state pension amounts

System

Yes I really the figures look strange. I only posted out of interest. I am a bit embarrassed by all the attention. As I said earlier I am not duly concerned and will see what 2014 brings. Thanks for all the comments but lets move on.


Happy New Year.

System

The edit function doesn't seem to work properly when I select edit the whole message just disappears!!

saver861

xylophone wrote: »

You say in an earlier post that you will be 60 in 2018 at which time you will have been a member of TPS for 37 years.

You say that you were contracted in for four years.

It is difficult to see how four years contracted in would give you a state pension estimate of £167.

There is almost certainly something amiss here. The four contracted in years would have virtually no bearing on it and the pension under the new scheme would be in the region of £75. Thus the actual pension starting amount could only be around the max basic pension of about £115 or so.

So that brings even more confusion about the £150 figure mentioned earlier also. Having been contracted out for virtually all the years, the starting amount would not get to £150 either.

Certainly does not give much confidence that the Pensions Dept are getting their figures correct.

saver861

excelpaul wrote: »

Yes I really the figures look strange. I only posted out of interest. I am a bit embarrassed by all the attention. As I said earlier I am not duly concerned and will see what 2014 brings. Thanks for all the comments but lets move on.


Happy New Year.

Certainly no need to be embarrassed. However, if I were you I would definitely get those figures checked.

The thing is, if your figures are that far out, how many others are also incorrect. Raising the issue may make others look again at their figures.

In my own case, similar to you, I have been contracted out for most of the years. Thus my pension will be £115 + about £4 additional SERPS for some contracted in years. My guess is yours should be very similar to that.

patanne

I remember being told by a female relative in the TPS that at age about 40 she was still in the TPS but was changing to paying full NI and her state pension was about £10 or £12 more than the basic. She only worked for another 6 or 7 yrs before retiring with ill health. Besides teaching she had only had holiday jobs, never enough to earn serps. Is it possible you have been paying full A stamp instead of C as she did?

Otherwise as others say someone has made a mistake & you need to chase it up. You don't want them to pay it to you for 10 years and then realise & send you a bill!

jem16

patanne wrote: »

I remember being told by a female relative in the TPS that at age about 40 she was still in the TPS but was changing to paying full NI and her state pension was about £10 or £12 more than the basic.

I didn't think it was possible to remain in the TPS and not be contracted out.

System

Just for closure on my part of the discussion. I have sent an email querying my estimate as being far too high for someone who has been contracted out for 25 of 39 years. I will await their response. As said before I am not over-concerned and have based my plans on receiving no more than £118 a week whatever when the time times.

jem16

excelpaul wrote: »

I have sent an email querying my estimate as being far too high for someone who has been contracted out for 25 of 39 years.

You are confusing us a little Paul.

Earlier you said you had 4 years contracted in and now you are saying 14 years. A typo?

saver861

excelpaul wrote: »

Just for closure on my part of the discussion. I have sent an email querying my estimate as being far too high for someone who has been contracted out for 25 of 39 years. I will await their response. As said before I am not over-concerned and have based my plans on receiving no more than £118 a week whatever when the time times.

Fully appreciate your reluctance on the discussion for your own part. I would be interested though in what they come back with, if you would be willing to share the information. I think it would be helpful to many.

Just one thing, you do seem to be unclear about the number of years contracted in v those contracted out. Above you say you were contracted in for 14 years. In earlier posts you say 4 years, or virtually all contracted out etc. There is a lack of clarity on this.

I think you would be wise to firm up on some facts and maybe contact your pension provider to get the correct information. You need to know yourself roughly what you are entitled to or you wont be able to determine if the pension statement is correct.

(Testing editing)

System

Sorry I meant to say 35 out of 39 years. Why does the edit function not work for me!!