www.gov.uk/new-state-pension/...
www.gov.uk/new-state-pension/...
www.gov.uk/new-state-pension/...
www.gov.uk/income-tax-rates
www.gov.uk/deferring-state-pe...
www.gov.uk/check-state-pension
assets.publishing.service.gov...
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When investing remember, your capital is at risk. Investments can fall and rise and you may get back less than you invested. Tax treatment depends on your individual circumstances and may be subject to change. This channel is for information and entertainment only. The information provided by Tom and That Finance Show is not intended to address your particular requirements and should not be construed as advice. Neither Tom or ‘That Finance Show’ will not be held responsible for any actions you take as a result of watching these videos.
#statepension #ukstatepension #financialadvisers

Опубликовано:

1 июл 2024

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Комментарии : 583

@ThatFinanceShow Год назад

If you want more info on private pensions as mentioned at the end, here's my video on them. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-QsyQ5wazRno.html

@Super8Rescue Год назад

Thank You. My pension is LGPS and I am on one of the last 'final salary' pensions. I am going to take the largest lump sum and lower monthly income. No point in being the richest man in the graveyard.

@johnsymons6862 Год назад

I paid in for 40 years on the old pension, yet only pay me for thirty.

@Muckylittleme Год назад

Very informative but; "With life expectancy increasing" This is a complete falsehood. Life expectancy is decreasing and prior to that it had levelled out for a decade. Despite this and the massive uncontrolled net immigration, that has increased population by 20 million to an all time record high and rising, the government said was needed to to pay for pensions, the pension age has continued to increase. Despite misleading media headlines, this reduction in life expectancy was occurring before the pandemic and has continued after the pandemic.

@kennztube Год назад

Small point, it's not the government that funds the pension but we who pay all our working lives toward it. This isn't a hand out by benevolent leaders.

@Macman349 Год назад

The state pension is classed as a benefit. It is not paid out of the contribution you made but out of the the tax & NI of current tax payers.

@12235117657598502586 Год назад

…But the current working generation pays for the pensions of all existing state pensioners … And the next generation of workers will pay the pension’s of their parent’s. So it’s the younger working generation that pays for the older peoples pensions! The more younger working people, the more pension money (and tax money)… The fewer working people, then the less pension money for the old people (and tax money for the government). Simple: Young workers pay the pensions of the old people.

@westboundbadger Год назад

@@Macman349 Have they paid it for 35 plus years?

@mikefish8226 Год назад

@@westboundbadger Not really, they paid for other people's for 35 years which entitled them to get paid money from other people from retirement to death.

@westboundbadger Год назад

So someone that has paid into the pot for 35 plus years should not be frowned upon and almost called a burden by young people that may as yet have paid next to nothing in comparison,..,..

@kortyEdna825 10 месяцев назад

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

@carssimplified2195 10 месяцев назад

@RobertCooper03 That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?

@carssimplified2195 10 месяцев назад

@RobertCooper03 Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

@waleolabowale9825 4 месяца назад

Does it mean a uk national who had liv3dvabroad for examole and tsturns ti Uk late 30 or 40s how will they make full qual8dying if retirevat 68 and dont make 35 yrs..so it means of this is cirrect notvall do get this benefit?

@elizabethmcnally7648 4 месяца назад

I'm 67 this year and still having to work not because I want to but I have to because I can't afford not to the way prices are going up every week on my shopping bill ,I don't have much choice after working since I was 15 got no children so didn't have time of ,it's a sad state of affairs when you have to work untill you die ,

@anthonycraddock6739 3 месяца назад

@@elizabethmcnally7648having children is so expensive so having none you should have a far better income and savings over the years . Maybe your lifestyle was too extravagant ?

@blessingpaul5484 10 месяцев назад

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

@SophiaBint-wj8wn 10 месяцев назад

That’s crazy, I’m just doing everything wrong with my portfolio.

@philipcollen482 10 месяцев назад

The US-Stock Mrkt had been on it’s longest bull-run in history, so the mass hysteria and panic is relatable considering we’re not accustomed to such troubled mrkts, but there are avenues lurking around if you know where to look. My husband and I are retiring this year with over $7,000,000 in tax deferred investments. up until 3 years ago we were 100% in the S&P. During bear markets we had a perfect plan. We got an investment manager in our corner and didn’t look at our portfolio for nearly a year.

