Paying your Stamp

[warpig3]

I had to sign on recently, not because I am entitled to any benefits but because I have to have my 'stamp' paid. What is my stamp and what happens if it is not paid? I thought it was Nat Ins but am still not sure what the consequences are for not paying it.

Thanks
warpig

[beryllium]

Pension hon. State pension lol :)

[Doc Spock]

Your NI contributions are for your state pension. To qualify for a full state pension you need 90%.

A mans working life is 16 to 65 ie. 49 years , 90% of which iss 44 years which you need to get full pension.

Ring up NI office in Newcastle and ask for a pension forecast, it will tell you where you are in the scheme. Contributions are free after 60 for men.

[warpig3]

Oh really, state pension, how thick am I? Don't answer that! But surely everyone is entitled to state pension and if you are not then is it made up with other benefits? This is all completely new to me, the lady at the Job centre was talking about all these benefits and circumstances and I was completely lost, she even intimated, nudge nudge wink wink, that if I left my partner and lived alone I would get income support and housing benefit! Think I am way out of my league.

[Doc Spock]

Get a forecast on line.

http://www.thepensionservice.gov.uk/

[Doc Spock]

A lot depends on savings etc.

Ring the people at Newcastle they are very helpful.

[Doc Spock]

Good luck with your enquiries.

[warpig3]

Thanks Doc, I think I am ok for now as have only 'not paid stamp for 8 months', its a little sad to have worked for 20 years and not know this stuff but I guess I never needed to know until now.

[JK2]

How many years you pay will make all the difference between getting something like �6000 a year or the full pension - currently over �9000 a year.