State pension amount.

[Justin Passing]

Most of my pay was in dividends.

Me too but I paid some minimal amount of NI for it to add to the number of years-in.
If you had any adviser I daresay you would have done the same.
Self employed rate at low earnings used to be bugger all. Vaguely remember £2.70, but not what period

Only as far back as 06/ 07 IIRC...

Indeed., something like that. 6 years? That's Harry's problem.

 

[gas112]

Have you made anything else up today, or just the big whopper?

here you go about enhanced redundancy payments . cut and pasted , from page 6 and 7
For the purpose of calculating redundancy payments, there is a statutory limit on a week’s pay. There is discretion for local authorities to use the employee’s actual weekly pay rather than the statutory definition of a week’s pay, when calculating statutory redundancy payments. East Northamptonshire Council has adopted this discretion and bases redundancy calculations on employee’s actual weekly pay.

Under the discretionary compensation regulations the authority has the discretion to apply a multiplier. This has a statutory cap of 104 weeks (inclusive of both statutory and compensatory payment elements). The Council has adopted this discretion and applies a multiplier of 2.4.
https://www.east-northamptonshire.g...id/4335/item_5_-_pay_policy_statement_2019-20

 

[denso13]

Under the discretionary compensation regulations the authority has the discretion to apply a multiplier

All local government have had that discretion for a long time, there's nothing really unusual about it.

 

[gas112]

All local government have had that discretion for a long time, there's nothing really unusual about it.

all firms have it they can decide there own redundancy over and above statutory
The point is they had worked to the 20 year rule for as long as it had been in but the minute they were getting dissolved to become a unitary council the first thing they done before even looking at how to restructure etc was to enhance their packages which at chief exec level involved 100`s of thousands of pounds of public money .
.

Cut and pasted from one of councils involVed.
.

"The Daventry District Council chief executive Ian Vincent earned just under £134,000 in his final year, plus a benefit of £10,049. A note in the adjustments sections to the accounts said that the council’s chief executive and monitoring officer were paid £444,000 in redundancy payments, which would be paid out of the budget of the new unitary authority."
Not bad money when you can set your own package and there was 7 chief execs in total involved in the restructure and also 2 of them were allowed to jump early to avoid the then cap of 95k redundancy payments which was later dropped

 

[denso13]

was to enhance their packages which at chief exec level involved 100`s of thousands of pounds of public money .

And for all other workers who were eligible. Might have helped the lower paid as well.

 

[gas112]

And for all other workers who were eligible. Might have helped the lower paid as well.

yes it may well have but in the vast majority it was the higher paid that were getting let go . The enhanced pension was a good deal for the lower paid.
But the millions it cost wasnt coming from company profits but the public purse

 

[Mottie]

Just had a letter. It’s going up. With the triple lock our wonderful government are giving us, I’ll be getting £1,040.80 every 4 weeks). My mate got a letter too. He'll be getting £1,075 every 4 weeks.

 

[Murdochcat]

Just had a letter. It’s going up. With the triple lock our wonderful government are giving us, I’ll be getting £1,040.80 every 4 weeks). My mate got a letter too. He'll be getting £1,075 every 4 weeks.

So 13 times per year

 

[Stivino]

I got one too. I take it all us OAPs will get it.

 

[Ihavenojob]

My forecast is £174 a week. If I pay NI for another few years it will go up to £192 a week. How can you pay NI if you are not working or claiming benefits?

 

[JohnD]

My forecast is £174 a week. If I pay NI for another few years it will go up to £192 a week. How can you pay NI if you are not working or claiming benefits?

Voluntary contributions.

I presume you have got a Pension Forecast and less than 35 years? And you were not contracted out?

Voluntary National Insurance

National Insurance contributions you can choose to pay when you have a gap in your National Insurance record.

www.gov.uk

See page 2 in particular

The amount you can pay is on page 3.

 

[Ihavenojob]

I presume you have got a Pension Forecast and less than 35 years? And you were not contracted out?

We were contracted out, but no idea how long for. Gov site states I have 42 years full contributions.

 

[JohnD]

Gov site states I have 42 years full contributions.

In that case, there is no benefit from making more contributions.

I went through this and they would not tell me the calculation.

But it seems to be:

Assume maximum pension is £100, earned after 35 years of contributions

Is paid at £100 divided by 35, per year.

We were contracted out, but no idea how long for.

But if you were Contracted Out for ten years, they subtract 10 from 35 and pay you 25 years worth.

Even if (and this is important) you actually worked and paid full NI (contracted in) for more.

So you could have worked for 50 years, contracted out for 10, and they will still deduct 10 from the maximum 35, and pay a pension calculated on 25 years contributions.

They will not pay you more than (35 minus 10) 25 years worth, however much you contribute.

You might have some extras from old schemes like Graduated Pensions to be added on.

However

Your Private Pension scheme had contributions during your contracted out years. These funds will (should) have grown over time, and with luck might be big enough to pay you a private pension equal to, or bigger than, what has been deducted from your state pension. If you are unlucky, not so much.

If you are in a position to make contributions, you can pay them into a private scheme. If you are not working, you are only allowed to pay £2880 per year, and the scheme will receive a tax rebate increasing it to £3600. Even if (and this is important) you are too poor to pay tax.

If you are working, you can pay in any amount up to your earnings (there are limits for high earners).

If you know the value of your private pension fund, you can estimate the income it will bring from annuity tables. I usually prefer income drawdown to an annuity.

 

[gas112]

My forecast is £174 a week. If I pay NI for another few years it will go up to £192 a week. How can you pay NI if you are not working or claiming benefits?

National Insurance credits

Who can get National Insurance credits and how to apply or when to pay voluntary National Insurance contributions.

www.gov.uk

 

[gas112]

My forecast says i have 45 years full contributions but to get full state pension i need 1 more this will be due to being contracted out for x amount of years.