10 State Pension SECRETS - are you being underpaid?

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🤔 After getting a lot of comments on my ‘State Pension Explained’ video. I thought I’d go over 10 less known areas about the State Pension. State Pension…. Secrets, if you will. 🫢
📺 STATE PENSION EXPLAINED
• State Pension Explaine...
TIMECODES
0:00 - 1
3:33 - 2
4:32 - 3
4:15 - 4
5:12 - 5
8:26 - 6
10:35 - 7
11:52 - 8
13:52 - 9
14:42 - 10
References
💷 How you can get more than the Full State Pension
1️⃣ www.gov.uk/new-state-pension/...
🏝 Implications for retiring overseas
1️⃣ www.nidirect.gov.uk/articles/....
2️⃣ www.gov.uk/state-pension-if-y...
⏰Deferring your State Pension
1️⃣ www.gov.uk/deferring-state-pe...
🤝 Making Class 3 NI contributions (filling gaps)
1️⃣ www.gov.uk/voluntary-national...
2️⃣ www.gov.uk/voluntary-national...
3️⃣ www.moneyhelper.org.uk/en/pen...
🫢 Check if you have been UNDERPAID
1️⃣ www.lcp.uk.com/is-your-state-...
2️⃣ www.gov.uk/guidance/request-i...
3️⃣ www.moneysavingexpert.com/rec...
👨‍👩‍👦 Child Benefit and the State Pension
1️⃣www.gov.uk/government/publica...
2️⃣www.gov.uk/child-benefit-tax-...
3️⃣ www.moneysavingexpert.com/fam...
👵 Inheriting State Pension
1️⃣ www.gov.uk/new-state-pension/...
2️⃣ www.nidirect.gov.uk/articles/...
✅Pension Credits
1️⃣ www.gov.uk/pension-credit
2️⃣ www.moneysavingexpert.com/sav...
3️⃣ www.nidirect.gov.uk/articles/...
*Typo on 'guarantee' sorry about that. Joys of near-weekly content. 👍
A LINK WITH OTHER COMMON QUESTIONS
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3 PENSION TAX MISTAKES
• 3 Pension Tax Mistakes...
7 CRITICAL PENSION MISTAKES
• 7 CRITICAL pension mis...
CONFUSED ABOUT PENSIONS? Watch this video
• The UK Pension System ...
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RISK WARNING
All content is being provided for informational purposes only and should not be considered to be investment or tax advice. Only YOU are responsible for your own decisions and no investment decisions should be made solely based on the information in any of these videos or blog posts. Investment involves risks. The investment return and principal value of an investment may fluctuate so that an investor's portfolio, when redeemed, may be worth more or less than its original value. Past performance is no guarantee of future results. The information provided in this presentation has been compiled from sources believed to be reliable and current, but accuracy should be placed in the context of the underlying assumptions.
A WARNING
There are some scams on KZbin where a profile image is copied then used to promote cryptocurrency scams and all that nonsense. I will never, ever, contact you selling any investment product or service. I would never do that, am not allowed by regulation and it goes against the intention of this channel is to educate and inform.

[@A2Z1Two3]

The top up date is now extended to end of July 2023

[@PrinciplesPersonalFinance]

Correct, glad that they did. Had quite a few clients who just couldn't get through. Pinned the comment as it's relevant.

[@wharpblast264]

Extended again to April 2025. HMRC cannot keep up with demand.

[@JOEMUL10]

I have a couple of questions. I started getting my pension on May 2023. 4 months after I got a form to fill in, a life certificate form and if I did not get this signed and stamped by an official ie. Doctor, Lawyer, priest or bank manager within 16 weeks, I would lose my pension. I get a part pension from the UK (21 years) as I moved to Denmark in 1994 and I also get a part pension in Denmark (29 years). Do I have to get this form filled in and could they stop my pension? I am not married but I have a Danish girlfriend and two daughters. If I passed, would I have to be married to my girlfriend for her and my kids to claim my pension? @@PrinciplesPersonalFinance

[@grahamkearnon6682]

I applied over a year ago by courier to be signed at delivery and, yet to hear back, what a dysfunctional mess.

[@user-nu8ws9eu1k]

Ripoff Britain

[@roblloyd1879]

We have one of the lowest state pensions in Europe. We have been conned all the way to the bank.

[@balcomoz]

Liz did 45 or so days of work as PM and got lovely pension. And we pay for it

[@billybonds4449]

We will be paying for Boris as well.

[@bridiesmith5110]

She is still an mp.

[@robbishop3080]

If you are claiming Carers Allowance and start to receive state pension, you lose Carers Allowance. Completely unfair but there it is.

[@joprocter4573]

Criminal. Caring is more exhaustive than. Ft work and parenting.

[@billmmckelvie5188]

As someone has rightly said they should try this on Politicians.

[@janewebster8014]

I have a private pension. Any increase in the State pension is deducted from my private pension.

[@iantobanter9546]

Would have been nice if a similar line of equity had been employed for WASPI women. In a fair world, lawyers engaged with migrancy matters would be engaged on this.Fishy

[@suzannehaigh4281]

Solicitors do not touch pensions for some reason, I have asked a few.

[@sallyhall1681]

There is also the women that were born in the 1950’s who lost out on payment because of lack of notice to new changes . WASPI

[@llamudos9809]

When i was opted out i had no choice. yet those that stayed in seem better off. So its those that opted out that were screwed over.

[@polaris7122]

No, it's swings and round abouts. I receive a bigger works pension and lose out on the state pension!

[@bridiesmith5110]

@@polaris7122there is a change coming in 2030 that may change that. Your pension would only be bigger if you had full 40 years.

