New flat rate state pension April 2016 - Actual Amounts

33Lurcher

State pension due Jan 2017 , just had forecast , 43 yrs NI contributions , quite a few yrs contracted out whilst in emergency services (30yrs) £119.49 .
I am guessing this amount will increase in April so expect around £122 next Jan .

DollyDee_2

Hubby reaches state pension age on 30th April 2016.

He will receive £131.80 per week.

He was contracted out for approx 25 years with one employer.

Incidentally, he has received a letter from the pension scheme of that employer (his pension has been in payment since April 1996 - early retirement due to incapacity) stating that his pension will increase from 30th April 2016 as a result of being contracted out of the State Scheme. No figures given. Quote "As a result of you contracting out of the State Scheme whilst you were a member of XXXXXX Pension Plan, we have to provide you with a Guaranteed Minimum Pension when you reach 65".

It's related to the Lifetime Allowance and he has had to provide details of his other private pension in payment.

redmalc

Just go mine back due to retire 2022.
I have 43 years NI payments which will give me £172.33 per week
I was contracted out for a short time also
My wife due to retire in 2023 gets £148.45
So we look like we will be ok if I can keep working for the next couple of years

bigfreddiel

Everyone is playing nicely now, thank you all very much!

Cheers fj

DollyDee_2

I always try to play nicely and I was born in Oct 1954 so I am not exactly a happy bunny.

Please, no-one have a go about that.

ETA : I was informed about the 1995 changes and the 2011 ones but the 2011 changes are, in my opinion, unfair to some people.

nonolerigolo

DollyDee wrote: »

I always try to play nicely and I was born in Oct 1954 so I am not exactly a happy bunny.

Please, no-one have a go about that.

ETA : I was informed about the 1995 changes and the 2011 ones but the 2011 changes are, in my opinion, unfair to some people.

THE 2025 Change are expected to be even more unfair........People will have to work more than everyone else complaining about the 1995 / 2011 change. The life expectancy would not necessary have improve that much.

I think the pension (year to retired) should be indexed to the life expectancy for men and women and review every year. That is the only way it will be fair. There should be a discussion about that at the parlement.

dode22

Hi. I'm 65 in May so qualify for the new 'flat rate' state pension, only our politicians as usual have been economical with the truth at best over the last two or three years as it isn't flat rate at all. I've been given a telephone estimate when I applied today for my pension and it was £131.01 per week, well short of £155.65 per week. I've more than 35 years of qualifying contributions but had a spell of contracted out employment. This means my expectations are falling short based on this estimate by about £100 per month. I just wonder about the legality of the government clawing back money from these contracted out days. Had the pensions remained as they were what would have happened? Would they have clawed back the money from the existing state pension basic of £115 per week? I'm really annoyed about this and the government employee on the phone, though very nice, couldn't answer any questions because she hadn't been trained on issues to do with the new flat rate state pension.

jem16

dode22 wrote: »

This means my expectations are falling short based on this estimate by about £100 per month.

You've forgotten to include the amount paid within your contracted out pension.

Had the pensions remained as they were what would have happened? Would they have clawed back the money from the existing state pension basic of £115 per week?

Under current rules you get the basic state pension provided you have 30 years NI contributions. On top of this you could also get SERPS/S2P and you seem to have about £15 worth. This is what makes up your £131 that you have been told about.

Your contracted out payments go to either your private pension or your works pension depending on which one you're contracted out into. If it's a works pension you will have paid less NI. If it's a private pension you've built up a separate pot with the rebates.

greenglide

Hi. I'm 65 in May so qualify for the new 'flat rate' state pension, only our politicians as usual have been economical with the truth at best over the last two or three years as it isn't flat rate at all.

It's not "flat rate" it is "single tier" which is very different.

Previously we had two tiers, the basic pension and "additional pension" based on SERPS / S2P.

Of course it is legal. They haven't taken anything away, just you haven't got anything extra which some people have.

gadgetmind

dode22 wrote: »

in May so qualify for the new 'flat rate' state pension, only our politicians as usual have been economical with the truth at best over the last two or three years as it isn't flat rate at all.

This publication came out on the day of the budget when the single tier pension was announced.

What part of it do you think isn't truthful?

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181229/single-tier-pension.pdf