£10,900 annual income needed to retire

Perhaps they do give Monica but who needs to hoard millions? However it's a topic for a different thread.

nna8 I understand that the Royal family are generous donors to the charities they support. they just do not make a song and dance about it.

And whils some rich people are tight fisted, many do give to charity - and generously - but, again, do not make a song and dance about it.

What private knowledge do you have that justifies your sweeping statements?

nanna8

What makes me sick is when these extremely rich people pontificate about things when what they really need to do is dole out some of their cash to others in dire need. Thinking of those princes in the royal family .

Could not agree more.

No need to apologise Doodledog ?

What makes me sick is when these extremely rich people pontificate about things when what they really need to do is dole out some of their cash to others in dire need. Thinking of those princes in the royal family .

Ah, maybe I misread, Grannynannywanny. I thought the post (if it was yours) was about state pensions being topped up. Apologies if I've got the wrong end of the stick.

That might have been me that came across as indignant upthread Doodledog. It was in response to the poster who seemed to be suggesting women were at fault if they reached state pension age and hadn’t paid into a private pension during working years. The suggestion that we shouldn’t be relying on a partner for financial support did irritate me ?

I posted it to draw attention to the army of family carers who are unable to work full time if at all. If they’ve been in that situation long term then they’re not in a position to have a private pension pot. Fortunately they do receive full state pension as NI credits have filled the gaps.

Good. I thought they would be.

I asked as someone upthread seemed indignant that people were assuming that women with an incomplete record were relying on a partner's contributions instead of paying their own, as they may have been caring for sick relatives or disabled children.

If someone is looking after a sick relative, disabled child or foster children do they not get their NI paid? It seems most unfair if they don't get at least the same deal as people who choose not to work when their children are at school. I would have thought that carer's allowance or similar would apply - if it doesn't, it should, IMO.

Doodledog from personal experience I can confirm that those in receipt of Carer’s allowance are entitled to NI credits.

Cabbie21

A relative of mine has an incomplete NI record( like many women) but she thinks by the time she retires there will be no state pensions anyway, so she is not going to pay voluntary contributions, believing it will be money down the drain.

I wonder whether she will be proved right?

It's tricky, isn't it? I can understand someone not wanting to throw money down the drain (and the government has shown that it will renege on its promises, so it's not unreasonable to think that they will do so again), but at the same time, if people opt out of paying contributions it seems unfair that their pension will be topped up to the level that it would have been if they had paid in.

If someone is looking after a sick relative, disabled child or foster children do they not get their NI paid? It seems most unfair if they don't get at least the same deal as people who choose not to work when their children are at school. I would have thought that carer's allowance or similar would apply - if it doesn't, it should, IMO.

I have gaps in my record, as although I worked full-time (and paid NI at the full rate), I was on temporary contracts which ran from September to July, so did not count as full years.

Meanwhile, the occupational pension scheme was only open to people (mostly women) who were permanent staff. I am now paying voluntary contributions to bring my state pension to the level that it would have been had I been on a permanent contract, although when I was on the temporary ones I paid the same NI across the year as FT staff - my salary was the same, but paid over 10 months instead of 12. My occupational pension is significantly lower than it would have been if I had been allowed to join earlier, too - I lost out on 10 years of that, simply because of the type of contract I was on.

It is difficult not to feel resentful when people refuse to pay, knowing that they will get their pension topped up in the end. OTOH, people can't be left with nothing to live on, so what's the solution?

Yes, agreed, Franbern, the amount of state pension will vary. Pension Credit ensures everyone can receive a certain basic amount, taking all sources of income into account.
Another good reason for a Benefits forum, or maybe Pensions forum. There are often many inaccurate statements on these boards and it would be a chance to get clarification.

watermeadow

Nobody has to live on only their state pension. Pension credit tops it up to about what I get from state pension plus a very small work pension. It’s enough to manage on without any extravagances.
I’d rather pay for pets than run a car or go away on holidays.

Pension Credit tops up to the level of State Pension. Not a penny more. It is for those, like myself - who for any reason did not have paid employment for several years (I was a Carer and Foster Parent for some 20 years), and therefore the amount received as State Pension is less than the full amount. So, PC tops it up to that.
If anyone is also receiving a further pension, then that should be declared and that amount will be deducted from the PC top-up.
So, YES, many of us do live entirely on the amount of the State Pension.