[@raybennett3415]

It's made too complicated for any marginal person to get their head around...the government make it that way I'm sure

[@jeannettemanchester1444]

Answer: YES.

[@gillmahoney4742]

My husband is my full timemcarer and gets nothing, though we are 77

[@martinriley106]

Watch out for the DWP stopping payment for your N. I. credits, they did that to me back in 2017 after I had become disabled.

[@Zodliness]

Ditto! 🤔

[@johndyda5673]

I qualify for full pension, having 45+ years NI contributions. However, someone who hasn't worked a day in his life gets a flat rate pension. He though can claim pension credits (which I cannot) and also gets free council tax (which I do not), which means he is better off than me. How on earth is this fair?

[@nancyreid2416]

Im the same.its not fair.

[@sheilawhenham8209]

All wrong ....

[@dixie3058]

Same for me

[@fredadams6239]

Liberal attitude, pays to be work shy low life

[@fredadams6239]

@AS-L 👍but your obviously leaving quite a digital footprint, so earn enough and the tax man will be on your case

[@user-rn3mh2ex7j]

In 2007 jobcentre told me I didn't need to sign on for national insurance credits as I had more than enough national insurance credits for my new state pension in2017 I get about £30 a week less than the new state pension because I was contacted out.

[@suzannehaigh4281]

It was altered from 30 years paid contribution to 35, I was caught by this but found out in time to pay the extra, which makes me entitled to nothing.

[@lesliehenriques62]

I'm a contracted out pensioner and i'm recovering next to nothing can you please let me know if I'm been scammed I need what can do about this matter and will I ever be compansated for my correct payments

[@TSM-908]

You state that filling the gaps normally takes about 3-4 years to break even. This is not the case IF you pay more than a single year at about £825 to gain £245 per year in SP increase. So the reality is it take 3-4 years per additional year bought so if you buy an additional 3 or 4 year your actually looking at about 9 to 12 years additional living post state pension to break even. This top up is extremely difficult to justify as life expectancy is currently falling for men. I’m 67 now. Retired at 60 on health grounds so did not pay NI on my private pension for 6 years which I could buy now. However if I were to die at 75 I am not breaking even and my wife would lose out on this top up money, DWP will not refund her my NI top up. So older you are better it is to save the 6 years cash so my family can inherit it rather than the DWP.

[@MichaelYates]

Yes

[@Rumbetii]

Hi, thank you for a very informative video. Do you know if claiming carers addition to pension credit will effect the Guaranteed pension credit? My elderly family gets free dentist and need regular care but they are worried if they will lose the guaranteed part of pension credit as they do care for another disabled person.

[@ianherd569]

Yes!

[@williamoconnor2617]

I claimed my state pension when I hit 66. At that point I only had 25 years of contributions. I just received a letter asking me if I wdnted to pay a year of voluntary contributions. Can I still pay this even though i have been getting the state pension since March 2023. Someone told me I could defer my pension even though I clsiming it. Any information gratefully received. Thank you

[@ABCwildflowers]

I too have worked all my Life and paid 43 years NI. And I agree Everyone who has worked and Paid into NI should get more income than someone who has not worked or paid NI ( excludes GENUINE DISABLED) vote for my New Party The Pensioners Party, and If elected. We will Make sure that we get a proper pension and other Benefits, we are entitled to plus Pensioners who have paid over 35years NI will be Guaranteed NHS Dental Care etc. I will be Standing at the next Wyre District Election. Come on VOTE The Pensioners Party !

[@suzannehaigh4281]

A relative of mine has not worjed one fullday in their life, the partners has not worked 2 full years either, both will get the full pension. Who says idleness does not pay? They are NOT disabled.

[@maureengladwell1317]

@@suzannehaigh4281

[@fanfeck2844]

I still don’t understand this Cope amount. If I’ve got a Cope of £22 pounds a week, do I take that away from my £203 a week pension estimate to get my actual figure?

[@rasikathakrar4923]

V.good.information.t.you.sir.

[@Chris-yx8gj]

I know someone who never paid any Nat Insurance. He gets the state pension with pension credit. His pension is higher than mine.

[@timbrooks2763]

your the wrong colour ;)

[@joem7799]

You need to check if you qualify for pension credit of £185 for a single person and £285 for a couple. If your pension or pensions are lower than these figures you will be given credit but you need to claim it .

[@chucks6781]

@@timbrooks2763 You mean of course the scrounging bastards that arrive via the Life boat taxi service

[@misst.e.a.187]

@@timbrooks2763 Ignorant comment. All the benefit scammers I've ever known of - including one I reported for false disability claims - were all indigenous home-grown grifters

[@londo776]

@@timbrooks2763 didn't take long for the racist to come out of the woodwork

[@thetimeisnow6822]

The Government must increase the Base Rate to £18,000 to give all the lower paid extra some help.

[@Vinsent1022]

excellent information I deferred my pension but now pay tax on the amount above £12500 but they do not send any details or statement of tax paid. I don't any government department as most are full of incompetent people how can you check if figures are correct.

[@TheRealRedAce]

ALL UK pensions are underpaid - which is why they're so ridiculously low compared to other developed nations.

