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New State Pension starting amount and full record of qualifying years- trial service
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p00hsticks wrote: »would you expect it to ? surely the only potential change should come once a year if and when another NI year is added to your record. If the amount shown fluctuates I'd suggest that it indicates that the forecasting service isn't working properly....
I didn't expect the quote to change, obviously it won't.
I expected to see three tabs that other people have posted about further up the chain, I only see two tabs. That was the change I was expecting to see!
Cheers fj0 -
I log-on via Government gateway, I only get 2 tabs, Forecast, How to increase it. I've been contracted all my working life.0
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Contracted - In or Out? Which is it, your post isn't exactly clear.I log-on via Government gateway, I only get 2 tabs, Forecast, How to increase it. I've been contracted all my working life.
I've been Contracted Out for about 12 years, but Contracted In for the last three years.
And I have total of 47 years according the one of the tabs, so subtracting 12 from 47 gives me 35 years assuming a year contracted out is negated by a year contracted in. I guess it can't be as simple as that tho'!
Thanks anyway. fj0 -
Sorry fj, senior moment! Contracted out.0
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bigfreddiel wrote: »No problem, can happen to us all at this stage - hehehehe.... ;-)
After correcting (and at times criticising) people for saying "opted out", I did it myself hereabouts a few weeks ago. I was corrected and criticised, and quite right too!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Thanks to the OP for posting this.
I'm at £131.63 based on 32 years of full NI contributions and with plenty of working years left.
I'd prefer the calculation was more detailed so I could attempt to check it as I've been contracted out to a private pension for the majority of those 'full' years.
Noting that some people are saying the site might look a little different I rechecked my forecast. The above was from November.
Today it's £134.98 based on the same 32 years.
Not complaining because I've been contracted out for 23 of those years into a private pension and just two more tax years after 2015/16 will see me to the maximum. However, I'd really wish they'd provide some detail about how they've calculated this.
Same two tabs for me - 'Forecast' and 'How to increase it'0 -
The increase is because they switched from quoting things in 2015/2016 terms based on the full flat rate pension of £151.25pw (and basic state pension of £115.95pw) to 2016/2017 terms based on the full flat rate pension of £155.65pw (and basic state pension of £119.30pw).Noting that some people are saying the site might look a little different I rechecked my forecast. The above was from November.
Today it's £134.98 based on the same 32 years.
Not complaining because I've been contracted out for 23 of those years into a private pension and just two more tax years after 2015/16 will see me to the maximum. However, I'd really wish they'd provide some detail about how they've calculated this.
Same two tabs for me - 'Forecast' and 'How to increase it'
In your case as it is the old rules calculation that is likely to bite, the increase is solely down to the increase in BSP from 2015/2016 to 2016/2017 or numerically
131.63 + (119.30 - 115.95) = 134.98
which agrees exactly.
So your figure is
£134.98pw = £119.30pw (BSP) + 15.68pw (additional state pension).
You can earn 1/35 of the full single tier pension for each Qualifying Year after 6th April 2016, £4.45pw (=155.65/35), so you will need 5 Qualifying Years after 6th April 2016 to get you up to the £155.65pw full single tier pension by my calculations.I came, I saw, I melted0 -
I have just found the forecast on my Gateway account :T
It says I have 39 years, 4 years left to contribute and 6 years when I did not contribute enough - all correct.
It then states I have £137.02 and can get £152.13 if I continue to contribute. The sums don't seem to add up. I can not add any pre 2016 years due to full house and contracting out. I can only add 3 years post 2016 due to SPA 2019. £137.02 + 3x£4.45 = £150.37. As it uses £155.65 as the full amount I assume that everything else is is in 2016 figures. Or are they assuming I may receive some additional pension for this tax year (which I will not) and it will square itself when the 15-16 contributions (of £0) are in ?
A point that may cause confusion to some is that it blandly states that "you may improve your forecast by filling them" and gives me the cost of the pre 2016 years. I, and most of us here, know it will do no good but it could lead others to buy some of those years.0 -
My "Forecast" tab says:
Amount based on your latest National Insurance record (5 April 2015) £151.80
Amount you may get to if you continue to contribute £155.65
However, the "How To Increase It" tab confirms I have 35 qualifying years and simply says "You cannot improve your forecast any further."
How can I tell how many additional qualifying years I now need to accumulate post Apr-2015 to get the full amount specified on the Forecast tab?0
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