Menu
31/03/2009
Retirement Made Easier, Says Ritchie
Retiring on the state pension is to get easier for people in Northern Ireland.
From April next year, the system will be both fairer and simpler, especially for women and carers.
Tomorrow marks the start of a 12-month countdown to the pension changes which, among other things, will help women over 55 years of age.
They are already being urged by the Executive's Social Development Minister: "People are living longer, are healthier and spending longer in retirement than earlier generations.
"It is more important than ever that individuals know their options and plan accordingly," she said today.
'Step one' is to request a pension forecast to show how many years of national insurance contributions have already been built up and the amount of state pension a person can expect.
Then, as the pension age for women will rise gradually from 2010, the second recommended step is to generate a personalised 'due-date' using the pension service online calculator.
If a forecast shows missing national insurance years, then the 'third check' is to find out if buying extra contributions would give a bigger final pension.
People can already look into filling the most recent six years, but from April 2009 anyone with 20 or more qualifying years, reaching state pension age between 6 April 2008 and 5 April 2015, may be able to buy up to six more.
From 2010, filling gaps in national insurance records could be worth even more as the pensions reforms reduce the years needed for a full basic pension from 44 years for a man and 39 years for a woman, to 30 years for both.
The fourth step is to check for forgotten private pensions. An estimated three billion pounds lies unclaimed in pension accounts.
Online the free 'Pension Tracing Service' can help uncover any forgotten personal or work pensions.
Finally, people approaching retirement should consider whether deferring their state pension would make financial sense.
If they put off their pension, they can get a higher weekly amount or a lump sum if they defer for at least a year, when they decide to take the cash.
These changes and further information about services are available online at www.dsdni.gov.uk
(BMcC/JM)
From April next year, the system will be both fairer and simpler, especially for women and carers.
Tomorrow marks the start of a 12-month countdown to the pension changes which, among other things, will help women over 55 years of age.
They are already being urged by the Executive's Social Development Minister: "People are living longer, are healthier and spending longer in retirement than earlier generations.
"It is more important than ever that individuals know their options and plan accordingly," she said today.
'Step one' is to request a pension forecast to show how many years of national insurance contributions have already been built up and the amount of state pension a person can expect.
Then, as the pension age for women will rise gradually from 2010, the second recommended step is to generate a personalised 'due-date' using the pension service online calculator.
If a forecast shows missing national insurance years, then the 'third check' is to find out if buying extra contributions would give a bigger final pension.
People can already look into filling the most recent six years, but from April 2009 anyone with 20 or more qualifying years, reaching state pension age between 6 April 2008 and 5 April 2015, may be able to buy up to six more.
From 2010, filling gaps in national insurance records could be worth even more as the pensions reforms reduce the years needed for a full basic pension from 44 years for a man and 39 years for a woman, to 30 years for both.
The fourth step is to check for forgotten private pensions. An estimated three billion pounds lies unclaimed in pension accounts.
Online the free 'Pension Tracing Service' can help uncover any forgotten personal or work pensions.
Finally, people approaching retirement should consider whether deferring their state pension would make financial sense.
If they put off their pension, they can get a higher weekly amount or a lump sum if they defer for at least a year, when they decide to take the cash.
These changes and further information about services are available online at www.dsdni.gov.uk
(BMcC/JM)
Related Northern Ireland News Stories
Click here for the latest headlines.
21 November 2024
UK Education Ministers Meet In Northern Ireland
Northern Ireland hosted the fifth UK Education Ministers' Council (EMC) meeting at Laurelhill Community College in Lisburn.
UK Education Ministers Meet In Northern Ireland
Northern Ireland hosted the fifth UK Education Ministers' Council (EMC) meeting at Laurelhill Community College in Lisburn.
02 October 2006
New regulations to end age discrimination
Equality Minister David Hanson has today announced the commencement of new regulations to prohibit age discrimination in employment and vocational training. The new regulations create important new rights and responsibilities for every employee and business in Northern Ireland.
New regulations to end age discrimination
Equality Minister David Hanson has today announced the commencement of new regulations to prohibit age discrimination in employment and vocational training. The new regulations create important new rights and responsibilities for every employee and business in Northern Ireland.
01 March 2010
Pensions Review Reduces Qualifying Period
Pension reforms just announced are to make the overall system fairer.
Pensions Review Reduces Qualifying Period
Pension reforms just announced are to make the overall system fairer.
22 November 2024
SDLP Calls For Action On Food Bank Crisis
The SDLP has called on the Communities Minister, Gordon Lyons, to outline how he intends to tackle food bank reliance across Northern Ireland.
SDLP Calls For Action On Food Bank Crisis
The SDLP has called on the Communities Minister, Gordon Lyons, to outline how he intends to tackle food bank reliance across Northern Ireland.
22 November 2024
SF Calls For Action On NI Mental Health Services
Sinn Féin has called for more to be done to improve mental health services across the north of Ireland. The party's mental health spokesperson, MLA Órlaithí Flynn, made the call after the release of the Registrar General's 2023 Annual Report which has highlighted an increase in deaths by suicide in 2023.
SF Calls For Action On NI Mental Health Services
Sinn Féin has called for more to be done to improve mental health services across the north of Ireland. The party's mental health spokesperson, MLA Órlaithí Flynn, made the call after the release of the Registrar General's 2023 Annual Report which has highlighted an increase in deaths by suicide in 2023.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
