BMW R1200RT/R1250RT Forum

Stu wrote: ↑Tue Dec 05, 2023 7:18 am5 year increments would have been better.

Expanding this thread, viewtopic.php?t=7589 for more accuracy, year increments have been reduced to 5 years and re-voting is allowed.

Seems appropriate as I've now reached OAP status.

I haven't quite reached OAP status yet although I did retire 2 1/2 years ago but still waiting for the pension and that golden bus pass in 2027.....until then i'll sweet talk my good lady or use the RT

LochiesDad wrote: ↑Sun Nov 24, 2024 9:35 amI did retire 2.5 years ago.

I retired 14 years ago.

David. wrote: ↑Sun Nov 24, 2024 9:42 am I retired 14 years ago.

My wife and I drew straws 15 years ago and I was advised I had lost so kept on working........I never did see her straw

So far so good

My wife retired 16 years ago, I worked 2 years longer than her.

I retired at 58 paying 42 years of National Insurance. To get a full state pension I need to pay another £5900 to make up missing years. People on the dole get NI credits for not contributing anything! To cap it all , today I sat on my RT in the garage and it took me two minutes to drag my leg over the seat to get off again! I hate getting old.

I retired in 2010 at age 51, having paid 35 years NI contributions. Pre-2016, under the "old" state pension, I would have qualified for a full pension.

Post-2016, under the "new" state pension, I had to pay £5,553.60 for an additional 7 years NI contributions to get the full pension.

Look on the bright side, the "new" state pension is nearly £50 per week better than the "old" state pension.

The additional NI contributions pay back period is ~ 3.5 years.

Thank goodness for the high/low BSPS and having purchased 8 years AVC's.

Might be worth double checking the advice you'regetting on the state pension. Whilst it looks like I'm a bit younger (60), also retired early (55). It has been confirmed to me, in writing, that I qualify for the current value full state pension under the old rules, for 35 years full NI contributions. The old qualification rules take precedence for a transition period.

That said, I was not 'contracted out' for nearly all my NI contributions history. Maybe that is what affects your forecast? But if it does, the pension from your 'contracted out' pension provider should include an element that makes up that shortfall, albeit without the triple lock indexation of the state pension. I think they're required to uplift that element at least in line with CPI.

I've been very lucky. I had 3 years of university education, followed by a year post-grad. I never had course fees, a student grant and no loans and I was credited with full NI contributions for all 4 years. By contrast, my children get burdened with university fees and debt and then start work with no NI qualifying years. Successive governments have pushed kids into further education, presumably to reduce the unemployment figures, yet penalise them for doing so. Oh dear, I'll get off my soapbox!

Mart UK wrote: ↑Sun Nov 24, 2024 10:41 pmI was not 'contracted out' for nearly all my NI contributions history. Maybe that is what affects your forecast.

This is true, having a workplace (BSPS) pension, I was 'contracted out' of the Additional State Pension. This resulted in me and BS paying lower NI contributions for the 35 years pre-2016. Hence, without paying the additional voluntary NI contributions, I wouldn't have received the full "new" state pension.

If you're not certain whether or not you've completed enough qualifying years, you can check your contribution record on the Government portal.

At 47, I've completed enough contribution years to get the full state pension. I'm expected to continue paying NI contributions for the next 19 years before that happens!!

Sullivj wrote: ↑Mon Nov 25, 2024 8:40 amAt 47, I've completed enough contribution years to get the full state pension.

My understanding is that you need 35 (not contracted out) years NI contributions to get a full new state pension.

Did you start paying NI contributions at age 12.

David. wrote: ↑Mon Nov 25, 2024 8:59 am My understanding is that you need 35 (not contracted out) years NI contributions to get a full new state pension.

Did you start paying NI contributions at age 12.

You need 30 qualifying years of National Insurance contributions to get the full amount.

If your National Insurance record started after April 2016 you will need 35 qualifying years to get the full rate of new State Pension

Just realised that you need to be a minimum of 24 years old to ride an RT.

Therefore, have removed the 20 - 24 years category but unfortunately this has reset all the votes to zero.

Sorry for the inconvenience, please vote again, thank you.

David. wrote: ↑Mon Nov 25, 2024 10:40 am Just realised that you need to be a minimum of 24 years old to ride an RT.

What, where has that come from?

I've just tried to get insurance as a 23 living in a nice area with 5 years NCB. On the compare site I used each insurer turned me down. So i changed to 26 years old and got quotes but they were eye watering.