State Pension query

bigfreddiel

Let's try to clarify this for everyone including myself.

I have three forecasts, one from five or six years ago, pre the new state pension was even mentioned and this was £144/week. It includes some S2P/SERPS and the graduated portion from 1975.

Then in 2015 I completed a BR19 form and this included figures based on old and new system, so under old (existing) system I was due to get £151/week under the new system £54/week and my date is 20 July 2016, a few months time. The letter quoting these estimates said I get the higher of the two amounts.

Third estimate from the online beta system, this just quotes one figure, £155.77/week. No old and new calc, and no breakdown.

All well and good. Till a friend showed me their statement and it included a COPE deduction. I understand what it is, I've read the leaflet, so now I need to know if it applies to being paid under the old system. If so why doesn't it appear on my estimates because I have been contracted out for about 12 years, contracted in for the last three years and prior to that for about 25 years.

Anyone have any info on this?

When I find out for definite in July I'll post the actual amount I receive, which should help others.

Cheers fj

greenglide

It is not relevant on an old rules calculation in the same way, this already takes the COD into account.

Under old rules you get what you always expected, the £144 from the past.

bigfreddiel

greenglide wrote: »

It is not relevant on an old rules calculation in the same way, this already takes the COD into account.

Under old rules you get what you always expected, the £144 from the past.

Cheers greenglide, just had a retread of the letter with the two estimated figures, and yes, it clearly states that the deductions have been made from both figures.

Cheers fj

GunJack

bigfreddiel wrote: »

Cheers green glide, just had a retread of the letter with the two estimated figures, and yes, it clearly states that the deductions have been made from both figures.

Cheers fj

..and surely this is incorrect - surely there is no "deduction" on the old system for being contracted out, just a lower amount of earned s2p/serps? Or was there an absolute max of sp that could have been earned, and therefore a COD is nominally taken off this max to produce the s2p/serps element over & above the basic sp?

this may sound pedantic, but isn't a lack of absolute clarity in official communications just fuelling public misunderstanding?

greenglide

surely there is no "deduction" on the old system for being contracted out, just a lower amount of earned s2p/serps?

But that is a "deduction" although a better phrase is "taken into account".

The old rules would always reduce the AP by the COD if there was any and the AP may be zero because of it. This is not obvious from the forecasts produced for many a year which, IMHO, is a shame but probably because I have known about AP, COD and GMP for many, many years.

GunJack

greenglide wrote: »

But that is a "deduction" although a better phrase is "taken into account".

The old rules would always reduce the AP by the COD if there was any and the AP may be zero because of it. This is not obvious from the forecasts produced for many a year which, IMHO, is a shame but probably because I have known about AP, COD and GMP for many, many years.

So there IS/WAS an absolute max of combined basic & s2p/serps then?

Mrs_L_Welsh

If you look on Facebook, Chris Williams, flat rate pension explains what's happening. Please also look at the WASPI website which goes into state pension unfairness for women born in the 1950s and gives a link to a petition.

p00hsticks

Mrs_L_Welsh wrote: »

If you look on Facebook, Chris Williams, flat rate pension explains what's happening. Please also look at the WASPI website which goes into state pension unfairness for women born in the 1950s and gives a link to a petition.

Two comments

1) I wouldn't trust any explanation from a person who mistakenly describes the new state pension as 'flat rate'

2) You're coming rather late to the WASPI party - it's been discussed extensively on this board in the past, and the petition has already resulted in three separate debates in Parliament / Westminster Hall. My view is that it's now dead in the water...

bouicca21

Get a statement from Hmrc to find your missing or partial years. I found that the cost of topping up a partial year would repay itself in about 6 months once I draw my state pension.

bigadaj

Mrs_L_Welsh wrote: »

If you look on Facebook, Chris Williams, flat rate pension explains what's happening. Please also look at the WASPI website which goes into state pension unfairness for women born in the 1950s and gives a link to a petition.

Ah, it certainly was unfair that it took so long to reach equality between men and women, but that is belatedly being resolved so everyone should be happy.