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  • FIRST POST
    • MSE Helen Saxon
    • By MSE Helen Saxon 31st Mar 16, 1:09 PM
    • 72Posts
    • 38Thanks
    MSE Helen Saxon
    New State Pension Guide
    • #1
    • 31st Mar 16, 1:09 PM
    New State Pension Guide 31st Mar 16 at 1:09 PM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.


    Thanks folks,
Page 13
    • kronas
    • By kronas 17th Oct 16, 7:56 PM
    • 402 Posts
    • 150 Thanks
    kronas
    Hi all is there a capital savings limit if you are on a state pension ?
    • bigfreddiel
    • By bigfreddiel 17th Oct 16, 8:07 PM
    • 4,072 Posts
    • 1,865 Thanks
    bigfreddiel
    Hi all is there a capital savings limit if you are on a state pension ?
    Originally posted by kronas
    No there isn't. Any savings you have if you are enitled to a state pension you ca claim it.

    If HM The Queen has paid her NI, I'm sure she had she receives her state pension every four weeks!

    Cheers fj
    • greenglide
    • By greenglide 17th Oct 16, 8:15 PM
    • 2,359 Posts
    • 1,457 Thanks
    greenglide
    If HM The Queen has paid her NI, I'm sure she had she receives her state pension every four weeks!
    She might get it weekly having been paid by Order Book all those years ago! People who didn't give DWP bank details when OB payments were ended were put onto weekly payments by POCA.

    I assume that most of the HRHs who have not been employed didn't pay NI but you can never be sure?
    • GibbsRule No3
    • By GibbsRule No3 18th Oct 16, 11:00 AM
    • 595 Posts
    • 346 Thanks
    GibbsRule No3
    https://www.gov.uk/check-state-pension

    Checking your SP forecast seems to be much easier now. I tried a few months ago to sign up but fell at the second hurdle when they needed both a Passport and Driving Licence. Tried today and they only need one of three options. Passport, DL or Payslip and of course your NI number. Only thing that did confuse me was it gave the amount from April 2019 and I won't be 65 3/4 until March 2020 which is when I think I will get the SP from, so has it just done it from the nearest tax year start it can work it out to? It also tells me I will have 49 full years and COPE was £69.81
    Paddle No 21
    • molerat
    • By molerat 18th Oct 16, 4:02 PM
    • 15,029 Posts
    • 9,381 Thanks
    molerat
    That still excludes a lot of people - many of who were verified enough to have the old gateway access accounts.

    Edit that. Just tried to get access for MrsM using her old gateway access, been refused before, and it used standard credit reference agency questions - bank accounts, previous address etc
    Last edited by molerat; 18-10-2016 at 4:33 PM.
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    • greenglide
    • By greenglide 18th Oct 16, 4:35 PM
    • 2,359 Posts
    • 1,457 Thanks
    greenglide
    Only thing that did confuse me was it gave the amount from April 2019 and I won't be 65 3/4 until March 2020
    If you reach SPa in March 2020 then only years up to 2018/2019 qualify. 2019/2020 cannot be a qualifying year and the part year is ignored.
    • GibbsRule No3
    • By GibbsRule No3 18th Oct 16, 8:28 PM
    • 595 Posts
    • 346 Thanks
    GibbsRule No3
    If you reach SPa in March 2020 then only years up to 2018/2019 qualify. 2019/2020 cannot be a qualifying year and the part year is ignored.
    Originally posted by greenglide
    Thanks for this, so would it make any difference if I defer for a month until the full year is up?
    Paddle No 21
    • molerat
    • By molerat 18th Oct 16, 8:29 PM
    • 15,029 Posts
    • 9,381 Thanks
    molerat
    No, it is based on your state pension age and not the date you start claiming your state pension.
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    • julianhodgearepants
    • By julianhodgearepants 21st Oct 16, 6:58 PM
    • 13 Posts
    • 1 Thanks
    julianhodgearepants
    I also hit the magic retirement date last week and even though I have 37 qualifying years I have been awarded £121.50 p.w.

    Although I wasn't expecting the much trumpeted £155 having been contracted out for much of my working life I find it hard to believe my reduced NI payments were worth £34.00 p.w. in lost pension.

    To those who say you earned a higher return from your occupational pension because of the reduction in NI's then this is not the case as my pension was already final salaried.

    So maybe your figure isn't too bad after all? Like you I am also annoyed that the letter gives no indication as to how the figure was arrived at.
    Originally posted by julianhodgearepants
    I queried the figure with the DWP and they advised me that I had to have a deduction of £105.93 from the headline figure of £155.65 due to the period when I was contracted out.

    My new pension should therefore be £49.72 p.w. but because they allow you the higher of the old and new scheme I get the old figure of £121.50 which includes an element of Graduated Pension.

