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Pension Supplement Calculation

20 Mar 2017, 16:36

Am a little unsure as to how to calculate the pension supplement I am likely to get if I retire at 60 taking all benefits at that time. The pension line could not give me this 'rough number' over the phone

The 'nutshell' statement lists 3 pension supplement numbers in my particular case:

NRA60 Estimated Benefits p2 Pension Supplement = £585
NRA 65 Estimated Benefits p2 Pension Supplement = £745

And on p4 it lists the total pension supplement (up to 31st March 2016) = £938.

Am I correct to assume there is no reduction in the NRA60 pension supplement if SRA = 60 in my case?

OK I realise that these numbers will change slightly upwards between now and when I retire (60 in April 2018 - just after the current scheme ends/is changed) but for the sake of simplicity just assume these numbers remain the same.

I saw Robert's 5% off for each year for pension supplement benefits taken early in another thread.

So am I correct in the following calculation using my numbers:

Total Pension Supplement Due if taken @ 60 (NRA60 + NRA65) = £585 + 75% of (938-585) = 585 + (353 x 0.75) = 585 + 264.75 = £849.75 assuming no additional CSDB pension supplement blocks added between the 2016 March 31st illustration and April 2018 (when I intend to retire at 60)

And am I correct to assume this is payable until state pension kicks in (when I am 66)?


Pension Supplement Calculation

20 Mar 2017, 17:13

I would agree with your total of £849.75 based on your illustration figures as at 31st March 2016.

I would also estimate that your NRA65 supplement will go up by around £58 for each of the 2 years from 2016-2018, giving you another £87 after the 25% reduction for taking it 5 years early. Therefore your total supplement figure should be about £936.

Your pension including the supplement will only be reduced if you take it before the relevant NRA.

The supplement is paid as long as you’ve left RM and taken your pension, and stops at your state pension age, whatever age that is.

Pension Supplement Calculation

20 Mar 2017, 18:54

RobertT wrote:I would agree with your total of £849.75 based on your illustration figures as at 31st March 2016.

I would also estimate that your NRA65 supplement will go up by around £58 for each of the 2 years from 2016-2018, giving you another £87 after the 25% reduction for taking it 5 years early. Therefore your total supplement figure should be about £936.

Your pension including the supplement will only be reduced if you take it before the relevant NRA.

The supplement is paid as long as you’ve left RM and taken your pension, and stops at your state pension age, whatever age that is.


Much obliged Robert :Very Happy

Glad my powers of mathematics have not deserted me. :Applause

Just wonder why I was given such a vague and non-committal reply when I phoned Chesterfield :so there

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