Claiming deferred State Pension.......what weekly amount to expect.

dealyboy

@Linton said:

...

However if you deferred for 1 year you would get no lump sum but your SP in year 2 would be £10500 increased by the triple lock + £10500 X0.058 X increase in CPI.  You dont get the full triple lock on "Extra" SP.

...

"+ £10500 X0.058 X increase in CPI"

shouldn't that be ...
+ £10500 increased by the triple lock x 0.058 i.e. start of 'extra state pension' (start of year 2) after 1 year deferral ? ...

... subsequently (year 3 onwards) the increase of state pension and extra state pension increase from year 2's rates independently, SP by triple lock, ESP by CPI.

Linton

dealyboy said:

@Linton said:

...

However if you deferred for 1 year you would get no lump sum but your SP in year 2 would be £10500 increased by the triple lock + £10500 X0.058 X increase in CPI.  You dont get the full triple lock on "Extra" SP.

...

"+ £10500 X0.058 X increase in CPI"

shouldn't that be ...
+ £10500 increased by the triple lock x 0.058 i.e. start of 'extra state pension' (start of year 2) after 1 year deferral ? ...

... subsequently (year 3 onwards) the increase of state pension and extra state pension increase from year 2's rates independently, SP by triple lock, ESP by CPI.

Good point, I believe you are correct.

xylophone

 Your post indicates indicates that you had  c 46 QY at 6/4/16.

You say that you were never a member of a contracted out pension scheme.

Did you obtain a state pension forecast at around the time of inception of NSP or before you reached SPA?

If so, what did it say?

peewhyeff

Letter Aug 2015 states 45 Q/Y. and £151.25
Letter Mch 2018 doesn't mention Q/Y but £159.55,'you cannot improve your forecast any more '.

xylophone

https://adviser.royallondon.com/technical-central/rates-and-factors/state-pension/new-state-pension/

Which means that you had already reached full NSP so that while you would have been paying NI up to your SPA (if working and earning the relevant amount), it would not have improved your forecast - your SP would simply have been index linked under the triple lock so that had you claimed your SP in May 2020, your pension would have been £175.20 a week.

Full NSP has been index linked so that it has reached £203.85 in the current tax year - if you claim next month without backdating, you will be entitled to full NSP plus the 5.8% enhancement of appropriate rate of full NSP for the deferred years/weeks?

As a previous poster opined, around £240 a week seems about correct?

peewhyeff

Had a call today from Pensions. I have indeed been given incorrect info. Another Forecast letter coming my way. Will keep you posted. Thanks for all comments so far.  May still need advice on which option to choose.