Unable to understand why I don’t get a full pension....

If you were ‘contracted out ‘ for some of those year Shinamae, there will be a deduction (and that part may well be paid in a private or a public service pension I.e NHS, civil service)

When did you claim your state pension?

Hello, prior to the first payment did you receive notification of how your pension amount would be made up?
Your current part-time earnings shouldn't effect the state pension you receive, although your tax code may change due to your increased income and you would probably pay more tax on your earnings.

I probably did receive that notification but can’t remember it now .Yes I do pay quite a bit of tax on my earnings. I have never had any other pension no private pension at all. I claimed my pension at 63 I am 67 now....

seems it is quite complicated.

If you reached state pension age before 6 April 2016, the changes don’t affect you. In this case, the basic state pension is £134.25 a week (£6,981 a year).

Read more: www.which.co.uk/money/pensions-and-retirement/state-pension/your-state-pension-and-benefits/how-much-state-pension-will-i-get-aukgp6n9jkcz - Which?

You're probably receiving the old state pension (which was less) plus SERPs.

So the pension does not go up then it just stays as when you initially claim it?

not exactly, but different people are in different categories, so any increase will not be the same for everyone.
the article i linked above is quite good, but the whole subject is complicated.

Thank you Wellbeck l Will read that later but my head gets a bit muddled when it comes to mathematics I’m afraid. ?

You must be getting £13.00 approx pw in SERPS Shinamae if you’re on the pre 2016 pension.

me too.
i am barely financially literate, or is it numerate ?

If you were claiming the old state pension, you won't be transferred to the new one. On the plus side, you were able to claim your pension earlier than most of those on the new one.

Wellbeck ???....?

Did you work it out correctly? The state pension is paid 4 weekly which means you will receive 13 payments, rather than 12. So you will be receiving £8293 pa. So, is the £700 monthly or 4 weekly?.

To answer your second question - it goes up a little every year.

PS. People on the new state pension don't receive SERPS. It's swings and roundabouts, but you can't have both.

It's actually more than I will receive from April and I have 47 years of contributions too. Mine is reduced because I was contracted out for many years.

Dinahmo I get £637.92 every four weeks.......? The only reason I really queried it was because I read something on another thread where somebody mentioned that their pension was £700 a month and I thought oh dear mines not that much I just wondered why.

I also get mine at the end of this year Growstuff and was contracted out for a number of years in the Nineties but have paid for a couple of years since 2018 (having taken early retirement from public service post in 2017) to top up my shortfall.

Could you do the same? I’m gambling that £740 x 2 will bring me £10pw pension and I’ll break even after three years!

In my ignorance I assumed that everybody who ONLY had the state pension and had the requisite number of years would get the same amount......

£637.92 every 4 weeks is £691.08 per month , so very little difference Shanimae

Sorry Shinamae

That the pension system is different for those who retired pre 6 April 2016 and post this date has confused the hell out of a lot of us Shinamae, so you are in good company.

I'm not due to retire until I'm 67 - 8 years from now. At current rates the full pension that I would have received had I paid what is classed as full Nat Ins for post 6 April 2016 would have been £175.20, but although I've paid over 35 years Nat Ins, like some of other peeps who have posted for some years I was contracted out, and my current forecasted pension is around £35 per week less than this.

I do have the option of paying voluntuary NI contributions within a certain period but as Ive not worked since 2018 the current class 3 Nat Ins Voluntary Contribution rate of just under £800 per year are not affordable. Hubster on the other hand (retires at 66 in July 2023) is forecasted to get around £40 per week more than the current max 'new' state retirement pension, Neither of us is quite sure how he's managed that one.

If someone is of retirement age and their income is less than the pension credit amount (currently £173.75 (for single people) or £265.20 (for couples), they may be able to claim a pension credit (which is means tested) to top their income up to these amounts (plus I think - though am no longer 100% sure - that being in receipt of pension credit also gives a 100% help with Council Tax Benefit and some help with Housing Benefit (if renting a property). See the link below for more information
www.gov.uk/pension-credit

With you working at the current time Shinamae, its unlikely that you would be eligable to pension credit, though may be worth bearing in mind for the future. Though like anything to do with pensions and/or benefits, this might be subject to future changes by the Government.

OMG, what a minefield .Thank you all so much for your helpful information. Yes I have to keep working mainly because if I didn’t I’m pretty sure I would just watch daytime television and eat chocolate!! In all seriousness I really enjoy my job as a carer even during these very testing times......

It sure is a minefield Shinamae, and this is coming from someone who, in a previous life, had a work role that involved advising people on benefits. The whole state retirement pension thing confuses a hell of a lot out of me.

So glad to hear that you are enjoying your work as a carer (flowers)

Darn it, first time I've tried an emoticon on here and it hasnt worked.....back to the drawing board on that one.