Help with pension

JJC1956

No wonder Martin Lewis looks confused in his pensions TV spot 😆

Dazed_and_C0nfused

JJC1956 said:

Dazed_and_C0nfused said:

JJC1956 said:

Whilst we are on the subject of State Pensions, im a bit bemused that i received my state pension last April of the full £740 every 4 weeks but 2 of my friends that retired later than me, last October and this January 23 are receiving more, any reason for this? My Full NI contributions are 41 years and 9 partial

Because they will have a different NI history to you.

They are going to have had a starting amount at April 2016 which was already above the standard new State Pension so could never increase that (apart from annual inflation increases).

Yours will have been at or below the standard so post 2016 contributions will have taken you to the standard amount.

So if my 41 years contributions was 34 years in 2016 that makes a difference? 

Having 35 years is irrelevant to people getting the new State Pension at the moment.

Those rules only apply to people starting to pay NI from 2016.

You are under transitional rules which are much more complicated.

The reality is your situation won't have been identical to your friends.  

JJC1956

Dazed_and_C0nfused said:

JJC1956 said:

Dazed_and_C0nfused said:

JJC1956 said:

Whilst we are on the subject of State Pensions, im a bit bemused that i received my state pension last April of the full £740 every 4 weeks but 2 of my friends that retired later than me, last October and this January 23 are receiving more, any reason for this? My Full NI contributions are 41 years and 9 partial

Because they will have a different NI history to you.

They are going to have had a starting amount at April 2016 which was already above the standard new State Pension so could never increase that (apart from annual inflation increases).

Yours will have been at or below the standard so post 2016 contributions will have taken you to the standard amount.

So if my 41 years contributions was 34 years in 2016 that makes a difference? 

Having 35 years is irrelevant to people getting the new State Pension at the moment.

Those rules only apply to people starting to pay NI from 2016.

You are under transitional rules which are much more complicated.

The reality is your situation won't have been identical to your friends.  

So complicated that nobody including Martin Lewis understands them. You either reach the maximum NI contributions or you don't, if you don’t you can top up, if you fill the glass you can’t top up anymore, but obviously the system in place is flawed.
Good luck to my 2 friends for getting more but something ain’t right.

JJC1956

PS Thanks for your help, much appreciated

Dazed_and_C0nfused

JJC1956 said:

Dazed_and_C0nfused said:

JJC1956 said:

Dazed_and_C0nfused said:

JJC1956 said:

Whilst we are on the subject of State Pensions, im a bit bemused that i received my state pension last April of the full £740 every 4 weeks but 2 of my friends that retired later than me, last October and this January 23 are receiving more, any reason for this? My Full NI contributions are 41 years and 9 partial

Because they will have a different NI history to you.

They are going to have had a starting amount at April 2016 which was already above the standard new State Pension so could never increase that (apart from annual inflation increases).

Yours will have been at or below the standard so post 2016 contributions will have taken you to the standard amount.

So if my 41 years contributions was 34 years in 2016 that makes a difference? 

Having 35 years is irrelevant to people getting the new State Pension at the moment.

Those rules only apply to people starting to pay NI from 2016.

You are under transitional rules which are much more complicated.

The reality is your situation won't have been identical to your friends.  

So complicated that nobody including Martin Lewis understands them. You either reach the maximum NI contributions or you don't, if you don’t you can top up, if you fill the glass you can’t top up anymore, but obviously the system in place is flawed.
Good luck to my 2 friends for getting more but something ain’t right.

You are the winner in this situation.

It's likely that you paid lower NI than them for a longer period before 2016 but had time after 2016 to increase your State Pension to the standard new State Pension amount.

Whereas they had reached that standard amount by 2016 so any further contributions since then added exactly zero.

xylophone

See

https://forums.moneysavingexpert.com/discussion/comment/79858006#Comment_79858006