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Warning: Double-check state pension forecasts after Govt admits 'significant' errors - MSE News
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silverwhistle wrote: »I was thinking what a useful if confusing thread this was but glad I kept reading. I'm about to reclaim some LGPS contributions as the EFL and MFL I did never reached the minimum and then I pootled off abroad for a bit. (Let's go nowhere near the Italian INPS system!). Apart from completing the reclaim form do you advise any other action? Thanks.
If you are able to claim a refund then your CEP should have been paid across to HMRC when you left and your LGPS record was 'frozen'. However, the question is more 'did HMRC update your record'.
The only way to check will be to obtain a forecast of your State pension - and see if that still mentions contracted out service.
When were you in the LGPS?
Incidentally, if by 'minimum' you mean the 10 years minimum required to qualify for a pro-rata State pension, then it doesn't matter if these 10 years were contracted in or out.0 -
I'm confused.
According to the Government website I am entitled to full pension. I have 36 years full NI (including 16,17 and 18) and 3 years when I didn't earn enough while I was a student or not in the UK.
I have a COPE amount of £46.45.
I have been contracted in and out over the years. Between 1987 and 2016 I was contracted out for 20 years into 2 different private schemes, although I can't see that on the Government website.
From this site, State Pension: How Much Will I Get it says "What counts is 35 years of full contributions – not ones where you paid a lower NI rate."
So why do I qualify for the £168 already, why are all those years full (not that I'm complaining, just worried it is wrong.)
Your years between 16 and 18 and your student years count (the rules have changed but you are lucky that yours from many years ago do count).
You were contracted out of SERPS not the state pension.
You cannot contract out of the state pension, it’s part of national insurance.
It sounds ok to me, which is it you think is incorrect?0 -
I'm confused.
At 6/4/16, two calculations were done
NI years/30 x £119.30 + (Additional State Pension - deduction for Contracting Out) Old Rules
(NI years/35 x £155.65) - COPE New Rules
Your starting amount was the higher of the two.
It seems that the amount given by the old rules was high enough (possibly with another couple of post 2016 years) to give you a full new state pension.0 -
Silvertabby wrote: »When were you in the LGPS?
Thanks, part time between (without checking) around 2002/3 to 2005, with another isolated English summer school in 2014 when I got back from Italy. Being conscientious and only paid contact hours I determined it wasn't worth it, even if I enjoyed the actual teaching.
Fortunately I had 25 years before then with a large company, so it's not critical. As I've learnt to live within my means even my reduced state pension will be a pleasant surprise!0 -
silverwhistle wrote: »Thanks, part time between (without checking) around 2002/3 to 2005, with another isolated English summer school in 2014 when I got back from Italy. Being conscientious and only paid contact hours I determined it wasn't worth it, even if I enjoyed the actual teaching.
Fortunately I had 25 years before then with a large company, so it's not critical. As I've learnt to live within my means even my reduced state pension will be a pleasant surprise!
As a teacher, are you sure that you weren't in the TPS (Teacher's Pension Scheme) rather than the LGPS ?
If you were in the LGPS, the vesting period (which is calendar service, not total pensionable service) dropped from 2 years to 3 months in March 2004. So, from the dates you have quoted, it may be that you are only entitled to preserved pension benefits (or a transfer to another scheme) rather than a refund of your contributions. OR, as you joined under the old rules and left under the new, you could have the choice of either a refund (as long as you have less than 2 years calendar service) or a preserved pension.
A preserved pension would be the better option as any refund would only be your own contributions (less tax) as your employer's contributions would be forfeit.0 -
Oh, I am sorry. I did indeed mean the TPS. Sorry for using your time under false pretences but hopefully, in the nature of these boards,your replies helped someone else.:o0
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silverwhistle wrote: »Oh, I am sorry. I did indeed mean the TPS. Sorry for using your time under false pretences but hopefully, in the nature of these boards,your replies helped someone else.:o
No problem !0
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