Tax Year 20/21 How many weeks of State Pension ?

John_Pierpoint

Here we are again, trying to complete the 23/24 tax return. This year will be full of new tax payers realising that their supposed income from savings has burst through the £1,000 zero-rate band. Though nothing like keeping up with the loss of value of the capital in their account.
There will also be a collection of people with a side hustle, trying to evaluate their PROFIT from such activity.

On the pension front, how many people actually collect cash weekly from a dodgy Horizon system in a post office?
For 23/24 I actually received into my bank account
£
906.72 on 06apr23 then 
975.51 on 05may
998.44 on 02jun
then ditto until 05apr24 making 13 lunar monthly payments = 52 weeks.

Then £1067.56 On 03may24 & 1090.60 on 31may24
Perhaps this confusing nonsense is why the system does not fill it in automatically, as is the case with my two company pensions. What will I report for this year 23/24 year.

(If anyone is thinking “That pension is bigger than mine”; the main reason is I did not retire until the age of 70 having started full time employment at 17).

DRS1

I may permanently defer my state pension just so I don't have to work out I have to put in my tax return.

How comes you seem to be getting two increases per annum?

sheramber

DRS1 said:

I may permanently defer my state pension just so I don't have to work out I have to put in my tax return.

How comes you seem to be getting two increases per annum?

Increase in state pension is from 11 April so May payment would only have 3 weeks at increased rate, while June payment would be 4 weeks. 

DRS1

sheramber said:

DRS1 said:

I may permanently defer my state pension just so I don't have to work out I have to put in my tax return.

How comes you seem to be getting two increases per annum?

Increase in state pension is from 11 April so May payment would only have 3 weeks at increased rate, while June payment would be 4 weeks. 

Ah I get it now.

John_Pierpoint

DRS1 said:

I may permanently defer my state pension just so I don't have to work out I have to put in my tax return.

How comes you seem to be getting two increases per annum?

The state pension no longer goes up 10% a year, while remaining unclaimed, I think it is now 5%.
I could not get anything like 10% on my savings and reasoned that if I pegged out, well I would not be needing it anyway, so the gamble made sense.

John_Pierpoint

It is an increase of 5.8% now, but there are ifs and buts:
https://www.gov.uk/deferring-state-pension/what-you-get

DRS1

Yes a friend of mine is deferring the SP but only until he stops working when his other income will reduce.  So you could possibly argue the increase of 5.8% is actually more because he is keeping the SP out of a higher band of income for the year or so that he continues working.  I have already stopped so that won't be true for me.