WHO Poll

Lato 4:47 Sun Jul 22
State Pension
I have been on the Gov.uk website and discovered what ( if I make it that far in life) I am entitled to at pension age. Apparently I like most people have been " contracted out of part of the pension scheme".

Doe's anyone know what this means?

Thanks in advance if any of good people of WHO know

Replies - Newest Posts First (Show In Chronological Order)

4ever-blowin-bubbles 2:28 Mon Jul 23
Re: State Pension
i will worry about it nearer the time

Willtell 11:48 Mon Jul 23
Re: State Pension
Some interesting facts for you. My sister is retirement age and is a multi-millionaire owner of 3 businesses in America. She left England at 18 having left school at 15 so like myself, did well for herself. She now gets a monthly pension of £200 every 4 weeks!

She could only have contributed for a maximum of 3 years yet the reason she gets what she does is she had 4 children (all American born) and was allowed several years for each child of assumed contributions!

Future generations are going to be paying the pensions of people all around the world unless someone applies some fucking sanity to UK pension entitlements....

Mike Oxsaw 11:12 Mon Jul 23
Re: State Pension
boleynkid 12:00 Mon Jul 23

I looked at that option a few years ago and I'm sure they were demanding a king's ransom in return for a pittance - something like whack in 100 bags of sand now for an extra 90 pence per week in 10 years time.

LeroysBoots 11:07 Mon Jul 23
Re: State Pension
Sydney, not means tested no, everyone gets it who has contributed, and quite rightly so

With regard to tapping in early, yes, at 55 you can access up to 25% of any private / personal pension tax free

Sydney_Iron 10:43 Mon Jul 23
Re: State Pension
The UK pension seems a bit harsh to me, 35 years to get the full pension of £164, then its scaled back so if you only worked for say 20 years you get about £90, if under 10 years fuck all, so seeing as i only worked for about 5 year i cannot claim a UK pension.

The Australia pension is the equivalent of £250 a week so im too fussed as as far as iam aware you cant claim both anyway.

Is the UK pension means tested though? in Australia it is, so if you are deemed wealthy you cant claim the pension, mind you we have compulsory Superannuation and all employers have to pay about 10% of what you earn into a pension fund for you, having worked most of my life here i have very tidy nest egg, you can also access it earlier so retirement on a tax free self funded pension at 55 is possible.

LeroysBoots 9:50 Mon Jul 23
Re: State Pension
I opted out ( SERPS ) many years ago. The firm I was with at the time was a fund management company so they took on the investments for me as a private pension.

It's now worth £150k and I recently combined it with their employees pension via my IFA.

Nice pot of £450k being invested under their FundsNetwork system.

Westside 1:14 Mon Jul 23
Re: State Pension
You need 50 years of NI contributions to receive the full pension.

Rubbish, it's 35 years.


Iron Duke 12:27 Mon Jul 23
Re: State Pension
You need 50 years of NI contributions to receive the full pension.

Bastards moved the goalposts.

boleynkid 12:00 Mon Jul 23
Re: State Pension
Those that contracted out can make up the shortfall in the pension they will receive by paying a lump sum(s).

BRANDED 11:33 Sun Jul 22
Re: State Pension
Anotherwords. Forget it. Your fellow nationsl cares not a fuck about you and will not pay.

Hello Mrs. Jones 9:54 Sun Jul 22
Re: State Pension
Been in the US for 36 years. I get 79 pounds a week in 3 years time. Sure I'll claim it rather than some Johnny foreigner.

Mike Oxsaw 9:33 Sun Jul 22
Re: State Pension
The succession of Japanese monarchs & solitary dicks funds UK pensions? Who'd've thunkit?

BRANDED 9:07 Sun Jul 22
Re: State Pension
If you vote for the right party you might get something like what you might have assumed was coming to you. This isnt the Tories.
They are paid for by cororations and rich individuals.

Make your choice but enough very 5 years you're going to find redistributers more enticing.

Good luck.

Westside 9:01 Sun Jul 22
Re: State Pension
Also, as you contracted out of SERPS, you should have a private/employers pension scheme to replace this. If you don't know who this is, use:-


Which will enable you to find the provider and allow you to get in touch with them to find value, options etc.

This is a government website, free. Not some sort of PPI website, who charge you 35% commission of the value found.

COOL HAND LUKE 5:35 Sun Jul 22
Re: State Pension

You say 'apparently'..?

It is / was a conscious thing to 'contract out' i.e. I can't think of any reason why you wouldn't actually know you had done it, and when..?

It makes no difference to your main State Pension, this is only for the second state pension eg Serps 2. If you did contract out, you will have a private pension scheme running in its place (either currently active or 'frozen', depending on your employment history / situation).

Some folk contracted out, then back in again later, again, depending on circumstances. You would KNOW, mate..!

charleyfarley 4:49 Sun Jul 22
Re: State Pension
What is contracting out?
Under the old State Pension rules, up to 5 April 2016, you were able to ‘contract out’ of the additional State Pension. This meant that you and your employer could pay less NI contributions into the state system. You could not contract out of the basic State Pension. You could only opt out (‘contract out’) of the additional State Pension, and you could only pay less NI contributions into the state system if you were part of a private pension – such as a workplace or personal pension scheme – that could build up to replace the State Pension you were opting out of.

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