Why is my State Pension less than my friends?

xylophone

I did pay a small amount into a private pension for much of my career so I will check their statements.

And occupational pensions?

You did (do?) have a S32 (what happened about that) albeit that it was a S32 without GMP.

Were you working for the company that was the source of the pension transferred to the S32 after 1997?

xylophone

See also https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf

Blackavar

xylophone said:

I did pay a small amount into a private pension for much of my career so I will check their statements.

And occupational pensions?

You did (do?) have a S32 (what happened about that) albeit that it was a S32 without GMP.

Were you working for the company that was the source of the pension transferred to the S32 after 1997?

My occupational pensions (like my private pension) have all ended up with Aegon. My S32 problem will hopefully be completely resolved within a few weeks with a tax free payout and the remainder going into a drawdown policy - perfect

The_Doc

Blackavar said:

My occupational pensions (like my private pension) have all ended up with Aegon. My S32 problem will hopefully be completely resolved within a few weeks with a tax free payout and the remainder going into a drawdown policy - perfect

How did you manage that? Did you require an IFA to do that? Aegon have told me that an IFA would still be required just to transfer my S32 with protected tax free cash to a drawdown account with Aegon! The only options I currently have are annuity and full UFPLS. The former is not needed and the latter will mean a large tax hit. So I need to do something.