State Pension to be Cut? or Raised?

[Old Timer Chris]

So am I!

So am I!

I am almost there and I didn't expect that one! I can let you have a couple of extracts from a letter I had from HM & Customs in 2012, God time flies!

'Our records show you currently have 45 qualifying years'...It goes on...'You only need 30 qualifying years to get the full basic state pension' the next relevant bit states 'If in any tax year on the enclosed schedule has 'Payment Not Needed' next to it, the tax year has enough NICs paid or credits allocated to be a qualifying year for basic State Pension. Voluntary NICs are not required for tax years noted 'Payment Not Needed.

I got payment not needed throughout my forces and civilian career and according to the Schedule I was paying some NICs during my time in the forces.

Have they changed the goal posts again!

 

[reluctant liney]

As I understand it the contracted out bit only relates to the second state pension. The basic state pension is still covered by NI paid during service.

On the new state pension you need 35 years contracted in to get the full amount. If you qualify for the basic state pension on the old system you will not receive any less than you would have been entitled to on the new system (currently £113 per week). In addition you will have your service pension for the years you served, be this a full service pension from time of leaving or a preserved service pension paid in your sixties onwards.

more information here https://www.gov.uk/browse/working/state-pension

 

[busby1971]

Just had a cursory read through the links on the above, as I'm no longer in doesn't matter to me to much but are people aware that in April 16 they are going to see a sizeable hike in their NI contributions.

Any misunderstandings above caused by predictive texf

 

[reluctant liney]

Just had a cursory read through the links on the above, as I'm no longer in doesn't matter to me to much but are people aware that in April 16 they are going to see a sizeable hike in their NI contributions.

Any misunderstandings above caused by predictive texf

Just had a quick look. My maths may be wrong, but looks like I'll be around £30 - 40 per month worse off due to the NI rise.

 

[Flybynight]

And to think I believed the 1st 12 yrs out of Halton being non pensionable was a rip off. You guys better ask the RN boys what it's like inside the barrel cos I think some of you might develop a severe case of hemorrhoids. Oh yeah, better buy a really large jar of Vaseline before you retire.

Barrel? Vaseline? How did monasteries get into this conversation?

 

[Foz]

​it's confusing, I'll have to do some research

 

[Foz]

I tried to get get an online future state pension quote but the gov web site kindly informed me I have to apply by post. I've sent in the forms and eagerly await their reply.

 

[Old Timer Chris]

Confused...I am now!

Confused...I am now!

Already had one forecast and with my SERPs contributions, since I left, I was looking at projected pension in 2012 of about £140. Goal posts moved for anyone born after April 1951 and that includes me so I am not sure where I stand now!

 

[needsabiggerfuse]

Is this any good to you?

LINKY BIT

 

[Old Timer Chris]

Cheers!

Cheers!

Tried the link....came up with £113 (basic state pension) without the SERPs bit which was worth almost as much as the sate pension when I first enquired. Need to contact them because I thought if your on the new system everybody gets the same, so it should be interesting!

 

[Foz]

I've not had my statement yet but they have written to me to tell me that I underpaid last year tax, how thoughtful of them. Still waiting for my NI statement.