Ni contributions

zippychris

I have accrued 46 years of national insurance contributions towards my state pension I am due to retire in September 2016. The state pension changes to a fixed rate of £144 in April 2016.

The total of my state pension calculations for 2016 will be LESS than the new fixed rate state pension.

Question

Does this mean that any N I contributions I make between now and
april 2016 will benefit me in any way?

Can I opt out of serps and use it for my private pension from now until April 2016

Triumph13

You can't opt out unless you have a final salary pension to opt in to.

If you have never been opted out then your foundation amount will be higher on the new basis and so you should get the full single tier pension.

xylophone

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

jem16

zippychris wrote: »

The total of my state pension calculations for 2016 will be LESS than the new fixed rate state pension.

Have you had a state pension forecast to tell you exactly what you would be receiving under current rules? if you haven't I suggest you get one as you might find your current entitlement is higher.

Does this mean that any N I contributions I make between now and april 2016 will benefit me in any way?

They might if you're not contracted out at present.

Can I opt out of serps and use it for my private pension from now until April 2016

Contracting out for all but defined benefit schemes was abolished in April 2012.

McKneff

They probably wont benefit you in anyway, but you still have to pay them, you don't get the choice.