@PhilSommer2 10 месяцев назад

Same here, 75% of my portfolio is in the red and I really don’t know how long I can stomach the losses. I’m beginning to reach a breaking point.

@KatherineAnderson-lm8bw 10 месяцев назад

Patience patience patience. It's a cycle.... a sucky point in the cycle, but a cycle nonetheless.

@brittanynicolette9473 10 месяцев назад

Hello, I am new when it comes to investing and i would really appreciate if I could get some tips about where it is worth to invest in (ETFs, Stocks, Growth stocks, Dividend stock etc.)

@edward.abraham 10 месяцев назад

People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Differing investment approaches yielded disparate results. Guided by a financial advisor.

@Kim.beneteau 10 месяцев назад

Indeed, that's accurate. I'm currently in my mid-50s. My wife and I were on a similar path until a couple of years ago when I decided to shift my investments to her wealth manager. While I haven't quite caught up to her accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.

@james.atkins88 10 месяцев назад

It's regrettable that many individuals lack access to such insights. I understand why people might become anxious. Insufficient information can indeed pose significant challenges. Personally, I've been able to generate over $31k passively simply by investing through an advisor, and the best part is, I don't need to exert much effort. Regardless of economic fluctuations, skilled wealth managers consistently deliver returns.

@Believer292 10 месяцев назад

@@james.atkins88 Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.

@james.atkins88 10 месяцев назад

Camille Alicia Garcia, maintains an online presence. Just make a simple search for her name online.

@veronica.baker1 10 месяцев назад

Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.

@dingopisscreek 2 месяца назад

I retired in 2018 at age 65. I have the state pension and a small private pension. I am comfortably off, have some savings, and no family (ex-wife and current wife (separated)). So I am quite happy getting the 8.5% increase this month. During my working life I had 2 brief periods of unemployment. Looking back the time has flown. I will attempt to live long enough to get as much back from the Government as I can.

@BryanMcCann-ks9jh 7 месяцев назад

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

@Calvertmarian 7 месяцев назад

as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management

@Calvertmarian 7 месяцев назад

this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future

@Calvertmarian 7 месяцев назад

very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified

@markhosbrough9180 4 месяца назад

I am nine years short of qualifying for full state pension due to the opt out thing they did years ago to encourage people to save in pensions I was going to see about doing where I make up the shortfall of years contributions but discovered that because I won't have worked thirty years or more here in America I will fall foul of the windfall tax where my social security figures will be reduced by whatever I get from the uk

@kharmalade544 Год назад

One of the great things about the state pension system is that there are 13 payouts in each 12 months so there is always one glorious month when you appear to get double bubble (usually November or December). OK, I know it's an illusion but it creates a lovely feeling of being on the winning side.

@BigHenFor Год назад

Do they pay the state pension every 4 weeks or once a month

@vinkor7824 Год назад

@@BigHenFor... every 4 weeks.

@kharmalade544 Год назад

@@BigHenFor Yes, it is every four weeks and you get it always on the same day of the week. You can work out which day you'll be given from your national insurance number as it explains in the video.

@paulweir5031 Год назад

Wrong!! I receive my State Pension fortnightly; when moving from Pension Credit (paid every two weeks) the person who dealt with my claim asked if I still wished fortnightly payment and I agreed. Six years ago today, 31/5/17, since my first payday.

@supersai4198 Год назад

Whats so gloripus about being in your dying days being paid back in trickle amounts. Why cant u get the whole lot at once. Lmao pensions are for slavementalities

@umbertoyltp Год назад

As a stumbleupon viewer from the Netherlands I was very well informed by this video about the UK system. Thank you very much!

@anthonywatkins2783 Год назад

This is a superb video, very well presented, clear and concise explanation on the state pension, very well done and thank you. 👌👍

@brianreynolds4627 Год назад

Great video though I’d like to add,and I think it’s important to mention that, you can receive your state pension weekly by requesting in the notes sections of the form that you would like to be paid weekly…even after you’ve started to receive on a monthly basis you can phone up and request to change to weekly payments…I too am paid on a Wednesday…Brian

@ThatFinanceShow Год назад

Thanks for that Brian. Always a challenge choosing what to include and not in a video like this.

@Areflection4 7 месяцев назад

Thanks a mill for this information, wasn't aware of this.

