State Pension query

50Twuncle

Right - so the government offering "everyone" £155 per week pension is a confusing mess - designed to save them more money ?

missbiggles1

50Twuncle wrote: »

Right - so the government offering "everyone" £155 per week pension is a confusing mess - designed to save them more money ?

In the short to medium term, nobody'll be worse off and some will be better off - longer term there'll be winners and losers.

Alter_ego

bigfreddiel wrote: »

That figure is from the forecast and is the bigger of the two, old and new calculations.

And you're correct the calculation is a mystery now. It didn't used to be.

Cheers fj

Sorry, saw the £155 and assumed you were quoting the new rate. Many are thinking that's what they'll get.

50Twuncle

Alter_ego wrote: »

Sorry, saw the £155 and assumed you were quoting the new rate. Many are thinking that's what they'll get.

That's exactly what I had assumed - that, come my 90th birthday - on the offchance that I was still alive - I would be entitled to a £155 per week state pension ?

Alter_ego

50Twuncle wrote: »

That's exactly what I had assumed - that, come my 90th birthday - on the offchance that I was still alive - I would be entitled to a £155 per week state pension ?

Depends when you 90th birthday is really.

bigfreddiel

Alter_ego wrote: »

Sorry, saw the £155 and assumed you were quoting the new rate. Many are thinking that's what they'll get.

Never assume anything! fj

westv

Why is there no general online calculator for this so you can see roughly where you might stand? Or is it all so complex that only a personalised figure will be any good?

p00hsticks

westv wrote: »

Why is there no general online calculator for this so you can see roughly where you might stand? Or is it all so complex that only a personalised figure will be any good?

The transitional period is complex for those close to retirement because of the contracted in / contracted out and SERPS/S2P considerations that vary from person to person. But anyone who is still a long way from pension age can pretty much rely on getting £155 (increasing yearly) if they have 35 years credit.

westv

p00hsticks wrote: »

The transitional period is complex for those close to retirement because of the contracted in / contracted out and SERPS/S2P considerations that vary from person to person. But anyone who is still a long way from pension age can pretty much rely on getting £155 (increasing yearly) if they have 35 years credit.

Is that 35 NI years excluding or including any contracted out years?

50Twuncle

Last time that I made a future state pension enquiry (4 or 5 years ago) - I was told - maximum pension will be paid, as you have 30+ years NI contributions - which I took as read and didn't look for employment that would add to my comtributions (working part time) - but the goal posts have now been moved
What effect will my loss of around 3 or 4 years contributions make to my overall state pension ?