State Pension Statement Delays ?

bob_a_builder

Has anyone else applied recently
I sent in 2 completed forms end of Jan
Still had nothing back
I did hear there was some !!!! up with the statements due to some recent changes - might that account for the delay

drumtochty

The statement from Oct 2014 gave you both the old system and new system pension forecast then advised what the higher number was and advised that is what you will get.

It has been decided that this is too difficult for people and many complained that it was too confusing, therefore it is being change to just one number on the sheet!!!!!!!!!!!!!!!!!!!

Thay have lots of people wanting forecasts and there is quite a bit of manual input so you should receive it soon

bob_a_builder

Well it arrived today

But it seems its still the confusing version to which you refer
quoting £65 under new pension rules and £171 under existing
but those numbers include deductions due to my contract out period ( which I expected)
but then goes on to say only an estimate anyway
Not sure how any of those number relate to the figure of £148.50 which is also referred to

I can see why people complained

hunsbury0

Still waiting for mine.

dunroving

Still waiting; applied about 4 weeks ago.

johnaka

greenglide

I can see why people complained

Well I got one earlier in the year and it was clear and concise and told me exactly what I wanted to know.

Yours will have said you will get the higher of the two amounts. In this case £174 under new rules.

As the £174 will be above the maximum nSP rate the nSP maximum will be paid, inflation protected by triple lock and the rest will be paid as Protected Payment which is inflation protected by CPI.

Where is the issue?

drumtochty

bob_a_builder wrote: »

Well it arrived today

But it seems its still the confusing version to which you refer
quoting £65 under new pension rules and £171 under existing
but those numbers include deductions due to my contract out period ( which I expected)
but then goes on to say only an estimate anyway
Not sure how any of those number relate to the figure of £148.50 which is also referred to

I can see why people complained

Yes we have someone else misquoting the letter.

The letter advises the new pension system estimate, the old state pension estimate and what your foundation amount will be which is the higher number.

It also advises what that higher number is and that you will get that based on todays rate.

That is made clear in the letter.

Of course it is an estimate as

1 The calculation is based on the NI contributions you have made until April 5th 2014.

There are two further year of NI contributions to be paid prior to 6th April 2016, therefore are you expecting a firm figure for the possible increase in second state pension earned between these dates as no one including yourself can give an exact figure for your earnings in that period or whether you will be in a final salary pension or not in that period which both contribute to that calculation.

2 The value of the increase in the basic state pension increases and the second state pension inflation increases at the date in 2016 is not know and will not be unitil the 2015 Autumn Statement.

3 The value of the new flat rate state pension will not be announced until the autumn statement in Nov / Dec 2015

Therfore as you have been advised what you will receive but ommitted to quote and is £171.

That equates to the £148.50 per week of the new flat rate state pension which basically means you will receive at todays rate circa £23 a week more than the new flat rate state pension.

It seems to me that a re read of the letter and a pension of £23 more than the flat rate pension is not much to complain about.

johnaka

why can't these pension forecaster make it simple instead of giving 2 or 3 figures why not just give the highest figure that you will get.
yes it only estimated but it shouldn't be that far off.
this will save confusions ,not everyone is a bright spark.
my wife would find it confusing and would have panic thinking she will get the lowest figures.
I would say that most folks aren't clued up to all this pension malarky.

molerat

johnaka wrote: »

why can't these pension forecaster make it simple instead of giving 2 or 3 figures why not just give the highest figure that you will get. That is the only figure shown on the front page in a highlighted box, the back page goes on to explain the reasoning behind that figure.
yes it only estimated but it shouldn't be that far off.
this will save confusions ,not everyone is a bright spark.
my wife would find it confusing and would have panic thinking she will get the lowest figures.
I would say that most folks aren't clued up to all this pension malarky.

What is difficult to understand ? I found it very clear as to the reasons behind the wording and the figures shown were clearly explained. Only those that fail to actually read the sheet and accompanying booklet, just looking at the numbers, are the confused ones.

bob_a_builder

to explain the reasoning behind that figure

On the back page in "important information" its says - ".... - it is not a guarantee" - so implies you could get less

No - its ok, a few lines further on "You will be paid your full starting amount ..."

Hang on though - Page 13 of the booklet says
"The amount of additional state pension we use to work out your starting amount after April 2016 may be different to the amount of additional state pension we used to work out the amount in the state pension statement we have given you now - In some circumstances it could be lower"

Anyway it seem the government has already agreed the forms are misleading and is changing to a clearer one