New State Pension Guide
Comments
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Agree, that is what I'm getting as they told me exactly the same figures and I understand all of that. My query has never been explained as 26 years contracted in as a self-employed and only 6 years contracted out of 32 qualifying years has costed me £36/week Just it does not make arithmetic sense !!!!0
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Agree, that is what I'm getting as they told me exactly the same figures and I understand all of that. My query has never been explained as 26 years contracted in as a self-employed and only 6 years contracted out of 32 qualifying years has costed me £36/week Just it does not make arithmetic sense !!!!
probably you have no SERPS/S2P, so max under old system is £119-odd with none of that...for 30 years contributions. You'll also be due some from the contracted out scheme... it makes perfect sense
......Gettin' There, Wherever There is......
I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple
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So the new pension has not really benefitted me, has it? Being born May 2016 ... Where all media and experts say self-employed are the most beneficiary from the new state pension. This has never been explained in details . All in all I'm getting the same as if I am still under the old pension rules except I have paid two years extra to the new pension for nothing at all0
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So the new pension has not really benefitted me, has it? Being born May 2016 ... Where all media and experts say self-employed are the most beneficiary from the new state pension. This has never been explained in details . All in all I'm getting the same as if I am still under the old pension rules except I have paid two years extra to the new pension for nothing at all
Born May 2016, not quite yesterday but....
Presumably you've paid less NI?0 -
OP - what is your date of birth and are you male or female?0
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Where all media and experts say self-employed are the most beneficiary from the new state pension. This has never been explained in details . All in all I'm getting the same as if I am still under the old pension rules except I have paid two years extra to the new pension for nothing at all
self-employed TOTALLY under the new system, probably yes, however you are almost entirely under the old, so lost nothing. All of us who continue working and therefore paying NI once we reach the max we can are paying for other benefits such as JSA, health service and other benefits that you may end up having to claim depend on you having up-to-date NI, so - are you being short-changed? No.
NI isn't just for pensions............Gettin' There, Wherever There is......
I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple0 -
So the new pension has not really benefitted me, has it?
NoBeing born May 2016 ...
Youlve said this twice now, and it's obviously untrue - I assume you mean you;ve reached State Retirement Age in May 2016 ?Where all media and experts say self-employed are the most beneficiary from the new state pension.
But you've done most of your time under the old rules, and there is a transitional period. Those starting their working lives now will see the benefitAll in all I'm getting the same as if I am still under the old pension rules except I have paid two years extra to the new pension for nothing at all
You would have continued to have paid that anyway - NI is effectively just another form of income tax.0 -
Sorry guys, I meant reached state pension May 2016, not born May 2016, funny ha :-) I can see your points that I am mostly under the old state pension and the new state pension will really only benefit people in years to come, and no one will benefit in actual terms who retires in current years from now, or April 2016. When they announced the new state pension they have never detailed things that people like me and most can understand the actual amount we are getting , then again THEY NEVER DO ! Just big headlines. Thanks to everyone has put time and effort to explain it further and more in details ( you all should have jobs in the Pension Service customer liaison ) THIS IS A GREAT FORUM ... Cheers x0
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If you had not been contracted out for part of your working life then you would have got more under the new system that you would under the old one.I can see your points that I am mostly under the old state pension and the new state pension will really only benefit people in years to come,
If you hadnt been contracted out you would have got 32 years worth of nSP ( (32 * £155.65 ) / 35) which would be worth £142.
But the key point, which you keep ignoring, is that you wouldnt have the occupational pension.
Also your NI contribution record isnt brilliant, is it? If you had a full record you might have got more as well.
You havent lost out in any way.0 -
Cheers greenslide, I am aware of my occupational pension had reduced my NI payments but that was only for 6 years and shocked this has reduced my new state pension by staggering £36/week I never thought it would be that much. Making me think what if I had spent more than 6 years contracted out as an employee ! 26 years contracted in as a self-employed with full NI contributions record has not benefitted me at all. Now I understand NSP is really not meant to benefit you more than the OSP if you retire around or just after 6 April 2016 , no one will get the max or higher new state pension for years to come, as I understand it from other replying posts .0
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