    I find it astonishing that the benefit of being contracted out was worth in excess of £100 per week.
    • molerat
    • By molerat 21st Oct 16, 7:34 PM
    • 15,029 Posts
    • 9,381 Thanks
    molerat
    That is the largest COPE I have seen mentioned so far, I thought mine was pretty impressive at £74.82.
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    • julianhodgearepants
    • By julianhodgearepants 21st Oct 16, 7:53 PM
    • 13 Posts
    • 1 Thanks
    julianhodgearepants
    My husband is retiring next week and has just had a letter saying his pension will be £121.00 a week. The letter says this is the safe amount as they dont have access to his NI records at present. He has just stopped receiving Carers allowance for his dad who dies recently and I presume thats the reason for the NI thing. He gets a pension from his work ( he was a postman for 33 years ) so I presume he was contracted out as he was paying into a private pension.
    I wonder if anyone knows if that amount sounds right as it seems a bit low.
    Originally posted by rose28454
    See my experience at post 249. Seems to mirror your husband.
    • p00hsticks
    • By p00hsticks 21st Oct 16, 8:48 PM
    • 4,922 Posts
    • 4,323 Thanks
    p00hsticks
    That is the largest COPE I have seen mentioned so far, I thought mine was pretty impressive at £74.82.
    Originally posted by molerat
    Mine's quoted at £81.91 a week, but like julianhodgearepants the transitional rules mean that my starting amount is under the old rules and is around £123.

    I also have enough time to make voluntary contributions to taker it up to the £155 maximum as well as a DB pension of more than the COPE amount that kicks in at age 60, so I'm a definite winner.
    • molerat
    • By molerat 21st Oct 16, 10:55 PM
    • 15,029 Posts
    • 9,381 Thanks
    molerat
    I am not going to quite make it, 4.3 £ years short with only 3 years to go
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    • marinheiro
    • By marinheiro 22nd Oct 16, 5:46 PM
    • 5 Posts
    • 0 Thanks
    marinheiro
    Can/should I pay additional NI
    I just looked at the DWP site. This gives me a pension date of 6/3/2020, and tells me I have a forecast pension of £156.64, 43 years of full contributions, and a COPE estimate of £76.34. I'm not sure I understand this correctly, but I take this to mean that my gross pension in the new scheme would have been 156.64 - 76.34 = 80.30, and that since this is less than the old pension amount of £119.30 plus whatever SERPS I earned pre-1989, the actual amount I will receive will be £119.30 plus a little bit more.

    If my understanding is right then my first question is, is it possible for me to pay additional contributions to increase my SP? I believe it may be, but if so the DWP site certainly has this information well hidden. Is there a proper description of the rules and the process involved somewhere?

    A second question is, can I find out what the extra (if any) I will get above the (old) basic for my pre-1989 contracted-in years would be? Do you get told this if you request the paper estimate? Or is there a simple formula to calculate it?

    Thanks for any advice!
    • molerat
    • By molerat 22nd Oct 16, 6:20 PM
    • 15,029 Posts
    • 9,381 Thanks
    molerat
    Do you not have more than one value shown ? Mine has 3 values shown and says "you have £xxx.xx based on your NI record at April 2015" - the amount accumulated to date - but the top line says my estimate at SPA is £150 ish - the amount I can get with post 2016 contributions. If you only have the one figure and it states "you cannot improve your forecast" then that is what you have now and cannot get any more.
    Last edited by molerat; 22-10-2016 at 6:29 PM.
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    • marinheiro
    • By marinheiro 22nd Oct 16, 7:12 PM
    • 5 Posts
    • 0 Thanks
    marinheiro
    Do you not have more than one value shown ? Mine has 3 values shown and says "you have £xxx.xx based on your NI record at April 2015" - the amount accumulated to date - but the top line says my estimate at SPA is £150 ish - the amount I can get with post 2016 contributions. If you only have the one figure and it states "you cannot improve your forecast" then that is what you have now and cannot get any more.
    Originally posted by molerat
    I definitely only have one figure shown.
    So you think the single figure plus "you cannot improve your forecast" means I don't need to subtract the COPE figure? Or just that there's nothing I can do to improve the final figure?
    • greenglide
    • By greenglide 22nd Oct 16, 8:58 PM
    • 2,359 Posts
    • 1,457 Thanks
    greenglide
    So never, never, ever need to subtract the COPE amount.

    They don't need to even mention this as it only causes confusion.

    So what it shows should be the amount you get without taking anything off.
    • marinheiro
    • By marinheiro 22nd Oct 16, 9:42 PM
    • 5 Posts
    • 0 Thanks
    marinheiro
    In that case I'm very pleased. Thanks both! Also a little confused - I've been contracted out for so long I didn't expect to get much over the basic old pension, though I am also relieved - some of my non-state pensions turned out to be complete scams.

    I shall leave it for a bit then ask for the written estimate as confirmation and leave it at that.
    • xylophone
    • By xylophone 22nd Oct 16, 10:46 PM
    • 19,179 Posts
    • 10,893 Thanks
    xylophone
    I just looked at the DWP site. This gives me a pension date of 6/3/2020, and tells me I have a forecast pension of £156.64, 43 years of full contributions, and a COPE estimate of £76.34.
    See http://forums.moneysavingexpert.com/showthread.php?p=71428402#post71428402

    post 40.
    • xylophone
    • By xylophone 22nd Oct 16, 11:10 PM
    • 19,179 Posts
    • 10,893 Thanks
    xylophone
    And also see post 52 here http://forums.moneysavingexpert.com/showthread.php?p=71177300#post71177300

    You will note that despite a number of years contracted out, the poster is only just short of full NSP.
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