State pension calculation
Posted: March 7th, 2024, 5:03 pm
I’ve just received a statement of what I’ll receive from April - it is +9.136% on the current year.
I don’t understand why it’s so high.
I’ve gone through a line by line comparison with last year’s statement:
Basic State Pension: +8.5%
Pre 97 additional State Pension +6.7%
less Contracted-Out Deduction (COD) +1.25%
Total payable +39.45%
All other elements rise by +6.7% (there are a lot: post 97 additional, extra basic, extra additional, graduated retirement benefit and state pension top-up). I deferred for a while and bought extra some years ago which was further deferred, etc)
Any pointers would be much appreciated. The amounts, in the great scheme of things, are modest but I’d like to make sure I’m not being overpaid.
TIA
Best wishes, Steve
I don’t understand why it’s so high.
I’ve gone through a line by line comparison with last year’s statement:
Basic State Pension: +8.5%
Pre 97 additional State Pension +6.7%
less Contracted-Out Deduction (COD) +1.25%
Total payable +39.45%
All other elements rise by +6.7% (there are a lot: post 97 additional, extra basic, extra additional, graduated retirement benefit and state pension top-up). I deferred for a while and bought extra some years ago which was further deferred, etc)
Any pointers would be much appreciated. The amounts, in the great scheme of things, are modest but I’d like to make sure I’m not being overpaid.
TIA
Best wishes, Steve