State Pension

cbrown372

oldboy64 wrote: »

How do you work that out?

I will receive the 2nd pension amounting to £66 on top of the basic pension PLUS I have two government final salary pensions and four private annuities.

I worked for the government for about half my working life (two stints) and then went into industry where I paid into my own private schemes.

The 2nd pension can come about through having a mix of different types of pension arrangements.

Don't forget your pension credit Andy and all your DLA,




The Core Group:

aged under 75 and receiving only the Guarantee Credit element of Pension Credit (and do not receive Savings Credit)


or

• aged 75 or over and are receiving the Guarantee Credit element of Pension Credit (even if you get Savings Credit
• Income Support
• Income Related Employment and Support Allowance
• Income Based Jobseeker’s Allowance

or, if the following statement applies you may also qualify

• Your total gross household income is less than £16,190

We are both under 75 but we get £2 a week Savings Credit as well as £114 a week Guaranteed Pension Credit

We are covered by the following (in red)

In addition to the above you must also meet at least one of the following criteria:

• • Have a child who was under 5 on the 1st of April 2013 permanently living in the house (born on or after 1 April 2008)
  • Have a child entitled to free school meals
  • Receive Child Tax Credit or Working Tax Credit which includes a disability element or severe disability element, disabled child element or severely disabled child element or family element
  • Income Related Benefit which includes a disabled child premium, disability premium, severe disability premium or enhanced disability premium
  • Income Related Benefit which includes a Carers Premium
  We get Guaranteed Pension Credit which includes the severe disability premiums (couple) and also have the Carers Premium for both of us.
  
  
  
  • Employment Support Allowance which includes a Work Related or Activity Component or Support Component
  • Receive Disability Living Allowance, Incapacity Benefit or Attendance Allowance
  I receive DLA HRM & MRC and my wife gets AA at the highest day & night rate
• • Be aged 62 or over
  Both of us are over this age
  
  
  
  • Receives exemption from NHS prescription chargesas well)

We have claimed under this broader group since the Warm Home started and never received anything. I could put in a claim now for next winter but based on past experience it will be a waste of time and energy filling out the forms.

xylophone

How do you work that out?

I worked for the government for about half my working life (two stints) and then went into industry where I paid into my own private schemes.

The 2nd pension can come about through having a mix of different types of pension arrangements.

https://forums.moneysavingexpert.com/discussion/comment/60319901#Comment_60319901
post 19 and 20

The explanation for the small amount of SERPS the OP has will almost certainly lie in the posts above.

https://forums.moneysavingexpert.com/discussion/comment/60319901#Comment_60319901 The relation mentioned in post 18 was contracted out for virtually all his 40 plus years - he has a few pounds worth of Graduated Pension and about £10 worth of post 98 ASP.

xylophone

I will receive the 2nd pension amounting to £66 on top of the basic pension PLUS I have two government final salary pensions and four private annuities.

And yet

We are both on very low income

https://forums.moneysavingexpert.com/discussion/comment/62866569#Comment_62866569
Despite

I know how you feel, I retired at 60 (4 years ago) from the government service. It was a load of old flannel to get the pension uplifted. I just produced all of my medical notes and had an interview. My GP was asked for an opinion and that was it - bingo full pension!! Uplifted to 40 years service at 2/3rds x highest salary earned + 4 times annual pension as a lump sum!!!

https://forums.moneysavingexpert.com/discussion/comment/62882390#Comment_62882390

I am wondering what counts as a "very low" income!

oldboy64

cbrown372 wrote: »

Don't forget your pension credit Andy and all your DLA,




The Core Group:

aged under 75 and receiving only the Guarantee Credit element of Pension Credit (and do not receive Savings Credit)





or

• aged 75 or over and are receiving the Guarantee Credit element of Pension Credit (even if you get Savings Credit
• Income Support
• Income Related Employment and Support Allowance
• Income Based Jobseeker’s Allowance

or, if the following statement applies you may also qualify

• Your total gross household income is less than £16,190

We are both under 75 but we get £2 a week Savings Credit as well as £114 a week Guaranteed Pension Credit

We are covered by the following (in red)

In addition to the above you must also meet at least one of the following criteria:

• • Have a child who was under 5 on the 1st of April 2013 permanently living in the house (born on or after 1 April 2008)
  • Have a child entitled to free school meals
  • Receive Child Tax Credit or Working Tax Credit which includes a disability element or severe disability element, disabled child element or severely disabled child element or family element
  • Income Related Benefit which includes a disabled child premium, disability premium, severe disability premium or enhanced disability premium
  • Income Related Benefit which includes a Carers Premium
  We get Guaranteed Pension Credit which includes the severe disability premiums (couple) and also have the Carers Premium for both of us.
  
  
  
  
  
  
  • Employment Support Allowance which includes a Work Related or Activity Component or Support Component
  • Receive Disability Living Allowance, Incapacity Benefit or Attendance Allowance
  I receive DLA HRM & MRC and my wife gets AA at the highest day & night rate
• • Be aged 62 or over
  Both of us are over this age
  
  
  
  
  
  
  • Receives exemption from NHS prescription chargesas well)

We have claimed under this broader group since the Warm Home started and never received anything. I could put in a claim now for next winter but based on past experience it will be a waste of time and energy filling out the forms.

