Not getting full amount of New State Pension

jem16

covid1956 said:

POST AFTER PHONING PENSIONS OFFICE
Phoned future pensions office, they informed me that i pay my £301 to HMRC however "there is no guarantee that this will increase my pension by to the full amount" so she filled in a form and sent it to HMRC, who will write to me within 14days to tell me if my additional payment is financially worthwhile.
14 days !! HMRC !!! Lets see if they meet that deadline.
Covid

Can you just clarify two things please?

1. How much are you currently receiving each week as state pension? You've said "about £5pw short" but can you tell us the specific amount?

2. Which year exactly is this £301 payment for?

covid1956

jem16 said:

covid1956 said:

POST AFTER PHONING PENSIONS OFFICE
Phoned future pensions office, they informed me that i pay my £301 to HMRC however "there is no guarantee that this will increase my pension by to the full amount" so she filled in a form and sent it to HMRC, who will write to me within 14days to tell me if my additional payment is financially worthwhile.
14 days !! HMRC !!! Lets see if they meet that deadline.
Covid

Can you just clarify two things please?

1. How much are you currently receiving each week as state pension? You've said "about £5pw short" but can you tell us the specific amount?  £721 every 4 weeks

2. Which year exactly is this £301 payment for?  2019-20


UPDATE
Had a phone call at 5.30 on Friday FROM A LADY AT hmrc who contradicted the information i got from the pensions office she told me on Friday that the pensions office should be able to tell me if the £301 would give me the maximum pension
Also she told me that from 1978 ALL local authorities pensions schemes were of the CONTRACTED OUT scheme and thats why i am not getting the full state pension
She told me that it looks as if my pension is correct but she was going to double check the info and write to me within 2 weeks

So i am not very happy with this news but i will just have to get on with it

will update this thread when i get info

tata
covid

bye for the mo
covid

molerat

2019-20 cannot fail to add value.  £721 / 4 = £180.25 pw.  £185.15 - £180.25 = £4.90  so purchasing that year will take you to the full amount.

As I said previously I am very surprised that FPC were not able to tell you that.

I also asked if you were in a final salary pension as that would be the answer to why you were not receiving the full amount.

You are a winner under the new scheme as you are able to make up the gap, I needed another 2 years so couldn't quite get there.

nigelbb

molerat said:

2019-20 cannot fail to add value.  £721 / 4 = £180.25 pw.  £185.15 - £180.25 = £4.90  so purchasing that year will take you to the full amount.

As I said previously I am very surprised that FPC were not able to tell you that.

I also asked if you were in a final salary pension as that would be the answer to why you were not receiving the full amount.

You are a winner under the new scheme as you are able to make up the gap, I needed another 2 years so couldn't quite get there.

I needed another four years for maximum pension when I reached state pension age. It is swings & roundabouts though as I have continued to work & estimate that by the time I give up work the amount saved by not paying National Insurance post-pension age will be around the same as the extra that I would have received if I had received maximum pension.

sheslookinhot

nigelbb said:

molerat said:

2019-20 cannot fail to add value.  £721 / 4 = £180.25 pw.  £185.15 - £180.25 = £4.90  so purchasing that year will take you to the full amount.

As I said previously I am very surprised that FPC were not able to tell you that.

I also asked if you were in a final salary pension as that would be the answer to why you were not receiving the full amount.

You are a winner under the new scheme as you are able to make up the gap, I needed another 2 years so couldn't quite get there.

I needed another four years for maximum pension when I reached state pension age. It is swings & roundabouts though as I have continued to work & estimate that by the time I give up work the amount saved by not paying National Insurance post-pension age will be around the same as the extra that I would have received if I had received maximum pension.

Do you not need to continue paying NI as long as you are in paid employment?

p00hsticks

sheslookinhot said:

nigelbb said:

molerat said:

2019-20 cannot fail to add value.  £721 / 4 = £180.25 pw.  £185.15 - £180.25 = £4.90  so purchasing that year will take you to the full amount.

As I said previously I am very surprised that FPC were not able to tell you that.

I also asked if you were in a final salary pension as that would be the answer to why you were not receiving the full amount.

