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Old Oct 1st 2017, 6:42 am   #31
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Default Re: Uk state pension age and calculated benefits

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Originally Posted by Gazza-d View Post
I've had a statement since they made the changes and unless they have change it again you still get what you paid for up until the change but they stopped you accruing more after something like 2012. My statement still gave me something like £225 per week. If you read the Telegraph article those in their late 50s and near retirement won't loose their entitlement.
I was contracted out for about 5 years, and then I contracted in for about 8. However my pension statement has me contracted out for all 13 years I believe. My max pension is 159.55, it does not mention anything about extra payments. Maybe it depends on the year you retire.
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Old Oct 1st 2017, 9:55 am   #32
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Default Re: Uk state pension age and calculated benefits

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I was contracted out for about 5 years, and then I contracted in for about 8. However my pension statement has me contracted out for all 13 years I believe. My max pension is 159.55, it does not mention anything about extra payments. Maybe it depends on the year you retire.
This is a bit of a puzzle to me since I have 30 qualifying years, 6 years contracted out, 14 years contracted in and 10 years voluntary class 3 contributions. My latest pension forecast (3 months ago) is £179.37 per month.

Clearly, something isn't right.
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Old Oct 1st 2017, 11:01 am   #33
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Default Re: Uk state pension age and calculated benefits

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This is a bit of a puzzle to me since I have 30 qualifying years, 6 years contracted out, 14 years contracted in and 10 years voluntary class 3 contributions. My latest pension forecast (3 months ago) is £179.37 per month.

Clearly, something isn't right.
have you asked them for a breakdown to show the calculation?
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Old Oct 1st 2017, 12:52 pm   #34
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Default Re: Uk state pension age and calculated benefits

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have you asked them for a breakdown to show the calculation?
No, but I will now
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Old Oct 1st 2017, 1:39 pm   #35
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Default Re: Uk state pension age and calculated benefits

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Originally Posted by InVinoVeritas View Post
This is a bit of a puzzle to me since I have 30 qualifying years, 6 years contracted out, 14 years contracted in and 10 years voluntary class 3 contributions. My latest pension forecast (3 months ago) is £179.37 per month.

Clearly, something isn't right.
Are you claiming at, or beyond statutory retirement age? .... My mother didn't claim her state pension until she was 65 and therefore gets a pension that is 50% greater than she would otherwise have received (which was a full pension having worked for most of her life).
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Old Oct 1st 2017, 3:16 pm   #36
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Default Re: Uk state pension age and calculated benefits

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Are you claiming at, or beyond statutory retirement age? .... My mother didn't claim her state pension until she was 65 and therefore gets a pension that is 50% greater than she would otherwise have received (which was a full pension having worked for most of her life).
I'll be claiming from age 65
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Old Oct 1st 2017, 4:25 pm   #37
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Default Re: Uk state pension age and calculated benefits

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I'll be claiming from age 65
I dunno then. I would be very interested to know why you are being predicted to have a pension higher than the new "standard pension", and whether that translates into an actual higher payment.
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Old Oct 1st 2017, 5:27 pm   #38
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Default Re: Uk state pension age and calculated benefits

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Originally Posted by Pulaski View Post
I dunno then. I would be very interested to know why you are being predicted to have a pension higher than the new "standard pension", and whether that translates into an actual higher payment.
You misread IVV's post. The new standard pension is £160 per week, not per month.
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Old Oct 1st 2017, 5:44 pm   #39
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Default Re: Uk state pension age and calculated benefits

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Originally Posted by Novocastrian View Post
You misread IVV's post. The new standard pension is £160 per week, not per month.
Sorry my mistake, Novo - I meant £179.37 per week
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Old Oct 1st 2017, 5:45 pm   #40
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Default Re: Uk state pension age and calculated benefits

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Originally Posted by InVinoVeritas View Post
Sorry my mistake, Novo - I meant £179.37 per week
Ah, so Pulaski is a mind-reader?
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Old Oct 1st 2017, 5:50 pm   #41
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Default Re: Uk state pension age and calculated benefits

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Ah, so Pulaski is a mind-reader?
He can foretell the future too
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Old Oct 1st 2017, 5:51 pm   #42
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Default Re: Uk state pension age and calculated benefits

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Originally Posted by Novocastrian View Post
You misread IVV's post. The new standard pension is £160 per week, not per month.
I "knew" he meant per week, in fact I hadn't even noticed if he said "per month", and even now would have to go back to look.
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Old Oct 1st 2017, 7:06 pm   #43
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Default Re: Uk state pension age and calculated benefits

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Originally Posted by Pulaski View Post
I dunno then. I would be very interested to know why you are being predicted to have a pension higher than the new "standard pension", and whether that translates into an actual higher payment.
We need to know his age before we can comment as there is a transitionary period.They can't just take away what you have already accrued. It's only people in their 40s that haven't built a fund beyond the threshold that get nothing extra.
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Old Oct 2nd 2017, 4:29 pm   #44
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Default Re: Uk state pension age and calculated benefits

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Hi,

Please correct me if I'm wrong, but are you saying that because you're receiving company retirement pension, the government reduced your state pension weekly benefit??
Regretfully yes by being" contracted out " your NI premiums both for you and for
The company you worked for were reduced which overall benefits the company more than you,therefore your company pension like mine was transferred to insurance companies
. In my case the first letter i got from the DWP stated i would be getting £195
A week ! Then later i got another saying as i was contracted out it would be reduced by £58 a week ! I worked for a paper company And i was in a union where the union leader had his own office alongside the company owners , once the workers pensions had all been bought by the insurance companies the owners of my company sold it for millions.
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Old Oct 2nd 2017, 4:38 pm   #45
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Default Re: Uk state pension age and calculated benefits

I have a slightly different problem. I worked in local government for 6 months, September to end of April. HMRC is saying that I was contracted out for those 2 years. The council is saying because I worked less than 2 years they was to refund my contributions. So I get no pension from either scheme. Similar with the company I moved onto that had a DB scheme, again contracted out, but again not enough service, so want to refund contributions. This was over 15 years ago now. I wish they had told me this at the time.
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