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Afternoon gents
Got a state pension forecast, it states I have 35 years but will be £25/week short of a full pension. It then says I chose to contracted out (I did not the brigade did it) It the basically say I should get £75/week COPE from my pension scheme (assuming the pension scheme pays it)
Does this mean that although I was contracted out the FF pension will pay me an extra £75/week at state pension age or is this just a government "smoke and mirrors" statement and I'll get bugger all.
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First the brigade had no choice but to contract you out, it was mandatory until 2012 when contracted out pensions were abolished.
My advice is forget about Contracted out pensions equivalent. It's as you say smoke and mirrors.
From what you posted your four weekly state pension will be £740 less £100= £640 every four weeks or £160 per week.
But on the bright side its going up by 10.1% from April 14 to £704 every four weeks or £176 per week.
We all have opinions, thank god they are not all the same, or there would be no debate.
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This may result in a minor fall in your FPS stressed, mine fell by around £10 a month.
Your FPS will not be going up due to this.
We all have opinions, thank god they are not all the same, or there would be no debate.
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Stressed, post: 422115, member: 20 Wrote:Afternoon gents
Got a state pension forecast, it states I have 35 years but will be £25/week short of a full pension. It then says I chose to contracted out (I did not the brigade did it) It the basically say I should get £75/week COPE from my pension scheme (assuming the pension scheme pays it)
Does this mean that although I was contracted out the FF pension will pay me an extra £75/week at state pension age or is this just a government "smoke and mirrors" statement and I'll get bugger all.
Forget COPE, it doesn't matter any longer but it was never an addition, it was always a deduction. You need to think about that £25/week shortfall, if you contribute 5 more years of NI, including the current year as one of them, then you'll receive the full state pension.
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Following on from this.
If I pay about another £1700 in NI contributions before July it adds £13.19/week to my state pension giving me a "FULL" state pension. This then means I have got to live another 2 ½ years past my state pension age to get my money back and then be in profit.
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Stressed, post: 422151, member: 20 Wrote:Following on from this.
If I pay about another £1700 in NI contributions before July it adds £13.19/week to my state pension giving me a "FULL" state pension. This then means I have got to live another 2 ½ years past my state pension age to get my money back and then be in profit.
Not quite.
Your £13.19 is taxable leaving you £10.55 after 20% tax.
£1700 divided by £10.55 = 161 weeks
= 3 years 5 weeks.
A good bet, I would say.
We all have opinions, thank god they are not all the same, or there would be no debate.
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bill.advanced, post: 422152, member: 10308 Wrote:Not quite.
Your £13.19 is taxable leaving you £10.55 after 20% tax.
£1700 divided by £10.55 = 161 weeks
= 3 years 5 weeks.
A good bet, I would say. Didn't think about it push more of my LFB pension in to the tax bracket.
BUT just found out that if I change the way I pay myself for my H&S training I could get the years I owe!
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If I pay the extra contributions, to get the full state pension, how much more tax will I have to pay on my fire service. pension?
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noisycat, post: 422154, member: 1766 Wrote:If I pay the extra contributions, to get the full state pension, how much more tax will I have to pay on my fire service. pension? Noisy if your tax rate is 20% whatever you increase your state pension by will be taxable at that rate. Please refer to my reply to stressed. IE you increase your state pension by £10 a week, your net of tax figure is £8.
We all have opinions, thank god they are not all the same, or there would be no debate.
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Just to add, had I been given the opportunity to buy years I would have done so.
Unless you are in poor health, I reckon it’s a good bet.
Also after April you will only be able to buy back from the last 6 years.
We all have opinions, thank god they are not all the same, or there would be no debate.
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