@geoffas 4 месяца назад

When I were a lad, we always used to get paid weekly and in cash. None of this monthly, straight into your bank account baloney, which we have nowadays!

@julesevs Год назад

Amazingly helpful video - clear, concise & easy to understand...thank you!

@keithclunk3125 Год назад

DEFERRING your state pension - If you defer for one year to gain the 5.8% increase in payments it will take 17 YEARS until you reach the break-even point where you begin to be better off. That will be during your early to mid eighties! If you do not need your state pension immediately it is better to claim it anyway and put the money into an ISA or SIPP until you need it.

@markfindlay8636 Год назад

My sister deferred, and l thought she was an idiot. Anyone suggesting to defer a state pension is giving you bad advice.

@bluepurgatory2927 Год назад

This is what I could not get my head around. I also heard you could take it as a lump sum with interest?

@kevindarkstar Год назад

@@bluepurgatory2927 you could, but they scraped that some years ago, oh yeah and they also cut the amount of increase you got from over ten percent to the five point eight now, don't ya love government 😮

@davidwilliams5300 Год назад

Hi Keith, can you still have savings above £6k in the bank and claim the full state pension? please

@keithclunk3125 Год назад

@@davidwilliams5300 Any money you earn or have saved will not affect your State Pension, but it may affect your entitlement to other benefits, such as pension credit, housing benefit, council tax reduction etc.

@davidjohn7510 Год назад

Fantastic advice for the layman! Really well presented too. Thank you Tom.

@claudbob1849 Год назад

Really appreciate the succinct explanation, and helpful links...👌

@ScipioAfricanus809 Год назад

Tom Morgan aka the Casanova of the UK finance youtube scene. Looking like a cross between a 90s boy band heart throb and a Argentinian midfield maestro. Bravo Sir

@ThatFinanceShow Год назад

Hahahahah 😂 boy did I enjoy reading this!

@worldofameiso5491 Год назад

Take a visit to an opticians.

@dobryden8558 Год назад

😅😅😅😅😅😅😅🤓🤓🤓🤓🤓🤓🤓

@venaedirie6314 2 месяца назад

This guy is no Casanova he's not even good I'm waiting for some good information and I won't be holding my breath

@michaelcheng2341 Год назад

its very insightful and perfect brief for understanding StatePension! Thank you!:D

@edsteelefox111 Год назад

THANKS TOM! This fantastically clear video couldn’t have come on a better day for me having spent a solid hour on the phone to HMRC and the Future Pension Centre trying to work out if I should repay my NIC 2 self-employment years (the answer to which was of course). If anyone else is in this position, look into it ASAP as a whole whack of past years will move out of reach at the end of July (and the wait time on the phone will probably rocket up towards the deadline).

@ThatFinanceShow Год назад

So glad it helped Ed.

@phlegmony Год назад

I loved my free UK permanent holiday, free dental treatment, eye surgeries, 3 meals a day in a luxury hotel with heating and clean clothes. Also my weekly allowance! If you are from india/pakistan/albania/afghanistan I beg you to come here and get your VIP experience! 😍😍🏨❤️

@digitaluniverse21 Год назад

Your video is SO helpful and crystal clear, thank you so much!

@stuartscott8099 Год назад

At 06:35 you say that to obtain the full entitlement you need 35 qualifying years, however this is only true for people who joined the work force after April 2016. Most others who have worked before 2016 are on transitional rules which means they could need significantly more than 35. In my case I needed 39, so please check your individual forecast as the 35 year rule only applies to youngsters who were not working before 2016.

@pvelectronics4291 3 месяца назад

Too true. Every You Tube Pension video says you need 35 NI stamps, but if you were contracted out of 'SERPS', you may need more. On my state pension forecast it says I need 37 years of NI stamps for a full state pension. Nobody ever mentions this.

@ShantiTrish 5 месяцев назад

It is interesting that many people on a small income , have no means of saving money for their retirement . Yes l found this useful Thankyou for taking the time to load this video .

@simonjonesptchester Год назад

Interesting and informative video, as always; thanks, Tom!

@ThatFinanceShow Год назад

Thanks Simon

@Amphy002 Год назад

Thanks for a very useful and practical explanation.

@philflip1963 Месяц назад

A very clear and simple explanation, thanks.

@WilliamDavidKirbyUK Год назад

Thanks for agreat exposition, Tom.

