Will everyone be notified of their foundation amount in 2016?

greenglide

Linton wrote: »

Surely if he already has 36 contracted-in years he will have enough in SERPS/S2P so that the Foundation calculation is based on the old rules. And he has the benefit of the 9 years contracted out money in the form of an extra pension or as part of a DB pension scheme. The rebate just reflects money that has already been paid out, it isnt a penalty..

But he is self employed so won't have accumulated any AP to give the highr rate from the current scheme.

gterr

greenglide wrote: »

Of course the "rebate derived amount" depends on whether the contracting out was pre or post 87 / 97 etc as the calculation of the COD is different and is dependent on the level of earnings during the period of contracting out.

If you are lucky it may be small.

It's all pre 97, some pre 87. I'm not sure how many years were contracted out, actually. If I add together the years I know he was self-employed plus the years worth of occupational pension he has in payment and deferred, it doesn't come anywhere near the 43 years of contributions that his pension forecast says he has. I don't know what he was doing in those extra years, but there's almost no AP to show for it! (Pension forecast - old scheme - is approx. £108).