Uk state pension age and calculated benefits
Oct 1st 2017, 5:42 am
#31
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: Uk state pension age and calculated benefits
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.
Oct 1st 2017, 8:55 am
#32
Hostage Negotiator
Joined: Jun 2013
Posts: 5,173
Re: Uk state pension age and calculated benefits
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.
Clearly, something isn't right.
Oct 1st 2017, 10:01 am
#33
BE Forum Addict
Thread Starter
Joined: Nov 2012
Posts: 1,643
Re: Uk state pension age and calculated benefits
have you asked them for a breakdown to show the calculation?
Oct 1st 2017, 12:39 pm
#35
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Uk state pension age and calculated benefits
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).
Oct 1st 2017, 2:16 pm
#36
Hostage Negotiator
Joined: Jun 2013
Posts: 5,173
Re: Uk state pension age and calculated benefits
I'll be claiming from age 65
Oct 1st 2017, 3:25 pm
#37
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Uk state pension age and calculated benefits
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.
Oct 1st 2017, 4:27 pm
#38
Born again atheist
Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
Re: Uk state pension age and calculated benefits
You misread IVV's post. The new standard pension is £160 per week, not per month.
Oct 1st 2017, 4:45 pm
#40
Born again atheist
Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
and even now would have to go back to look.
Oct 1st 2017, 6:06 pm
#43
BE Forum Addict
Joined: Nov 2012
Location: Suffolk UK
Posts: 1,179
Re: Uk state pension age and calculated benefits
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.
Oct 2nd 2017, 3:29 pm
#44
Just Joined
Joined: Sep 2017
Posts: 15
Re: Uk state pension age and calculated benefits
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.
Oct 2nd 2017, 3:38 pm
#45
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
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.