Query.
As you know when you reach 55 (I'm not there yet btw) you can take your built up state pension as a lump sum
1st 25% take free, the rest taxed etc.
For the life of me how do I find out 'roughly' what my 25% would be.
35 years of NI contributions so far, so I'm entitled to the full pension.
I have a gov gateway account and there is nothing on there.
Any ideas?
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State pension and taking it as a lump sum
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POSTMAN
- SITE ADMINISTRATOR
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State pension and taking it as a lump sum
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
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Re: State pension and taking it as a lump sum
It's not possible to take any of your state pension as a lump sum unless you defer it past state pension age, which is probably why you can't find any info on it.
The earliest you can take your state pension is at your state pension age, which will vary with the individual. In your case, it sounds as if that's likely to be 67, and possibly higher.
The earliest you can take your state pension is at your state pension age, which will vary with the individual. In your case, it sounds as if that's likely to be 67, and possibly higher.
Links to all RM pension related websites are here
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panzer4
- EX ROYAL MAIL
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Re: State pension and taking it as a lump sum
You can claim a private pension age 55 with 25% tax free but the rules are changing in time and raising the age you can claim
You can’t get a state pension until state pension age
Government gateway will tell you at what age you will receive it but do remember governments have a habit of moving the goalposts as i found out i started work at 15 and won’t get state pension till I’m 66
You can’t get a state pension until state pension age
Government gateway will tell you at what age you will receive it but do remember governments have a habit of moving the goalposts as i found out i started work at 15 and won’t get state pension till I’m 66
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RobertT
- EX ROYAL MAIL
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- Gender: Male
Re: State pension and taking it as a lump sum
The age you can access a private or workplace pension is due to increase to 57 in 2028.
State pension age is due to increase from 66 to 67 between 2026 and 2028.
The increase from 67 to 68 was planned for between 2044 and 2046, but will probably be brought forward to 3037-2039 and possibly earlier. Nothing has been decided for definite on that yet!
It may well increase beyond 68 in the future!
It's also worth noting that the need for 35 qualifying years to get the full state pension only applies to those people who have their whole NI record after April 2016. Those who've worked before then may well need more years due to possibly being contracted out of the state second pension at some point.
Get yourself a state pension forecast to find out your own entitlement: https://www.gov.uk/check-state-pension
State pension age is due to increase from 66 to 67 between 2026 and 2028.
The increase from 67 to 68 was planned for between 2044 and 2046, but will probably be brought forward to 3037-2039 and possibly earlier. Nothing has been decided for definite on that yet!
It may well increase beyond 68 in the future!
It's also worth noting that the need for 35 qualifying years to get the full state pension only applies to those people who have their whole NI record after April 2016. Those who've worked before then may well need more years due to possibly being contracted out of the state second pension at some point.
Get yourself a state pension forecast to find out your own entitlement: https://www.gov.uk/check-state-pension
Links to all RM pension related websites are here
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POSTMAN
- SITE ADMINISTRATOR
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- Joined: 07 Aug 2006, 03:19
- Gender: Male
Re: State pension and taking it as a lump sum
Ok thanks.
I got a letter from some company a while back which I got rid of about helping me, obviously I would not use the type of firms.
I rem in one of the budgets about this but didn't realise it was for private pensions only.
Was just testing the water really.
Thanks for the info guys.
And my forecast is I get the full lot. not a guarantee and is based on the current law
I got a letter from some company a while back which I got rid of about helping me, obviously I would not use the type of firms.
I rem in one of the budgets about this but didn't realise it was for private pensions only.
Was just testing the water really.
Thanks for the info guys.
And my forecast is I get the full lot. not a guarantee and is based on the current law
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
-
daveyeff
- Posts: 4699
- Joined: 12 Mar 2010, 19:38
- Gender: Male
Re: State pension and taking it as a lump sum
Some of the young kids just starting out now are going to be working til they are well into their 70s the way things are going.