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

wotsthat

Thanks to the OP for posting this.

I'm at £131.63 based on 32 years of full NI contributions and with plenty of working years left.

I'd prefer the calculation was more detailed so I could attempt to check it as I've been contracted out to a private pension for the majority of those 'full' years.

GunJack

Irrespective of contracting in/out, I think it's number of years NI contributions at whatever was your rate at the time that matter, rather than the actual cash value of your contributions.... so even if you paid the "reduced contracted out rate" it will still be a "full year" for working out basic SP entitlement.....

....unless I've got that bit wrong as well

GunJack

anyone else having a problem with PO sms notification this morning??

wotsthat

GunJack wrote: »

Irrespective of contracting in/out, I think it's number of years NI contributions at whatever was your rate at the time that matter, rather than the actual cash value of your contributions.... so even if you paid the "reduced contracted out rate" it will still be a "full year" for working out basic SP entitlement.....

Yes but I'd like to be able to calculate the rebate derived amount the government use to differentiate between contacted out/ in contributions. It seems to be a state secret.

I know it's only a beta but just saying 'full' in the NI records section would be more helpful if it said 'full - contracted in' or 'full - contracted out'.

minty777

i cant get on the new site but can anyone tell me what my starting amount be on figures up to date?

42 years cont

£23.35 a week additional pension

£26.62 contracted out deduction(not contracted out anymore)

gadgetmind

gadgetmind wrote: »

£155.47 in 2030, so it looks like even one more year of S2P won't get me beyond the new flat rate.

Ah, OK, the system is using £151.25 as current single tier, so it looks like I'm already beyond this.

My wife will need 8 years of class 2 post 2016 (assuming they don't change the system again!) as she's currently on £116.87. (Yes, 92p of S2P!)

Hmmm, maybe she shouldn't have paid class 2 this year as she's on the full 30 years? I wonder why she's not being shown £151.25/35*30=£129.64? She wasn't contracted out for long enough for the RDA to be £12.77 so maybe the system is currently totally ignoring the single tier for the foundation amount?

RADDERS

Thanks for the link snowman very easy to use. I wonder if anyone can help me under stand my forecast as I am finishing work in 2018 but will not be retiring. My first amount to 2015 is £128.65 and if I continue to SPA it will be £151.25 I have checked my NI contributions and I have 36 years up to date. Does this mean that when I take my state pension I will get £128.65 + £8.64 (the two years extra until I finish) or will I get the £151.25 as I already have more than 35 years contributions. Thanks for any help in this Radders

SnowMan

RADDERS wrote: »

Thanks for the link snowman very easy to use. I wonder if anyone can help me under stand my forecast as I am finishing work in 2018 but will not be retiring. My first amount to 2015 is £128.65 and if I continue to SPA it will be £151.25 I have checked my NI contributions and I have 36 years up to date. Does this mean that when I take my state pension I will get £128.65 + £8.64 (the two years extra until I finish) or will I get the £151.25 as I already have more than 35 years contributions. Thanks for any help in this Radders

The £151.25pw assumes that you continue working and hence getting qualifying years up to SPA.

If you stop working during 2018 (and get 2016/2017 and 2017/2018 as qualifying years but no subsequent qualifying years), then you will get as you say £128.65 + £8.64.

If the £128.65 is based on the current scheme basis basis then you might also get a small amount of additional state pension (S2P) for 2015/2016, perhaps £2pw or so.

CampingCathy

Thanks for the link and useful info

I managed to register via experian... no problem

I couldn't get any info though as it told me I had paid the married woman's stamp and the system couldn't currently calculate my pension because of this.

I have no recollection of paying the married woman's stamp, but if I did it was only for a couple of years from about 1974-76.

I worked from September 1973 - September 2014, and since September 2014 I have been receiving Carer's Credit.

A pension statement in April 2015 stated I had 38 qualifying years, and an entitlement of £123.28 (I have been contracted out for all of my working life)

A previous forecast in 2005 included ASP of £7.59, though this was not explicitly mentioned in the most recent forecast.

So I am none the wiser! I guess I will get at least £123.28

I will reach state pension age in 2021 so I have time to get an accurate figure.

However I having been trying to try to work out if it will be worth paying any additional contributions after 2016 to bring me closer to the maximum amount, as I am anticipating my carer's credit to case in the near future.

SnowMan

CampingCathy wrote: »

However I having been trying to try to work out if it will be worth paying any additional contributions after 2016 to bring me closer to the maximum amount, as I am anticipating my carer's credit to case in the near future.

There may be some benefit to paying voluntary contributions after April 2016 (if you cease getting carer's credits) as it could add another 4 or 5 chunks of £4.32 to your starting amount which sounds like it will be around £123pw as you say.

It will obviously depend on whether class 3 contributions remain a good deal for people in reasonable health.