Pensions

Was wondering if there was anyone on here who can help me with a question.

I have 10 years contributions in the UK from way back, does this entitle me to a reduced state pension when I reach 65?

 

Depends whether you were contracted out or not.

 

what does that mean?

 

You contract out of SERPS (State Earnings Related Pension Savings). So you should still get the basic pension.

 

thanks, I imagine it will be a reduced pension as I only paid in for 10 years.

 

Your maximum state pension is based on on how many years NI you've paid and also is reduced slightly if you were contracted out, so I would have thought 10 years contracted out will get you around 25% of the basic state pension
You can get a pension statement if you know your national insurance number.
Fill in the form at www.gov.uk/state-pension-statement and post it off.

 

Others have answered this for me but I'll add to it.

I've always been contracted out and have 39 qualifying years (which is more than the minimum). I have recently got a statement which says I would get £125 a week if I was 66 today. I understand that the full pension including the SERPS element is about £150 a week, so being contracted out has lost me £25 a week.

 

You can get an automatic pensions forecast, There.s a calculator on there.

 

The calculator doesn't work as they say the state pensions will change on 6 April 2016. I'll post off the form and see.

Thanks to all for the help