Over 55s: Join the queue for your new state pension statement

SnowMan

The DWP have now extended the age group who can get a new state pension statement (i.e. reflecting the single tier calculation) to anybody aged over age 55. To be precise I think it means anybody aged 55 or over on 5th April 2015 can get a new statement but I may be wrong there. Previously it was people aged over 60.

https://www.gov.uk/government/news/m...sion-statement

Anybody who is going to use the guidance service from April 2015 (assuming they reach State Pension Age after 6th April 2016 and so come under the new state pension) needs to get a new state pension statement, as this is going to be an important bit of information for the guidance session, and I suspect that there may be a slight delay getting these statements sent out.

Post up your experiences and timescales for receiving your statement here (I'm too young to apply myself).

calcotti

I don't understand this story. The existing BR19 form clearly says that a pension statement is available to anyone over the age of 16. I am currently 57 and I have obtained several pension statements over the years since I was 50. So what's changed?

torbrex

I downloaded the 8 page form this morning and should get it sent off in Mondays post

SnowMan

calcotti wrote: »

I don't understand this story. The existing BR19 form clearly says that a pension statement is available to anyone over the age of 16. I am currently 57 and I have obtained several pension statements over the years since I was 50. So what's changed?

Anybody of working age can get a state pension statement, that hasn't changed.

The state pension is changing in 2016 (for those reaching SPA after 2016) so that most people will be entitled (for contributions paid before April 2016) to the greater of what they were entitled to under the old rules and what they would be entitled to under the new rules (with a few tweeks).

The new statements now available to those over age 55 show the calculation under the old and the new rules (previously they only showed the calculation under the old rules).

State pension statements for those under age 55 are still currently based only on the old rules, although actual entitlement will be based on better of the old and new rules up to 2016.

Sterlingtimes

I rather thought from a press article that the calculation would be done on line. But after some searching it seemed that only option was to complete an amendable PDF and complete the form BR19 12/14 and then post it to Newcastle. That I am doing.

The old forecast system on line gives me £171.24 (2014/15 figure). 17 years are opted in and 21 years opted in. The old system indicates that this is still a useful data, so presumably my expectation should be within these bounds.

torbrex

Form done :T
A lot of it is empty space, I just filled in the relevant details and printed it off.

I am keen to find out if I will get a full pension or not as I have had a few periods of unemployment and self employment so I'm not sure if my NI payments are going to be enough.

On the form it say that they hope to get back to you in 10 days, I won't hold my breath but as long as I can find out if I need to do a top-up before I start fiddling with my other pensions.

jbuchanangb

I have just received my State Pension Forecast. I am forecast to retire on May 2018 at the age of 65.
The forecast pension on old rules calculated as if it was due on 6 April 2016 is £114.34 per week.
The forecast pension on new rules calculated as if it was due on 6 April 2016 is £31.21 per week.

The report says that this was based on the full rate for the new state pension being £148.40 per week.

The report indicates that I would receive £114.34 per week because it is the higher of the figures from the old and the new rules.

I really don't know whether that will still apply in 2018 when I reach 65 and can claim my pension, or whether by then the transitional period will be over, and I will get something more like the £31.21.

Triumph13

Forget the £31.21. You get the higher figure, plus anything extra you earn between April 2016 and your SPA in May 2018 - which would be another £8.50 or so assuming you continue to work or pay voluntary NI contributions. Does it say 'based on your contribution to date' ? If so then there may be a bit more for the period before April 2016 if you are either (i) not currently contracted out; or (ii) don't have the full 30 years for Basic SP yet.

jbuchanangb

The report says I have 35 years contribution history, which I understand to be the requirement under the new rules. It also says that both figures had been reduced from their possible maxima, because I was contracted out of earnings related pension.

I have a "Statement of Graduated Contributions" dated 5 April 1975 which shows my Graduated Contributions in the years 1972, 1973, 1974, and 1975.

I suppose that gives a clue that I must have made some NI contributions as long ago as in 1972.

tigerspill

Triumph13 wrote: »

Forget the £31.21. You get the higher figure, plus anything extra you earn between April 2016 and your SPA in May 2018 - which would be another £8.50 or so assuming you continue to work or pay voluntary NI contributions. Does it say 'based on your contribution to date' ? If so then there may be a bit more for the period before April 2016 if you are either (i) not currently contracted out; or (ii) don't have the full 30 years for Basic SP yet.

If contracted out for a significant number or years, surely it will be almost impossible to work up enough post April 2016 years to get above the £113.10 old figure?
Or does that become a base figure at April 2016 and the contracted out years is forgotten from that point and we start earning increases under the new scheme(35 years contributions)?

JezR

Yes once the foundation amount is in place past record before that becomes irrelevant, and further contributions add 1/35th of the full single tier pension until the maximum is reached.