The New 'Simple' Flat-Rate Pension

October 8th, 2015

The flat-rate state pension starting in April 2016 was billed as simple but is anything but, says the Mail. It turns out that because of complex qualifying rules, as many as two million people will not get the full flat rate pension. For most, this will be because for some part of their working life they were ‘contracted out’ of the state scheme. What baffles most people is that even if they have the 35 years of NI contributions that are required for a full state pension, if they were contracted out at some point they will still suffer a deduction.