How much was the maximum State Pension for 2016/17 please. Surely google must tell me, but all I can find is the current year.
(Yes, I am completing a tax return for a pensioner who can't tell me the answer. HMRC already know the answer, but of course one has to guess.)
Oddly I have 8830 down for 2015/16, which is more than the £159.55 (x52=£8,296) recorded here
www.gov.uk/new-state-pension/how-its-calculated
Thanks - (in some frustration and irritation)
And no, I've no password for online, as each time one is sent out it gets lost. I could cry.
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Not sure there is a single maximum - it depends on cont history, whether you client has paid into SERPS and other 'boost your state pension' schemes during his/her working life.
Pension Credit Guarantee sets an underpinning minimum which would been £155.60 means tested but that can be muddied by Savings Credit.
If it's paid in usual way either weekly or 4/weekly to his bank account then surely you can identify those credits and do the appropriate multiplication.
This document might help?
tinyurl.com/qhp2ghu (link to proposed rates on gov website)
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OK, thank you very much indeed.
In fact here is a helpful guide from the usual most helpful source:
www.moneysavingexpert.com/savings/old-state-pension
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>> OK, thank you very much indeed.
>>
>> In fact here is a helpful guide from the usual most helpful source:
>>
>> www.moneysavingexpert.com/savings/old-state-pension
Back of my mind there was notional single/couple rate but in practice I almost never see anybody who gets that exact amount - too many variables. I guess if your guy needs a tax return he will have other income such that pension credit will be ruled out.
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Do you need the amount the pensioner was actually paid for 2016-17? I do realise this was not the question you asked.
He/she will have had a letter showing the weekly amount after the increase on 3rd April 2016. Presumably that is the document that he/she cannot provide. But if you have the weekly or 4-weekly amount he/she was paid after 3rd April then the amount paid should be 52 x or 13 x that. That was the number I put on my wife's tax return (which tallied with the letter - actually it was a few pence adrift, I didn't bother to try and account for the difference).
Also, if he/she was receiving the pension the year before, they won't be on the new state pension, but on the old one. That could have been higher with the earnings related addition.
Now I delve into possibly faulty memory. If someone did retire on the new state pension, they could actually receive more than the maximum flat rate if they would have received more under the old state pension calculation with the SERPS/SSP adjustment. They could receive less (AIUI) if they have insufficient years and/or have been contracted out.
Apology if all that is irrelevant.
I can have my pension from the May this year. It will be the 'new' one, and I have more than enough years, but I will get c. £30 less than the flat rate owing to contracting out.
EDIT: Bromp's reply wasn't there when I wrote the ramble above.
Last edited by: Manatee on Wed 31 Jan 18 at 11:05
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As I have to complete self-assessment each year and receive the "maximum" state pension I need to supply accurate figures of what I get. In some years it seems to differ marginally from the amount stated on the DWEP letter.
So I total the amount from my bank statements.
Last edited by: Focal Point on Wed 31 Jan 18 at 11:25
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"So I total the amount from my bank statements."
Same here.
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I've been on a pre-retirement course for the past two days ( - SWMBOs work paid for it all, very nice - 2 nights in York!) and I asked the IFA bloke why my projected pension is a few quid higher than the stated max. He said it's because of the guarantee no-one would be worse off under the new scheme (see above)
He did work an example on the screen but I didn't keep the detail. I realise this was't the original query but If anyone is interested I will see if it's in the notes when they issue them.
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>>He/she will have had
Problem is use of past tense. Record keeping isn't 'great'.
However, a single bank statement has been found and the number thereon multiplied by 12. It's a bit more than the previous year, but it can't be very wrong...
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>> However, a single bank statement has been found and the number thereon multiplied by 12.
>> It's a bit more than the previous year, but it can't be very wrong...
I think the 'monthly' payment option is actually 4-weekly, so should be x 13.
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>> I think the 'monthly' payment option is actually 4-weekly, so should be x 13.
That was what I thought... anyway, sent something in and it can't be very wrong...
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>> It's a bit more than the previous year, but it can't be very wrong...
That's what you'd expect as Pensions rise in accordance with triple lock so I think the increase would have been 2.5%.
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" I think the 'monthly' payment option is actually 4-weekly, so should be x 13. "
I can confirm that payments are every 4 weeks, so x13 for annual amount.
Last edited by: Dulwich Estate II on Wed 31 Jan 18 at 17:13
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>> I can confirm that payments are every 4 weeks, so x13 for annual amount.
Most people get it 4 weekly but some, probably those who previously had an order book get it weekly. My Mother did. Don't think I've ever seen it monthly though as that's the way for Universal Credit it may be down the line somewhere.
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Monthly must be hard for people with very tight budgets and no buffer. And bundling the housing benefit into the payments, and expecting them to keep up with their own rent too, must be going well?
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Would have thought that monthly (52 weeks divided by 12) would be easier as most bills are monthly.
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>> Would have thought that monthly (52 weeks divided by 12) would be easier as most
>> bills are monthly.
For most people, probably. But people living hand to mouth, with pre-pay energy meters too, struggle, a lot.
For the more fortunate, 4-weekly pay is OK too. My last employer paid 4-weekly, with 2 pay days falling in December. A lot of employees budgeted monthly around the 4 week payday, and used the extra one to pay for Christmas/holidays.
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>> Most people get it 4 weekly but some, probably those who previously had an order
>> book get it weekly. My Mother did. Don't think I've ever seen it monthly though
>> as that's the way for Universal Credit it may be down the line somewhere.
Mine fell due last November and it is paid every four weeks, which suits me ok. I think it must be a recent thing as most people I know who are over retirement age are paid weekly.
I'm just paid weakly :-(
Last edited by: VxFan on Wed 31 Jan 18 at 20:18
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Why can't they just pay it at whatever interval the pensioner wants?
My pension provider can pay weekly, 4-weekly, monthly, quarterly, annually, or whatever I ask for. I can change the amounts drawn or take an extra lump if I want. It's hardly difficult to convert the figures.
And they apply the appropriate tax code.
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>> Why can't they just pay it at whatever interval the pensioner wants?
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>> My pension provider can pay weekly, 4-weekly, monthly, quarterly, annually, or whatever I ask for.
Flexibility costs, your pension is actually less because your pension providers costs are higher. I doubt your pension provider is serving over 8 million accounts.
I can have my pension paid monthly, or monthly or monthly. As was my salary for 40 years.
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>> I can have my pension paid monthly, or monthly or monthly. As was my salary
>> for 40 years.
>>
Couple of quick questions, Z.
1. Is the pension payable on the 6th or is the date flexible?
2. Is it paid in advance like the salary was/is?
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quote from the appropriate resource.
Your pension is paid to you monthly in advance. It is paid on the sixth day of each month. If this falls at a weekend or on a bank holiday, your pension will be paid on the next working day.
Your leave date will be on a 5th, your pension will be paid on a 6th so in effect its a direct step from salary to pension with no gap.
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How much was the max State Pension for 2016/17 pl - Bromptonaut
