New flat rate state pension April 2016 - Actual Amounts

bigfreddiel

In a few weeks I should be able to post my actual state pension compared to the estimate.

I bet you all just can't wait! fj

Goldiegirl

bigfreddiel wrote: »

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

Low cost endowment policies sold up until the early 1980's, running for 25 years still paid out with a surplus, so if you were getting a mortgage around about 1981 it would have worked - although the surplus was not as much as originally predicted.

Goldiegirl

gadgetmind wrote: »

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. :-)

How strange that they were suprised, in my building society branch people changing their repayment vehicle or repaying their mortgage in full was business as usual.

xylophone

I bet you all just can't wait! f

Bated breath doesn't come close....:D

bigfreddiel

xylophone wrote: »

Bated breath doesn't come close....:D

Not too long now! Only fifteen days to go.........

bigfreddiel

bigfreddiel wrote: »

Now that it is only three months away, I thought it would be useful to start a thread on how much people are going to be getting, especially if you have been contracted out. Those who will be amongst the first to receive it in April should have received a letter from the DWP telling them how much they are getting.

So I'll kick this off with my details.

SP Due: July 2016
NI Contributions: 42 years
Contracted out: 14 years 1999 to 2013
SP forecast: £153/week

Cheers fj

Okay everyone, I now know the actual amount of my new state pension due in a few days time and that is £152.84/week

Spot on the amount of my last forecast a few weeks ago that took into account last years NI contributions. Very impressed

Previous forecast was £155/week.

So I'm only a just over £2 down on last years forecast.

Conclusion, the forecast for your State Pension is accurate, trust it.

Cheers fj

xylophone

And to round things off, when will you receive the first payment?:)

xylophone

The first payment is on 8th August, and every four weeks after that.

So now we know.....:D

xylophone

https://forums.moneysavingexpert.com/discussion/5461103 post 23

Are you saying that there will no longer be five payment days according to the last two numbers of the NINO as in post 29?

It is clear that under old state pension arrangements, the pensioner could find that he had several days after his birthday when he was not eligible for any payment.

Under the new system, the pensioner becomes eligible for payment from his birthday.

Thus under the old system, Freddie (65 on Monday 4 July, NINO last 2 digits in 0-19 range) would have become eligible for first payment from Mon 11 July and received his pension four weeks in arrears on 8th August?

Under the new system he should receive his pension on 1 August?

Just the same as the "old" system then!

greenglide

nSP hasnt changed the dates on which people get paid.

However, assuming 4 weekly payments, the actual week out of the 4 a person gets paid is determined by the NINO suffix as per the previously thread.

It is the mapping of the A, B, C and to real dates that is the issue.

All four weekly payments of SP (old SP or nSP) under "new rules" (SPa date is on or after 6/4/2010 and not transitionally protected) get paid in the same week.