state pension amounts

jem16

bigadaj wrote: »

I think you're misunderstanding. The two figures are separate and distinct, one representing entitlement under the old system and the other under the new.

Have you used this site because I don't think he is misunderstanding.

I used it and it told me £119.83 based on contributions to April 2015. I've been contracted out.

If I contribute to 2022 it would be £144.73 which is basically 6 years at £4 odd added on to the £119.83. That's correct as I understand it.

A previous forecast (Feb 2015 ) gave me old as £114pw roughly and £97pw under new rules.

saver861

bigadaj wrote: »

I think you're misunderstanding. The two figures are separate and distinct, one representing entitlement under the old system and the other under the new. So you're pension wouldn't be reduced by working longer, it's just that the amount you accrued under the old system is greater than that under the new one, you get the higher of the two so all it means is that you wouldn't gain any additional benefit by working for those extra years.

I have not been able to get onto the site so can't comment on the info given, but have had my statements.

But this is my understanding also i.e. the greater of the starting amounts as of April 2016 is the pension as of that date.

Between April 2016 and actual retirement date, any additional years will be added at a rate of around £4.40 per week, up to the maximum £155.

If someone has more than £155 as of April 2016 that will be protected and will be their actual pension, but any additional NIC years will have no affect.

jem16

saver861 wrote: »

If someone has more than £155 as of April 2016 that will be protected and will be their actual pension, but any additional NIC years will have no affect.

He's already got more as his starting amount.

I wonder if it's to do with COD.

Andypandyboy

For women, do the years when HRP was in force show on the site?

saver861

jem16 wrote: »

He's already got more as his starting amount.

I wonder if it's to do with COD.

I've just re-read excelpaul post again. I'm a bit curious now because he says he is on £167 and has contracted out years. My understanding is that you don't need many CO years for your pension to be somewhat lower than the current £115 max for 30 years.

So, not sure how the £167 is being compiled. I understand the site gives more information than the statements so there is the chance of getting the figures mixed up.

System

I did not mean to cause controversy by my post. Below is taken from my print out of the webpage.


If you continue to contribute to your National Insurance record your forecast in 2014 will be £150.46 a week.
Amount based on your contributions up to 2015
£167.96 a week.
The following is then added as a repeat
Amount if you continue to contribute until 2024
£150.46

jem16

Andypandyboy wrote: »

For women, do the years when HRP was in force show on the site?

They have for me but they simply show as qualifying years - no mention of HRP specifically.

jem16

saver861 wrote: »

I've just re-read excelpaul post again. I'm a bit curious now because he says he is on £167 and has contracted out years. My understanding is that you don't need many CO years for your pension to be somewhat lower than the current £115 max for 30 years.

Under current rules your state pension entitlement will never go below the basic state pension. Under the new rules they will be.

The new website shows the Starting Amount - ie it's showing the higher of the two amounts under current and new rules.

So, not sure how the £167 is being compiled. I understand the site gives more information than the statements so there is the chance of getting the figures mixed up.

It doesn't give any extra information at all. It just gives the Starting Amount.

With my letter dated February 2015 it gave both calculations under current and new rules. They've stopped doing that now as some people were confused apparently. Any statement now will simply give the one amount - ie your higher calculation.

Getting £167 simply means that not all of excelpaul's NI contributions were contracted out. Perhaps he can confirm this?

System

Reposted below with corrected date. Tried to edit above post but it didn't work.
If you continue to contribute to your National Insurance record your forecast in 2024 will be £150.46 a week.
Amount based on your contributions up to 2015
£167.96 a week.
The following is then added as a repeat
Amount if you continue to contribute until 2024
£150.46

jem16

excelpaul wrote: »

Amount if you continue to contribute until 2024
£150.46

From what I can gather in the main thread discussing all of this, your 2024 figure is probably wrong.

If you have already got £167.96 this will not increase even if you make further contributions as it's already higher than the maximum.

Your best bet would be to query the figures whilst logged in.