@leenagiri7250 4 месяца назад

Wow! Thank you Sir, for the excellent information. God bless

@michaelgoode9555 Год назад

Just need to point out that the government doesn't actually fund anything. This is state money which the government of the day administers. It's funded primarily by tax receipts and other state income.

@guyr7351 8 месяцев назад

Very good video covering a lot of areas on the state pension, one thing about raising state pension age there is a ten year minimum notification period to alter it. Secondly the government is signed up to the recommendation that the average adult should live 1/3 rd of adult life retired, so retirement age linked to that. Average age needs to rise 3 years for pension age to rise 1

@davidplanet3919 Год назад

Thanks Tom. Subscribed. It’s worth people noting that Class 1 NI contributions are paid per “Pay period”, either weekly if you’re paid weekly, or monthly if you’re paid monthly. Pay isn’t aggregated over 1 year like income tax is. A period qualifies if your pay (in the period) exceeds the “lower earnings limit”. If the pay (in the period) exceeds the “lower earnings limit” but is below the “primary threshold” you are “credited” with national insurance contributions but you don’t pay any national insurance for that period. The year qualifies if the total qualifying pay exceeds the 52 times the weekly “lower earnings limit”. Someone close to retirement could therefore work occasional, part time hours, and earn just enough to make a qualifying year without paying any NI.

@guyr7351 8 месяцев назад

Yes it’s a strange way of taxing the worker, it’s also not able to be reclaimed unlike income tax. While during a budget the chancellor will say we are raising the payment limit so annually it is now about £12500 earnings before paying NI it is calculated weekly. So if you have a good week or get a bonus you pay extra NI as well as extra tax. Lose your job though and the NI is paid and does not come back even if you ended up earning less than £12500 in the year

@davidplanet3919 7 месяцев назад

@@guyr7351 The part year has value In that it reduces the price you would pay for voluntary contributions for that “missing” year but why do they make people jump through so many hoops to pay them (have to contact the Future Pension Centre, then have to get reference number - very long waits for them to to answer the telephone). They are supposedly overwhelmed dealing with claims from people (mostly women) who have not been paid the correct pension, yet many of these to my knowledge have been waiting many months for the back payments they are due. Rant over.

@richardclayton6939 Год назад

Very informative video, I got slightly distracted by the locks… you’re giving Aragorn a run for his money 👌

@ThatFinanceShow Год назад

😂

@lawrencer25 Год назад

Fabulous video. Thank you very much 👍👍👍🥰🥳

@mrc1500 Год назад

Useful stuff. Thanks, Tom!

@ThatFinanceShow Год назад

You're welcome!

@zocco15az Год назад

So informative THANKYOU.😊

@dannydurning6629 4 месяца назад

Just watched very interesting thank you 😊

@maoriwarrior9908 Год назад

Very informative, thank you for the simplistic manner of delivering it... easy to absorb

@bazkib Год назад

Excellent.Thank you. :)

@timsandman Год назад

I Love the way you laughed at "Can you rely on it?" 'nuff said!

@contessa.adella Год назад

Fantastic info….Thank you Tom, brilliant! My guess is in time Gov will make the pension means tested….basically subtracting any private or additional income from the State allowance….Mark my words!

@andre-qe5yr Год назад

Good point. Worth buying gold and losing it in a tragic boating accident.😂😂

@beatbonjon1384 Год назад

Nice to see u uploading more keep them coming m8 👍

@ThatFinanceShow Год назад

Thanks mate

@yogi19581 Год назад

Thank you Tom very informative 👍

@peterh9238 Год назад

Very informative 👍Best bit of advice given is not to rely on getting this in the future. (or getting it later in life) After 35 years of paying full NI and continuing to work, you still pay NI but will get no extra state pension income on retirement. If you have less than 35 full NI contribution years, the voluntary contribution option to make up your qualifying NI years is well worth doing. Especially if you expect to have a long retirement. I wouldn't be surprised if the government decided to start 'means testing' the state pension in the future. Looking at your total income (including any private pension / investment income) and only getting state pension if your total income is below a certain point.

@ThatFinanceShow Год назад

Yes means testing is a route many argue is likely, either way - I can't see it being as it is today in, say, 20 years time...

