Financial Adviser Explains - The New State Pension (UK)

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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Hi there! My name is Tom Morgan, Founder & Financial Planner of Orca Wealth Ltd, welcome to my KZbin channel ‘That Finance Show’. I’m very glad to have you here because this channel gives me the opportunity to help people and share information with those who wouldn’t normally get it.
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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

[@ThatFinanceShow]

If you want more info on private pensions as mentioned at the end, here's my video on them. kzbin.info/www/bejne/h6Tcgmitlt-FpNE

[@Super8Rescue]

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]

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

[@Muckylittleme]

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]

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]

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]

…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]

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

[@mikefish8226]

​@@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]

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]

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]

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

[@carssimplified2195]

@@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]

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]

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]

@@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 ?

[@BryanMcCann-ks9jh]

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]

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

[@Calvertmarian]

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]

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]

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

[@blessingpaul5484]

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]

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

[@philipcollen482]

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]

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]

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

[@brittanynicolette9473]

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]

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]

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]

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]

@@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]

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

[@veronica.baker1]

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]

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.

[@stuartscott8099]

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]

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.

[@keithclunk3125]

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]

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

[@bluepurgatory2927]

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

[@kevindarkstar]

​@@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]

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

[@keithclunk3125]

@@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.

[@anthonywatkins2783]

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

[@michaelgoode9555]

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.

[@kharmalade544]

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]

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

[@vinkor7824]

@@BigHenFor... every 4 weeks.

[@kharmalade544]

@@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]

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]

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

[@goodtobecaring4035]

Please please cover state pension living abroad. This is a very common issue

[@janedoe6350]

He's not gonna do that. Because it is such a mess. HMRC are taking over 4 months just to respond to a letter. And you can't have an on-line gateway account if you don't have a UK address. Kiss your money goodbye... or die waiting for a response.

[@johnaldridge5019]

It depends on What country you live in many countries, eg. Australia, Canada, etc Do Not get yearly increase, some countries do eg, USA

[@mastercommander4535]

⁠@@johnaldridge5019 Good luck if retired in Central America …frozen at £ 250 PER MONTH …it’s a joke

[@janedoe6350]

@@johnaldridge5019 As soon as pensioners become the largest voting block within your country, they will get start to get yearly increases. This is how democracy works. Governments take care of those with the most voting power.

[@johnaldridge5019]

@@janedoe6350 Agree in principal voting power. No one continues to vote after they perminantly leave, so we have no voting power.

[@ScipioAfricanus809]

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]

Hahahahah 😂 boy did I enjoy reading this!

[@worldofameiso5491]

Take a visit to an opticians.

[@dobryden8558]

😅😅😅😅😅😅😅🤓🤓🤓🤓🤓🤓🤓

[@venaedirie6314]

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

[@brianreynolds4627]

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]

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

[@Areflection4]

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

[@geoffas]

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!

[@claudbob1849]

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

[@michaelcheng2341]

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

[@julesevs]

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

[@digitaluniverse21]

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

[@umbertoyltp]

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

[@davidjohn7510]

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

[@Amphy002]

Thanks for a very useful and practical explanation.

[@simonjonesptchester]

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

[@ThatFinanceShow]

Thanks Simon

[@ShantiTrish]

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 .

[@WilliamDavidKirbyUK]

Thanks for agreat exposition, Tom.

[@philflip1963]

A very clear and simple explanation, thanks.

[@edsteelefox111]

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]

So glad it helped Ed.

[@phlegmony]

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! 😍😍🏨❤️

[@leenagiri7250]

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

[@guyr7351]

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

[@zocco15az]

So informative THANKYOU.😊

[@lawrencer25]

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

[@petelyden8193]

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.

[@dannydurning6629]

Just watched very interesting thank you 😊

[@mrc1500]

Useful stuff. Thanks, Tom!

[@ThatFinanceShow]

You're welcome!

[@davidplanet3919]

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]

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]

@@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]

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

[@ThatFinanceShow]

😂

[@bazkib]

Excellent.Thank you. :)

[@maoriwarrior9908]

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

[@timsandman]

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

[@yogi19581]

Thank you Tom very informative 👍

[@contessa.adella]

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]

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

[@andys1333]

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]

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

[@JamesOversteer]

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

[@TheBioniXman]

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.

[@erongi233]

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]

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]

@@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]

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]

@@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]

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

[@christophephilippe1481]

Very useful thanks

[@rockyrowlands3652]

Well presented.

[@beatbonjon1384]

Nice to see u uploading more keep them coming m8 👍

[@ThatFinanceShow]

Thanks mate

[@georgearmstrong1461]

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

[@venaedirie6314]

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

[@paylnyles]

Amazing Video x.

[@tonyf5695]

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

[@venaedirie6314]

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

[@peterh9238]

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]

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]

It will be universal credit soon

[@makemebad1978]

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]

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

[@PD-uc5st]

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.

[@dennisstoichkov8233]

Well explained.

[@PowellTracey9]

Very informative & easy to understand. Thank you!

[@ianlewis2813]

Great information 👍

[@ThatFinanceShow]

Thanks Ian, glad it was useful.

[@UncleMort]

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]

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') 🤔.

[@goodtobecaring4035]

Fantastic channel

[@ThatFinanceShow]

Thank you so much! Glad you enjoy.

[@daviniarobbins9298]

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]

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!!

[@daveinthailand]

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

[@robbybroon4904]

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]

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.

