Difference between Basic State Pension & New State Pension

GAC47

I retired in 2012 with the basic state pension. Three years later the new State Pension was introduced at a considerably higher rate. I there any way I can apply for the New State Pension?

doodling

Hi,

GAC47 said:

I retired in 2012 with the basic state pension. Three years later the new State Pension was introduced at a considerably higher rate. I there any way I can apply for the New State Pension?

No.

(And there would be many who would disagree that the NSP is at a considerably higher rate than the old state pension once the earnings related element is considered.)

p00hsticks

GAC47 said:

I retired in 2012 with the basic state pension. Three years later the new State Pension was introduced at a considerably higher rate. I there any way I can apply for the New State Pension?

No - and it;s not as simple as you think it is. 

The new State Pension replaced not just the old basic state pension but also the additional state pension (SERPS/S2P). Many who reached State Pension Age before the new State Pension was introduced will therefore be receiving more (in some cases much more)  that both just the old 'basic' state pension amount and the new maximum 'new State Pension' (which, due to transitional rules, not everyone reaching SPA after April 2016 will be eligible for the full amount)

dunstonh

GAC47 said:

I retired in 2012 with the basic state pension. Three years later the new State Pension was introduced at a considerably higher rate. I there any way I can apply for the New State Pension?

That would be extremely unfair if the Government allowed it.    Indeed, its a bit cheeky to suggest it.

The new state pension is all a single pension.      The basic state pension is just one of the elements that you have.  The others being graduated, SERPs and S2P.    You need to add all of those elements together to be comparable to the new state pension.  Ignoring all elements means you are not comparing like for like.

All elements of the old state pension system could exceed the new state pension total by quite a lot depending on your qualification.