@stephenboyd4934 Год назад

It will be universal credit soon

@makemebad1978 Год назад

For many though, not relying on it is never going to be an option. My works pension is probably going to pay out less than the state pension. For many though they will have no other income other than the state pension, either because their work did not provide a pension option or because they simply do not earn enough to pay into a personal pension.

@guyr7351 8 месяцев назад

The state pension will change as it is such a large burden on the country, yet we are told it is one of the lowest in the main European countries. We actually pay less than other countries with NI not starting until you pay over the minimum earnings limit ( = to £12500 a year). I would expect this figure to be lowered, while potentially either raising tax allowance or bringing back a 10% band. For many the state pension is the main guaranteed pension, this will change as company pensions have had to be provided since about 1998, so in 20 years time 2044 ( when retirement age will rise to 68) many will have worked a full working life where a company pension was available. From this date I can see the government making changes to the state pension. Changes could come if the state allowed the money that would have been spent on NI by employer and employee to go into the employees own pension fund. That would generate for many a more than adequate fund over a 40 year period. One small point while pension age rises from April 2026 it’s a sliding timeline for those born after that date. My wife D.o.B 13/8/60 gets her state pension Jan 2027 5 months after her 66th birthday

@TheBioniXman 4 месяца назад

Thank you for an informative video. I was wondering what to do when it comes around to August and I am due my state pension.

@paylnyles Год назад

Amazing Video x.

@rockyrowlands3652 4 месяца назад

Well presented.

@christophephilippe1481 4 месяца назад

Very useful thanks

@dennisstoichkov8233 Год назад

Well explained.

@sandrabennett6166 7 месяцев назад

Thank you ❤

@tonyf5695 Год назад

Many thanks Tom, a brilliantly presented (normally boring) subject, but your presentation was excellent, well done, just subscribed too, I'll be back

@venaedirie6314 2 месяца назад

You have just wasted money on subscribeing how are you going to mitigate the inflation rate

@erongi233 Год назад

What is disgraceful is that if you got your state pension in 2015,or before, you get about £2500 less than if you got it after, or about a quarter. There is no rational reason at all than that they did not want to increase everyone to the same level at the same time. The state pension is a patchwork quilt of rules and regulations which is a bureaucrats delight.The administrative cost of such a system is enormous.

@rob5197 Год назад

Unfair I'd say - - I'm entitled to the new full state pension meaning I paid NI for 40 years I shouldn't have bothered - - people who did the opposite are now entitled to several top ups and benefits which take their weekly income above mine - -- unbelievable the system is and I haven't mentioned the £ 16000 threshold that has been in place for 25 years at least - - time to revise it and raise it

@erongi233 Год назад

@@rob5197 State pensioners are an easy target from many sources. A lot of it in my opinion relies on ageism as its fuel.Other advanced countries pay more and don't bitch about it.

@helpmaboabb Год назад

I didn't get it either until I realised that practically nobody is entitled to the full state pension which politicians always quote, due to almost everybody - prompted by the then goverment - opting to Contract Out

@erongi233 Год назад

@@helpmaboabb As a a prportion of GDP the UK public pension is 5.8% . France is 14.8%,the EU average is 11.6%. If you listen to almost any politician you would think how extraordinarily generous the UK state pension is, not the meanest.

@fandommenace9575 Год назад

I think the MPs still get the old state pensions. They changed it for everyone else

@PD-uc5st Год назад

Last year 2022/2023 inflation was way over 3.1٪ the government reneged on paying the promised inflation increase. They don't keep to their pledges. We are an easy target and way behind European pensions.

@ianlewis2813 Год назад

Great information 👍

@ThatFinanceShow Год назад

Thanks Ian, glad it was useful.

@georgearmstrong1461 Год назад

Great video well presented. One important point a qualifing year is a FULL 52 weeks. 51 weeks doesn't count.

@venaedirie6314 2 месяца назад

He has done very well not to point out that you are going to be poorer every year inflation is running at 10 percent and Rising

@daviniarobbins9298 Год назад

It used to be up to 2010 you needed 44 worth of NI years to get the full state pension. They reduced that to 30 years under the old system and then increased it to 35 years under the new system. I currently have about 30 years worth I think. Am currently due to get my pension in November 2041 or 2042 if they increase it to 68 in the meantime.

@roseyk7677 Год назад

It won't be around...... They will crash the system like they did in Greece... Look it up. It's all rigged, one big scam. You will not get your pension!!

