single tier pension

stinktankcynic

With the single tier pension. Having 24 qualifying years at 2016/2017, if this is below £144 at change date, is the maximum pension you get capped at £144?
Or do you keep the value at 2016/17 and add £2.44 for the next 11 years? To make up to 35. Basically if your in your 40's you may not need to work 30 years or more to get £144?

xylophone

http://www.dwp.gov.uk/docs/single-tier-pension.pdf
page 11.

jamesd

You're right about not needing to work a full working life to get the maximum. The new system rewards working less.

Under the current system you get at least £1.90 a week in additional state pension per year worked for a whole working life, not capped at thirty years, plus the full basic state pension after thirty years. So you keep on getting more the longer you work. The new system will prevent this and you will stop accruing any more state pension once you reach £144. If you're above £144 at change date you get that higher amount.