Minimum state pension of £140 - how will it impact SERPs pensions?
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usignuolo
Posts: 1,923 Forumite
I currently draw a state pension plus a SERPS element. When the new basic pension of £140 is introduced, will this be added to my existing SERPS pension in place of the existing state pension?
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Comments
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No, the plans are for newly retiring pensioners only, not existing pensioners.0
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It is also for those who have paid 30 years NI..But does anyone know how that will work for the likes of me,whos husband has full NI contributions to qualify,but I dont?
I know he should be able to claim something for me ,but surely it wont be 2 X £140.
At the moment my forecast is to pay £84 a week pension,this is made up by 19 years for bringing up children,a few contributions through work, and a few years because i was a carer?
Thanks..0 -
I know he should be able to claim something for me ,but surely it wont be 2 X £140.
You make the claim in your own right, either using your own contributions record or your husband's, whichever is the greater.
At the moment there are no concrete details so no-one can tell how much you will get.0 -
Your husband can claim nothing for you you make your own claim. If you have less than 18 years then at you husbands State Pension Age if after yours or at your State pension Age if after your husbands you would be able to claim 18/30 ths of you husbands Basic Pension plus any additional pension and Graduated pension you have in you right. You state that you have 19 years so you will receive 19/30 of the basic pension or if after the introduction of the new falt rate pension 19/30 of that. It would appear that at the moment that Graduated and Serps would be on top of that but we wait for the final drafts on this.0
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annie1975, your own record SERPS-based additional state pension payment and any graduated pension will probably be zero or close to it with a record like that. SERPS and S2P are the earnings-related portions. You can ask for a state pension statement to get some idea of your position. None of this says anything about how much the flat rate proposal might pay you, that's currently unknown. My guess is that you are likely to be one of those who benefits.
It looks as though for the 20 years of basic state pension you have something like:
3 years juvenile credits
19 years of receiving child benefit in your own name
a few years as a carer
a few years of work
That probably means that you're currently somewhere in the 25-30 out of a maximum of 30 years range and might find that you're entitled to a full basic state pension in your own name.0
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