[@alexblue6991]

My age 71yr old I worked long hours for 50yr years on low pay because I worked for fifty years I get less of a government pension than someone who couldn't be bothered to get off their arse and get a job they get the rest made up on benefits Alec from Scotland

[@gillmahoney4742]

Will husband be entitled to have pension regardless of contributions in a few years timr? We are 77

[@daviddring8692]

I'm onlt getting £174 per week. I'm 79 & was self employed for 40yrs.is that why I don't get as much as you're suggesting I should get as a minimum

[@trueriver1950]

Point one: The other way you can get a higher state pension under the new rules is by delaying starting it, as covered in point 3. This was also possible under the old state pension. For example if you delay starting for 90 weeks (about 21 months) you get 10% more once you start, and keep that 10% bonus for life; and the bonus increases with the triple lock (at present) In very rough figures it could take 15 to 20 years to make up the money you missed out on by delaying the start. The advantage of delaying is that if you're lucky enough to live longer than 20 years then your pension, including the bonus, will still be rising (under whatever annual uplift is on force at the time).

[@PrinciplesPersonalFinance]

Thanks for watching, appreciate you taking the time to comment. I covered my thoughts deferring options in the below video. 👇 kzbin.info/www/bejne/hIuXZ5pmitGphbc

[@thomaswilliamson6082]

I don’t understand why service people who served just before l joined the army and joined up after l left the army, they are entitled to a service pension. I joined early 1963 and finished October 1974.

[@billyevans908]

l joined up in 1959 and left in 1968 and was refused any payment without even an explanation

[@user-xu8oe1qv5y]

This was set up for working people for there retirement what year was that? What I like to Know how much interest this agency was getting at that time. over the years and was it wise investment for all the years to present.

[@martinriley106]

If you’ve made your full N.I. Contributions then you will get your full pension so making payments to fill gaps in past contribution payments does not give you any further benefit. The HMRC told me my gaps don’t matter I will still get the full state pension.

[@bobbythompson3544]

My wife was a Child minder and payed the Big Stamp, she gave up work to nurse me through Cancer and was penalised by having her pension cut!

[@mohammedmir777]

I hear you SIR.

[@petermizon4344]

HI DO YOU KNOW ANYTHING ABOUT WHEN UK SAYS A COUNTRY IS FROZEN THEY CAN TAKE MONEY 175 POUNDS OF YOUR STATE PENSION ?? IT SOUNDS LIKE STARE ROBBERY TO ME, VAN YOU HELP ?? CHEERS

[@mrflatroofer4089]

All theory mate. The longer you work the lower the pension. I worked 64 years and on the lowest state pension

[@sherrydelnevo5285]

If the tax trigger point is £12,500 for workers why is my tax trigger point £10,800 tthen l pay tax. On top of basic state pension l get £ 278 a month and pay £37.40 tax. Does anyone know how that works?

[@Zodliness]

Six months early PIP decided to act against a first tier tribunal judge's decision to reinstate my severe disability benefits, halving what I receive and denied me the tribunal awarded higher rate Mobility. Ironically I'm now awaiting my fourth PIP tribunal hearing date in almost as many years, where I'm not confident it will be reinstated a fourth time. 😡

[@IanPigott]

Hi, Perhaps point out that if you retire before state pension age you still have to pay additional National Insurance for many years to get full NI credits at state pension age (66). At age 60 you may have worked for 42 years and at some point been contracted out by your employer. This will reduce your state pension and although you will have paid in thousands of pounds more over the 7 years it will not count for the 35 years state pension. You than have to pay more in if you want to build your state pension up. You will have paid in to the system over 42 years far more than someone who pays for 35 years and is not contracted out. Just another inverted injustice.

[@wharpblast264]

My circumstances are similar to your example. I am forecast to get full state pension. I seem to remember for contracted out years getting state pension plus about 50% S2P credit. So at least in theory would not take many extra years to compensate for lower S2P credit. Depends on how the government chose to do the calculation. Anyway I suspect the pension difference between contracted in/out is not as great as people might think.

[@user-yq3nu5hd6n]

Very odd If some one never worked Will get some state pension OK benifits will go But top up pension credit If only I had gone to spec savers Would have so this coming Ps I was told catch the boat Every thing free For life ❤ Even better 😂.........

[@gwynforellisjones7348]

For people that done a private pension they are not getting there state pension in full do you think this is right and fair we was told to do a private pension but now loosening out on full state pension

[@Clivesharon]

Great video can you tell me is this is right should I get full pension if I have 50 years national insurance contributions .I am 70 in May .I have 39 year and a few months contract in and 10 years and few months contracted out.I get £157.94 state pension . If you get full pension with 35 years why do I lose money for doing 15 years more thank mr C Nuttall

[@PrinciplesPersonalFinance]

Thanks for watching and your support 🙌 It's all to do with the calculation that was done when they worked out the foundation amount when the State Pension Systems changed in 2016. There is a better overview below which is something that I can't really go into full detail on a KZbin comment section for, but this should provide some guidance: www.dailymail.co.uk/money/pensions/article-11735955/State-pension-docked-20-week-contracted-happening.html It was POTENTIALLY possible for some to accrue further years for those who had been contracted out. To know for sure for you specifically, it's something you would have to check your record for and enquire further with The Pension Service to confirm.

[@magnus9701]

thank you, stuff I did know , ive got mine now SP £233 a week as I never claimed for 5 years, deferred , don't think I will challenge,

[@Annie-yv7rc]

If you were on disability for a few years in your working life (paying full ni whilst working) is that stamp contracted out?

[@PrinciplesPersonalFinance]

Hi, tough for me to say as it depends on what happened in relation to your employment position at the time. By contracting out a pension, both you and your employer will pay lower, reduced-rate National Insurance contributions. When you retire, your second pension will come from your employer's scheme and not from the additional state pension. Therefore, whether you were contracted out for the period of disability, I can imagine would depend on what happened with your employment during that period. You mentioned paying full NI whilst working but were on disability so it would depend on whether contracting out happened for you during that time. Sorry, i can't be more help here. It's a very specific question and would depend entirely on what happened during the period of employment and disability.