@stephenhoughton4542 4 месяца назад

Excellent info

@PowellTracey9 Год назад

Very informative & easy to understand. Thank you!

@arnoldustwumasi1253 8 месяцев назад

Thank u sir

@alex-xy9rt Год назад

excellent

@vicsaunders9710 7 месяцев назад

Good video 👏

@petelyden8193 Год назад

I think you should have mentioned that the government have frozen the personal allowance and of course every year your pension goes up you will pay more tax.

@fedgraca6434 7 месяцев назад

great video

@andys1333 Год назад

Worth a minor correction that UK life expectancy hasn't increased since 2012 and has actually started to slightly decrease in the last year or two so life expectancy increases should not be linked to further increases in state pension starting age.

@kiwiscribe Год назад

Yes, I think this assumption that life expectancy will continue upward forever is naive. Plus, of course, the boomers are dying off now.

@JamesOversteer 8 месяцев назад

They’ll absolutely never lower the age though. The whole thing is a scam. Just a big Ponzi scheme waiting to collapse.

@robbybroon4904 Год назад

Really useful. Would like to understand how someone working and moving from UK to Isle of Man would be treated on retirement. Since the 2016 changes the UK-IOM reciprocal NI agreement was changed. It says that if you have contributions in both UK and IOM and you are short of the minimum, you can add them together to get you to minimum. But if I work 20 years in UK and then 15 years in IOM, I can’t add those to get tot the 35 years max contributions, I believe. Do you know?

@davidmcnay Год назад

Yeah he didn’t mention the totalisation agreements with crown dependencies, EU, US, AUS/NZ etc. In your case you will get 20/35 of a UK state pension and 15/35 of a IOM state pension. You can earn more than the 35 years total as the 35 years is only for the UK. I.e. I will get 35/35 of a UK plus 5/35 of US. This is the only way around working for 40+ years but only getting 35 years worth of pension.

@annebruce5135 Год назад

Hi, thanks for your video and explaining a confusing issue for me. I worked my whole life and had I believe 39 yrs NI but a deduction was made on my pension of £100 per month. I think the explanation was that I paid (compulsory) superannuation and therefor they said I paid less NI. Can you tell me if this is right please.

@trevorwhalley7466 2 месяца назад

Dear Tom, your pension video is both very informative and helpful. However, trying to Register with Government Gateway which is the only way to get info, is impossible if you do not have a U.K. ADDRESS.

@thewraith4858 4 месяца назад

Just wondering if the state pension is stopped in the future, can we claim the payments that we made back...

@iandron7119 Год назад

Thanks Tom, short and pithy.

@daveinthailand Год назад

Lots to ask but i will keep it short Retired in Thailand 2 years ago my pension forcast is up to date with 2 years untill my retirement But i have just heard about pension withholding tax what is this never heard of this before Great video hope you can help

@colintownsend5024 Год назад

I have a final salary pension and opted out and paid less NI so I receive a reduce state pension (I understand this) Is there a calculation to work out how much widows pension my wife will receive from my state pension if I go first. So my question is “How is a widows pension calculated “

@Urblessed117 8 месяцев назад

Thank you very much for the video, much appreciated! What happens if you have savings? can one still get a state pension if you have saving on your bank account? Thank you!

@dinaworkman306 4 месяца назад

The state pension is now classed as a benefit. Having worked all my life i have paid NI therefore

@johnwilliamson3328 Год назад

Can somebody tell me why I who receive the old state pension having retired one month before the new pension started and paid 39 years NI, receive £20 pounds per week less than those on the new pension. My weekly expenses are exactly the same as those on the new pension.

@stevieandthebarbies Год назад

I have 49 years of full NI contributions but according to my pension forecast (on gov.uk) I’m not going to get the full amount of the new pension when I reach stage pension age in 6months’ time. DWP just keep telling me that I need to make another year’s worth of NI contributions but they won’t tell me how much that is, so I can’t make a decision on whether it’s worth making a one off payment to gain the extra couple of pounds a week.

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@ashbishton3490 Год назад

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@robertwilson7736 Год назад

My recent forecast shows £185 per week with insurance paid up to march 21 is the current rate of £203 right ? I also will get a small private payment but I have to pay rent will I lose all that from pension credit

@steviec8870 Год назад

Hi is there any chance of giving some information about what happens if you live abroad like myself things seem a little unclear

@michaelbailey8729 Год назад

A man who has worked in construction trades wears out just as quick regardless of life expectancy.

