Pension Rule Changes
The rules changed on 6th April 2016.
Anyone retiring before 6th April 2016 retired under the old rules
Anyone with a no national insurance record before 6th April 2016 will retire under the new rules.
Everyone else, basically anyone over 22 years old and has yet to reach state pension age will retire under a mixture of old and new.
Under the old rules you needed 30 years of stamps to get full state pension, I actually had 38 years, this will get you £130 odd pounds a week, however if you have no other income from private/company pensions you get pension credit taking this up to £170 odd pounds a week, there was a rise this month so I’m quoting last years figures, but that does not matter the rules are the same.
Under the new rules you need to pay in 35 years and you get one thirty fifth of £170 odd a week for every years worth of stamps, it’s about £5 a week for every year paid in, there is not going to be any pension credit. The idea is every one gets the same state pension relevant to how many years they have paid in and are not ‘punished’ for making provisions for themselves in old age.
Under the mixed rules what you got under the old rules is carried over to the new rules, anyone with 30 or more years starts with £130 odd pounds a week and then build up by around £5 a week for every year paying in to the new scheme, so you need 8 years in the new scheme to get the £170 odd ponds a week, so not until 5th April 2024, hence I’m 2 years short, despite having a 44 year unbroken tally of stamps.
Daughters motability car Hyundai Tucson Ultimate self charging hybrid Serenity White Moss Grey interior.
My car SEAT Ibiza SE Tec 1.2 petrol TSI 2017.