State Pension Question

caveman38

After reading the DM today of the guy told he would only be receiving £15, it got me thinking of what size pension I am likely to receive.
I will be receiving my state pension in 2 years and would have 40+ years of "contracted out" contributions. What sort of pension am I likely to receive.

Linton

As you have already met the criterion for a pre-2016 state pension under the old scheme rules you wont get less than that. In 2016 your accrued state pension will be set to the maximum of that earned under the old rules and that which would have been earned under the new rules,the latter being reduced by an amount dependent on your contracted out years.

Mojisola

https://www.gov.uk/state-pension-statement

JezR

The person in question was told his new rules calculation including contracted out deduction is £15.20, and his old rules calculation is £119. As the old rule calculation in his case is the greater, that is what his pension will be based on.

xylophone

I will be receiving my state pension in 2 years and would have 40+ years of "contracted out" contributions. What sort of pension am I likely to receive.

See https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/210299/single-tier-valuation-contracting-out.pdf

xylophone

You will be able to obtain an accurate statement very shortly, it seems....

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

"Now, after a flood of complaints from savers, the Department for Work and Pensions says it will scrap the letters in their current form.


It is to replace them with new look, simpler forecasts which only include one figure — the actual amount of state pension someone will receive from 2016.
The new statements should be available in weeks."

xylophone

After reading the DM today of the guy told he would only be receiving £15

A misinterpretation of the statement but the fact that so many thousands of people have felt the need to telephone for assistance would seem to indicate that the statements were not set out with sufficient clarity?

And it would appear that staff at the DWP were not much help?

kidmugsy

xylophone wrote: »

the fact that so many thousands of people have felt the need to telephone for assistance would seem to indicate that the statements were not set out with sufficient clarity?

Is there anything that the "public sector" is any bluidy good at?

Mensch

kidmugsy wrote: »

Is there anything that the "public sector" is any bluidy good at?

Don't know if this demonstrates our public sector is "any bluidy good" or not compared to the German one (for example), but when I requested a pension forecast from Newcastle and Hamburg at the same time in 2014 I got a response from the UK within four weeks and, despite three further letters and a phone call to the Germans, I'm still waiting for their forecast.


On the plus side for the Germans, they do give you a name and a direct-dial number to contact but, as charming as Frau Jablonski was during the call, I'm no further forward with any forecast a whole year later.

kidmugsy

I assume your Krauts are "public sector" too.

mgdavid

kidmugsy wrote: »

Is there anything that the "public sector" is any bluidy good at?

well, they are a lot better than the public themselves, for whom the concept of 'the higher of two amounts' seems well beyond their comprehension.