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State Pension & NI Contributions Query

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Comments

  • molerat
    molerat Posts: 35,003 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 19 June 2020 at 4:14PM
    You can calculate the 2016 figure.
    Take the current pension amount
    Deduct any post 2016 accrual using £175.20 / 35 * X where X is the number of post 2016 years earned.
    Divide that amount by 1.0391 (2020 increase)
    Divide that amount by 1.0258 (2019 increase)
    Divide that amount by 1.0301 (2018 increase)
    Divide that amount by 1.0251 (2017 increase)
    (removes the annual  inflationary increases)
    = your starting amount within a few pence.
    You can then figure out if your starting amount is on the old or new systems.
    New system "single tier" amount of £155.65 / 35 * X (where X is the number of pre 2016 years held up to a maximum of 35 ) minus any COPE amount
    Old system basic pension of £119.30 / 30 * Y (where Y is the number of pre 2016 years held up to a maximum of 30) plus any additional pension which will be the difference between the starting amount and the calculated basic pension.
    You will certainly be on the old system if you have a COPE amount in excess of £36, the difference between the old basic and new pensions.





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