State Pension?

Graham W

Graham W

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Graham
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Hi gang. I'm trying to get through to the .GOV 'Phone helpline...can't get through to a human so I thought some one here may be able to help! :)
I'm comeing up to state pension age (Next January) I've gone on the .GOV website to check my pension forcast, I've put in my NI number so I know it's specific to me.
It comes up with a figure of £269.37 a week...the same site says the maximum state pension is £221.20
Is there a logical reason why I should get £48.17 more than the maximum?
 
Graham W said:
Hi gang. I'm trying to get through to the .GOV 'Phone helpline...can't get through to a human so I thought some one here may be able to help! :)
I'm comeing up to state pension age (Next January) I've gone on the .GOV website to check my pension forcast, I've put in my NI number so I know it's specific to me.
It comes up with a figure of £269.37 a week...the same site says the maximum state pension is £221.20
Is there a logical reason why I should get £48.17 more than the maximum?
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None too sure but all I can say is make the application to apply for it and await the grinding gears to advise you what you will receive? As no doubt they will make corrections and if too much paid they will take it back!

Were there any additional notes on your record? Perhaps you were paying too much NI ???

FWIW once I decided to retire I applied for my SP approx 6 months (IIRC they did say to apply at about 6 months prior to the date you wish to receive it) before the actual SP date. So, just maybe as you have yet to apply and they take time to process it.....would that affect the amount to be paid because they won't start to pay it on the date :thinking:
 
@Graham W That will be because you were paying into SERPS as well as basic contributions I would imagine (pre-2016). \as Box Brownie said, use the website to apply for it
 
And then get ready to pay tax on your state pension :(
 
Thanks for the speedy replies chaps...I've been hanging on the 'phone and they've just replied.
It's to do with contracting out prior to / after 2016 and NI payments made. She went into great detail untill I explained that I'm of an age that if I learn somthing new I'm likely to forget where I live...so we agreed that it's correct and that I will graciously accept the extra £48.17
Kind of makes up for the loss of the winter fuel announcment!
 
And don’t forget that you receive the SP in four weekly payments, 13 per year ;)
 
lindsay said:
@Graham W That will be because you were paying into SERPS as well as basic contributions I would imagine (pre-2016). \as Box Brownie said, use the website to apply for it
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Ah! I had forgotten about SERPS, I in common with millions of others contracted out and IIRC wasn't there a time when SERPS ceased that in effect those who had contracted out were auto back-in ??? though it did not change the SP full amount.

@Graham W all the best with officially becoming a 'pensioner' ;)

PS on a side but related note ~ I worked for the NHS from 1973 to 1980 and paid into the Superannuation Scheme. I paid in I think a total of approx. £800. When I was sorting what the SP was I wrote to the NHS Pension Scheme asking if I might have an entitlement. Yes, I did and they explained that I would get a (small) pension with, as I had delayed requesting my pension a taxable lump of the interest accrued.....I asked them if I could pass on taking the interest to boost the pension ~ sadly not :( But the other thing I was due was another untaxed lump sum that was a nice tidy boost to me savings :D

PPS so the morale of the above is, if you have had a mixed portfolio of jobs that within which you paid into a pension....make sure you look into it (y)
 
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lindsay said:
@Graham W That will be because you were paying into SERPS as well as basic contributions I would imagine (pre-2016). \as Box Brownie said, use the website to apply for it
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:plus1: Like wot he said
 
Graham W said:
They've taken my winter fuel alowance...they'd better not go near my bus pass! :mad:
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Wellll! you are not a state pensioner (yet ) so they haven't actually taken it away......whereas we have been in receipt of it ~ just saying ;) :exit:

PS you are getting your SERPS element......when I contracted out it acted in relation to my personal pension savings 'top up'. That account has been badly hit by the war in Ukraine and other global rumblings..... :headbang: :mad:. I might have based on your figures have been better staying in SERPS ~ c'est la vie
 
ah SERPS i was in that for a while and then I got contracted out, not sure what this will do to my pension, I have just retired at 55 on private pension
 
It will kick off when the budget is read out , All the promises about no tax rises my Butt
He has announced today it will be hard .
 
