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

badmemory

The bad news is that for all those years you were contracted out you were paying reduced contributions, which means that more was going into your DB pension, which means you are likely to get considerably more in your pension than those of us that did not have access to a DB pension. So overall you will get a lot more. Check out your payslip - if you are paying full NI it will say NI category A. If you have a DB pension it will say probably cat C. Check the dot gov website for the difference.


edited to correct the cat C to cat D. Thanks to Poohsticks & Greenglide for pointing out my error - explains my username!

molerat

My figure has changed today as well, dropped by around 50p. Probably due to the computer updating actual data rather than estimated data.

You have not drawn the short straw, you have got the full basic pension plus the small amount of additional pension that you bought over the years. The good news is that you can purchase extra years from today, either by working or making voluntary contributions, to make that figure up to closer to the full amount - if not working something you could not have done under the old system.

It is not worth buying any missing pre 2016 years as the 30 year cap and contracted out deduction will make them worthless. Concentrate on 2016 onwards. Class 3 have a payback time of 3-4 years.

greenglide

If you have a DB pension it will say probably cat C. Check the dot gov website for the difference.

NI category "C" is the one for people over SPa who pay no employer contributions.

Contracted out full rate was letter E but from today no longer applies.

p00hsticks

greenglide wrote: »

Contracted out full rate was letter E but from today no longer applies.

I think it was 'D' ' - 'E' was for married women and widows

p00hsticks

Muddled_Pensioner wrote: »

Secondly: How have I drawn such a short straw? 41 years of contributions (admittedly 24 C/O) only generating a meagre £121.75

To be positive, that's exactly what you would always have got under the old scheme - although if you are male, and had reached retirement age before 2010, your 41 years wouldn't have been sufficient to get the whole amount, only 41/44ths of it.

So you are getting what you should have always been expecting , both from your state pension and the private one that you have been contributing to whilst contracted out. but with the bonus opportuntiy of being able to increase your new state pension by around £4.35 a year....

greenglide

I think it was 'D' ' - 'E' was for married women and widows

I meant "D", the two are next to each other on the keyboard.

E was the contracted out version of B which is "the small stamp" which does still exist!

bry54

I'm 62 today and thinking about what I may get , I've 38 full years contributions and been retired since 2010 .
I did a pension forecast which stated I'd get £123 per week from 6/11/19 and MAY get £138.11 if I continue to contribute , I haven't made any NI class 3 payments since 2007.
I'm thinking of paying contributions from today until 6/11/19 , would I be able to do this just before that date to get the full £138.11?

Pennylane

This is from today's DM

http://www.dailymail.co.uk/news/article-3525557/Millions-miss-new-155-pension-Workers-warned-face-nasty-surprise-retire-not-qualify-rate.html

greenglide

I'm thinking of paying contributions from today until 6/11/19 , would I be able to do this just before that date to get the full £138.11?

I believe so. As part of the changes for nSP they increased the timescales people had to purchase voluntary contribution. Of course the government always has the ability to increase the price if they desire.

If you have 38 years contributions and are offered £123 you must have been contracted out?

xylophone

your 41 years wouldn't have been sufficient to get the whole amount, only 41/44ths of it.

"It ain't necessarily so" as the song has it.

http://www.rights4seniors.net/content/over-60s

By way of example, there were men who retired at age 60 after forty years in their occupational scheme who were still entitled to the basic state pension and to Graduated Pension and possibly to some S2P.