State Pensions

Anyone who has a total of 30 qualifying years of National Insurance contributions/credits is usually eligible to get the full State Pension. This means you’ll have worked and paid National Insurance for 30 years, been in receipt of credits or have paid voluntary contributions (who may also be entitled to more than the full fee). Those who fall below this period of time will receive a lower figure.

To check your state pension age, you can use the government state pension age calculator. To find out how much you’ll be entitled to, you can click here – which will also let you know information such as what day of the week your pension will be paid, how you can increase your state pension and more.

To check your national insurance record, which will help you understand your entitlement, you’ll need a government gateway user ID, which can be set-up here. To find contact details to search for a previous lost workplace pension, use this easy tool.

Previous workplace pensions

The easiest way to track your pension is to have it one place – and if you’re part of the NHS Pension Scheme, you can transfer any previous workplace pensions into your current pot. Time limitations apply to this, and this generally must be done in the first 12 months you’re eligible to do so. To find out more, visit the NHS Business Services Authority website.

To find contact details to search for a previous lost workplace pension, it’s advised you use this easy government tool. The tool should help you locate your previous workplace’s pension provider, who you can then contact to request access. Alternatively, you can always call your old employer and ask to speak to their Human Resources team, requesting the name of the company that administers the pensions. Once in contact with the provider, you can request a pension administrator tracks down your previous pension.

NHS Pension Scheme

NHS Business Services Authority are responsible for NHS Pensions, and provide a range of support events for those looking to better understand their NHS Pension and the NHS Pension Scheme.

Amongst their regular events throughout a year include webinars on better understanding your retirement options, the pension scheme itself and its benefits and more.

To check out a list of upcoming events, visit the NHS BSA Pensions website area.

Inheritance Tax Threshold

There’s normally no Inheritance Tax to pay if either the value of your estate is below the £325,000 threshold, or you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club.

Giving away your home to your children (inclusive of adopted, foster, stepchildren) or your grandchildren can see your threshold increase to £500,000. If you’re married or in a civil partnership, and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you pass away.

For further information on inheritance tax and how it works, click below.

Credit Scores

To see your credit report or credit score, you can use sites like MoneySuperMarket, or Clearscore – a partner of Salary Finance. Some services, like Credit Karma, also provide regular updates, reporting, advice and suggestions on how to build your score.

Building a credit score can be particularly important in planning your future as it often impacts your ability to borrow money or access products such as credit cards or loans – which are key when it comes to making big life purchases like cars and houses. For tips on building a credit score, we recommend checking out the resources of MoneyHelper and MoneySavingExpert.

Purchasing a home

On the topic of purchasing a home, there are a number of affordable home ownership schemes available through the government. Schemes are designed to provide you with financial help from the government when buying a home.

Amongst these include shared ownership, loans to help with the cost of building a home, schemes to help council tenants and schemes to assist housing association tenants.

When saving to buy your first home, a Lifetime ISA can be used. You must be over 18 but under 40 to open a Lifetime ISA. You will then be able to contribute £4,000 each year, until you’re 50 – with the government adding 25% of your annual savings, meaning you could save £5000 per year.

To see how much stamp duty you would have to pay when purchasing either a property you will live in or if you are buying an additional property, check out the government’s residential property rates.

NHS Retirement Fellowship

The NHS Retirement Fellowship helps you in making retirement work for you, providing friendship, fellowship and fun to any retired NHS and social care staff, volunteers, their friends and families.

The fellowship also provides access to a great range of benefits and discounts, ensuring you can continue to benefit from your service even into your retirement. Amongst those benefits include worlwide travel insurance with fixed prices and no need to declare health connditions if you meet eligibility criteria, discounted car and home insurance, free will writing services, sea and river cruise offers, shopping discounts, a book club, photography club and even access to grants from a benevolent fund for those in need.

To learn more about the Retirement Fellowship or become a member, head over to their website.