State pension

beduth

Friend has been quoted state pension of £226 per week. he is 65 has never contracted out and has worked since he was 15. He spent 10 years working in Spain. How is he getting that much ?

bigadaj

SERPS, s2p, additional pension etc

Under the old style calculations the theoretical maximum is something like £280 per week, so he's nowhere near the most he could be getting.

beduth

Thanks for reply bigadaj anyone know how to work it out ?

xylophone

He is 65 and started work in 1967.

Hw would have been paying NI and building up his basic state pension and some graduated pension.

http://www.rights4seniors.net/content/other-state-pension-payments

1978 -2002 he would have been building SERPS

https://en.wikipedia.org/wiki/State_Earnings-Related_Pension_Scheme

2002 -2016 he would have been building S2P.

https://en.wikipedia.org/wiki/State_Second_Pension

A basic state pension of £119.30 +Grad +SERPS + S2P gives him his £226.

Re working in Spain

http://europa.eu/youreurope/citizens/work/retire-abroad/state-pensions-abroad/index_en.htm

With regard to inflation linking, £155.65 of the pension will increase on "triple lock" basis and the balance (his "protected payment") by CPI.

https://www.gov.uk/new-state-pension/how-its-calculated

woolly_wombat

xylophone wrote: »

Re working in Spain

http://europa.eu/youreurope/citizens/work/retire-abroad/state-pensions-abroad/index_en.htm

Very useful, and recently updated, link for those who have worked in more than one EU country.

The OP's friend will be able to claim a pension from Spain, despite not meeting Spain's "minimum period of 15 years of work in order to have the right to a pension", because he has also worked for many years in the UK.

I wonder what will happen to others who have worked in other EU countries in a similar situation but who reach retirement age after we have Brexited?

We shall have to wait and see.....

atush

I would think, once we Brexit, a pension will still b e paid to those who lived and worked int he EU and were EU citizens at the time.

But suspect their UK work will no longer apply so will need the min for each country (ie 15 years in t his case).