New State Pension starting amount and full record of qualifying years- trial service

SnowMan

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If you reach State Pension Age after 5/4/16 (i.e. new state pension applies) you can get (new) state pension information online now.

The recorded message tells you about it when you call for a State Pension Statement.

https://www.gov.uk/future-pension-centre

As it is trial service it isn't found via google searches etc at the moment. You need the web address. I've decided not to post up the web address (for security reasons) but an automated message tells you it when you ring up for a statement.


It is a trial service but, having tested it, it seems to work (from start to finish it took me under 20 minutes to get full access) and gave me

a) my starting amount under the single tier system (based on qualifying years up to 5th April 2015) and
b) a full history of what qualifying years I have (i.e. it shows individual tax years) including a list of missing years, and
c) whether I am in time to purchase each missing year, and how much it will cost for each 'in time' missing year, and
d) a projection of what my future state pension will be if all future years are qualifying years (including allowance for 2015/2016)

Note I'm quite a number of years under age 55 but the information is still available, so this is information that has not been previously available

It takes a little bit of time initially as there a lengthy verification process to go through (it's accessed via the government verify service, if you click on more services in section 3 of that link it shows the state pension service without a link).


Edit 17th Feb 2016 and 5th March

The trial online service is now linked to from the gov.uk 'Get a state pension statement' page, and access is possible through the old Government Gateway system also as well as through Verify

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

In the section headed 'Online' there are links where it says

You can sign in using the Government Gateway. You may need to answer a few questions – they'll be based on things HMRC already know about you. You can then access other HMRC services securely.

You can also sign in using GOV.UK Verify. If you have not used GOV.UK Verify before, it will take you about 10 minutes to get set up. You can access other government services securely wherever you see the GOV.UK Verify logo.

SailorSam

Before you call check out what it's going to cost you. It's a 0345 number and on the next page of that link it says this .....


0300
0345 UK-wide numbers up to 12p 3p to 45p

duggo1

That was interesting. I have 26 full years apparently, and 22 years to get to the full amount. I assume this takes into consideration if you have been contracted out to a final salary pension?

SnowMan

duggo1 wrote: »

That was interesting. I have 26 full years apparently, and 22 years to get to the full amount. I assume this takes into consideration if you have been contracted out to a final salary pension?

Yes. It seems to show you the amount based on the higher of the old and new state scheme calculations.

The contracted-out deductions have been applied (in calculating the additional state pension pre 6th April 1997 on the old scheme basis, and the contracted-out deduction for the new scheme calculation, the so called rebate derived amount).

However it doesn't show what contracted-out deductions have been made.

If you've got 26 qualifying years to date then (unless you've been paying married women's reduced rate contributions or something) you should have earned at least 26/30*115.95 = £100.49pw (under the existing scheme) so at most you would need a further 12 post April 2016 qualifying years to get you to the full single tier amount of £151.95pw (as 4.32 x 12 + 100.49 = 152.33). So I'm not sure what figures those are.

duggo1

I only had one figure based on what I've earned up to 2015, and the second figure saying I should have £151 if I continue to contribute to 2037? Assuming I do have 26 years though, looks like I only need another 9 to qualify for the full pension.

SnowMan

duggo1 wrote: »

I only had one figure based on what I've earned up to 2015, and the second figure saying I should have £151 if I continue to contribute to 2037? Assuming I do have 26 years though, looks like I only need another 9 to qualify for the full pension.

Yes it didn't tell me either how many years I needed to get to £151.25pw only that I would make it up to that if every future year was a qualifying year.

Assuming the old scheme calculation is higher and if you have some additional pension of around £15pw (on top of your accrued basic state pension accrual) so your starting amount is around £115pw, then 9 post April 2016 years sounds about right. You need to factor in 2015/2016 also which if a qualifying year could add into your starting amount.

greenglide

Before you call check out what it's going to cost you. It's a 0345 number and on the next page of that link it says this .....

03 prefix numbers are the same as 01 and 02 prefix ones they are standard landline charges specifically brought in as somewhere to move 0845 and 0870 non-geographical numbers to which can retain the non-geographical nature but removes the extra charges, especially for some mobile charges.

So they should be fine.

noh

Thanks.
I have registered and it shows I have 44 years of contributions up until April 2015.
£159.51 a week if no more contributions. £161.28 if I contribute for another six years.
It looks like I have hit my maximum amount already if 2015-2016 contribution is taken into account.

greenglide

£159.51 a week if no more contributions. £161.28 if I contribute for another six years.

So where does that come from?

Since the nSP maximum amount is £155 (according to the BBC on the autumn statement) you can only get over that if you have a protected payment from a starting amount under the old rules. Since additional years after 5/4/2016 cannot increase this were doe the £161.28 figure come from?

I havent been able to log in to the service - the recorded announcement doesnt repeat the announcement and what sounds (to me) like "tank.service" obviously is not right!

SnowMan

greenglide wrote: »

the recorded announcement doesnt repeat the announcement and what sounds (to me) like "tank.service" obviously is not right!

:rotfl:
Try tax.service :beer:

Ian011

SailorSam wrote: »

Before you call check out what it's going to cost you. It's a 0345 number and on the next page of that link it says this .....

0300, 0345 -- UK-wide numbers -- up to 12p -- 3p to 45p

Calls to 03 numbers cost the same as calling 01 and 02 numbers and count towards inclusive allowances on landlines and on mobiles.

Most people make all of their calls to 01, 02 and 03 numbers as part of an inclusive call allowance on their landline or on their mobile with each such call attracting no incremental cost.

If you are paying a "per-minute" rate for calls to 01, 02 and 03 numbers you are likely on the wrong call plan or with the wrong provider.