Help with DB pension and when to take it

xylophone

See https://www.gov.uk/government/publications/state-pension-fact-sheets/contracting-out-and-why-we-may-have-included-a-contracted-out-pension-equivalent-cope-amount-when-you-used-the-online-service


Two calculations were done for you and your husband under old and new rules at 6.4.16

In your case


Old rules. Full BSP (£119.35) +( SERPS/S2P - a deduction for contracting out) In your case, this probably gave you around £137.



New rules. £155.65 - COPE. This would have given £124.43

Your starting amount is the higher of the two. In your case, the old rules gave the higher amount.

You have added the 2016-17 year and may add subsequent years up to State Pension Age.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/204604/single-tier-pension-transition-technical-note.pdf

The figures in the above are out because of the date of publication.

See

https://www.royallondon.com/Global/documents/GoodWithYourMoney/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf

You mention that your husband is in receipt of a pension but was he ever contracted out/contracted out for only a short period/never contracted out?

His forecast at 6.4.16 shows an amount in excess of the new state pension and therefore he will have a "protected payment" - see

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

jamesperrett

enthusiasticsaver wrote: »

I had a retirement seminar yesterday and the financial advisor said it was now more expensive to buy added SP years and thought it was not worth it.

They often seem to say odd things at these retirement seminars - I'm planning on buying the extra NI years after I've taken early retirement as it appears to offer good value.