MSE News: State pension statements now available to the over-55s

Former_MSE_Paloma

Everyone aged-55 and over will now be entitled to a free state pension statement the Government announced on Saturday ...

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State pension statements now available to the over-55s




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jamesd

State pension statements are also available to those who are not 55. The news here is that the new statements include both old and flat rate levels, along with the Foundation Amount for flat rate calculations, which is the higher of the two.

One result of these new statements is that many people with full working lives will find that the flat rate is cutting their state pension entitlement because they will already have more than the flat rate will pay, so will get nothing more for extra years worked, unlike the current system where the additional state pension portion continues to increase while working and younger than state pension age.

redux

jamesd wrote: »

State pension statements are also available to those who are not 55. The news here is that the new statements include both old and flat rate levels, along with the Foundation Amount for flat rate calculations, which is the higher of the two.

Thanks for saying that, which the MSE article doesn't seem to elaborate on.

I already received a statement a few weeks ago, and am under 60, so I couldn't work out what about the MSE version of the story was supposed to be new.

Now I've phoned up for the new statement format.

JezR

I see claims that the format of these statements might to be altered to eliminate presentation of both the old and new rule calculations, and instead only showing the higher of the two. There have been too many confused by having two values, especially where the new rule value is considerably less arising from contracting out and people interpreting this as the pension they will actually get.

molerat

Dumbed down you mean

xylophone

http://www.thisismoney.co.uk/money/pensions/article-2947974/Baffling-state-pension-forecasts-finally-scrapped-replaced-confusing.html

jamesd

If it didn't give both figures people will end up having to ask what the old basis and new basis numbers were to work out whether the answer was the one they were expecting. Not very satisfactory to just remove the information and make people phone up to get it, if it'll be available at all.

New standard request coming for posters here asking about their state pensions:"phone the Future Pensions Centre and ask them for your old rules and new rules values and the amounts and reasons for each deduction. The single foundation amount figure doesn't tell you enough to know if it's right".

zagfles

It seems to be an ongoing trend, they dumbed down the state pensions forecast a few years ago when they removed the contracted out deduction and now just show the net addititional pension. Seems to be trend in govt, they've moved a lot of good HMRC pages over to gov.uk while at the same time dumbing it down to practically useless.

molerat

xylophone wrote: »

http://www.thisismoney.co.uk/money/pensions/article-2947974/Baffling-state-pension-forecasts-finally-scrapped-replaced-confusing.html

What is confusing about it ? The letter I received was perfectly clear.
Just goes to prove you don't have to be very bright to get a responsible job

xylophone

Just goes to prove you don't have to be very bright to get a responsible job

And the comments of some posters could indicate that they might be bright but they are also condescending......?;)

"condescending
kɒndɪˈsɛndɪŋ/
adjective
having or showing an attitude of patronizing superiority."

molerat

If they are incapable of understanding the single figure clearly stated on the front page of the statement then what hope is there. The second page goes on to show the two figures and explains in bold type that you will receive the higher of the two even if it is more than the new full rate. In addition there is a booklet included which explains everything in detail including the usual worked examples. If they would rather take their pension information from authoritative sources such as the Daily Mail instead of government publications .......