State pension,old and new

greenglide

I had to do 39 years for £108

The change from 44 qualifying years being required for the full Basic Pension for men and 39 years for women to the current (until next year) 30 years occurred in 2010!

molerat

Sorry, I was wrong - as he retires before April 2016 his statement will only be under the old system but rest assured that if he had a long period of contracting out the new pension figure would be significantly reduced. In my case it is £129.91 old and £75.33 new, 39 years contributions with the majority contracted out, almost a 50% reduction from the maximum new entitlement.

molerat

roddydogs wrote: »

How they can say that someone on the "Old" system will not be any worse off baffles me. I had to do 39 years for £108, now its less for £144, how is that "No worse off"?

Under the new system you can receive a maximum of £148 for 35 years contributions, under the old system you can receive £276 with 30 years contributions. Who did you say is worse off ?

Froglet

molerat wrote: »

Sorry, I was wrong - as he retires before April 2016 his statement will only be under the old system but rest assured that if he had a long period of contracting out the new pension figure would be significantly reduced. In my case it is £129.91 old and £75.33 new, 39 years contributions with the majority contracted out, almost a 50% reduction from the maximum new entitlement.

Thanks very much.Very useful info.But at least with the new system they will give people.the higher of the 2 figures.Do you know how long they will do that for?

greenglide

Do you know how long they will do that for?

Everybody will have that forever.

However that is only the "Starting amount" that everybody gets as at 6/4/2016. From that point on everyone who has a starting amount less than the maximum nSP amount will get an extra [STRIKE]1/30th[/STRIKE] 1/35th of the nSP amount for each qualifying year until the reach the maximum nSP amount (the "£144" amount).

rebs

greenglide wrote: »

Everybody will have that forever.

However that is only the "Starting amount" that everybody gets as at 6/4/2016. From that point on everyone who has a starting amount less than the maximum nSP amount will get an extra 1/30th of the nSP amount for each qualifying year until the reach the maximum nSP amount (the "£144" amount).

I think that should be 1/35th of the nSP

kidmugsy

roddydogs wrote: »

How they can say that someone on the "Old" system will not be any worse off baffles me. I had to do 39 years for £108, now its less for £144, how is that "No worse off"?

Because you are no worse off. Simples.

By the way, the Bible warns you against coveting. Wise words.

Froglet

kidmugsy wrote: »

Because you are no worse off. Simples.

By the way, the Bible warns you against coveting. Wise words.

But coveting is human nature !! Yes it can cause problems but it also makes us strive to better ourselves.

molerat

....... or in some cases just leave one bitter and twisted

Froglet

I am beginning to wish I had never asked.Just thought it would be good to get some clarification from those in the know.Not be accused of envy and resentment for heaven's sake.Those sort of comments are unneccesary.