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

Chickereeeee

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Oh well, just Beta....


Interesting they say 'enter what is on line x of your driving licence', and when you do it is rejected (as driving licence has 2 digit date year, and they want 4 digits...)


C

SnowMan

minty777 wrote: »

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)

Based on a few assumptions, for example

a) that the additional pension of £23.35pw is net of the deduction for contracting-out that applied pre 97 i.e. it is genuine additional pension
b) £26.62pw is the contracted-out deduction used in calculating pre 97 additional pension

Then your starting amount might be the higher of (using 2015/2016 figures)

NEW BASIS
(no more than) 35/35 x 151.25 - 26.62 = 124.63pw

OLD BASIS
30/30 x 115.95 + 23.35 = 139.30pw

So best guess is your starting amount is around £139pw.

If you wanted to check this then get a paper state pension statement (which if you are under age 55 will only show the old scheme amount) and if this shows £139pw then that is likely to be your starting amount, as the new basis calculation looks like it will produce a lower figure.

SnowMan

downshifter98 wrote: »

Very unsure whether I can trust it based on the fact that I thought I had 5 or 6 years contracted out (its showing all years as fully qualifying) however I have until 2019 to make top ups (I'm 5 years short) so will leave it until then.....

The 'full year' tag from looking at my own record just means that it counts as a qualifying year for basic state pension (new state pension) purposes. It doesn't distinguish between years where you have been contracted in to the additional state pension throughout, contracted-out of the additional state pension throughout, or a mixture of both.

They distinguish between empty years, full years and part full years (I can't remember what they call 'part full' years). A part full year is where you've (say) worked for a few months but haven't earned enough to qualify for a full qualifying year. However if you are in time to pay class 3 contributions then you will only have to pay for the missing weeks not the full year (the cost for missing weeks is shown). They also show you what earnings or credits you have for that part full year.

madeinireland_2

A couple of questions on this if I may...

1 I checked my wife's position and it suggests she has a gap of one year and that a voluntary payment of around £80 would complete that year and the payment would be needed before 2019. Is there any advantage or disadvantage around making this payment before or after this April?

2 The statement seems to suggest you will get the amounts shown if you continue to make payments up until your pension age. If about £4 is added every year then she will get to the maximum amount in a couple of years. If she does decide to stop work then will there be an impact on the total amount?

Thanks...

adspence

I could have sworn I was contracted out in the 90's but the estimate is showing 32 years (3 pre-university years, 3 incomplete years during Uni, 29 years since 1986), and a current quote of £166.08. Isn't this more than the max rate?

However, it also says that if I continue up to SP age in 2031 then it also says £166.08. So does that mean I've already done enough? Or is that will the old calc and the new 35 year one means I've still 3 years left to do if I want to get full SP?

downshifter98

So it's showing me as having 30 years and requiring 5 more for the 'full' amount but doesn't show which years are contracted in or out (as previously stated I thought I had 5 years contracted out) and also shows which years I can still buy (I have no qualifying years since 2009). It's obviously early days but a little information can be a dangerous thing - hopefully it will become more detailed over time.

gadgetmind

Yes, it needs to "show its working" before it can be trusted.

roxy28

Dad is 60 and now retired he says.He will reach SP age in 2022, he has had a very recent statement which gives him a starting amount of £138.
Does that remain static until he gets his SP, while the new SP of £155 goes up a bit each year

molerat

No, the £138 will be revalued to April 2016 in accordance with the current methodology and that new value will rise each year in line with the new pension indexing.

jellymelly

Thank you for posting OP. I had quite a bit of trouble getting verified - gave Experian passport details, dl, bank details and credit card - then they wanted another credit card which I don't have! And Post Office and Verizon also couldn't verify, but finally managed to do it through Digidentity, but only after leaving it several hours to verify my passport.

Anyway, I'm pleased to find that I have full contributions since age 16 and no contracting out, which seems accurate for me.