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

neilvw

I checked my NI record and projected pension yesterday.

The link seems to be working currently: https://www.tax.service.gov.uk/checkmystatepension/landing

I am 36 and have 16 full years up to 5 April 2015 (including 3 automatic youth years for my 16th-18th birthday years).

I have two part-years (2000/01 when I paid £80.89 in NI and 2001/02 when I paid £59.24) but it's too late to make up these years. This doesn't matter really.

I accrued £76.26 up to 5 April 2015, and I can get to the full single-tier amount (£151.25 in 2015/16 terms) by State Pension Age - currently 68. I would only need about 17 years of the remaining 32-ish.

I was contracted out through a Group Personal Pension for 3-4 years a few years ago (some time between 2006/2007 and 2011/12).

The £76.26 must be the higher of the old-scheme and new-scheme amounts, so I'm thinking:

If £76.26 is old-scheme amount
====================

16/30 x £115.95 + £14.42 State Second Pension (S2P) net of Contracted-out-Deduction = £76.26

If £76.26 is new-scheme amount
=====================

16/35 x £151.25 = £69.14
=> A Rebate-Derived Amount will have been deducted from the £69.14 so the New State Pension calculation cannot be as much as £76.26.

Therefore the old-scheme amount was the higher of the two. Surprised S2P was as high as £14.42 but then I have had a fair amount of time contracted into it (perhaps 9-10 years, on low to moderate earnings).

Quite chuffed that I have quite a nice pot made up partly of several thousand pounds of contracted-out rebates, but I can still reach the full single-tier amount. I made the right decision to contract out, as it turns out. :-)

If I've made any errors please let me know.

kangoora

My assessment came back with:

£149.65 'current amount'

£151.xx if I work to 2029

I have 35 qualifying years. Presumably, if I stop work at the end of this tax year I will be entitled to the £149 (plus an uplift for 2015-16 tax year) at my SP age?

Also, will these figures include any calculations for my contracted out years (9 years HM Forces and about a further 8 years in a couple of DB schemes)

gadgetmind

By the end of this tax year, you may well have accrued enough extra S2P to hit the max as you're only £1.60 off. Do you know roughly how fast you're accruing it now?

Of course, the figure you hit in April 2016 is your foundation amount and this will be uplifted each year with the triple lock. (Or is it some triple lock and some CPI, or does that go with the single tier?)

Spidernick

Thanks for this. I have to admit to feeling nervous about all the personal data I had to give to get 'verified'.

Mine just gave a forecast if I carried on paying and what I qualify for up to 5 April 2015. It gave no other details around qualifying years to date, so I'd be interested to know how neilvw and any others got this, as there was nothing else I could click on to get any further details, so I cannot see that I have missed anything (perhaps it's just me, as I also seem to be the only one who also cannot access my annual tax summary on line!).

I gave feedback around this, also stating that advising at which point the current maximum qualifying years would be reached would be good, as I am not planning to work until anywhere near age 67 (when I can draw the state pension, assuming it's still around then!).

neilvw

gadgetmind wrote: »

By the end of this tax year, you may well have accrued enough extra S2P to hit the max as you're only £1.60 off. Do you know roughly how fast you're accruing it now?

Of course, the figure you hit in April 2016 is your foundation amount and this will be uplifted each year with the triple lock. (Or is it some triple lock and some CPI, or does that go with the single tier?)

In payment, the whole of the full single-tier New State Pension will of course increase at the same rate, which until at least 2020 is the triple lock according to current Government policy. A person's rights to the New State Pension will be with reference to whatever level the full rate has increased to by State Pension Age.

However, if the April 2016 foundation amount is more than the single-tier New State Pension:

The difference between your starting amount and the full new State Pension is called your ‘protected payment’.

Your protected payment is paid on top of your new State Pension and increases each year in line with inflation.

https://www.gov.uk/new-state-pension/how-its-calculated

So, if kangoora's foundation amount is, say, £152.25 (in 2015/16 terms), then:

- the £151.25 will increase by the triple lock at least until 2020, and thereafter according to whatever formula the next Government decides
- the £1.00 protected payment will increase with CPI each year

neilvw

Spidernick wrote: »

Mine just gave a forecast if I carried on paying and what I qualify for up to 5 April 2015. It gave no other details around qualifying years to date, so I'd be interested to know how neilvw and any others got this, as there was nothing else I could click on to get any further details, so I cannot see that I have missed anything (perhaps it's just me, as I also seem to be the only one who also cannot access my annual tax summary on line!).

These are the steps I took to get my NI record:

- Click the "How to improve it" tab
- Click the green "View Your National Insurance record" button

You can then click "View all years" and, for any incomplete years, click "view details" to see if how much NI was paid, if any.

Spidernick

neilvw wrote: »

These are the steps I took to get my NI record:

- Click the "How to improve it" tab
- Click the green "View Your National Insurance record" button

You can then click "View all years" and, for any incomplete years, click "view details" to see if how much NI was paid, if any.

Thanks, but I've given up. I tried to log back in but Verify kept wanting to send me a supposed 'one-time' pass code again. When I did get in I then couldn't find the relevant section in the extensive Gov.uk website (I was taken to the home page), just something asking me to fill out a form to get a state pension forecast. Incredibly frustrating!

neilvw

Spidernick wrote: »

Thanks, but I've given up. I tried to log back in but Verify kept wanting to send me a supposed 'one-time' pass code again. When I did get in I then couldn't find the relevant section in the extensive Gov.uk website (I was taken to the home page), just something asking me to fill out a form to get a state pension forecast. Incredibly frustrating!

You went via this link?

https://www.tax.service.gov.uk/checkmystatepension/landing

I used the Post Office log-in and it's quite straightforward from then on.

Spidernick

Yes, that's the one I used. I should have gone with the Post Office, but I don't like the Post Office.

mark55man

I have a Windows Smart Phone, so i couldnt do mobile 2 factor verification.

The paper verification was a shambles, so I am not fully verified anywhere, and partially verified with PO and DI.

Good intentions, but IMHO not beta ready. There is minimum viable functionality required, and I don't think this is there yet