State Pension in 5 years time and NI

mumps

In case anyone is thinking of getting a forecast I phoned to request mine this morning and apparently for me it is going to take up to 30 days to get it. I am not sure if this applies to everyone, I am a woman born in 1953 so I think our calculations are more complicated as the retirement age for women will be changing every 3 months so it has to be calculated by hand, the computer can't do it. I am not sure if that explanation is right but it is something like that, I think I went into a trance when it was all being explained.

Fruit_and_Nut_Case

mumps wrote: »

...it has to be calculated by hand, the computer can't do it...

I think someone is trying to fob you off. Mind-numbing repetitive calculations like this are ideal tasks for computers.

mgdavid

dunroving wrote: »

The way public health is going, I could see life expectancy levelling out sometime in the not-too-distant future, and maybe even going down.

Indeed, quite possible; without a crystal ball all we can do is hope for the best, and plan for the worst.

mumps

Fruit_and_Nut_Case wrote: »

I think someone is trying to fob you off. Mind-numbing repetitive calculations like this are ideal tasks for computers.

No, I don't think so. I read the same in one of the paper's financial sections. I don't think they have a programme that copes with the age changing every three months, plus calculations about when you were in SERPS or S2P. If you look online women born between April 1953 and December 1955 can't get the online forecast, you have to write or phone. If you look at people born after December 1955 it looks like you can get the online forecast. I don't know if it is the same for men but I assume they could get it online as they haven't got the age change that applies to women.

I am sure they will sort it out but at the moment that is the situation. They said the normal target is 10 days but were just warning me it would take longer.

greenglide

The "proper" IT systems can't calculate them as neither the batch systems or the real time pensions system (the Web site) has been upgraded yet.

The change of the equalising / advancement of SPa exactly rocket science so I assume that the manual system will involve putting the contributions data from HMRC into a spreadsheet and putting the result into a formatted letter.

The concept of "manual" systems these days (using a spreadsheet!) is totally different from years gone by when the major computer systems struggled to do what we do easily with a spreadsheet.

mumps

greenglide wrote: »

The "proper" IT systems can't calculate them as neither the batch systems or the real time pensions system (the Web site) has been upgraded yet.

The change of the equalising / advancement of SPa exactly rocket science so I assume that the manual system will involve putting the contributions data from HMRC into a spreadsheet and putting the result into a formatted letter.

The concept of "manual" systems these days (using a spreadsheet!) is totally different from years gone by when the major computer systems struggled to do what we do easily with a spreadsheet.

I would assume you have got it right. I didn't imagine them sitting down with an abacus and a slate and chalk, just not a fully automated system.
I think it is probably a bit of a nightmare.

If I remember I will come back and let everyone know how long it actually takes. I am expecting my pension to be almost identical under the new and old systems but maybe I will get a horrible shock. Fingers crossed.

greenglide

I am expecting my pension to be almost identical under the new and old systems but maybe I will get a horrible shock. Fingers crossed.

That is normal for someone who has been contracted out for a significant part of their working life as the new rules amount would be reduced by the Rebate Derived Amount leaving the old rules starting amount the larger on so the nSP should be identical to the old rules pension.

mumps

greenglide wrote: »

That is normal for someone who has been contracted out for a significant part of their working life as the new rules amount would be reduced by the Rebate Derived Amount leaving the old rules starting amount the larger on so the nSP should be identical to the old rules pension.

I think my pension under the old rules will be about the same as the new pension £150 ish but I will be interested to see.

gadgetmind

greenglide wrote: »

That is normal for someone who has been contracted out for a significant part of their working life

ISTR someone (JamesD?) saying that the Rebate Derived Amount would be less of a deduction for those contracted out into DC (protected rights) than for those into DB. Does anyone have actual numbers?

jamesd

I'm not now sure what the actual cap is, nor that what you wrote is right. Some things made it unclear to me whether the maximum deduction could exceed the recorded additional state pension component.