If an MP had only served one or possibly two terms as an MP I would think they could well end up on an annual pension of £10,900. Quite a number of MPs have found returning to the ordinary world of work after being an MP very difficult and have been unemployed for years. others have returned to the very ordinary jobs they had before such as being building worker or factory worker. Even today, not all MPs are lawyers and bankers.

I'll bet that you'll never find an MP, retired or otherwise, trying to survive on such a small figure! That's much more like a MINIMUM monthly figure for them.

blue25 I think the reason many women have no private pension provision is because, in the past, part time workers were excluded from company pension schemes. I was excluded from a pension scheme for 5 years because of this and although this has changed, many women will have decades when they were excluded from belonging to a company pension scheme.

With many women working part time, plus many working in poorly paid jobs, many could barely make ends meet, let alone have any money left to save.

Having said that, I do think, again in the past, many women who should have known better and had the income to afford to save for a pension, just assumed their husband would provide their pension. Others just never thought ahead and didn't want to think about growing old.

The problem is that a pension is built up over 40 years and circumstances that limited someone from building a pension in the past will affect them for life.

Cassie Unless you have savings, you should be entitled to housing and council tax benefit when you reach state pension age.

I don't know why you wouldn't be eligible for council housing or housing association because I was. It's probable I will be moving anyway, so I haven't pushed the claim, but I would have done if my situation had been different.

A relative of mine has an incomplete NI record( like many women) but she thinks by the time she retires there will be no state pensions anyway, so she is not going to pay voluntary contributions, believing it will be money down the drain.

I wonder whether she will be proved right?

blue25
I wonder why so many women have no private or work pension? It’s surely obvious that if you never pay into your own pension, you’ll be surviving on the state pension alone?

It’s certainly never a good idea to be financially reliant on a partner or husband.

Why assume women have no private pension because they’ve been financially reliant on a partner? Have you any idea how many people of working age are unable to work because they have a family member reliant on them for 24 hour care due severe learning disabilities, long term serious illness etc.

I wonder why so many women have no private or work pension? It’s surely obvious that if you never pay into your own pension, you’ll be surviving on the state pension alone?

It’s certainly never a good idea to be financially reliant on a partner or husband.

Pension Credit tops up your income to £177 per week for a single person, possibly more if you are disabled or a carer. There is a higher rate for couples.
Check it out on gov.uk

.... and Council Tax Benefit.

It would be an idea to contact Age UK and ask them to help you do a full benefit check. Here is a link to their online Benefits Calculator. www.ageuk.org.uk/information-advice/money-legal/benefits-entitlements/benefits-calculator/

That's awful * Cassie*. Doesn't sound right . I would have thought you would get housing benefit.

I am three years off retirement age. I will only get the state pension, not allowed to claim pension credit as it is deemed the new pension is more than enough to live on.

I rent, so at least half of my state pension will go on that, then there will be council tax, energy bills etc. I have looked into council housing or housing association, if only to get a reduction on my rent, but don't qualify.

I will have no choice but to carry on working even though I work in a physical job which gets harder the older I get.
I worry greatly about the future, and have no idea how on earth I am going to manage or survive.

Without rent or a mortgage I think it would be doable but a pretty miserable existence. Depends what you are used to as well. I couldn’t do it and I admire those who could.

Bluecat

We just have our state pensions. DH's is a bit higher because he deferred it for 3 years, until he had to retire to look after me. We manage OK but it will be hard, when one of us dies, to pay the bills with a single pension.

DD told us to apply for Attendance Allowance, so we are waiting to hear about that but I am not holding my breath. I know that a lot of claims get turned down.

My husband has a chronic illness and we were advised to apply for Attendance Allowance. I filled in the forms on his behalf with help. The person who helped me with it was actually suggested by the civil servant I first spoke to when I phoned to enquire about AA and seemed to be part of the service. ( we're in N.ireland so may vary in other parts of UK) He actually phoned me and talked me through the form as it was during first lockdown but normally would have called at the house. I'm sure my husband wouldn't have got it if it had been down to me as I didn't realise that you have to answer the questions based on the worst days eg. do you need assistance with washing and dressing? I might have said 'sometimes ' whereas he told me it should be ' yes'. I felt maybe a little exaggerated but was reassured by him not dishonest, just how it works. A friend, who volunteers with CAB, told me the same. My husband got it in full and it's a great help paying for help in the garden over the summer and little extras to make things a little easier. It's not means tested. Get on to it ASAP as backdated from first contact to apply for forms.