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

minty777

GunJack wrote: »

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%

So in the example i gave £122.21 would become £129.83 in april 2017?

GunJack

in a word, yes

LULULU1

So if Im going to retire and be 2 yeats short of getting the full pension, is it possible to ale a lump sum payment and is it worth it??

Thanks for all your help

molerat

Currently a year costs £733.20 for which you will get £231.40 per year for the rest of your life, equivalent to an annuity rate of 31%, you will get your money back in under 4 years (unless you fall under a bus) - worth it ?

LULULU1

Molerat,

Thanks. So its a no brainer. I assume I would contact the government a few months before retirement.

SnowMan

My online estimate is now based on my national insurance record up to 5th April 2016, that is it now allows for the 2015/2016 tax year.

Have most people's records been updated to allow for 2015/2016?

greenglide

I tried mine but can no longer get the forecast as I am now over SPa. I was aware that you couldnt get a forecast over SPa but couldnt add 1 and 1 together:-(

molerat

SnowMan wrote: »

My online estimate is now based on my national insurance record up to 5th April 2016, that is it now allows for the 2015/2016 tax year.

Have most people's records been updated to allow for 2015/2016?

Nope
....................

Sipowicz

^^^^^^
Ditto!

Previn

I wonder if they're doing it by age. Me & Mrs Previn are only a few months apart & 2016 appeared a couple of days apart. I'm 49 by the way...