Claiming my State Pension

Outeast1000

molerat said:

Outeast1000 said:

eastcorkram said:

In general, Is the amount you're going to get, not indicated on the letter to claim? Or do they not reveal that until you've claimed??

Yes i know the amount that i am going to get because i cannot increase it any more as i will be SP age next Feb 

But to repeat my question will those six years when i did not pay any NI contributions affect my SP in any way when i do claim it ?

The SP you will receive is what it states on your forecast.  If they are not full years then they do not count for your pension and that will be accounted for in your forecast.

Those years will not be "blank", there will be some sort of text there.

The text for those  '' blank '' years say that i did not make any contributions for this year etc , etc . etc . etc 

xylophone

Are you due to receive at least £203.85 a week?

dealyboy

What I get from this is that the OP reaches SPA in Feb 2024, has 26 or 27 years of full NI contributions, other years are out of time. They will receive an undisclosed amount which they cannot alter.

Outeast1000

Brie said:

la531983 said:

I believe you can defer it for 11 months and get it all backdated at the current rate (little benefit to this tbf), or defer it for an unspecified period and get 1% extra per week for each 9 weeks you defer by.

As for Metro bank, deposits up to £85k are protected anyway and the State Pension isnt anywhere near that amount.

having it backdated can be a right nightmare particularly if you are on income based benefits.  getting a backdated lump sum would require a lot of benefits to be paid back.

I am going to claim my SP sometime in the next two months so it will be backdated about eight months .In what way can it be a right nightmare ? i am not on benefits i am working full time and hope to keep working for as long as i can 

Also is it OK to use the original invatation  code that i recevied or do i have to apply for a new one ?

Dazed_and_C0nfused

Outeast1000 said:

Brie said:

la531983 said:

I believe you can defer it for 11 months and get it all backdated at the current rate (little benefit to this tbf), or defer it for an unspecified period and get 1% extra per week for each 9 weeks you defer by.

As for Metro bank, deposits up to £85k are protected anyway and the State Pension isnt anywhere near that amount.

having it backdated can be a right nightmare particularly if you are on income based benefits.  getting a backdated lump sum would require a lot of benefits to be paid back.

I am going to claim my SP sometime in the next two months so it will be backdated about eight months .In what way can it be a right nightmare ? i am not on benefits i am working full time and hope to keep working for as long as i can 

Also is it OK to use the original invatation  code that i recevied or do i have to apply for a new one ?

Don't forget to budget for the tax you will owe for the past 8 months.

Outeast1000

I pay tax every month but no NI so how am I going to owe tax when I am already paying tax ? 

Dazed_and_C0nfused

Outeast1000 said:

I pay tax every month but no NI so how am I going to owe tax when I am already paying tax ? 

You have presumably been paying tax without State Pension being a factor.

So when you get that 8 months worth you will have tax to pay on it.

It will probably be sorted via adjustments to this year's and next year's tax codes but it will still be extra tax that affects your take home pay.

Audaxer

Outeast1000 said:

I pay tax every month but no NI so how am I going to owe tax when I am already paying tax ? 

If you already pay tax on other income, you will be liable for tax on your 8 months backdated SP. The tax due on your SP is usually paid by adjusting the tax codes or your other income, but not sure exactly how it will be paid for the 8 moths back-dated tax.

Outeast1000

And is it ok to use the code that was sent to me in the original invitation letter ? Or do I have to apply for a new one ? to claim my SP 

Outeast1000

Outeast1000 said:

And is it ok to use the code that was sent to me in the original invitation letter ? Or do I have to apply for a new one ? to claim my SP 

? ? ? ? ? ? ? ?