Means Testing State Pension

molerat

The maximum new state pension is £230.25, £921 per 4 weeks, but with contracted in additional pension that could take the total above the new pension max all earned pre April 2016 - what you had earned up to the inception of the new pension could not be taken away.  

Dazed_and_C0nfused

Leafy437 said:

Yes, that’s correct, maximum increase will achieve £216.51 a week. I’ll obviously lose 20% of it to tax, due to my military pension of 24k, but to be honest I’ll be happy with that, hopefully I’ll live long enough to make it a worthwhile payment. 

Lastly, could I ask a quick question. My friend informed me that his monthly state pension payment is just over a thousand pounds. Can that be correct as I thought the maximum weekly payment is £230.15?

£230.25 is only the maximum for those fully under the new State Pension rules.

Those receiving the old "basic" State Pension or under the transitional rules for the new State Pension can get over £300/week.

But he won't be getting a monthly State Pension payment as no one does.  It will just over a thousand every 4 weeks 😳

Leafy437

Ah okay. Think he was getting annoyed when I questioned it. He turned 66 in December last year.

Leafy437

Thank you very much for your help.

RogerPensionGuy

Dazed_and_C0nfused said:

Leafy437 said:

Yes, that’s correct, maximum increase will achieve £216.51 a week. I’ll obviously lose 20% of it to tax, due to my military pension of 24k, but to be honest I’ll be happy with that, hopefully I’ll live long enough to make it a worthwhile payment. 

Lastly, could I ask a quick question. My friend informed me that his monthly state pension payment is just over a thousand pounds. Can that be correct as I thought the maximum weekly payment is £230.15?

£230.25 is only the maximum for those fully under the new State Pension rules.

Those receiving the old "basic" State Pension or under the transitional rules for the new State Pension can get over £300/week.

But he won't be getting a monthly State Pension payment as no one does.  It will just over a thousand every 4 weeks 😳

I know people who say they get 12 payments of state pension PA. 

They also quote the weekly amount. 

When I get them to multiply weekly X 52 and compare monthly X 12 then only then understand. 

They never even noticed bank payment day every month drops by say 3 calander days per month.

So generally not too keen on basic financial housekeeping. 

I also think state pension can be paid weekly as some people like it that way. 

Dazed_and_C0nfused

RogerPensionGuy said:

Dazed_and_C0nfused said:

Leafy437 said:

Yes, that’s correct, maximum increase will achieve £216.51 a week. I’ll obviously lose 20% of it to tax, due to my military pension of 24k, but to be honest I’ll be happy with that, hopefully I’ll live long enough to make it a worthwhile payment. 

Lastly, could I ask a quick question. My friend informed me that his monthly state pension payment is just over a thousand pounds. Can that be correct as I thought the maximum weekly payment is £230.15?

£230.25 is only the maximum for those fully under the new State Pension rules.

Those receiving the old "basic" State Pension or under the transitional rules for the new State Pension can get over £300/week.

But he won't be getting a monthly State Pension payment as no one does.  It will just over a thousand every 4 weeks 😳

I know people who say they get 12 payments of state pension PA. 

They also quote the weekly amount. 

When I get them to multiply weekly X 52 and compare monthly X 12 then only then understand. 

They never even noticed bank payment day every month drops by say 3 calander days per month.

So generally not too keen on basic financial housekeeping. 

I also think state pension can be paid weekly as some people like it that way. 

They are presumably confused when two payments land in the same calendar month!

Ordinary_Yet_Unique

To check your annual state pension you can divide the weekly amount by 7 and then multiply it by 365.25. You may have to round up or down a few pennies!
Or divide the 4 weekly amount by 28 and then multiply by 365.25. Same answer!