In my first winter as an OAP, I missed out on the winter fuel payment by 3 days (eligibility date 25/9, I was born 28/9) - I was miffed. But last year I got it, £500, nice! Now I won't ever get it again. Oh well, c'est la vie. I don't really need it, at least not at present.
I was contracted out as a civil servant for the first 6 years of my working life, then still out for the next few years first because I worked for an insurance company for a while who ran a private pension for staff, then because I went to live/work in Germany for a few years. When I returned, I became an IT contractor and my IFA advised me to contract out and pay into a specific type of "contacted out private pension" which I did for however many years it was until that was abolished, whereupon I discovered like @Box Brownie that I'd have been far better off staying in SERPS.
On the other hand, when I claimed my state pension, I also asked them to consider my 2.5 years of contributions into German social security. How pleased was I some months later to find that I was to receive a German state pension of E162 a month, not bad for such a short period working there. It just went up by 5% last month. So that's probably better than all the SERPS I might have got.
 
ecoleman said:
They’ll raise everything but income tax and VAT. That was the plan from the start.
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But I think they will extend the period before tax bands increase. Isn’t it 2028 at the moment?
Fiscal drag will catch up with us all eventually :(
 
If you receive a private pension via drawdown, don't forget that if you don't really need all the income, you can pay unto £4000 a year back into your pension fund, nett - ie they will add 25% of that on top as a tax rebate back into the pension too.
 
Got my bus pass a few years ago.. In 30 yrs I have been on 2 bus rides.. none in last 10 .. But I use it to show my age when applying for cheaper tickets when going into events :)

Winter fuel payments.. I now miss out on :( But kinda agree with what they have done, It's now means tested.. When I did get it I never paid a fuel bill. I budget for the yr without counting on it.. No I am not rich haha and it did come in handy..
 
lindsay said:
If you receive a private pension via drawdown, don't forget that if you don't really need all the income, you can pay unto £4000 a year back into your pension fund, nett - ie they will add 25% of that on top as a tax rebate back into the pension too.
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Is that only until you reach the age of 70 or is it 72 years old
 
The reduction in the Winter fuel allowance could bite Starmer in the £bum when the 900,000 people who are entitled to pension credit but have not claimed it decide to claim this money as it is now being brought to their attention by the media and support organisations.
 
lindsay said:
If you receive a private pension via drawdown, don't forget that if you don't really need all the income, you can pay unto £4000 a year back into your pension fund, nett - ie they will add 25% of that on top as a tax rebate back into the pension too.
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£4000 ? I thought the figure was £2880 and with the tax man's bit it became £3600 :thinking:

PS but the stock market is still showing volatility so that extra contribution has the potential to drop not increase :(
 
ecoleman said:
They’ll raise everything but income tax and VAT. That was the plan from the start.
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hopefully also more tax on diesel and VED for diesel cars.
 
Starmer is painting a really dismal future for the country

We are OAP's and I see nothing but negativity from the new Government - we can see through their constant condemnation of the previous government but what good does his constant criticism do?

When you think that only 60% of the people eligible to vote voted and only 37% of those voted Labour - so crudely less than 25% of the people in the UK of voting age voted Labour, how can they expect the 75% to support them? - I only see constant strife going forward........... it is very depressing
 
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BillN_33 said:
Starmer is painting a really dismal future for the country

We are OAP's and I see nothing but negativity from the new Government - we can see through their constant condemnation of the previous government but what good does his constant criticism do?

When you think that only 60% of the people eligible to vote voted and only 37% of those voted Labour - so crudely less than 25% of the people in the UK of voting age voted Labour, how can they expect the 75% to support them? - I only see constant strife going forward.
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yeah but you can't count people that didn't vot at all can you so the 60% is 100% of the vote(d)
if people don't get off there arse and vote they don't get a say

I voted labour and I am newly retired at 55 because we need hard decisions in this country to pay our massive society overheads a lot which was bought on by Roy from Preston

How much money has UK lost due to Brexit?


