how much state pension will I get?

tonyj211

I'm a bit confused after using the government's website to calculate when and how much state pension my wife and I will receive. I agree with our start dates of Feb 2017 and Mar 2019 but the amount it says we will receive approx £110 and £85 per week respectively. I understood however that a new scheme effective from 2016 would increase the weekly allowance to approx £144. Am I missing something?

richard9991

tonyj211 wrote: »

I'm a bit confused after using the government's website to calculate when and how much state pension my wife and I will receive. I agree with our start dates of Feb 2017 and Mar 2019 but the amount it says we will receive approx £110 and £85 per week respectively. I understood however that a new scheme effective from 2016 would increase the weekly allowance to approx £144. Am I missing something?

it is quoting on todays payments ie if you were to retire today

tonyj211

so I can expect to receive £144 or whatever the going rate is in Feb 2017?

zagfles

tonyj211 wrote: »

I'm a bit confused after using the government's website to calculate when and how much state pension my wife and I will receive. I agree with our start dates of Feb 2017 and Mar 2019 but the amount it says we will receive approx £110 and £85 per week respectively. I understood however that a new scheme effective from 2016 would increase the weekly allowance to approx £144. Am I missing something?

Yes. For a start, the quote you get now will be based on current rules.

Secondly, put (far too) simply you'll only get the full £144 if you have 35+ qualifying years and no contracting out, otherwise it will be less. But you may be able to make a little up with contributions after the switchover date. It's very complicated - see this long thread:

https://forums.moneysavingexpert.com/discussion/4389361

zagfles

tonyj211 wrote: »

so I can expect to receive £144 or whatever the going rate is in Feb 2017?

Unlikely unless you were self employed. You wife hasn't got a full record so unlikely she'll get the full amount either.

xylophone

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

p00hsticks

tonyj211 wrote: »

I'm a bit confused after using the government's website to calculate when and how much state pension my wife and I will receive. I agree with our start dates of Feb 2017 and Mar 2019 but the amount it says we will receive approx £110 and £85 per week respectively. I understood however that a new scheme effective from 2016 would increase the weekly allowance to approx £144. Am I missing something?

The proposed changes haven't had Royal Assent yet - once they have (which is expected some time in Spring next year) then the forecasting website will presumably be updated to take account of them - until then the website is reflecting the current legislation.

NYM

xylophone wrote: »

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

Thanks for the link...it explains the scheme in plain English

zaksmum

I was on Incapacity Benefit for many years and didn't realise I was getting NI credits for this period.

I started getting my State Pension this year and was amazed to find it was over £130 a week. I expected a lot less than that!