state pension amounts

System

I can confirm that several of my NI years were not contracted out.

System

Thanks for the discussion points. To be honest I am more than happy with the £150 if that is what it turns out to be. For all my retirement planning figures I tend to use the least possible amounts due. Anything extra is a useful bonus!!

jem16

excelpaul wrote: »

I can confirm that several of my NI years were not contracted out.

How many years total with how many contracted out?

I would suggest the £167.96 will be correct plus one more year as it's only up to April 2015 as opposed to April 2016.

Your other figure makes no sense unless the contracted out deduction is lowering your entitlement in some way with that extra year to 2016, so I would suggest you query it.

saver861

jem16 wrote: »

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

Yes that's my understanding. I meant to say, with CO years, the pension under the new system would be somewhat less. Thus, the starting amount being the greater of the two. In my own case, due to CO years, I think it was around £70 per week but the starting amount will be the full current state pension of £115.

jem16 wrote: »

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

I would say there would be very few CO years. Anything more than a few would take him down so that his starting amount would be just the £115. As his starting amount is £167 there cannot be many CO years.

saver861

excelpaul wrote: »

Thanks for the discussion points. To be honest I am more than happy with the £150 if that is what it turns out to be. For all my retirement planning figures I tend to use the least possible amounts due. Anything extra is a useful bonus!!

Yes, but if one figure is wrong then there is a possibility the other figure is also wrong!!

If you have had very few CO years then it is probably right. However, it does not make sense that you continue to work and the lesser amount in 2024. If the figures are correct, the minimum you will get will be £167.

saver861

jem16 wrote: »

I would suggest the £167.96 will be correct plus one more year as it's only up to April 2015 as opposed to April 2016.

But if he has more than 30 years then this additional year won't add to the £167.

jem16

saver861 wrote: »

But if he has more than 30 years then this additional year won't add to the £167.

True - he has 38 years so it won't increase.

However perhaps it may decrease with an extra year, especially if it's a contracted out year. Hence his 2nd figure of £150.46.

bigfreddiel

jem16 wrote: »

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.

It will increase with the triple lock.

fj

Stubod

..just received my state pension quote. £140 per week for 41 years NI contributions, (Most "contracted out")...so much for £155 per week minimum ....

System

Yes but by being contracted out you paid less national insurance and probably have a defined benefit pension (like myself). Swings and roundabouts.
Further to comments regarding my earlier post, I too am surprised about the £167 figure as I was contracted out most of the time. To be honest I was expecting less than £150. Well we shall see what happens as 2024 approaches. To be honest whatever I get will be a helpful bonus to my DB pension.


Happy New Year to you all!!!