[@lenb9037]

If you retire in this country and years later move abroad are you still going to get the triple lock after going abroad?

[@gillmahoney4742]

As expats we pay for glasses and teeth and both are expensive i mean over 100 for specs out of our joint pension of 800:for the month is allot and dentists charge 135 over extraction, everything else goes up to thousands. All,medically extras like neck supports arm brace crutches wheelchairs are bought by thr patient, also a lot of the medication is not free on prescription. Some pills i have to have cost 27.95 euros, others are 9 euRos andn6 for ten days supply

[@paulryan1578]

You think that’s expensive live in oz as ex pats dentist is free if you wait 3yrs same for a lot of surgery only option is private at 7g aussie a year for two lus you still get an extras bill as leave hospital my last trip cost me 4g on out of pockets without what my private cover paid

[@whu58]

Your correct about the costs expensive, except that you can get prescription glasses online quite cheap compared to retail outlets

[@maskedavenger2578]

No such thing as an ex pat . Stop being pretentious ,if you have moved to another country ,you are an immigrant in that country .

[@laurencetitusoates6328]

Good clear explanation without being preachy, thanks.

[@PrinciplesPersonalFinance]

Thanks Laurence, glad you found it useful. Appreciate you watching and taking the time to comment. 🙌

[@petew5289]

Because of the changes in 2016 i lost out on £2563 a year or £49.30 aweek funny they changed just as baby boomers started to retire because of an army pension can't claim housing benefit council tax reduction

[@robinmackie2840]

I have just now reached state pension age. In January the initial letter from DWP gave me a figure that I would receive every 4 weeks. They also gave me a figure for my first payment of 10 days, and the daily rate was lower. I didn't notice the rate difference at the time. Last month I received a letter advising of what my pension would be with the 10.1% increase applied.... I was expecting to see around £790 per 4 weeks, and was shocked to see £720! Yes...the culprit appears to be that, although I have 47 years full NI conts, no NI conts have been made since I retired 4 years ago. Numerous phone calls...no answer just BS... I have now written... but looks like I may need to fork out £2.4k or £3.2k to get the extra £70 which is taxable. Disgraceful situation and totally confusing and "hidden".

[@barbsdee3831]

My husband had a full state pension record and died 2 years ago at the age of 62. I have been trying to contact the tax dept and been going round and round as every time I ring the number stated on their website, it tells me I have to ring another number, so I ring that number and it tells me to ring the first number! 🤦🏼‍♀️ I started getting my state pension this June but I’ve heard nothing about getting any of my husbands. How do I investigate this please?

[@Jan-sn5tk]

Write a letter to the pension service - you should have a leaflet with their address at the back of it. Try to explain as clearly as you can what you are writing to them for. Give them your and your husbands national insurance numbers. Never bother to ring them - its pointless

[@barbsdee3831]

@@Jan-sn5tk thank you 🙏🏻

[@Jan-sn5tk]

@@barbsdee3831 you're very welcome. You would get a letter and a leaflet every year when the new pension rate is calculated for the increase every April. If you dont have yours from when you got your first pension payments you can find the info online or if you are still stuck let me know. I have my leaflet - somewhere!

[@polaris7122]

Your husband never had a pension plot. He was paying for the pensioners of the day, when you retire the workers of that period pay your pension through tax and NI contributions, sadly you have no claim!

[@barbsdee3831]

@@polaris7122 actually I do! I will get a percentage of his pension because of when we got married and when he died

[@1jamesbatey]

I have been living abroad for the last 8-9 years and I get my increase on my pension because it’s still paid into my uk bank account! If I get my pension paid into a bank account of the co7 try where I live I will not get any increases due to me! So leave your money in the uk bank and just transfers it yourself to your bank in the country where you live, there are schemes that help you they only charge £1 to send money to any country, this can be as much as £3000!

[@Chris-yx8gj]

I worked 50 years. I,don't get a full pension. I have asked the DWP for a statement of contributions. Three times I asked. Three times nothing.

[@stuartsmith5336]

I accessed mine on line through the HMRC website, printed it off, checked it and then discussed it with them. You have to have an account with them, which I already had, but it’s easy to set one up and it’s invaluable to check on your tax and contributions.

[@jeffdingle9677]

@@stuartsmith5336 Spot on Stuart - worked for me as well. Just register with the Gateway system.

[@andrewhubbard4044]

These crooks would rather fund illegal MIGRANTS 6 million a day and deprieve people who paid taxes for 50 years

[@trickydicky90]

Anyone who thinks current 20 and 30 year old will get a state pension better think again. Its slowly being replaced by private company ones. The downward trend in NI and the ramp up in company contributions dictated by the government is a very very big clue. In 10 to 20 years I also put money on the NHS following the US model of health insurance.

[@garycopeland9679]

My wife reach state pension age, last October. Because I was her carer, and younger, she couldn’t get any pension credit, or anything else. We only had, her state pension and my carers allowance, to live on. I wasn’t entitled to anything else, either. If we wasn’t living together, she would get pension credit, boosting her income. The benefits system, is complicated, and needs to be improved. I know people on benefits, who are living a good life, with more money, than someone working 40+ hours a week.

[@PrinciplesPersonalFinance]

That must be incredibly difficult Gary. I agree that the benefit system is often complex and very tough to navigate. I wish you and your family the very best. George

[@EddieRyce]

@1:56 very funny Foundation amount

[@PrinciplesPersonalFinance]

🙃 It's a pretty dry topic, not much to go off!!