What or who is Andy for a start? And what has my application above got to do with the price of fish and this thread?

Of course I receive Pension Credit - between my wife and I we have an 'Appropriate Amount' (the minimum the government says we need) of £407.65. We receive pensions, benefits and other income of £293.65 a week + Guaranteed Pension Credit of £114.00 a week + £108.25 DLA + £79.15 AA + £2.00 Pension Credit Savings. Making a grand total of £597.05 a week.

Being in receipt of Guaranteed Pension Credit automatically categorises us as being on a low income - exactly the same as those that receive other means tested benefits - ESA/JSA/IS.

As from next June when I receive my State Pension, I will lose the Guaranteed & Savings Credit of £116.00, but will receive £176.00 instead taking the weekly income up to £657.05.

I don't think I have missed anything out - are you happy now that I have explained it all to you - there need not now be any more posts from you - you now know everything there is to know about me!!

Dunroamin

seven-day-weekend wrote: »

Neither myself nor my husband have much SERPS (my pension is £118 a week) because we paid into Final Salary Schemes (Teachers and Local Government) and therefore were opted out of SERPS.

People who have £170 a week Pensions must never have opted out of SERPS.

Sorry, I get over £180 pw with SERPS and S2P and I was contracted out for over 15 years which was nearly half of my working life.

Dunroamin

oldboy64 wrote: »

What or who is Andy for a start? And what has my application above got to do with the price of fish and this thread?

Of course I receive Pension Credit - between my wife and I we have an 'Appropriate Amount' (the minimum the government says we need) of £407.65. We receive pensions, benefits and other income of £293.65 a week + Guaranteed Pension Credit of £114.00 a week + £108.25 DLA + £79.15 AA + £2.00 Pension Credit Savings. Making a grand total of £597.05 a week.

Being in receipt of Guaranteed Pension Credit automatically categorises us as being on a low income - exactly the same as those that receive other means tested benefits - ESA/JSA/IS.

As from next June when I receive my State Pension, I will lose the Guaranteed & Savings Credit of £116.00, but will receive £176.00 instead taking the weekly income up to £657.05.

I don't think I have missed anything out - are you happy now that I have explained it all to you - there need not now be any more posts from you - you now know everything there is to know about me!!

Same old, same old.;)

seven-day-weekend

Dunroamin wrote: »

Sorry, I get over £180 pw with SERPS and S2P and I was contracted out for over 15 years which was nearly half of my working life.

But before I was opted out I did not earn very much, so did not build up much SERPS. For many years I did not earn enough to pay NI, I got it credited through Child Benefit.

My husband's SERPS will be much more than mine, his State Pension will be about £140 a week, iirc.

Dimey

princessdon wrote: »

I wonder how it will work for my generation (not that I expect any pension by then), but with SERPS being in affect cancelled and our opt out is now none existent, it makes you wonder.

My generation in the middle have paid Graduated, Serps and S2P but we won't get our investment returned when the new £144 flat rate comes in for all.

We won't even get our contributions refunded.

margaretclare

Of course I receive Pension Credit - between my wife and I we have an 'Appropriate Amount' (the minimum the government says we need) of £407.65. We receive pensions, benefits and other income of £293.65 a week + Guaranteed Pension Credit of £114.00 a week + £108.25 DLA + £79.15 AA + £2.00 Pension Credit Savings. Making a grand total of £597.05 a week.

Well, you've explained it, but....

When pension credit was first invented a few years ago now (it replaced something else, can't remember what) numerous people thought that DH and I should get it. We did the sums online. More than once. Answer always came back: 'You are entitled to £0'. Big fat zero.

The Pensions Service even sent a lady along because they were concerned that DH hadn't applied for it. They wouldn't believe him on the phone. She was indoors exactly 5 minutes, hadn't even sat down, when she looked at a piece of paper he handed to her and said 'yes, you're right'. She didn't even ask about mine.

DH wouldn't agree to me putting his figures on here, but I know he gets basic SRP plus around the same amount in SERPS, plus an annuity which he bought with his 'golden goodbye' many years ago. This annuity has actually paid out more, over the years, than was originally put into it.

Me, I get £150.30 p.w. plus a Prudential annuity £116.43 monthly, increasing yearly by 3%, that's £177.19 total if you work it out weekly.

I don't understand what the £293.65 a week is for. Is that SRP which the two of you get? You don't make it very clear because you write 'pensions and benefits'. You should really separate the two, because - as in our case - if the basic income is too high then you don't qualify for any benefits.

Dunroamin

seven-day-weekend wrote: »

But before I was opted out I did not earn very much, so did not build up much SERPS. For many years I did not earn enough to pay NI, I got it credited through Child Benefit.

My husband's SERPS will be much more than mine, his State Pension will be about £140 a week, iirc.

I can understand that with someone in your position, it was your comment that "People who have £170 a week Pensions must never have opted out of SERPS" that I was questioning.:)