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

onzey

Ok. Thanks for that explanation.

Hopefully will receive the £132.43 with a final qualifying year.

SnowMan

onzey wrote: »

Ok. Thanks for that explanation.

Hopefully will receive the £132.43 with a final qualifying year.

As greenglide says ringing the state pension claims number (0800 731 7898) on Monday is probably the easiest way to clarify things

https://www.gov.uk/contact-pension-service

Good luck :beer:

cjking

Article in the Telegraph yesterday that says government has very poor data with regard to contracting out. Until recently this data would have made no difference to pension amounts, so it wasn't considered important. Also, since contracting out ended a few years ago, providers including insurance companies have simply deleted data, as there was no reason to keep it.

The article does say that government and pension providers are getting together over the next couple of year to try and sort out the data.

http://www.telegraph.co.uk/finance/personalfinance/pensions/12143174/Four-million-people-retiring-from-April-could-get-the-wrong-state-pension.html

bigfreddiel

cjking wrote: »

Article in the Telegraph yesterday that says government has very poor data with regard to contracting out. Until recently this data would have made no difference to pension amounts, so it wasn't considered important. Also, since contracting out ended a few years ago, providers including insurance companies have simply deleted data, as there was no reason to keep it.

The article does say that government and pension providers are getting together over the next couple of year to try and sort out the data.

http://www.telegraph.co.uk/finance/personalfinance/pensions/12143174/Four-million-people-retiring-from-April-could-get-the-wrong-state-pension.html

And the same in today's Saturday Telegraph, sadly the srudy they are doing isn't due to complete till 2018.

Cheers fj

neilvw

cjking wrote: »

http://www.telegraph.co.uk/finance/personalfinance/pensions/12143174/Four-million-people-retiring-from-April-could-get-the-wrong-state-pension.html

Contracted out data is, under the new state pension, for the first time being used to calculate the level of basic state pension payout. Previously, errors relating to contracted out information would not have affected state pension payments.

That doesn't make sense. There were, and are, contracted-out deductions under the old/current system.

chris_m

neilvw wrote: »

That doesn't make sense. There were, and are, contracted-out deductions under the old/current system.

Is that actually deductions though?
I thought that contracted out people weren't contributing towards their 2nd/Additional State Pension, so surely it's less additions rather than a reduction of the Basic State Pension?

RADDERS

I have just had notification from my employer that due to the new pension rules my National Insurance payment will rise by 1.4% from my April salary. I obviously must still be contracted out but had no idea. Not sure how easy it would have been to check. At least I now know where I stand.

jem16

RADDERS wrote: »

I have just had notification from my employer that due to the new pension rules my National Insurance payment will rise by 1.4% from my April salary.

You're obviously a member of a Defined Benefit pension scheme then.

How long have you been in that scheme?

xylophone

I have read the article and was not impressed.

Contracting out most certainly does affect the total amount of state pension received under the current scheme - the journalist fails to clarify this.

As for "Previously, errors relating to contracted out information would not have affected state pension payments" somebody might like to refer him to this thread https://forums.moneysavingexpert.com/discussion/4532605 from post 17 onwards.

From the above it will be seen that an error elating to the COD (DWP/HMRC) most certainly did affect "howy22's" total state pension.

And as for the typo in the article "....it will be deducted from your new. flat rate state pension, the maximum level of which is £15.65"- well, anyone can make a mistake...:)

RADDERS

jem16 wrote: »

You're obviously a member of a Defined Benefit pension scheme then.

How long have you been in that scheme?

I have been in the scheme for 25 years, but have got 35 years NI but when I got my estimate from the gov site it was £128 but as I am leaving work early will not have the years available to get back up to the full pension. Will just have to rely on hubby until I get my pension in 15 years lol