[@PaulandAnthonyShow]

WHAT A MINEFIELD - CAN ANYONE ADVISE - I HAVE PAID 4 FULL YEARS CONTRIBITIONS BACK IN THE 60'S. AM I ENTETLED TO ANY STATE PENSION AT ALL. HELP!!

[@neilwalton3687]

I contracted out for 13 years now this is the joker in the pack that ended up in ppf so it never go up like the state pension would there be any chance of claiming the difference as ppf is frozen

[@louisemorris3424]

Very informative

[@PrinciplesPersonalFinance]

Thanks Louise, appreciate you watching! 👍

[@geminil2415]

There is one thing I can't get my head around. A disabled man gets extra money for his wife being his carer. (fair enough) Now his wife has become disabled herself, she is on the highest payment as she is genuinely ill and not likely to improve a lot, so she can now claim that her husband is her carer and get extra money.How can a person claiming to need a carer then be named as a carer for someone else? This is not a fraudulent claim, it is perfectly legal and widely used by husbands, and wifes, and partners, each claiming to be the others carer, yet not considered to be able to care for themselves. IS IT JUST ME?

[@kenbell3250]

Let's deal with the frozen pension problem. Your pension is only frozen if you tell the British authorities that you are permanently resident abroad. Now, how can anyone make that claim with a straight face? You have no idea what will happen in the future, so you don't have to say anything. You have your British bank account that your pension is paid into and an address for any letters that are sent to you. Then you can enjoy your extended stay in Venezuela... Let's be honest, the only people who claim permanent residency abroad are those who do not want to pay tax on their private pension. If all you have is the state pension then you are below the tax threshold, so relax.

[@SteveMonk1956]

The minimum is 35 years NI contributions for the new pension? I have 44 years NI contributions, retired last year but not getting the full new pension. I queried this asking for an explanation as to why I don't get the full amount, all I received back from them was a standard letter explaining how I can top it up with more contributions, not an explanation as to why I wasn't getting what I think I am entitled to.

[@raymondo6665]

like me, you were opted out of SERPS and not told that it would adversely affect your State Pension entitlement....

[@robinmackie2840]

I am in an identical situation to you. Disgraceful... the whole situation, and the "service"... numerous useless phone calls only to hear bs ..

[@Annie-yv7rc]

Made unbelievably complicated😊

[@polaris7122]

Usually if you contracted out you receive more from your works pension, so it's swings and roundabouts

[@lonniejockstrap8354]

The various videos that provide information on this site are excellent. Very well delivered and should be mostly understood by the average individual in my opinion. Pensions can be a very complex subject to understand for those of us who don't do much more than contribute towards them, so very well done and thank you.

[@PrinciplesPersonalFinance]

Thank you!! I really do appreciate the kind words and your support. Makes all the difference when doing the long edits, so thanks for taking the time to comment. 🙌🙌

[@harrybrown4815]

Back in 2004 it was announced that anyone under the age of 30 would not receive a state pension! Full stop end of, so this BS about the state pension and paying as we know its an empty box for anyone now under the age of 50

[@danzap384]

pension credits basic guaranteed credit - so if you are claiming state pension and working and you receive less than£182.60 per week from work you can claim p. credit?

[@PrinciplesPersonalFinance]

Thanks for watching, there are criteria that would be too long for me to summarise in a comment response but very broadly, yes. However, please see the below for full conditions as there are lots of areas which could change that due to someone's personal situation: www.gov.uk/pension-credit/eligibility

[@gwenmellows3760]

Hi I got my state pension in 2,00,7 I used to get double pension every Dec 1st Dec 31st it stopped in 2021 I have 10 years state pension how much do I qualify for in 2023

[@sylviabaxter265]

If you own your house and worked all your life you can’t get pension credit .I am a widow I have my state pension plus my husbands pension I am 76 , i checked with the DWP I wanted to know if I could get a free tv licence or pension credit the answer was no. I didn’t get widows pension either w by bother.

[@maureengladwell1317]

it's got nothing to do with the house@@sylviabaxter265

[@gillmahoney4742]

That idea of,paying stamps to oncrease your pension is a farce, what thry are saying is pay in 500 andnget 500 nack at the end of the year. It should be we pay the weekly amount in bulk andnget ancorrespeondingly raise in our monthly pension otherwise its not help atall

[@martinahardaker8739]

I suspect they are trying to take into account ALL income coming into a HOUSEHOLD and that will be used to assess other benefits.IMO.

[@sandiwilkinson7398]

Is it possible to contact you privately, I live in South Africa now. I am a widow

[@Chris-yx8gj]

If you move abroad. Just keep a UK bank account.

[@trueriver1950]

That's called fraud. They get quite cross if they find out. Under forthcoming legislation they will find out, if you regularly remit money abroad, or even use your debit card abroad all the time

[@petearmstrong2778]

State Pension is a real niche topic on YT or in media generally. Great set of points presented clearly at the level intended. Further digging may be required but many thanks for the info!

[@PrinciplesPersonalFinance]

Thanks Pete, appreciate the kinds words! Is always great to hear as when I'm doing these things as you say, this is both quite niche and also pretty complex. Tough one to get across well. Cheers for watching and taking the time to comment! 🙌

[@jogindersingh-prem7793]

Good video. Is it possibly to speak to you privately. I am not getting anywhere with HMRC. I have 42 years pension contribution yet my pension is not full. HMRC person stated she will investigate and contact me. It is now 16 months , still no reply. I was born 1955 . I have never contracted out. 2021 at the HMRC request I made £3953 top contribution. I was assured I will get full pension, yet this hasnt happened. Please help. Regards. Joginder

[@PrinciplesPersonalFinance]

Hi, thanks for watching my channel. I'm sorry but this isn't something I can help with. Wish you the best.

