New flat rate state pension April 2016 - Actual Amounts

bigfreddiel

JohnB47 wrote: »

Not necessary bigphil. I was in a contracted out scheme for 25 years and the pension I'm receiving from that is vastly greater than the state pension I will be I receiving at the end of this year (£137 per week estimated).

How much greater?

JohnB47

bigfreddiel wrote: »

How much greater?

Perhaps 'vastly greater' is overstating things but my company pension is just under four times the SP amount that I'm projected to receive. I'm very grateful for both incomes.

bigfreddiel

JohnB47 wrote: »

Perhaps 'vastly greater' is overstating things but my company pension is just under four times the SP amount that I'm projected to receive. I'm very grateful for both incomes.

Very nice, so your company pension should be about £28k plus a SP about £7k, a total pension of £35k by my calc.

You'll be okay, enjoy it and good luck, you've done well and made some good decisions fj

JohnB47

bigfreddiel wrote: »

Very nice, so your company pension should be about £28k plus a SP about £7k, a total pension of £35k by my calc.

You'll be okay, enjoy it and good luck, you've done well and made some good decisions fj

Thanks, although I'm not smug about it. I can actually still remember my first day at work when I was asked to sign some forms. One of them was to agree to joining the company pension scheme. I remember thinking "I suppose so" and signed, not thinking too much about it then and forgetting about it for many years.

I'd like to take the credit for it but I think fortune was shining on me that day.

I also remember that the general discussion of those days was about endowment mortgages versus repayment, rather than pensions. Perhaps understandable for young recently married chaps like me. I was suspicious about endowments - seemed too good to be true.

Happy days.

I must remember to post here with my actual pension, once received in Jan 2017 (reach pension age on 28th Dec. 2016, last two digits of NI number 20, first payment on 3th Jan 2017 - I think! Or maybe 10th Jan?).

Edit: Oops, I've just read the Gov. guidance on this and I need to recalculate. Plus I didn't realise that it's paid in arrears. Not too worried but I'd like to know what to expect.)

Cheers.

badmemory

Normally paid 4 weeks in arrears unless you specify weekly payment. The NI No thing doesn't always work either. My last 2 digits are 31 and my payment day is Friday & my mother's was 59 & her payment day was also Friday.

I've just realised today is pay day - off to make sure it's arrived!

gadgetmind

JohnB47 wrote: »

I'd like to take the credit for it but I think fortune was shining on me that day.

On that day, someone handed your future self about £700k. I hope the company have been saving their pennies.

xylophone

Normally paid 4 weeks in arrears unless you specify weekly payment. The NI No thing doesn't always work either. My last 2 digits are 31 and my payment day is Friday & my mother's was 59 & her payment day was also Friday.

The standardisation of payment days by the last two digits of the NI number was introduced after April 2010 - before that, common days were Mondays, Tuesdays (for widows) Thursdays ( people entitled before 24 September 1984) or indeed

" the Secretary of State may, notwithstanding anything contained in the foregoing provisions of this paragraph, arrange for retirement pension to be payable on such other day of the week as he may in any particular case determine [where payment is by direct credit transfer, or in the circumstances of any particular case, determine];

(e) where, in relation to any person, any particular day of the week has become the appropriate day of the week for the payment of retirement pension, that day shall thereafter remain the appropriate day in his case for such payment."

A free for all...:)

bigfreddiel

JohnB47 wrote: »

I also remember that the general discussion of those days was about endowment mortgages versus repayment, rather than pensions. Perhaps understandable for young recently married chaps like me. I was suspicious about endowments - seemed too good to be true.

Ditto, in those days an endowment mortgage seemed too good to be true, lower monthly payments, nice big lump sum at the end of the term! Even in my younger and gullible days it just didn't stack up, so I opted for a repayment mortgage. Best thing I ever did.

Cheers fj

xylophone

It used to be possible to obtain a "full" endowment with a guaranteed sum assured at the end of the term and the possibility of a terminal bonus which would be the icing on the cake.

I remember that in those days, when you took out an interest only mortgage, you were required to show that you had a policy in place to repay the capital and the mortgagee took custody of the policy document.

gadgetmind

We had an endowment mortgage, but I started to catch the whiff of something not quite right, so flogged the policy for a nice profit at what turned out to be pretty much exactly the right time. (mid 90s FWIW)

Building Soc acted all surprised when I booked a meeting to request the policy documents and asked what capital repayment plan I was going to have instead. I handed them a cheque and suggested they also return the deeds. :-)