National Insurance contribution on pension

Linton

You wont lose out more than a trivial amount under the contracted out change if retirement is a few months after April 2016 because of the guarantee that on the April 2016 date your earned pension is set to be the higher of that under the old rules and new rules. Its just that you may not benefit from the uplift to £144.

greenglide

Under STP you should get, at least, the amount you are entitled to at March 2016 -£127.92 plus one or two years inflation uprating.

Your entitlement from STP may be higher than this as it is the basic £144 (or whatever the rate is at the time) less any charges for contracting out.

You actually get the higher of the two figures.

xylophone

You are already drawing your BT pension and presumably will draw your LGPS and NHS pensions when you become 65 in December 2016?

http://www.nhsbsa.nhs.uk/Pensions/2680.aspx

As far as I can see, you have been ( and are still) in contracted out defined benefit employment for virtually the whole of your working life?

It is planned that contracting out will end in 2016 but as you are retiring from the NHS at the end of the year, the impact on you will be small.

The single tier fact sheet link explains how your pension will be calculated .

What is of interest is what will happen about increases on the GMP portion of your BT pension. You might like to question your Pension Administrator on this point?
http://www.btpensions.net/29/24/section-a-pension-increases
And see here https://forums.moneysavingexpert.com/discussion/comment/64492200#Comment_64492200

JohnB47

Thanks everyone.

Yes, I will have been contracted out for almost all of my working life and I know I will benefit from that in my work pension payments.

Your comments have reassured me, that any effect of the new single tier pension on me will be not too negative, if at all.

Must look into your comment about GMP, xylophone.

Cheers.