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

torbrex

jbuchanangb wrote: »

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.

if you were contracted out then you should have a pension fund related to that period which would have received money from the government, I know that I do.

kevkj

This transitional period is very worrying ,i think they are hiding the fact the foundation figure from the old system will dissapear early in the 2020s.

If so the country needs to rise up this will affect so many.

Triumph above seems very confident that the highest figure will be used ,i am not so sure as its not ij black and white anywhere i can see.But the transition date seems to keep being floated about..

jbuchanangb

I don't deny having a workplace pension scheme due to contracting out.

I have found this article on government web site.

I now understand that I could make 2 years of voluntary NI contributions and get my weekly pension increased by about £8.50.

Might be worth doing, I will bear it in mind.

greenglide

This transitional period is very worrying ,i think they are hiding the fact the foundation figure from the old system will dissapear early in the 2020s.

The Starting Amount at 6/4/2016 is the Starting Amount forever unless the government legislates to change this.

This amount will be increased (by triple lock, CPI - I am not certain) yearly but will maintain the same gap from the nSP "maximum rate".

What will happen is that during the 2020s the number of people retiring who have a Starting Amount greater that the nSP full rate (and so get it as the Protected Payment) will reduce dramatically as the number of people who earned more than £30 or so in AP reduces.

The Government has forecast how the figures will change - see the links I gave (especially the briefing notes) on the other thread.

Triumph13

jbuchanangb wrote: »

I now understand that I could make 2 years of voluntary NI contributions and get my weekly pension increased by about £8.50.

Might be worth doing, I will bear it in mind.

Unless (1) they massively increase the rates; or (2) you are very ill indeed, this is an unusual use of the word 'might'. The payback period is about three and a half years. Unless of course you use the dodge of being 'self employed' for those 2 years, in which case the payback period is less than 9 months.

Loughton_Monkey

I would offer a 'heads up' about using state pension forecast.

Although I cannot comment on the 'new' dual rules, I used to look at my state pension forecast on line every year leading up to retirement. Since I knew I qualified for full 'basic' pension, I was only looking for the amount of additional state pension.

My 2009 forecast put this at £28.32. A lowly amount (I thought) but nevertheless consistent with me having opted out for a number of years. By the time I actually reached 65 (5 years later) this had dwindled to £14.55

Their explanation was (basically) that they can only calculate it correctly when you draw the pension. So a bit of a chocolate teapot in my view!

Sterlingtimes

This is a spooky thread with conflicting ideas.

I was getting to feeling that the old forecast of £171.24 2014/15 values estimated at April 2014 was about the minimum I would receive (with inflation) in 2022. I await now the new forecast.

Varying postings would suggest that one cannot rely upon any forecast and the inflation model is up in the air.

kevkj

Greenglide once a gain thanks for the reply .

As i have stated i plan to retire in 5 years and emigrate.

I had assumed i would get a minimum of £129 AS THAT IS WHAT I AM ENTITLED TO TODAY,

I will work for another five years but thats not going to make much difference to my addtions to the £60 new pension figure so if and is expected a change in legislation early in the 2020s removes the older foundation being used then im fooked with a pension of around £80 by then on the new scheme.

Goldiegirl

Both myself and husband have completed our forms today.


We'll send my husbands form off tomorrow, as he's already over 55.


I'm 55 on March 15th, so I think I'm included in the group of people who can now get their forecast under the new system. But just to be on the safe side, I'll delay posting my form until I'm actually 55 - I don't want them to reject it because I'm 'only' 54


I was contracted out for 28 years, so I know my foundation amount will be low.


I've already stopped work, and don't intend to work again, but I will be making NI contributions so I can increase my state pension.

greenglide

Each year's contributions after 6/4/2016 will add approximately £4.30 or so uprated by the triple lock (if it survives the election) to your Starting Amount.

There are absolutely no plans that I am aware of to do away with the Starting Amount in the 2020s. It simply wouldn't work without redrawing the whole scheme which all parties pretty much agreed to.

Where is your source for this? (the Daily Mail and other newpapers are not "sources" in this context).