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Contracted out - Never Knew!!
Comments
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Who knows...they say they have to liase with hmrc...I don't understand as dwp say my NI records are correct0
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I spoke to a guy at dwp today and he implied I may have to buy 5 years...I'll just have to wait..I don't understand why if I was only contracted out for 12 years whilst teaching but otherwise I have no gaps ... 44 full years.. then why am I set to lose quite an amount weekly in as much as possibly £35...?0
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It would seem that at 6/4/16, you had around 41 qualifying years?
At that point, two calculations should have been done for you to establish your "starting amount" for new state pension.
It was the higher of
Old Rules
Full Basic State Pension ( because you had at least 30 QY) + (Additional State Pension - Deduction for Contracting Out).
£119.30 + (Additional State Pension - Deduction for Contracting Out).
New Rules
Full NSP (because you had at least 35 QY) - Contracted Out Pension Equivalent.
£155.65 - COPE.
Your starting amount was less than a full NSP and you had a number of years to go to the last full tax year before you reached SPA.
If you were employed and earning the relevant amount from 6/4/16 - 5/4/18, those years were QY and would have improved your starting amount by around £15.
The likelihood is that voluntary contributions for two years will bring you to full NSP.
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Thankyou so much...I find this so complicated!0
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May I ask...Where did those figures come from?...
£119.30 ... £155.650 -
£119.30 was the old basic full pension and £155.65 the new full pension at April 2016.
2 -
molerat said:£119.30 was the old basic full pension and £155.65 the new full pension at April 2016.It would seem that at 6/4/16, you had around 41 qualifying years?
At that point, two calculations should have been done for you to establish your "starting amount" for new state pension.
It was the higher of
Old Rules
Full Basic State Pension ( because you had at least 30 QY) + (Additional State Pension - Deduction for Contracting Out).
£119.30 + (Additional State Pension - Deduction for Contracting Out).
New Rules
Full NSP (because you had at least 35 QY) - Contracted Out Pension Equivalent.
£155.65 - COPE.
Your starting amount was less than a full NSP and you had a number of years to go to the last full tax year before you reached SPA.
If you were employed and earning the relevant amount from 6/4/16 - 5/4/18, those years were QY and would have improved your starting amount by around £15.
The likelihood is that voluntary contributions for two years will bring you to full NSP.0
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