New State Pension starting amount and full record of qualifying years- trial service

Options
13567…63

Comments

  • madeinireland_2
    madeinireland_2 Posts: 381 Forumite
    Options
    I tried this and it seems really good but I do question the numbers a bit.

    Assuming it's correct it says I will have about £137.93 a year at end of 2015 and can get to £151.25 a difference of £13.32 a week over the remaining 13 years.

    So it seems each year will add just over £1 to the weekly total. Does that sound right? If so then I can't see that it's worth it working for another 12 years for that. How much does it cost to pay for each additional year and would that be worth it?

    Have I missed something?

    Thanks.
  • molerat
    molerat Posts: 31,868 Forumite
    Name Dropper Photogenic First Post First Anniversary
    Options
    As I cannot "verify" I will have to leave it but as I have a "new" statement anyway for this year I can wait till after April and either the gov gateway will be back working or I will get one in the post.
  • molerat
    molerat Posts: 31,868 Forumite
    Name Dropper Photogenic First Post First Anniversary
    edited 25 November 2015 at 9:56PM
    Options
    madeinireland wrote: »
    I tried this and it seems really good but I do question the numbers a bit.

    Assuming it's correct it says I will have about £137.93 a year at end of 2015 and can get to £151.25 a difference of £13.32 a week over the remaining 13 years.

    So it seems each year will add just over £1 to the weekly total. Does that sound right? If so then I can't see that it's worth it working for another 12 years for that. How much does it cost to pay for each additional year and would that be worth it?

    Have I missed something?

    Thanks.
    You can add £4.32 per week per year contributed so you only need to work 3 years to get to the max. Anything more is wasted (as far as pension is concerned). A year of class 3 contributions will cost £733.20 but will pay back in 3.25 years or 4 if taxed at 20% (2015 rates used)
  • SnowMan
    SnowMan Posts: 3,358 Forumite
    Name Dropper First Anniversary First Post Photogenic
    edited 25 November 2015 at 11:29PM
    Options
    butterfly72 wrote: »
    Thanks for this.

    I was given a figure of £151.25 per week at retirement and a figure up to 5 April 2015 which is £89.66 per week.

    It gives me no breakdown or yearly amounts etc, just the two figures mentioned. I've been in the NHS for 15 years so I wonder if its taken that into account.

    It looks like £89.66 is what you've earned so far based on qualifying years up to 5th April 2015, and £151.25pw is what you will get if every future year is a qualifying year.

    When you access the online portal and see your forecast figures, click on the 'how to improve it' tab at the top and then click on 'view your national insurance record'. It should then tell you how many qualifying years you have so far up to 5th April 2015.

    Knowing how many qualifying years you have will give some clues as to what your £89.66 figure is. I'm guessing it is 1/30th of the basic state pension (1/30 of £115.95) for each qualifying year, plus a bit of additional state pension (S2P, SERPS)
    I came, I saw, I melted
  • Shedman
    Shedman Posts: 1,495 Forumite
    First Anniversary First Post Photogenic Name Dropper
    Options
    Thanks for posting the link Snowman. Can't get verified as they ask questions about opening of bank accounts and when you've opened more than a dozen at around the same time it's a bit difficult to know which provider they are asking about.......!! Will have to call one of the verifiers in the morning.
  • chris_m
    chris_m Posts: 8,250 Forumite
    First Anniversary Name Dropper First Post
    Options
    Shedman wrote: »
    Thanks for posting the link Snowman. Can't get verified as they ask questions about opening of bank accounts and when you've opened more than a dozen at around the same time it's a bit difficult to know which provider they are asking about

    I can't because I don't have a photocard driving licence nor passport.
    Have sent them feedback asking what they will be doing to ensure that non-drivers who don't go abroad are not excluded.
  • Lorian
    Lorian Posts: 5,706 Forumite
    Name Dropper First Anniversary First Post Photogenic
    Options
    chris_m wrote: »
    I can't because I don't have a photocard driving licence nor passport.
    Have sent them feedback asking what they will be doing to ensure that non-drivers who don't go abroad are not excluded.



    "To use the public beta service at this stage, you need to have a passport or photocard driver’s licence and have been financially active in the UK for a while. We’ll be carrying on developing and expanding GOV.UK Verify so it will work for more people over time. For example, we’ll be starting work to add more official validation services to the document checking service so that people who don’t have a valid driver licence or passport, can use alternative types of official evidence instead."


    https://identityassurance.blog.gov.uk/2014/10/14/gov-uk-verify-public-beta/
  • molerat
    molerat Posts: 31,868 Forumite
    Name Dropper Photogenic First Post First Anniversary
    Options
    Lorian wrote: »
    "To use the public beta service at this stage, you need to have a passport or photocard driver’s licence and have been financially active in the UK for a while. We’ll be carrying on developing and expanding GOV.UK Verify so it will work for more people over time. For example, we’ll be starting work to add more official validation services to the document checking service so that people who don’t have a valid driver licence or passport, can use alternative types of official evidence instead."


    https://identityassurance.blog.gov.uk/2014/10/14/gov-uk-verify-public-beta/
    I have an idea - how about those who already have a verified gov identity through the existing government gateway be allowed to use the service instead of having to prove who we are again :eek:
  • chris_m
    chris_m Posts: 8,250 Forumite
    First Anniversary Name Dropper First Post
    Options
    molerat wrote: »
    I have an idea - how about those who already have a verified gov identity through the existing government gateway be allowed to use the service instead of having to prove who we are again :eek:

    A good idea, but probably far too simple for the civil service to have considered ;)
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    molerat wrote: »
    I have an idea - how about those who already have a verified gov identity through the existing government gateway be allowed to use the service instead of having to prove who we are again :eek:

    Is only a Beta service. ;)
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards