A letter from DWP

[Arrivalist]

I received a letter from DWP today telling me that I’m getting the state pension in 2030 and they will write to me 4 months prior to tell me how I’ll get it.

I assume the 5 year notice is to make people look into their expected pension and be aware of, and sort, any shortfall?

[mikef]

Yep, a quick reminder to stuff up to £480,000 into your pension and instantly take out £120K of that tax free

Take advantage while you still can

[Arrivalist]

mikef said:

Yep, a quick reminder to stuff up to £480,000 into your pension and instantly take out £120K of that tax free

Take advantage while you still can

Message received and understood

[Mr Squarekins]

Why £480k specifically? Just curious.

[mikef]

5 years at £60K plus three previous years of unused allowance

[dxg]

Step one: Obtain a spare £60k per year.

[mikef]

Yeah, they are prompting you to figure that one out

[Arrivalist]

dxg said:

Step one: Obtain a spare £60k per year.

Back of the sofa for most of PH, Shirley?

[alscar]

Arrivalist said:

I received a letter from DWP today telling me that I m getting the state pension in 2030 and they will write to me 4 months prior to tell me how I ll get it.

I assume the 5 year notice is to make people look into their expected pension and be aware of, and sort, any shortfall?

Yes.
And to panic them that if that’s all they have to live on they will have a problem.

[Simpo Two]

Arrivalist said:

I received a letter from DWP today telling me that I m getting the state pension in 2030 and they will write to me 4 months prior to tell me how I ll get it.

I assume the 5 year notice is to make people look into their expected pension and be aware of, and sort, any shortfall?

Yep. All you have to do is pay X years NI contributions by 2030. If you're on course just carry on If you're not, pay the missing years before 2030.

[Mr Squarekins]

mikef said:

5 years at £60K plus three previous years of unused allowance

Gotcha. - sorry, didn't read posts with both eyes.