It's pension time.

I'm starting to feel ancient. I received a letter earlier this month telling me how o claim my state pension. I had tried to get a pension forecast on-line, but their website kept crashing on me, so I phoned them instead.

Most surprized - got straight through, answered a few questions and was told how much and when I would receive it. It was also more than I thought the basic pension was, but I'll not argue!

If I had grumbles, one would be that it is paid 4 weekly rather than monthly, because I've always worked by the calendar month , but chiefly, it is Taxed, so 20% will go straight back. (occupational pensions exceed the personal allowance)

I have another occupational pension due at the same time, so it'll be party time

Re: It's pension time.

Snap Grumblewagon i get mine in July☺

Re: It's pension time.

Hi GW, I get my state pension tax free, it'smy teachers pension which is taxed (but obviously it's your total income which matters).

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It's ten years since I get mines, but I'm counting the days

Hope you enjoy your pension Grumble. You'll have worked hard for it.

Re: It's pension time.

I started to get my State Retirement Pension aka Old Age Pension a few weeks ago. Who'd have thought when I had shoulder length hair and scarlet velvet flares that I'd ever make it!

I'd already taken early retirement using a couple of occupational/private pensions, but there wasn't much to spare, so the state Pension makes things more reasonable. Yes, it is annoying to have to pay tax now. The State pension is fixed, and your private/occupational pension provider will automatically deduct the tax from theirs.

I too have always worked out my finances monthly, so it's a bit fiddly being 4 weekly, but you can work out the equivalent pcm by multiplying the weekly amount by 52 then dividing by 12, which is 4.33

Remember that although you have a forecast, you must actually apply to get the State pension.

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Enjoy! I have another 6 years to wait, unless they change the age again!

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Don't say that. I'll have kicked the bucket by then

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Ah, so the state pension is paid gross, and any tax due is taken off your occupational pension. Is that correct?

Worry not Zuludog, I have applied for my pension and I've worked out what I'll get on the back of an envelope - and - without the use of a calculator. See, all those years at uni haven't gone to waste

I think it's £122 a week - damned if I know how they get that figure.

Re: It's pension time.

I have been calculating income against taxation and outgoings for years as it seemed the best way of getting precise information on what our joint income will be as we become less able to noticeably affect that future income.

For us there are of course losses of income as my State Pension will be approximately £140 per month less than my income now.

However, we gain in other ways as the taxation on my private pension will be less so we do actually "gain" a small amount against the losses.

Secondly, our expenses will drop as I will have no need to fund petrol expenses four days per week and the significant reduction in wear and tear and mileage on our car - another small gain; I have a Bus Pass that I can use which already saves me money.

The difficulty will be keeping occupied but I am sure that we will find ways to do that without it affecting our spending patterns.

There will of course be things we would like to do that will be entirely dependent on our income and outgoings but we feel that the costs will be within our means during the "better" part of the year.

Like most people approaching full retirement, we are prepared as best we can be. stevmk2

Re: It's pension time.

I was so lucky , I snuck in at 60 and got my state pension . I carried on working till 64 and retired last year . I've been retired a year , I don't have any private pensions . My income is state pension only.