Pensions.

[zabado]

How much is the basic monthly pension in Britain after being in full time employment for 40 years, and how is it calculated ?.

[fiction-factory]

https://www.gov.uk/check-state-pension

https://www.gov.uk/new-state-pension

[Mamyalynne]

Info on the State Pension here.

https://www.gov.uk/state-pension

[ubasses]

£122.30 full basic state pension. You will be entitled to more if you were not contracted out of the Second State Pension, previously SERPS

[Mamyalynne]

Ignore my link if it has been updated.

[Buenchico]

Things are changing. For men who were born on or after 6 April 1951, and for women born on or after 6 April 1953, see here:
https://www.gov.uk/new-state-pension

For those born earlier, see here:
https://www.gov.uk/state-pension

[New Judge]

The basic State pension for anybody retiring now is £159.55 per week. (The State Pension scheme doesn’t do calendar months. It is paid every four weeks in arrears).

To qualify for that sum you must have 35 qualifying years of National Insurance contributions and must not have been “contracted out” of the State scheme for any of that time.

[fiction-factory]

https://www.gov.uk/new-state-pension/what-youll-get
You can get an accurate forecast if you use the check facility and are very close to state pension age. It is not easy to generalise so i would get a forecast

[New Judge]

The answer given by ubasses is the basic sum for those born before 1951/53

[fiction-factory]

If you were in a company pension you were probably contracted out so as NJ says you would probably get less than the headline figure

[zabado]

Wow ! guys , that was quick, thanks to one and all.

[Baldric]

I get just short of £1k a month from mine but I did make a few extra payments over the years, they add up.

[Old_Geezer]

And if you're not already getting don't rely on them not raising the qualification age by a year, each year; and finding support here for them doing so.

[Jackdaw33]

That explains why I only get £146 per week as for half of my working life I was a teacher and therefore contracted out.

[ubasses]

Oops, yes of course New Judge is right, I had forgotten that 'younger pensioners' were getting the new rate.

[Peter Pedant]

complex subject well done
yeah I get £122 dammit - honestly I dont know how people cope

and there are teachers above - someone really screwed their pensions in the sixties and seventies ( I am not a teacher and dont know the gory details ) and so their occ pension can only be described as totally crap - I met one who was on £5000 a year

when pensions reform came in ( not that we could do much about it)
we were assured that pensions would ZOOP up ! to £160
and they said rather quietly - only for the new boys and gurlz
( Jan 1952)

what did Marilyn MOnroe say in Some Like It Hot
I always get the thin end of the wedge

[Peter Pedant]

.
I dont know who was in charge of your teachers occ pension Jackie
but they clearly should have been shot and you would have benefited

[fiction-factory]

I'm pretty confident Jackday will have a decent teachers' pension, PP. the scheme seems okay for what it is- the main issue is that the salaries they were based on have not been great compared with other graduatetype professions.

[Zacs-Master]

Nothing to do with who was in charge of JDs pension, PP.

http://www.thisismoney.co.uk/money/pensions/article-2654291/REVEALED-How-6-10-wont-155-week-state-pension.html

[Peter Pedant]

ZM - oh that *** over S2P
yeah we were forcibly contracted out - as we had a occ pension

[ I still remember the teachers getting a really crap deal and their then leaders shrugging their shoulders and saying ho hum and clucking a bit ]

[Peter Pedant]

not as bad as the priests and vicars
The Church Commissioners lost £100m and said
o right OK erm you arent gonna get much of a pension ....