@yscol1313 Год назад

Governments are renowned for sucking their people dry. Create your own long term investment strategy, it could be a pension but doesn’t have to be.

@samantha392 Год назад

Yes, men or women who work physically need to retire at 50 if they need too.

@HeatherDales-tc7er Год назад

The biggest disgrace is that any female who married a soldier in the year 1969 and onwards who traveled abroad ( usually to Germany) with her husband lost all rights to a full pension. There must be hundreds possibly thousands of very elderly ladies struggling to get by because of this.

@fandommenace9575 Год назад

Shocking and shameful 😢

@phlegmony Год назад

@raymondo6665 6 месяцев назад

I get a private pension also. The amount of State Penion the DWP told HMRC I received for the last two tax years was more than I actually received. I wrote to HMRC and they responded with the State Pension figure they had used......which I had already told them was more than I actually received. Any tips on how to resolve?

@Dwina5892 4 месяца назад

I get my first full pension on 30 of May. I'm delighted, my monthly pension will be £884.80 I'm delighted. I also have two works pensions, partially I've been lucky I worked well over 35 yrs 😉

@TERRYSUTT1 4 месяца назад

How can you check your record of how many years you paid NI contriburtions?

@UncleMort Год назад

Checked the link out and it does say that you need 35 years contributions for a full state pension. Checked my NI record and I have 35 years of full contributions but the estimate is only for a pension of £191.27 and says that I need to contribute a further 3 years NI to get the maximum £203.85. When are "full qualifying years" not actually "full qualifying years"? How would you know they are not "full qualifying years" when the government tells you that they are and has them on record as such?

@SaxJockey Год назад

It's a bit bizzare. Had a similar issue, had around 42 years and it still says need one more year. Phoned HMRC, it was because some years were contracted out (to company pension), so contributions were lower (not really 'full') 🤔.

@nickdinnen4667 Год назад

Great video Tom! I do have a question about years without enough NI contributions. I used the HMRC tools and found out I’ve got a few years in the early 1990s that didn’t have enough NI. It looks like the furthest back you can pay is six years ago. It seems a bit unfair as online tools for checking wouldn’t have existed back the early 90s. It’s not a total disaster if I can’t pay for those years as I’ve got about 30 years NI at the moment and more working years ahead but I was wondering if you knew whether there might be a way to pay for years that far back?

@daviniarobbins9298 Год назад

I believe you can fill in gaps at the moment for 2006 to 2016. The deadline for this is July 31st this year. Seeing as how you already got 30 years I wouldn't bother. There is no point filling in gaps(unless you are 5 years or less to state pension age).

@nickdinnen4667 Год назад

@@daviniarobbins9298 thanks!

@radiggie Год назад

Same, but it is IMPOSSIBLE to contact anyone (and I’m not just talking about the recent rush to top up). You hold on the phone literally for an eternity and then it just cuts the call off. I have tried ringing early, later and just daily and no response. There’s no direct email or text no etc and every bit of information just head’s you back to the same phone number. Bloody infuriating.

@guyr7351 8 месяцев назад

@@nickdinnen4667I would second that advice, I was looking at my wife’s record and she was in deficit, but at 62 and still working not worth paying the extra. One extra years NI contributions and she is now showing as qualifying for a full pension. Of course Should you wish to lay the government will not turn the money down

@guyr7351 8 месяцев назад

@@radiggieyou can see online where you are and how many years shortfall You have. Depending on age you can decide if just keeping on working gets you to the max No of full years. If you have other pension funds it might mean you can retire early and just have to wait for the state pension to kick in at 67

@michaeljohndennis2231 Год назад

During Covid, having lived 21 years in the U.K. holding an Irish passport, with extended family still living in Ireland - and worked 30 years in the U.K. and Ireland at age 52, I’d found out that I’d lost all 4 state and works pensions in both my native Republic of Ireland and here in the U.K. without any provision for backdates nor appeals - I’d only found via an old school friend in Ireland who had worked in the financial services industry in both Ireland and the U.K. who was in the same situation - this means that I’ll have to work well past retirement age regardless of any health issues, even if as predicted the Irish state pension age is being increased to 70

@mikefish8226 Год назад

I'd get some proper advice because that's not true.