[@michaelbailey8729]

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

[@yscol1313]

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]

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

[@stephenhoughton4542]

Excellent info

[@sandrabennett6166]

Thank you ❤

[@dinaworkman306]

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

[@annebruce5135]

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.

[@vicsaunders9710]

Good video 👏

[@Urblessed117]

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!

[@nickdinnen4667]

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]

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]

@@daviniarobbins9298 thanks!

[@radiggie]

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]

@@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]

@@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

[@trevorwhalley7466]

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.

[@fedgraca6434]

great video

[@thewraith4858]

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

[@seangreen8262]

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

[@user-ub4pl6tz2e]

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]

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

[@normanpearson8753]

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

[@colintownsend5024]

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 “

[@iandron7119]

Thanks Tom, short and pithy.

[@johnwilliamson3328]

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.

[@alex-xy9rt]

excellent

[@arnoldustwumasi1253]

Thank u sir

[@robertwilson7736]

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

[@moomindc]

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]

Simple answer - don't defer 😉

[@steviec8870]

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

[@raymondo6665]

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?

[@MeBeMat]

Hi Tom, I'm 32 years old and just found my NIC contribution record that shows I already have 15 years of NIC contributions built up (thank you, Saturday job!). But I have two years of gaps from when I was studying that will cost me about £1500 to top up. Given my age, is there any value at all in spending that money now to get the years and hit the halfwayish point? I'm conscious that the cost of making up that shortfall may go up in the future and wondered if I would be getting a great deal now or not. Just interested in your opinion, I won't take it as financial advice. Thanks!

[@irinacamilleri5818]

I was told no, because you have plenty of time to build up 35 years and it doesn't get any higher after that.

[@soggymoggytravels]

If you think you’ll still reach 35 qualifying years without those two years, then there’s no point in backpaying.

[@phoenixfridge1495]

No point You'll make it there with years to spare

[@stevieandthebarbies]

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.

[@GG5150]

If you have numerous incomes in retirement, e.g. final salary pension, drawdown from a seperate fund and then the state pension, at what point is the correct tax calculated? Do you have to do an annual tax return and get a rebate or bill to pay the correct tax?

[@ThatFinanceShow]

Tax code is meant to dictate it and private pensions will have you on a ‘payroll’ and usually deduct PAYE at source. It can often be slightly out though but it all gets worked out after the year and if overpaid, rebated.

[@GG5150]

@@ThatFinanceShow Thank you 👍

[@davejohnston5158]

Do HMRC still send out warning letters if you are short of contributions with confirmation of how much you can top up your years for?

[@jacquelinearcher1158]

No You need to get a pension forecast and decide to top up your self.

[@samantha392]

No, they are not there to help you. Just shaft you. Fact.

[@anneboorman8754]

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]

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]

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

[@shaynesparkes8740]

Informative content , I have a question and I guess there’s a simple answer - I’m 40 years old and have already accrued 24 Qualifying years… to get full state I need a total of 35 years with this information in mind I need another 11 years till I made that criteria ie 35 years Now my question is I’d be way under the state pension age ( going by the logic of maths- would I be able to get a pension if I was 51? I do have my own personal pension ( been paying in since I was 18) To me my thinking is I’d be working let’s say 50 years or more till I hit that 66 > age

[@venaedirie6314]

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[@Truth1561]

My forecast says I will get my state pension when I'm 66 in 2026 even though I was born in June 1960. Is that incorrect then? Apparently I have 47 yrs full contributions but one year says it's incomplete by around £46. Should I find out how to pay that or will it not make any difference?

[@kevindarkstar]

Anything over 35 years of full NI payment wont make any difference, and as you don't have to have consecutive years as long as you have the required 35 it's fine 👍🏻

[@andrewmitchell8859]

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

[@TERRYSUTT1]

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

[@magicbean4616]

Is there a limit on how many years back you can top up your qualifying years? Could you back pay 15 years for example if you had that many empty?

[@daviniarobbins9298]

You can still plug gaps between 2006 and 2016 but hurry, you only got till July 31st.

[@roseyk7677]

No, they had a cap for how much you could top up. It has to be done in a certain qualifying period. Plus it depends what type of state pension you paid into. They convulute this pension scam to make it complicated. By 2040 there won't be a pension to pay out, there's no money in the pot, it's all in stocks.

[@campbellthomson252]

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?

[@keithroberts6085]

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 ????

[@Dwina5892]

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 😉

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[@seppm]

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[@sofiadaniel9303]

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[@ashbishton3490]

Whole life is a joke in every sense, the investment side of a whole life policy gives the poor return and stabilized the rich

[@harrydevis9267]

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[@harrydevis9267]

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[@alanblack1333]

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 ?

[@pickashole]

Life expectancy is down I believe after the last couple of years. Am I wrong?

[@ThatFinanceShow]

No not wrong, but generally over the last 30/40 years it's very much up and I don't see it going all the way back.

[@devonprince]

Pension rules are the last thing that should be left in the hands of bureaucratic civil servants because they are unable to do anything other than make them complicated.

[@MikeT-yy3]

Dear Tom, I was born in 1944, worked from age 15, paid 45 years of contributions. Being on the old state pension I receive a lot less than those on the new state pension which I consider to be very unfair, Is there any way I can upgrade to the new state pension?

[@Streleny]

I am 50y.o. and i get 1300€ Pension in austria. I work here only 10 years. Thanks EU.

[@LONDONGUY100]

Mike. Pension credit exists for your exact situation and I would advise you to claim it at the earliest opportunity. Receiving pension credit also entitles you to other benefits you may not qualify for at the moment.

[@stevebomonster]

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.