Pension query

Trash1

Having watched Martin's recent ITV show regarding pensions and then spending tome on MSE website, I understood the full weekly pension anybody could get is £221.20. I'm just wondering if anybody knows why mine says £234.40 per week?

TadleyBaggie

If you were enrolled in the Second State Pension you could get considerably more than that. I get £241.25 a week. 

Silvertabby

And my neighbour gets almost £24K, due to high levels of SERPS/SP2 and a few years of deferral at the old, much more generous rate, of 10%.

Contrary to popular belief, the new single tier pension is not more generous than the old pension scheme.

Trash1

Thank you - I wasn't born before 1951 though which is what I thought potentially qualified someone for this extra payment. I have not inherited an allowance from anyone either. It's all a bit strange!

molerat

But you got your pension under the old rules.  That amount was then carried forward, you were not penalised for having more than the new full pension.

Sarahspangles

Trash1 said:

Thank you - I wasn't born before 1951 though which is what I thought potentially qualified someone for this extra payment. I have not inherited an allowance from anyone either. It's all a bit strange!

It’s not an extra payment, it’s based on your contributions. Some people contracted out and have built up personal pensions instead. You took the contracted in route.

Trash1

Thanks for all the replies - just mainly wanted to make sure it was correct as I had no idea if I'd paid enough in.