[@trueriver1950]

For your info: it's the DWP you need to contact about state pension. HMRC can't help with that, even though it was them that took the money in the first place. I'd write to them rather than phone after the first attempt; and write again after a couple of months. At some stage get your MP involved (that can actually slow things down, so only try that after a year or more: but it sounds s like you're already at that stage).

[@danny_mills]

Hi Andy, thanks for these very informative video's. I have a question, currently I receive a pension from the UK. I left the UK at a young age but had accrued 7 years of paid national insurance. I came back to europe, and worked in spain for 3 years. When I applied for pension at the retirement age, the 3 spanish years were added to the 7 UK years and I am now receiving minimum pension. I have the opportunity to pay in 6 years of gaps, at an average of 840 pounds per year. How do I find out how much additional pension I will receive annually per gap year that I pay in?

[@PrinciplesPersonalFinance]

Hi Danny, assuming it's in payment based on the fact you say you are receiving the minimum pension I'd suggest you contact The Pension Service to check your options for any voluntary payments. They will be able to tell you how much additional pension you would built up. They are quite busy right now so be prepared to wait. www.gov.uk/contact-pension-service

[@ianmcklatchie4390]

I understood around 18 words of that. Too much speed, too many numbers and texts on the screen. I am left knowing NOTHING...that you have just tried to put across. I came to this video to learn, and I learned nothing, but I achieved greater confusion than I knew when I arrived. You have a great speaking voice, but what is the rush? Is there a "older-person-friendly" version of this information? 🙁

[@PrinciplesPersonalFinance]

Hi Ian, thanks for your feedback here. Always a tough balance to strike on KZbin, sadly for everyone person who would like things to be delivered in a more measured way, there are many who would switch off which has a big impact on how many people the video goes out to and 'viewer retention.' I do however have a solution for you - if you want to give the video another try. At the bottom of the video player there is a 'CC' option which allows subtitles. If you click that on AND also go to the 'cog' which is the settings button again at the bottom of the player. The 2nd drop down says 'playback speed.' If you switch that to 0.75 it will slow down the speed of the playback and those 2 should make it much easier to review. Thanks for watching 👍

[@anthonymcguire3618]

Jesus Ian, how old are you? I'm well over pension age and had no problem. Use the pause button.

[@ianmcklatchie4390]

@@PrinciplesPersonalFinance Thanks, for that. Two great ideas, PPF...I'll try those. I'm sure they'll work. I've always had trouble understanting economics and financial matters. Cheers! 😀

[@ianmcklatchie4390]

@@anthonymcguire3618 I'm over pension age and I am currently celebrating 51 years with 7 psychiatric disorders, 4 of which wreck concentration, periodically, during most days. Add that to an existing problem (life-long) with absorbing details in economics and financial matters, and it's a prime candidate for partially explaining such trouble. Thank you, for your suggestion. 🤣

[@janetjones8032]

I reach state pension age in January 2024. My husband died in 2015. Will I get any of my deceased husbands state pension or national insurance contributions, forgive me if they’re the same thing I’m not sure. If the answer is, yes, I will receive part of my deceased husband, state pension, cannot be taken as a lump sum? Thank you. Take care

[@janetjones8032]

Can I take part of my deceased husband state pension on top of my own state pension, as a lump sum?

[@polaris7122]

No, there is no pension pots, the workers of today pay for the pensioners now through tax and NI contributions, and the next generation will pay for the next pensioners. It's a cycle system!

[@lewismcdonald3616]

My forecast is approx £225 and I can claim my pension in July 2023 does this mean that I will only get the standard state pension?

[@PrinciplesPersonalFinance]

Hi Lewis, the full new state pension will increase to £10,600 over the year, from April 2023, or £204 a week. So if you are above that it appears you may have additional elements which have been taken into account.

[@clivebaxter6354]

Opting out was a scam, they never warned it would reduce your pension at all

[@raymondo6665]

absolutely. And it made zero difference to my Final Salary pension which was calculated by years of service x 1/60.

[@thfccfht]

full pension should be paid regardless of where you live in the World...I live in Thailand, my pension does not go up, it has been frozen....I am paying tax on my company pension,.

[@PrinciplesPersonalFinance]

I agree that where you retire and the EEA basis is harsh. Especially for those who have family in those countries.

[@roblilly6302]

Same here. Moved to Thailand at 60 with around 44 years of NI contributions. At 65 received about 540 pounds a month which is frozen unless I move back to UK for good. Had a heart attack at 71 then a failed stent op followed by a triple bypass and a stricture at same time. Cost was about 46K pounds. Pharmacy is about 200 pounds a month. I have had my 2 cataracts done but need a hernia and prostate. Now at 77 I will wait a while for these. But hey I'm still alive! The Thai baht has nearly halved in value against the pound and savings interest has moved from 6 to 0.5% in 17 years. I have a 22 year company pension, thank goodness but the UK tax man takes 300 pounds a month, bless him. My advice would be take out health insurance but age and pre existing condition might make this impossible. My advice would be not to move abroad but certainly have a couple of 6 week winter holidays on the med or Canaries.or Thailand - 11 hour flight remember. Looking at the state of the UK from here, maybe I wouldn't have survived, so I am a lucky old man.

[@russelltaylor7779]

I was contracted out of serps for many years! When I checked my national insurance record I found I had paid the full 35 years but because of contracting out I had a big shortfall even though by that time I had paid in 44 years. To make myself eligible for the full new state pension, I had to pay a large amount to the state pension people who gave so much conflicting information. I still am not sure what I will get in a 2024 when I retire as each prediction on the government web site changes. You are right about it being a minefield! A lot of people who were contracted out have no idea how it affects there state pension.