The Mayor of London, Sadiq Khan, will use a speech at Mansion House in the City of London tonight to reveal that the cost of Brexit to the UK's economy is £140billion, according to new independent analysis.11 Jan 2024
 
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Mr Bump said:
The Mayor of London, Sadiq Khan, will use a speech at Mansion House in the City of London tonight to reveal that the cost of Brexit to the UK's economy is £140billion, according to new independent analysis.11 Jan 2024
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so that's more "doom and gloom" from the London mayor then
 
BillN_33 said:
so that's more "doom and gloom" from the London mayor then
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its not though its just honest straight talking something which the UK people seem to want to ignore
and bury our heads in the sand , this country is financially in deep s*** because of years or tory mismanagement.
because of brexit
because of wars
because of hunt
 
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Mr Bump said:
its not though its just honest straight talking something which the UK people seem to want to ignore
and bury our heads in the sand , this country is financially in deep s*** because of years or tory mismanagement.
because of brexit
because of wars
because of hunt
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Even with Brexit, wars etc., - I thought that the UK economy was improving with a growth rate this year being higher than any EU country - very little mention of that
 
BillN_33 said:
Even with Brexit, wars etc., - I thought that the UK economy was improving with a growth rate this year being higher than any EU country - very little mention of that
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its doing better but you are missing the point
the extra bills from the above are outweighing any gains

estimates say approx 4% of our GDP is now being directly spent on issues regarding Brexit

only goes up to 2022 but you can see the pattern of spending
look at health costs alone

PSS_May_2023_Chart_2.jpg
 
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Mr Bump said:
its doing better but you are missing the point
the extra bills from the above are outweighing any gains

estimates say approx 4% of our GDP
only goes up to 2022 but you can see the pattern of spending
look at health costs alone

View attachment 432317
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I am aware of many of the economic and social "facts" - my concern is that Starmer, "our leader?" is preaching "doom and gloom" when the country was expecting positive change and his actions appear to be negative
 
BillN_33 said:
I am aware of many of the economic and social "facts" - my concern is that Starmer, "our leader?" is preaching "doom and gloom" when the country was expecting positive change and his actions appear to be negative
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I think that he's telling the truth after 14 years of smoke, mirrors and most of all, downright lies.

Plenty of members or supporters of the previous government were, in the words of an infamous member of the Conservative party, "economical with the actualité". Starmer is doing the only honourable thing and telling us the worst. It will be time enough to criticise him in a few years, if he hasn't taken action to repair the damage done by the tories.
 
BillN_33 said:
I am aware of many of the economic and social "facts" - my concern is that Starmer, "our leader?" is preaching "doom and gloom" when the country was expecting positive change and his actions appear to be negative
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i don't think he is, he is simply being honest something politicians seem to not be able to do so we call it doom and gloom
he is going to have to make some tough decisions over the next few years, he is setting his stall up.
personally i quite like him so far, maybe the blandest man ever but that is what we need.
 
Mr Bump said:
i don't think he is, he is simply being honest something politicians seem to not be able to do so we call it doom and gloom
he is going to have to make some tough decisions over the next few years, he is setting his stall up.
personally i quite like him so far, maybe the blandest man ever but that is what we need.
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I could never use the words "honest" and "politicians" in the same sentence, maybe at 77 I'm just too old
 
BillN_33 said:
I could never use the words "honest" and "politicians" in the same sentence, maybe at 77 I'm just too old
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Bill, I am sure that you could but not in a positive way!!
Politicians from all parties are the same, irrespective of nationality or party. Thank goodness up here Holyrood is perfect and the only imperfections are not their fault but imposed on them from Westminster, be it Tory or labour!
 
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