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

greenglide

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.

If you have already got 30 years contributions any further voluntary or self employed contributions before 6/4/2016 will not increase your Old Rules amount. If you already have 35 years any further voluntary or self employed contributions cannot increase your New Rules amount.

If the higher of the Old Rules and New Rules amount is less than the nSP full rate contributions after 6/4/2016 will increase your entitlement by £4.30 or so for each year up to the maximum nSP amount.

Goldiegirl

greenglide wrote: »

If you have already got 30 years contributions any further voluntary or self employed contributions before 6/4/2016 will not increase your Old Rules amount. If you already have 35 years any further voluntary or self employed contributions cannot increase your New Rules amount.

If the higher of the Old Rules and New Rules amount is less than the nSP full rate contributions after 6/4/2016 will increase your entitlement by £4.30 or so for each year up to the maximum nSP amount.

Thanks for that - I thought that was the case.


I have about 38 years of NI contributions, so I won't do anything until next year.


I was contacted out for a long time, so I'm sure my amount will be no where near the new Pension amount


It'll give me 10 years to make NI contributions, so I should end up somewhere near the new amount by 2026 when I reach state pension age

jem16

Form posted off yesterday so we'll see how long it takes. I'm curious to see how they handle my widowed status as the form never asked for my late husband's NI number which I have been asked for in previous forecasts.

For my own statement I know I will not get anything more than the current basic state pension as I've been contracted out all of my working life but previous forecasts have shown an entitlement to inheritable SERPS/S2P. That in itself was confusing as my late husband was also in a final salary scheme which I thought was contracted out.

So we'll see.

xylophone

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181235/derived-inherited-entitlement.pdf

Your late spouse may still have earned some additional pension despite being contracted out.

http://en.wikipedia.org/wiki/State_Second_Pension

greenglide

If the late spouse had an SPa date before 6/4/2016 then the AP could be inheritable by a surviving spouse even if their SPa is after 6/4/2016.

You cannot inherit anything from a late spouse who had an SPa after 6/4/2016.

Wonderful this "simplification"!

jem16

greenglide wrote: »

If the late spouse had an SPa date before 6/4/2016 then the AP could be inheritable by a surviving spouse even if their SPa is after 6/4/2016.

That doesn't apply. My SPA is 2022, my late husband's would have been 2018.

You cannot inherit anything from a late spouse who had an SPa after 6/4/2016.

From what I've read that's not quite accurate. I seem to be covered under transitional arrangements - specifically this one. Note the bit in bold.

C – Where the survivor reached State Pension age under single tier, and the deceased reached State Pension age under the current system or died under State Pension age before the implementation of single tier.

As the deceased could only have made contributions prior to the implementation of the single-tier pension, the survivor will be able to inherit an amount equal to the additional State Pension entitlement they could have inherited under current rules, with the additional condition that the marriage or civil partnership must have begun before the implementation of single tier.

Taken from https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181229/single-tier-pension.pdf

Also the chart on Page 5 seems to agree;

http://www.nuffieldfoundation.org/sites/default/files/files/PPI%20Single%20Tier%20Series%20Paper%202_FINAL.pdf

greenglide

From what I've read that's not quite accurate. I seem to be covered under transitional arrangements - specifically this one. Note the bit in bold.

Hmm, apologies, I had overlooked that one.

greenglide

Sent for my pension forecast three weeks ago and it arrived today.

For a forecast produced clerical it is actually very well formatted (I am not sure why I am surprised -presumably it is a standard template).

New rules amount £55, old rules £155 so starting amount £155.

I have been contracted out for large parts of my working life and this is the amounts I was expecting as there is also long periods of not contracted out.

I haven't been able to find the caveat about further adjustment for contracted out times?

The letter is clear and well laid out. Why should the DWP want to change it to only give the higher figure?

jem16

greenglide wrote: »

Hmm, apologies, I had overlooked that one.

No problem. They don't make it neither simple nor easy to find out the information at times.

My last forecast mentioned £40pw to be inherited which I really can't understand as he was in a contracted out final salary scheme for the majority of his working life. Of course it comes with the usual caveat of this amount may be reduced to zero so I really don't know what to expect.

I have also been contracted out and have no SERPS/S2P entitlement listed at all, apart from 42p graduated retirement benefit so I don't really understand why we're so different.

greenglide wrote: »

The letter is clear and well laid out. Why should the DWP want to change it to only give the higher figure?

It seems that some people can't understand the fact that there are two amounts listed and don't seem to be able to read where it clearly says you will get the higher figure. The answer seems to be to dumb it down for everyone!

I hope they get mine through before this dumbing down as I'd like to see both figures.

[Deleted User]

I'm 58 and requested my forecast by phone last week. I was told it will take about 5 weeks to arrive. Has anyone received it sooner than this?