You are a winner under the new scheme as you are able to make up the gap, I needed another 2 years so couldn't quite get there.

I needed another four years for maximum pension when I reached state pension age. It is swings & roundabouts though as I have continued to work & estimate that by the time I give up work the amount saved by not paying National Insurance post-pension age will be around the same as the extra that I would have received if I had received maximum pension.

Do you not need to continue paying NI as long as you are in paid employment?

No you stop paying NI when you reach State Pension age.

From next tax year though, those over SPA still in paid employment will need to pay the new 1.25% Health and Social care Levy (this year it's been temporarily done as a rise in NI rates so pensioners were excluded from paying)

jem16

covid1956 said:

jem16 said:

covid1956 said:

POST AFTER PHONING PENSIONS OFFICE
Phoned future pensions office, they informed me that i pay my £301 to HMRC however "there is no guarantee that this will increase my pension by to the full amount" so she filled in a form and sent it to HMRC, who will write to me within 14days to tell me if my additional payment is financially worthwhile.
14 days !! HMRC !!! Lets see if they meet that deadline.
Covid

Can you just clarify two things please?

1. How much are you currently receiving each week as state pension? You've said "about £5pw short" but can you tell us the specific amount?  £721 every 4 weeks

2. Which year exactly is this £301 payment for?  2019-20


UPDATE
Had a phone call at 5.30 on Friday FROM A LADY AT hmrc who contradicted the information i got from the pensions office she told me on Friday that the pensions office should be able to tell me if the £301 would give me the maximum pension
Also she told me that from 1978 ALL local authorities pensions schemes were of the CONTRACTED OUT scheme and thats why i am not getting the full state pension
She told me that it looks as if my pension is correct but she was going to double check the info and write to me within 2 weeks

So i am not very happy with this news but i will just have to get on with it

will update this thread when i get info

tata
covid

bye for the mo
covid

As molerat has already said, I cannot see why the FPC could not have given you the answer as it's fairly obvious.

If I were you I'd just get on to HMRC and pay the £301 for 2019/20 which will then bring you up to a full pension.

jem16

molerat said:

You are a winner under the new scheme as you are able to make up the gap, I needed another 2 years so couldn't quite get there.

I'm the same as you in that I would need another 2 years to get to the full pension. However I can't complain as it's basically £30pw more than I would have been getting under the old system.

nigelbb

sheslookinhot said:

nigelbb said:

molerat said:

2019-20 cannot fail to add value.  £721 / 4 = £180.25 pw.  £185.15 - £180.25 = £4.90  so purchasing that year will take you to the full amount.

As I said previously I am very surprised that FPC were not able to tell you that.

I also asked if you were in a final salary pension as that would be the answer to why you were not receiving the full amount.

You are a winner under the new scheme as you are able to make up the gap, I needed another 2 years so couldn't quite get there.

I needed another four years for maximum pension when I reached state pension age. It is swings & roundabouts though as I have continued to work & estimate that by the time I give up work the amount saved by not paying National Insurance post-pension age will be around the same as the extra that I would have received if I had received maximum pension.

Do you not need to continue paying NI as long as you are in paid employment?

No. It's a nice bonus that personally has been worth an extra few thousands a year to me.

covid1956

ANOTHER UPDATE
Today i had a phone call from someone at the DWP, he explained about being contracted out, which had already been explained in the previous phone call on Friday.
He told me that "someone" would write to me to tell me if paying the £301 would give me the maximum pension, at which point i said that i had contacted the pensions office on the 18th of May and "someone" was supposed to do that 2 months ago.
Worryingly he kept on referring to me having 43 full years NI contributions, i kept on reminding him that the GOV.UK website states i have 44 full years NI, but he was adamant i had 43. So if DWP have got that info wrong what else have they got wrong??
At that point i requested ALL the employment / pension scheme information hmrc and dwp have on me as i wanted to check for errors --- he agreed, but stated that might take "a while"

ALSO
There is no guarantee that after paying the extra year it would be backdated to when your pension starts, it can be requested but the decision is dwp,s

COVID