@Conroymar 7 месяцев назад

❤

@lynstoneham 4 месяца назад

Interesting

@andrewmitchell8859 Год назад

What can I do if I cannot work anymore because of illness at 58 ? Can I access my state pension early ?

@alanblack1333 11 месяцев назад

wot happens if you havnt built on the full 35 years you only have 11 do they top it up as the sayes you have to have a minium about to live on ?

@anneboorman8754 Год назад

The thing with getting your state pension is if you get over a certain amount you will not qualify for pension credit and therefore will not qualify for all the benefits like the cost of living help that people on the other benefits like universal credit get. You only have to be £1 over the amount and you miss out on all the financial help, including help with housing and rents.

@LONDONGUY100 Год назад

Although what you say is correct in the sense that those on the full new state pension cannot cannot get pension credit, and are therefore not entitled to the full cost of living payments, as housing benefit and council tax benefit are means tested, anyone on just the new state pension as sole income, would be entitled to them.

@doreenjackson7287 4 месяца назад

Very true you end up in the poverty trap , so unfair.

@campbellthomson252 Год назад

If you don't have enough NI contributions to qualify for the full pension, does pension credit top it up to the full amount, currently ,£203.85?

@davidanderson7138 Год назад

I don’t get full state pension and I have 38 “qualifying years”, I was told EVERY Year since starting work was qualifying years ie 45 years

@kaxar6954 Год назад

What if a Brit worked in the US for 15 years and then moved to the UK, can they consolidate those years towards UK pension?

@keithroberts6085 Год назад

Hi . I believe the company I worked for took a pension holiday, , as in not paying N I for 1 year etc . Is this anything to be concerned with ????

@moomindc Год назад

hi - a quick question for my mother in law - does deferment have to be in 9 week chunks ? or after the first 9 weeks of deferment is every additional week pro-rata'd ?

@kevindarkstar Год назад

Simple answer - don't defer 😉

@seangreen8262 Год назад

Very informative vid5,Tom. Thanks. Despite having paid all the qualifying NI, why am getting considerably less pension than £203.85?

@user-ub4pl6tz2e Год назад

Also me Mine start July 2023 Have 40 years But it less than. 203.oo Unfortunately Difficult to get answer from them They never update you The service very odd

@polaris7122 6 месяцев назад

@@user-ub4pl6tz2e you must have opted out during your woking years!

@normanpearson8753 6 месяцев назад

Me too , ret"d in 2015 , paid NI all my life .

@stevebomonster Год назад

Nice video but can you assist on this as I seem to be getting the runaround... 66 march live S.E.A. I want it paid into a £ sterling FCD held in Asia, town where I live. UK government want to convert it pay in my countries currency and to another account which I then must convert back to sterling as the £ is weak at present 45% weaker. My Annuity is paid to the £ FCD no problem no cost. The bank would use the same swift code for my state pension, I cannot get through to them, technically its a UK account based overseas... thanks in advance.

@rockyrowlands3652 4 месяца назад

I have written twice to the DWP regarding my pension when I retire….only for them not to respond to my letter. Now where do I go from here?

@smiggo1481 Год назад

Why is it the governments money when I am paying my own pension from my national insurance contributions? Have they spent all the national insurance money I have invested for my state pension on other things without asking me? When enough people are no longer relying fully on the state pension will the government have more opportunity to reduce the state pension and will they reduce the national insurance contributions accordingly?

@AndyPriceVideos Год назад

According to this you said you get paid before your state pension age. My wife has had her letter from DWP saying that her first payment will be AFTER her state pension age! She will be 66 on 29th August. The letter states she will receive her first payment on the 25th of September. Who’s right? Who’s wrong? Please can someone shed light on this please.

@radiggie Год назад

Please help us with info on HOW TO GET THEM TO ANSWER THE PHONE 🙏🏻 You can ring relentlessly at any time of the day, hold on forever and before anyone answers the phone just CUTS OFF. Sorry for caps! It’s just so depressing. Any help with other methods maybe would be great because I’ve trawled through everything I’ve got and I end up being directed back to the number that cuts you off. Yes I know the deadline has increased the workload etc but there are enough resources to take the money in the first place and enough unemployed people that would answer the phones given the chance. It’s just so bad.