Number of years to get new state pension

Stubod

Hi all,

currently looking at retirement planning and would like to know if anybody can confirm the number of years you need to work to get the "new" (£150 'ish) state pension? I have tried to find out but not clear.
ie I will not get the state pension until 66, but planning to retire prior to that date. I will have worked / paid in for at least 33years. nb had a couple of company pension schemes for a few years so was "opted out" of the 2nd level of pension payments for a few of these years.

Question is will I still be eligible for the "full" amount, (ie £150 'ish).
Thanks for any input.

greenglide

It depends on your age and whether you have been contracted out in your working life.

I you will get 35 years of contributions by time you reach SPa and you have never been contracted out you will get the nSP full amount. If you haven't been contracted out you would also have AP from GRAD, SERPS and S2P which could be more than the nSP full rate.

If you have been contracted out but have 30 years by 6/4/2016 you would get at least the current Basic Pension amount of just over £113. If you have been contracted out for some, but not all, of your working life you would get something in between.

Note that to get anything you would need at least 10 qualifying years even if you would have qualified for the current system.

Do you have a state pension forecast ? You need one, even if it is a couple of years out of date.

redux

If aged 55 or over, you can get a pension forecast by asking for one.

There are baseline figures calculated under old and new systems. As a rough approximation it seems that people who have been contracted out a lot may get a lower figure on the new scheme, but you get whichever is the larger.

Then that figure is carried forward at April 2016, and further years are added afterwards in the new scheme.

SailorSam

I'm almost 62 and i can start claiming Pension Credit from the beginning of June 2016, what's that about 15mths. I think PC is about £145 at the moment.