MSE News: Government outlines flat-rate state pension

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
373 replies 47.8K views
13234363738

Replies

  • zagfleszagfles Forumite
    17.4K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Chutzpah Haggler
    ✭✭✭✭✭
    well people don't get it - tough innit!

    you just need to find out -its not hard - you have the internet, programs on r4 - mb live explained it all - cab may help - and finally there's no such thing as a free lunch - don't tell me anyone is taken in by the 'promise' of a bigger flat rate pension than what they would get under the old scheme when 'we' heve no money!

    i can't believe no one can work this out for themselves and if so its sad innit!

    cheers


    fj
    Plus it's been mentioned in this thread probably about 10 times at least!
  • johnakajohnaka Forumite
    131 Posts
    Part of the Furniture 100 Posts Combo Breaker
    how will this work out for me since I've worked from 1968 to 2009.
    from 2009 ..self employed paying class 2 stamps.
    so from aug 1968 to 1986 paid into serp. from that date 1986 to 2009 I contracted out.
    my last forecast 2 or 3 years ago was that I get £132 state pension and this inc the serps paid in up to 1986.
    any idea what I'm likely to get when I retire in Nove 2016?
    also would they take into consideration my lump sum?
    total sum of contracted out inc with profits etc £46000.
    the actual contracted out amount would be probaly less than this.
  • zagfleszagfles Forumite
    17.4K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Chutzpah Haggler
    ✭✭✭✭✭
    johnaka wrote: »
    how will this work out for me since I've worked from 1968 to 2009.
    from 2009 ..self employed paying class 2 stamps.
    so from aug 1968 to 1986 paid into serp. from that date 1986 to 2009 I contracted out.
    my last forecast 2 or 3 years ago was that I get £132 state pension and this inc the serps paid in up to 1986.
    any idea what I'm likely to get when I retire in Nove 2016?
    also would they take into consideration my lump sum?
    total sum of contracted out inc with profits etc £46000.
    the actual contracted out amount would be probaly less than this.
    Have you got a forecast where it actually tells you the contracted out deduction (they seem to have stopped doing this a few years ago).

    But I'd guess your COD would be well above £12 with all that contracted out service, so you won't be better off under the new rules, you'd probably get whatever you were going to get under the current rules.
  • xylophonexylophone Forumite
    38.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    1968 to 1986 paid into serp.

    Not exactly. http://www.mypensionadvice.com/info.php
  • Paul_VarjakPaul_Varjak Forumite
    4.6K Posts
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    ✭✭✭✭
    I reach 65 in in March 2016, so will miss out on the new State Pension by a few weeks.

    My graduated Pension, SERPS and S2P will not bring my State Pension up to the new flat rate State Pension, so will I be able to make up the shortfall with Pension Credit or any other benefit?
  • jamesdjamesd Forumite
    25.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Yes, if you qualify under the various means tests that apply.
  • johnakajohnaka Forumite
    131 Posts
    Part of the Furniture 100 Posts Combo Breaker
    my last pension forecast was in 2008
    it stated as follows.....
    basic state pension £90.70p
    additional state pension £28.99p
    graduated retirement benefit £3.18p
    totaling £122.87p
    so if the current pension is £107.45p toget with the extra above....
    this comes to £139.62.
    I don't know if the other two has gone up or not .
    is it possible to get another forecast or would this be pointless in view of the recent pension changes?
  • gadgetmindgadgetmind Forumite
    11.1K Posts
    Tenth Anniversary 10,000 Posts Combo Breaker
    ✭✭✭✭✭
    johnaka wrote: »
    I don't know if the other two has gone up or not .

    If you've still been earning enough you will have more additional pension.
    is it possible to get another forecast or would this be pointless in view of the recent pension changes?
    No, you can get another, but wait until around mid-May as you'll then have this year in there.

    Note that if you continue working after the new system comes in, you can keep working you way up to the full £144.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • edited 30 March 2013 at 1:30PM
    wakeupalarmwakeupalarm Forumite
    848 Posts
    Part of the Furniture 500 Posts Name Dropper
    ✭✭✭
    edited 30 March 2013 at 1:30PM
    johnaka wrote: »
    my last pension forecast was in 2008
    it stated as follows.....
    basic state pension £90.70p
    additional state pension £28.99p
    graduated retirement benefit £3.18p
    totaling £122.87p
    so if the current pension is £107.45p toget with the extra above....
    this comes to £139.62.
    I don't know if the other two has gone up or not .
    is it possible to get another forecast or would this be pointless in view of the recent pension changes?

    Have you been employed since 2008? if so and depending on your earnings your S2P may have increased your pension above the £144 amount already and it may be beneficial to you to continue to increase your S2P so that you have a larger protected amount come 2016.
  • johnakajohnaka Forumite
    131 Posts
    Part of the Furniture 100 Posts Combo Breaker
    since march(redundancy) 2009 to may claimed benefits.
    from may self employed paying class2 stamps.
    got 40 years in full time employment plus a year on job seekers.

    beside the above surely the additional state pension and
    graduated retirement benefit will have gone up a bit in line with inflation?
This discussion has been closed.
Latest MSE News and Guides

Tesco Clubcard rule tweaks

Be careful when converting points to Cineworld

MSE News

£148 of Ciaté nail polish for £35

Via its Advent calendar (norm £59 delivered)

MSE Deals