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

LHW99

You'r lucky Molerat.

Got a statement at the beginning of the year - went on for an update yesterday and got the message that - your pension record is too complicated for us to calculate - we're working on the problem.
Hmmm

gadgetmind

LHW99 wrote: »

your pension record is too complicated for us to calculate

They say it like it's your fault!

xylophone

your pension record is too complicated for us to calculate

Will they have worked it out on the back of a fag packet by the time SPA is reached?:D

saver861

gadgetmind wrote: »

They say it like it's your fault!

Well ... if it is too complicated for them to work out my pension .... I can always help out and do it for them ... being as I'm so obliging an all!!

LULULU1

Hi all,

Just an online statement saying i have 37 full years national insurance contributions and 1 part year. It says I will get £122.21 for contributions paid in up to April 2016 and the full £155.65 if I for another 8 years.

I plan to retire in 6 and a half years time when I reach 60. So at that time I will have 43 full years national insurance contributions and 1 part year.

Will that get my the full pension when I get to pension age with 43 years contributions.

Many thanks

molerat

No. You need 155.65 - 122.21 = 33.44 / 4.45 = (7.5) 8 years more contributions to reach the full entitlement.

minty777

molerat wrote: »

No. You need 155.65 - 122.21 = 33.44 / 4.45 = (7.5) 8 years more contributions to reach the full entitlement.

Lets say the poster didn't pay or get credited any more NI at all.How much SP would they receive at SPA?Would the £122.21 increase each year?

GunJack

minty777 wrote: »

Lets say the poster didn't pay or get credited any more NI at all.How much SP would they receive at SPA?Would the £122.21 increase each year?

it currently increases by the higher of /cpi/earnings/2.5%, so, in the above, hits 60 in Dec 2022, plus 8 yrs to Dec 2030, so could be around £173pw in 14 yrs IF the annual increases stay as they are now.

minty777

GunJack wrote: »

it currently increases by the higher of /cpi/earnings/2.5%, so, in the above, hits 60 in Dec 2022, plus 8 yrs to Dec 2030, so could be around £173pw in 14 yrs IF the annual increases stay as they are now.

so lets say the poster is still paying NI and next april the £122.21 increased by 2.5%,does the 2.5% get added to the £122.21 BEFORE the £4.45 so the increase would be £122.21 + 2.5% + £4.45?

GunJack

minty777 wrote: »

so lets say the poster is still paying NI and next april the £122.21 increased by 2.5%,does the 2.5% get added to the £122.21 BEFORE the £4.45 so the increase would be £122.21 + 2.5% + £4.45?

the £122.21 would be revalorsed at 2.5% to £125.27, then (1/35*£159.54=£4.56) would be added. Each year added from 16/17 on is 1/35th of the full nSP rate, which would also have gone up by 2.5%