I was contracted out when I joined a company scheme. Many years later people came to the conclusion that if people were in that situation and circa 40 it was best to start contributing to the state pension again. I have no idea if carrying on contributing was even possible when I was contracted out. It just happened.
For people who retire early the state pension is useful. At some point it increases their income. I did and was glad when it arrived.
My company pension was eventually transferred to an insurance company. That way it works in much the same as other schemes - the money is used to purchase a pension. Actuaries decide how much a person should be able to take out of the scheme. What some one gets depends on what various companies are offering. The initial company scheme was dead simple 2/3 of my final salary.
There is nothing to stop some one continuing work when they are retired. Probably a better option than taking money out of a pot in most peoples circumstances. Assuming some one wont want money etc when the do retire is a bit silly IMHO. Life goes on until we are dead. Some younger people did feel that the state wont let them suffer so avoided making any extra payments.
Depends on what some one means by suffer. I don't think that is an option now.
Actually due to history they have done a few things that boost state pensions - mostly in the area of how long people have contributed. Having opted out is a tricky one as people may not have been aware that they could carry on if they wanted to but that option may have been added at some point in time.
For people who retire early the state pension is useful. At some point it increases their income. I did and was glad when it arrived.
My company pension was eventually transferred to an insurance company. That way it works in much the same as other schemes - the money is used to purchase a pension. Actuaries decide how much a person should be able to take out of the scheme. What some one gets depends on what various companies are offering. The initial company scheme was dead simple 2/3 of my final salary.
There is nothing to stop some one continuing work when they are retired. Probably a better option than taking money out of a pot in most peoples circumstances. Assuming some one wont want money etc when the do retire is a bit silly IMHO. Life goes on until we are dead. Some younger people did feel that the state wont let them suffer so avoided making any extra payments.
Depends on what some one means by suffer. I don't think that is an option now.Actually due to history they have done a few things that boost state pensions - mostly in the area of how long people have contributed. Having opted out is a tricky one as people may not have been aware that they could carry on if they wanted to but that option may have been added at some point in time.
