Pension help needed please

This is what I need to check again. I think when I took early retirement I just made the 30 years of actual NI payments. If it has risen to 35 I guess I need to do something about it. Though if the 'career break' when my son was pre school is covered as I received child benefit, maybe I don't? It's a bit of a minefield really but I suppose I should try and find out.

 

Thanks Shiney, I will. It really is unfair when they keep moving the goalposts though.

 

Thanks for the input everyone. I seem to be in a similar situation to @merleworld .
I can't transfer my private pension into my work one though. I think someone told me that it isn't a bad thing anyway.
I have worked '83-'90 full time (company) (joined company pension)
'90-2000 contract work (agency) with some minor gaps between jobs (transferred company pension into a personal pension which froze)
'2000-present full time company (joined company pension 2008 - can't transfer personal into it).

@Kandy .... I have actually thought about a static caravan. Some of them are amazing, and pretty cheap. There are always options I guess
I expect it would bring another load of laws/rules/headaches though.
I would rather keep my lil house to be honest

 

You can get free advice can't you??

 

JWK - none of them are final salary schemes and I do have the transfer values and I have confirmed that I can transfer them in to my current scheme. At least that way I'd have more control over the funds, etc than if I left them where they were (with my current pension I can do everything online and get updates every day as to which funds are performing and what my pension's worth). I can access the other pensions online but the systems aren't as flexible.

NG - I did try the Pensions Advisory Service, they can give limited advice but still said that I would need independent financial advice.

 

I got my state pension statement through this week.
Can anybody explain why it says, 'So far you have X qualifying years', when I haven't even been working for X years. I make it X-3 years.
It doesn't really matter, because I qualify for max pension in either case.

 

Just a thought. I too am in a final salary scheme, and one of the options if I wanted to retire early is to take a 'step' pension, whereby extra is paid by your scheme to make up for having to wait for the state pension. When you qualify for the state pension, then the scheme amount reduces. Might be something to look into?

 

Interesting. Thanks @Freddy
I will look into that one.

 

Just to point out, with a 'step' pension, you will get less at normal retirement age (67?)than you would have got if you hung on. Hopefully that makes sense? It does though mean that you can bridge the gap.

 

Annoying that a "Benefit" "State Pension Tax Free" is then included in your gross income and taxed
I get the standard higher State pension, and the usual percentage increase, which is immediately added to my gross income so my other pension is taxed, so my increase is 20% less than I got before

Think I will take the Booze trip to Calais, by my booze, tear up the passport and birth cert and come back as an illegal immigrant, voila 60% increase in income and a home for free

Jack McH