[@PrinciplesPersonalFinance]

Thanks for watching Russell and taking the time to comment.🙌 Absolutely, not easy to understand and if I'm being honest a lot of finance professionals don't have a full grasp of it. 😬

[@amoreamorovic4626]

Thank you ! Very informative.

[@PrinciplesPersonalFinance]

You're welcome

[@deanstephenhayward2652]

I had many years due to travelling ect that I only worked for 6 to 9 months of the year, what happens to these part payment's? Are they lumped together to make full years NI payment's, or are they lost?

[@paulinemacdonald1036]

O

[@trueriver1950]

If you paid a certain amount the full year counts; less than that and the whole year is ignored. 9 months is just enough if you want at the minimum level the whole time: if you were on higher money than the minimum then six months may be enough. If you paid in less than the magic amount in recent years, then the payments you made will reduce the amount it would cost to top up those years. Well worth looking into. You might find that one week's class 3 would tip you into a whole extra year of qualifying contributions...

[@Marenqo]

Is there anything to do for those that did not get paid enough to pay into national insurance? I was on precarious zero hour contacts for years

[@beltingtokra]

You can top up your pension on the government website. It will say how much is needed to get full pension.

[@suzannehaigh4281]

I paid to top up mine, you do not have to pay every year straight off, you can chose how much and when as long as you have not retired.

[@regk4435]

Brill, thank you so much, looking forward to the next revelation!

[@PrinciplesPersonalFinance]

Thank you, appreciate you watching and your support 🙌

[@Newit2]

I went in a Union recommended pension meant for Contractors by the GMB,Scottish Widows I get £3 a week because I opted out of SERPs the Government takes £17 a week which leaves me £3 so I have to pay Dental and everything plus I get nowt Council Tax money off the Government nowt.Proper kidded.Rubber boat boys quids in

[@alanmeasures8337]

Just found your channel and subscribed l am do to retire in 2024 on the full amount l have a small pit pension which makes me £ 130 a month and l get vibration white finger money which is £300 a month but will lose 70% of that when I finish work it works out at about £250 a month to live on which is rubbish and l lost my wife 8 months ago to Cancer so can you tell me please is that all will have to live on

[@PrinciplesPersonalFinance]

Hi Alan, firstly I'm really sorry to hear of your loss. My deepest condolences. This must be a very difficult time. If you haven't claimed bereavement support payment. There is a link to explore below: www.gov.uk/bereavement-support-payment/eligibility I would also suggest looking into Section 9 on the below, that is on my understanding this is an industrial injury and there may be some benefits which link to that past State Pension Age. www.gov.uk/government/publications/industrial-injuries-disablement-benefits-technical-guidance/industrial-injuries-disablement-benefits-technical-guidance There is also a list below which may apply: www.moneyhelper.org.uk/en/benefits/benefits-if-youre-sick-disabled-or-a-carer/benefits-you-can-claim-when-you-have-care-needs I would strongly suggest speaking with an adviser at Moneyhelper who can look to talk you through some options. Number is in the below link: www.moneyhelper.org.uk/en/contact-us/pensions-guidance I wish you the very best, George

[@PeteH0121]

Ha ha. It would be unfair to those who didn't pay the full rate. The fact that large numbers of people don't pay ANYTHING into the system and yet still get a FULL pension, is of course, never mentioned.

[@rattylol]

I'll mention it to my severely autistic son and my disabled mother

[@PeteH0121]

@@rattylol OK, if you think that'll help, thanks,

[@hardlines2635]

@@rattylolyou must be one of those milking the system, type that use a blue badge but done have the disabled person with them and then claim care allowance.

[@rocksy71]

In this video you reference Steve Webb and the state pension. Could you put a link in your description so that I can find this article and read it please. Thank you. Just for you I have subscribed with all notifications on Great content very informative

[@PrinciplesPersonalFinance]

Thank you, appreciate you watching and taking the time to comment. There are lots of good articles from Steve on This is Money: www.dailymail.co.uk/money/pensions/article-11173887/Most-popular-Steve-Webb-columns-state-pension.html You can also find out more here. www.lcp.uk.com/is-your-state-pension-being-underpaid Appreciate your support 👍

[@rocksy71]

@@PrinciplesPersonalFinance like many people in this situation we are unsure as to where to invest any of our pensions and also finances that are just sitting around in company accounts. What would be your suggestion to try and find a path for the future for my wife and I?

[@raymondo6665]

Steve Webb accelerated the increase in the pension age and was knighted for his services.

[@PrinciplesPersonalFinance]

@@rocksy71 Hi John, thanks for your message. I think when you get to that position it can often be worthwhile speaking to an independent financial adviser. The answers to the questions of 'how much is enough' is complex and the challenge is like many areas in life, by definition you don't know what you don't know. Where it can get a lot more difficult is when savings are less than say £150k cumulatively. Many advisers want to help this part of the market but it can be challenging to make that work due to the spiralling cost of regulation. One of the reason for my channel is to try and help bridge that gap. There are some guidance details on my educational site around this topic: www.principlespersonalfinance.co.uk/ Hope that helps! 👍

[@martinriley106]

What ever happened to all the contributions made by working people who died before reaching pensionable age? There must be billions of pounds in a slush fund somewhere held in perpetuity by the state!

[@suzannehaigh4281]

Where do you think MP's huge wages are coming from?

[@iantobanter9546]

All blown on our replacement citizens settlement programme and Zalensky's property empire.

