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What does pre 97 additional State Pension mean?
Additional State Pension, also known as the State Earnings-Related Pension Scheme (SERPS) and State Second Pension, is an extra amount of money you could get on top of your basic State Pension if you’re a man born before 6 April 1951 or a woman born before 6 April 1953.
How do I find out if I have any SERPS pension?
You can perform a SERPS pension check by writing to HMRC with your NI number and a few other personal details, including full name, previous name, address and date of birth. HMRC will take around 30 days to respond with details of any pension providers you paid into as a result of opting out of SERPS.
How much is additional State Pension worth?
The amount of additional state pension you’ll get depends on how many years you paid National Insurance for, how much you earned and whether you’ve contracted out of the scheme. The maximum additional state pension you can get in 2021-22 is £180.31 a week (not including state pension top-up).
Can you inherit your husband’s State Pension?
You may inherit part of or all of your partner’s extra State Pension or lump sum if: they died while they were deferring their State Pension (before claiming) or they had started claiming it after deferring. you were married or in the civil partnership when they died.
Does additional State Pension increase each year?
You get the additional state pension paid automatically with your basic state pension and it increases every year with inflation.
What has happened to my SERPS contributions?
SERPS ended in 2002 and was replaced by the State Second Pension (S2P), which operated in a similar way. The S2P ended in 2016 and was replaced by the ‘new state pension’, so you can no longer contribute to SERPS.
How long is State Pension paid after death?
If you die before the age of 75 this is paid tax-free, as long as the scheme pays the money out within two years. This type of pension will also pay your spouse, civil partner or dependent child an income, usually around 50%. This is taxed as income and stops when the spouse or inheriting dependent dies.
Do married couples get separate state pensions?
There are no longer any special state pension arrangements for married couples. Each partner in the marriage or civil partnership needs to build up their own state pension through qualifying years, and cannot benefit from their spouse’s state pension (which will cease when that person dies).
How is the state pension made up for post 97?
In it it gives the following figures of how my state pension pension is made up: Basic state pension £102.15 Pre97 additional State pension £119.92 Less contracted out deduction (cod) of £74.68 Total payable £45.24 Post 97 additional State Pension £0.68 Graduated Retirement Benefit £5.83.
Why did I get £119.92 off my state pension?
The £119.92 relates to the part of your additional State Pension accrued before 1997. Now it seems that you were likely contracted out through a pension scheme (an employer or personal one) which obviously reduced your entitlement to an additional State Pension for the period for which you were contracted out – hence the deduction of £74.68.
Where does the money from the state pension come from?
Basic state pension £102.15 Pre97 additional State pension £119.92 Less contracted out deduction (cod) of £74.68 Total payable £45.24 Post 97 additional State Pension £0.68 Graduated Retirement Benefit £5.83. Total: £153.90. My query is the two figures £119.92 and £74.68 where do they come from?
How does the state pension forecast break down?
The letter you are referring to is a state pension forecast which breaks down your state pension entitlement. The first thing to explain is the additional State Pension. You can build up entitlement to an additional State Pension if you are below State Pension age and you are: