The State Pension Forecast

SeekTruth · 31 March 2013 at 3:51PM

kuepper wrote: »

ASP3, if you are credited with the minimum per year, would now be worth just under £21 per week (this is my calculation, I wouldn't be at all surprised to be a pound or so out). I reckon this will go up by £2 by the time you get your detailed letter in about May.

Seektruth, if I'm right, based on following one of the links from Xylophone (see last bullet pt here http://www.needanadviser.com/html/article.php/zcid/352/type/article/finance/State_Second_Pension_Scheme_S2P_2002_2012 , as I've been on invalidity for most of time post-2002, ASP3 will be on £1 a year not £1.70 which I assume you based your calc on???. So I'm guessing I will only end up with £11 ASP

Thanks for rest of info, i'm a lot clearer now.

Can anyone else help here? I had thought I just about understood the calculations for S2P, but don't understand how the link quoted by kuepper has come up with their approx £1/week per year of ill/disabled.

The calculations I performed for S2P based on my understanding of kuepper's case were as follows:

6 April 2002 - 5 April 2012: For each year take 40% of the difference between LEL and LET (e.g. for the 2011/12 year 40% of {£14,400 minus £5,304}), revalue to last full year before SPA (2012/13 in kuepper's case) using figures from Section 148 Orders (The Social Security Revaluation of Earnings Factors Order), divide by number of years of working life since 1978 (35 in kuepper's case). The numbers I've calculated vary year-by-year but are between £105 and £110 per year.

6 April 2012 - 5 April 2013: Take £88.40 per year (£1.70 per week). No revaluation because this is the last complete tax year before SPA.

Add together the numbers for each year. I calculate the final figure as £22.54 per week.

I'm sure the official figure will be different, if for no other reason than rounding intermediate results to the nearest integer. However, it appears that maybe I have a fundamental misunderstanding of the situation and would appreciate someone pointing out (preferably tactfully) the error of my ways.

Thanks