Getting worried about pension day

Cpt.Pugwash

I was born 25/06/1949 so will reach state retirement age next year 25/06/2014.
In 1969 I entered employment and remained employed until 1997 with two different companies. I was paying into a company final salary pension scheme until 1997. Opted out of SERPs. I never missed paying NICs.
In 1997 I became self-employed and am still self-employed though not earning much these days. All NICs are up to date … never missed a month.
In 2008 the decision was taken to accept an early retirement package from the company scheme, so elected for a lump sum with a reduced monthly payment.
Although maths was a good subject for me at school I could never get to grips with the jargon and complexities of the state pensions nightmare.
My 07/2013 on-line calculation from the pension service suggested that I would be entitled to £110:15/week, no mention of the £144/week single tier rate. (cant find the emailed breakdown)
Does this sound correct to you gurus out there?
If not is there anything that I could do to improve my position?
Would going into part time employment help my cause? Or could it harm it?

Thanking in advance

bocadillo

Cpt.Pugwash wrote: »

...no mention of the £144/week single tier rate.

As I understand it, it is only intended to award the '£144/week single tier rate' to those whose retirement date falls from April 2016. You and I will miss out on it.

xylophone

You'll be treated under the current rules.

https://forums.moneysavingexpert.com/discussion/comment/60319901#Comment_60319901

The above might be worth a look.

xylophone

rect.gov.uk/dr_consum_dg/groups/dg_digitalassets/@dg/@en/@over50/documents/digitalasset/dg_180220.pdf

might also be worth a read.

seven-day-weekend

If your total weekly income from all sources (including your partner's if you have one) is less than £145.40 if you are single or £222.05 if you have a partner, then Pension Credit (a means-tested addition) will make it up to these amounts. If you are eligible for any amount of Guaranteed Pension Credit, then you will not have to pay rent or Council Tax. Hope this helps.



From this site: http://www.nidirect.gov.uk/state-pension-and-pension-credit-rate-how-much-can-you-get

Pension Credit – what is the rate?
If you are a pensioner, in 2013-2014 Pension Credit could top up your weekly income to a guaranteed minimum of:

£145.40 if you are single
£222.05 if you have a partner
If you are aged over 65 you may also be able to get up to an additional:

£18.06 a week if you are single
£22.89 a week if you have a partner

Cpt.Pugwash

Well thanks for those replies, I'll read all that's been suggested.
It might take a while though !

What about the changing employed status though?
Any thoughts on pros/cons of changing to employed?

seven-day-weekend

You won't pay any NI after you are 65. However if you carry on working and don't take your State Pension, it can accrue at quite a good rate for the time you are not taking it.

https://www.gov.uk/deferring-state-pension/what-you-may-get

atush

yes, if you continue to work and dont need your SP, you will be under the 'old rules' and will get 10.2% extra for each full year you defer up to 2016 (not sure about after).

from what you write, you have 2 deffered FS pensions? Have yopu just taken one early, or both? generally speaking, it might have been best not to take it early but don't know the terms you were given or your scheme.