9 years Deferred Pension

Linton

RegoR said:

            

This would seem not to include the 10.4%/year deferal uprating nor any inheritance from your wife.  It is possible that the calculation is only done once you have claimed your SP.

ps your £292 is the equivalent of the standard post 2016 SP of £221.20 per week. 

RegoR

Thank you all for your comments, hope my above details makes it clearer to you, it doesn’t make any sense to me, what have I gained by deferring for 9 years..

Linton

RegoR said:

Thank you all for your comments, hope my above details makes it clearer to you, it doesn’t make any sense to me, what have I gained by deferring for 9 years..

You have not yet been told what your gains from deferring are. All you have been told in the benefit statement is what pension your NI contributions have accrued. Presumably you will receive another statement giving the effect of the deferral.

RegoR

When I applied in March over the phone I asked for a forecast and maybe claim my pension on my Birthday 6/7/24, I was told I would hear from them within 10 weeks, that never happed and I kept phoning them every 4 or 5 weeks, they just said “we will send you your forecast” , I eventually got my “Award Notice and Statement of Details” on the 2/7/24 ( 4days before my Birthday). On my call in March I had asked about lump sums but had not requested a lump sum because… 1, I did not no that I had to, and 2nd I  was only enquiring about a forecast.

What should I do now, I feel they dragged there heels with me and did not get any help or advise..

xylophone

• Thank you all for your comments, hope my above details makes it clearer to you, it doesn’t make any sense to me, what have I gained by deferring for 9 years..

  Did you see my post above and check the links? Inter alia

  https://www.litrg.org.uk/pensions/state-pension/tax-state-pension/putting-deferring-claiming-state-pension#4
  

  
  

  State pension age before 6 April 2016

  If you reached state pension age before 6 April 2016, deferring your state pension would give you two possible options when you decide eventually to claim it.

  When you tell the Pension Service that you would like to claim your deferred state pension, they will write to you asking which of the two options you wish to go for. You have three months to decide.

  Example – pre- 6 April 2016 state pension lump sums

  Fred deferred his state pension from 6 April 2015. In May 2024 he stopped deferring and claims his pension. He informs the Pensions Service of this decision. So, from May 2024 he is paid his normal state pension.

  He then received a notice which explains that he could choose to receive some extra state pension or he could choose to receive a lump sum. The notice also explains that he has three months from the date on the notice to make his decision.

  He waits until July 2024 before choosing a lump sum. The lump sum that had accrued to him between 6 April 2015 and May 2024 is paid to him shortly afterwards. His lump sum is taxable in the 2024/25 tax year. 

  
  
  
  

It seems that you are receiving your normal state pension and are waiting for the letter as above.

• 
  

RegoR

Thank you all once again for you advice, 

I’ve spoken to pensions this morning about my Deferred Pension and they have advised me that I will get a letter( Choices ) in 14 days, so that’s better news.

When I asked them about my wife’s pension I was told that it is within the calculations they have sent, so my state pension is £252.69 plus my wife’s pension equals £292.04, so out of the £169.50 basic pension she would have got, I receive £39.35.. I was told it’s all to do with SERPS, how does that affect the state pension she would have received…would there be a works pension I need to find..🤔

I will let you know when I get my Deferred Pension information…….🌈

Linton

RegoR said:

Thank you all once again for you advice, 

I’ve spoken to pensions this morning about my Deferred Pension and they have advised me that I will get a letter( Choices ) in 14 days, so that’s better news.

When I asked them about my wife’s pension I was told that it is within the calculations they have sent, so my state pension is £252.69 plus my wife’s pension equals £292.04, so out of the £169.50 basic pension she would have got, I receive £39.35.. I was told it’s all to do with SERPS, how does that affect the state pension she would have received…would there be a works pension I need to find..🤔

I will let you know when I get my Deferred Pension information…….🌈

Pre 2016 SP came in 2 sections, a fixed Basic Pension and an additional pension (called SERPs, S2P, ASP at various times) based on your earnings.  SERPs etc was intended to provide a state earnings related DB pension with DB-like benefits at a time (1970s) when employer pensions of any type were only available to a minority of the working population.   These benefits were watered down over time until the whole lot was amalgamated into the post 2016 SP.

Often married women opted out of SERPs or paid a reduced amount of NI and then got some income from their hisband's NI.  AFter all women's income was generally a small supplement to the main family income.

An old works pension is a completely different matter and you would need to undertake your own investigations.

xylophone

When I asked them about my wife’s pension I was told that it is within the calculations they have sent, so my state pension is £252.69 plus my wife’s pension equals £292.04, so out of the £169.50 basic pension she would have got, I receive £39.35.. I was told it’s all to do with SERPS, how does that affect the state pension she would have received…would there be a works pension I need to find..🤔

The letter  you uploaded above indicates the  split.See sentence in capital letters at the bottom. £293.04 - £252.69 = £39.35.

I would imagine that £39.35 represents half the SERPS/S2P accrued by your wife - the links in my previous throw more light on this.

Did your wife have any occupational or private pension?

molerat

Under the old scheme inheritance you can have your basic pension made up to the full amount, you already have that in your own right so nothing there, plus a percentage of the additional pension which is what you will be receiving.