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

Judwin

Gunjack/Snowman


Thanks - I obviously mis-understood about being credited for university years, and yes - I've been credited the three years before that (81/82/83), and have a full record from 85/6 to date.


I know the COD is fiendishly difficult to calculate, but I had assumed that being contracted out for 17 years, and only contracted in for around 13 so far(pre 89 and post 06) I would struggle to build up any additional pension, so I would start in Apr16 with £115 and then build up to the nSP limit of £155 at a rate of roughly £4 a year from then on - taking about 10 years (so I'd be 61). However, if the £140 starting amount is correct it looks like I'll only need to work for another 4 years - so 55.


I'm beginning to wish that I'd stayed contracted out till 2012!

GunJack

Must admit, after reading the last couple of posts, snowman how would I have got a starting amount of £136-odd, when the only years I HAVEN'T been contracted out were my three youth years?? (age 47, 30 full years inc. 3 youth years, and c/o in civil service then industry DB schemes with no break in employment)

...just when I thought I understood.... :mad:

xylophone

Must admit, after reading the last couple of posts, snowman how would I have got a starting amount of £136-odd, when the only years I HAVEN'T been contracted out were my three youth years?? (age 47, 30 full years inc. 3 youth years, and c/o in civil service then industry DB schemes with no break in employment)

...just when I thought I understood....

You may have some S2P even though you were contracted out.

https://en.wikipedia.org/wiki/State_Second_Pension
'S2P gives all employees earning up to £32,592 a year (in 2011/12) a larger pension than SERPS, regardless of whether they are "contracted out" or not - with most help going to those in the '"lowest"' earnings (up to £14,400 a year in 2011/12) - known as the "LET" or '"Low Earnings Threshold"'.

SnowMan

GunJack wrote: »

Must admit, after reading the last couple of posts, snowman how would I have got a starting amount of £136-odd, when the only years I HAVEN'T been contracted out were my three youth years?? (age 47, 30 full years inc. 3 youth years, and c/o in civil service then industry DB schemes with no break in employment)

...just when I thought I understood.... :mad:

I'm struggling to explain that. There may be a reason but I can't think of it.

SERPS and COD could diverge (bearing in mind that additional pension pre 97 = SERPS - COD so it is possible to have +ve or -ve additional pension pre 97) because

a) earnings for SERPS used to be based on the best 20 years rather than a working lifetime average of earnings for CODs and
b) when they reduced the SERPS target from 25% to 20% in 1988 during phasing in, SERPS accrued at a higher rate than COD for a while and
c) because of the different revaluation rates used for GMPs and CODs where schemes opted for say fixed rate revaluation.

However a) and b) don't apply for those coming under single tier and c) is likely to make additional pension negative (or have no affect for the civil service who use s148)

GunJack

thanks guys I think xylophone may be closest with the serps/s2p stuff, as that is the only thing I could see would add anything despite being contracted out. No GMP issues going on either, as from 1988 to 2007 was in the civil service scheme so straight x/80ths Final salary...

I think I will be checking it again after Apr 16

Retyre

You get to talk to someone who gives you the web address but I had already tried it and couldn't use it because they need you to verify with a photo driving licence or passport, neither of which I have!

xylophone

No GMP issues going on either, as from 1988 to 2007 was in the civil service scheme so straight x/80ths Final salary...

You will have a post 88 GMP.

http://www.civilservicepensionscheme.org.uk/members/deferred/information-for-deferred-members/#faq5442

"The Civil Service Pension Scheme is contracted out of the State Earnings Related Pension Scheme (SERPS). If you were a member of the Civil Service Pension Scheme between 6 April 1978 and 5 April 1997, GMP is the minimum amount that the scheme must provide for you at State Pension Age (SPA)."

downshifter98

I've signed up for this service - seems to work very slickly and, as a bonus, the few years that I thought were contracted out (1985-90?) are showing as full years meaning the 30 years I have will be worth topping up to gain the full £155 (I'm 51 but pretty much retired). Phew!

chris_m

Retyre wrote: »

...but I had already tried it and couldn't use it because they need you to verify with a photo driving licence or passport, neither of which I have!

Me too - however, in the (unexpectedly and impressively quick) response to my feedback, they said that they hope to have more options available by April, including having a bank account and debit card.

gadgetmind

I don't understand why they don't just support the government gateway system that's already in place and that anyone actually tracking their state pension already has.