State pension estimates for 2016 +

diablo676

I'm a little surprised that there doesn't seem to be a thread on this already. It was announced a week or three ago that they were now able to give estimates for the state pension for those claiming it after April 2016, which will include me.

I'm wondering what those who had had a reply have been told so far.

I know that I won't get the £145 (or whatever) which we all seemed to be promised, as I was contracted out for all of my working life.

A chum says he heard someone on the radio who had been contracted out say he was entitled to £45 or something.

The government websites don't seem to give much info really. My works pension is enough already but I'm just curious.

kidmugsy

diablo676 wrote: »

A chum says he heard someone on the radio who had been contracted out say he was entitled to £45 or something.

Where would we all be without chums to reliably misinform us about pensions?

They calculate your entitlement under the new rules and the old; they give you the bigger of the two. Surely even your dim chum can follow that?

bouicca21

Does that mean that someone who is entitled to claim a state pension in 2015 would be better off deferring to 2016 as the new rules would give him more than the old?

diablo676

bouicca21 wrote: »

Does that mean that someone who is entitled to claim a state pension in 2015 would be better off deferring to 2016 as the new rules would give him more than the old?

Can't do that, it is all based on when you reach 65 (or 63 for women I think).

diablo676

kidmugsy wrote: »

Where would we all be without chums to reliably misinform us about pensions?

They calculate your entitlement under the new rules and the old; they give you the bigger of the two. Surely even your dim chum can follow that?

I asked for a quote about three years ago and they gave me an amount under the old system but said it would be reduced for the contracted out years - i.e. all of them in my case. But gave no clue as to how they work that deduction out.

Chum is similar age but only has 20 years contracted out, he phoned for estimate at 9am on first day but not had reply yet.

Seems they only worked out the new rules the day before they launched the service but I can't find details of how they work out either the old or new ones on government websites.

That's why I was interested in some examples.

xylophone

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/210299/single-tier-valuation-contracting-out.pdf

https://forums.moneysavingexpert.com/discussion/comment/60319901#Comment_60319901 see post 18 for current system.

zugzwang

diablo676 wrote: »

I asked for a quote about three years ago and they gave me an amount under the old system but said it would be reduced for the contracted out years - i.e. all of them in my case. But gave no clue as to how they work that deduction out.

Chum is similar age but only has 20 years contracted out, he sent off for estimate at 9am on first day but not had reply yet.

Seems they only worked out the new rules the day before they launched the service but I can't find details of how they work out either the old or new ones on government websites.

That's why I was interested in some examples.

Your chum can get an estimate online almost instantly. No need to wait.

And you say you got a quote 3 years ago. Why not get an up to date one?

They explain how it's calculated on the quote.

https://secure.thepensionservice.gov.uk/statepensionforecast/

diablo676

@ zugzwang

You obviously haven't tried it - it just goes to a page for printing off form BR19.

I'd hoped it would have actually worked by now but ti doesn't of course.

I'll send off my form tomorrow but I'm not expecting a quote very soon. Chum rang up on first morning as I mentioned earlier, they said they couldn't provide a detailed quote, just a rough guide.

diablo676

@ xylophone

Simple eh? So how do I calculate this bit -

"Less Contracted-out Deductions (COD) of £nnn you earned from an employer's or personal pension scheme from 6 April 1978 to 5 April 1997 (Let's call this £B)"

That's part of my problem.

noh

diablo676 wrote: »

@ zugzwang


You obviously haven't tried it - it just goes to a page for printing off form BR19.

I'd hoped it would have actually worked by now but ti doesn't of course.

I'll send off my form tomorrow but I'm not expecting a quote very soon. Chum rang up on first morning as I mentioned earlier, they said they couldn't provide a detailed quote, just a rough guide.

Are you within the specified age range for using the online service?

"To use the online service you must be at least four months away
from reaching your State Pension age, and not born between 6
April 1960 and 5 April 1969."

I checked mine online last night https://secure.thepensionservice.gov.uk/statepensionforecast/
The forecast given is using the current rules but the new state pension is the greater of that or the new single tier pension.

My forecast is £153 pw

SnowMan

diablo676 wrote: »

I'm a little surprised that there doesn't seem to be a thread on this already.

The initial discussion was here

https://forums.moneysavingexpert.com/discussion/comment/66661494#Comment_66661494