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The statement "This contracted out deduction needs to be deducted from their £144 a week state pension entitlement" is technically wrong. The "Contracted out Deduction " or COD is applied now to pension calculations, if you have been in contracted out employment for any period between 6/4/1978 to 5/4/1997 they take your earnings during the contracted out period and from this deduct COD, how COD ...
You can at present apply to HMRC for a National Insurance statement to check if you have gaps in your record. The link below will take you to the form. https://online.hmrc.gov.uk/shortforms/form/NIStatement?dept-name=&sub-dept-name=&location=40&origin=http://www.hmrc.gov.uk Also your comments As I understand it, this £144 or equivalent come 2017 will be payable only to those with ...
Re your answer from Ms Morris In general "Pass the Buck" I await my answers
@Lynne sorry for the delay this is the link for the green paper http://www.dwp.gov.uk/docs/single-tier-pension.pdf
Just read in the White Paper - An individual’s National Insurance record will be valued using single-tier rules as at the implementation of the single-tier pension. Where an individual has previously been contracted out of the additional State Pension, a deduction will be applied, reflecting the fact that they have paid lower National Insurance contributions whilst they were contracted out, ...
I have emailed Ms Morris with my questions as to the methods used for both the retirement date transfer and the fact that Final Salary Scheme people who have been in contracted out employment and are within 10 years of retirement will receive a state pension payment at todays rates of about £60 per week. A lot less than the £144 full pension. It would seem to me that they are being discriminated ...
@Lynne i will be very interested in the reply that you get from her.
If the rules end up like the existing pension arrangements you will be able to top up a certain amount of years.
I think that we all think we are underpaid, the real question is are we With all the extra benefits that mp's have how can they have the neck to think that they are. All those luxuries that we pay for to fit out their second homes is theirs to keep when we kick them out and what about that nice gold plated pension.
MPs have told the watchdog reviewing their pay that they deserve a 32% hike to £86,250. A survey carried out by the Independent Parliamentary Standards Authority (Ipsa) also found more than a third believe they should keep generous final salary pensions. The findings emerged as Ipsa published a report on its initial consultation into pay and pensions, which ended last month. The research, ...
