State Pension

slinga

Mine's coming up shortly.
When I talked to them they were very good at asking questions but the answers to my questions seemed a bit furtive.

Is the State Pension, without any add ons or take off or anything, equal to £115.78 per month???

Mojisola

slinga wrote: »

Mine's coming up shortly.
When I talked to them they were very good at asking questions but the answers to my questions seemed a bit furtive.

Is the State Pension, without any add ons or take off or anything, equal to £115.78 per month???

Not if you're fully paid up -
https://www.gov.uk/state-pension/what-youll-get

xylophone

Is the State Pension, without any add ons or take off or anything, equal to £115.78 per month??

Basic State Pension £110.15 a week. http://www.pensionsadvisoryservice.org.uk/state-pensions/what-you-might-get

slinga

Thanks guys.
I get the additional £5.63 from something or other don't have it front of me at the moment.
But the only other thing I'd be entitled to which I haven't taken up so far is the Winter Fuel allowance.
How is that paid???

Mojisola

slinga wrote: »

Is the State Pension, without any add ons or take off or anything, equal to £115.78 per month???

xylophone wrote: »

Basic State Pension £110.15 a week.

slinga wrote: »

I get the additional £5.63 from something or other don't have it front of me at the moment.
But the only other thing I'd be entitled to which I haven't taken up so far is the Winter Fuel allowance.
How is that paid???

Are you talking about a monthly payment or a weekly one?

You can use this form https://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/@over50/documents/digitalasset/dg_202363.pdf to claim the WFP.

slinga

Mojisola wrote: »

Are you talking about a monthly payment or a weekly one?

You can use this form www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/@over50/documents/digitalasset/dg_202363.pdf to claim the WFP.

How embarassing.
I really thought I'd put weekly.

Anyway they've told me £115.78 per week.

xylophone

You should get a detailed statement in due course see https://forums.moneysavingexpert.com/discussion/comment/60319901#Comment_60319901 post 18.

bigfreddiel

sp is not paid monthly

weekly or four weekly

monthly equivalent = weekly * 52 /12

110.15 * 12 /52 = 477.31

you'll actually see 440.60 every 4 weeks

atush

the extra might be S2P

I thought the WFP was paid Automatically?

Don't forget you get an xmas bonus- is it a fiver or a tenner?

bigfreddiel

atush wrote: »

the extra might be S2P

I thought the WTP was paid Automatically?

Don't forget you get an xmas bonus- is it a fiver or a tenner?

and dont forget the wfa - £200

jamesd

slinga wrote: »

Is the State Pension, without any add ons or take off or anything, equal to £115.78 per month???

No.

The state pension has two major parts:

1. The basic state pension that's worth £110.15 a week at the moment for those who have 30 years of contributions into the system.

2. The additional (and some older) state pension parts. These are worth more depending on how long you were paying into the system and how much you were earning and continue increasing for each year that you work before reaching state pension age.

The maximum under all of the parts combined is in the £250 a week range but most people wont' get that much because they would have had to be high earners for most of their working life. £150-200 a week is more likely for those with a long PAYE employee record. For those who didn't work in PAYE much, either self-employed or at home it'll be closer to the basic state pension part, usually with at least some extra because most people do do some work as an employee at some point.

If you ask them and are close to state pension age they will probably tell you what you are really going to get, not the general answer about what the basic state pension part only is worth.

If you don't need the money immediately you can increase the amount you get by 10.4% for each year you delay taking it, pro-rated for less than a year. It's one of the best retirement income deals going for those in normal good health. Optimal for a man is to defer for 1-3 years and for a woman 2-5 years, depending on the specifics of their own health and life expectancy.