[@polaris7122]

There is no pension pots. The workers of today pay the pensions for the pensioners now through tax and NI contributions. The next generation will pay yours. No money is accumulated anywhere!!

[@johnkern3249]

Started work when I was 15 years old, stoped paying national insurance 55 years old that is forty years working no😮 extra for the 5 years.

[@andyfraser5876]

I started drawing my pension in late April 2016. As I was 'on the cusp', I was told that I would be better on the old system. I wasn't happy with this as it was less than the quoted figure for the new system. Eventually, this was explained to me as being a result of being contracted out when I'd joined the company pension scheme about 14 years previously. I accepted this reduced figure until younger people I knew were getting quotes higher than me despite also being contracted out, so I did query this, but was told that it was correct. I'm still not convinced that I was better off being put on the old system. I am currently getting £146.66/week.

[@petew5289]

My state pension is £195.57 it would have been £242.57 If taken before April 2016

[@andyfraser5876]

@@petew5289 Thanks. So perhaps I am better on the old system then.

[@douglastodd1947]

I'm still waiting on my £7000 i was under paid from 2014 until it was announced in November 2019 the last time i spoke to anyone they're doing it Alphabetically and Covid & Lockdowns are causing delays, but they will get to me eventually, i get the impression they're hoping most of us Peg it before having to pay it out to us.

[@suzannehaigh4281]

Deferred - Mine was not paid for 8 months after my retirement age, I got nothing extra?

[@maureengladwell1317]

I lost eight months worth of pension I was born in 1952 many people lost a lot more

[@suzannehaigh4281]

@@maureengladwell1317 I lost 6 years on my state pension and 9 years on my private, still have not received it and no one will help me sort it out.

[@peterscott9838]

Hello. I retired on ill health in 2002 at the age of 55 and I’m now 76 years of age and do not get a full state pension, am I eligible for any increase in getting either more or full pension? Pete

[@PrinciplesPersonalFinance]

Hi Pete, thanks for watching. It depends on your other income but I'd certainly be checking pension credit if you're on a low income. Please follow the below for more detail: www.moneysavingexpert.com/savings/pension-credit/ If you did retire on ill health then I would also suggest checking if you are entitled to any extra benefits due to this. The below is a guide to a mixture of benefits you can receive after State Pension Age but your eligibility will vary depending on health: www.nhs.uk/conditions/social-care-and-support-guide/money-work-and-benefits/benefits-if-you-are-over-state-pension-age/ Wish you well, 👍 George

[@alunstevenfennell1042]

Your not so much underpaid, we are being fleeced by global commercial recruitment companies, setting salary guides for every position advertised, these companies have far to much control on salaries being paid, while driving there signing commissions upwards and salaries downwards.

[@martinriley106]

Don’t do N.I. contributions top up, it will cost you much more than you get back.

[@PrinciplesPersonalFinance]

Hi, I allow most people to comment what they wish as they are entitled to their own views. I do have to correct that the evidence does not support this statement. For MOST (not all) voluntary contributions when natural accrual is not made. They are recouped 3 to 4 years after State Pension Age, with every year thereafter creating a net benefit. Sadly, there are no guarantees on if an individual will live a long or short retirement therefore a personal judgement call has to be made.

[@lesliehenriques62]

I'm sure that I'm under paid

[@diverbob471]

Hi Andy, my problem with the DWP is that back when i asked for a forecast i believe around my 60th birthday the forecast had shown that i was entitled to a full state pension having 32 years NI contributions this being before 2016, Now i receive my pension it less than the full state pension in which i was told i would receive. it may only be a small amount per week but it all adds up. Is it worth perusing the point or best to just except what i receive. ?? Thanks for your advice on all matters relating to state pension.

[@suzannehaigh4281]

I was told that 30 weeks was enough to get the full pension, then they changed it to 35, luckily I could achieve this but different information at different time, one big con.

[@polaris7122]

Were you contracted out of SERPS by your employer??

[@roseanderson8527]

I didn't qualify for the full new state pension, even though the government changed the rules and made me a waspi. 7 years later I discovered a little know fact. I could claim credits for looking after my grandkids, whilst I was under pension age. I have now claimed and might get it back dated. 🤞

[@PrinciplesPersonalFinance]

Brilliant stuff Rose, glad you were able to do that. Hope all goes through and you get the credits! Thanks for watching

[@michaelbird3887]

Can you tell me what happened to the Adult Dependency Allowance, which on the "old" pension was added for your wife on retirement but which I am told "is now no longer available"? It was paid when your wife had worked as a homemaker and had no credit in her own right, but was still married to you and living with you.

[@amsodoneworkingnow1978]

I was advised on my retirement that I was entitled to home res?possibility payment as I had been i n receipt of family allowance payments from 70's to 90's.

[@cleliofs]

Can you claim qualifying years towards your pension contributions retrospectively from the partner who has the child benefit under their name?

[@PrinciplesPersonalFinance]

Thanks for watching. If you follow the link in the description on this there is an option to select a form for the claim. There are notes when to apply for credits. It states they should be done in the tax year but if not, it appears it's down to HMRC discretion based on the below from the form: "If the time limit has passed still complete the application form giving the reason why you did not apply on time. If the circumstances are reasonable HMRC can still award the credits as long as you meet the transfer conditions. These are: • you reach State Pension age after the relevant period • the person registered for Child Benefit cannot get credits because their earnings were equal to or above the qualifying earnings factor for that year • you were living with the person who was registered for Child Benefit for the relevant period and you were sharing the care for a child under the age of 12 • you would have been able to register for Child Benefit if your spouse, partner or civil partner had not registered for it" Good luck! 👍