State pension forecast query

Bumblies

I am 65 (66 in June 2014) but have deferred claiming my state pension to date. I have a full NI contribution record as well as contributions under SERPS (until contracting out in 1987) and 42.5 Graduated Pension units.

I got a State Pension forecast in May 2011 as follows:-
Basic State Pension £102.15
Additional Pension £33.66
Graduated Pension £5.11
Total £140.92

I got an updated forecast in March 2013 but that only gave a single lump sum of £147.27, an overall increase of 4.5% over the previous forecast. However there had been CPI increases of 5.2% in September 2011 and 2.2% in September 2012, an overall increase of 7.4%. Even if the Additional Pension and Graduated Pension had been frozen (which I do not believe was the case) adding the previous supplement amounts to the revised Basic Pension would give a total of £148.92.

This leaves me unsure that the 2013 forecast is correct (assuming that the 2011 forecast was correct) and consequently that I will get the correct amount when I come to claim my State Pension. Is there any way that I can check the increases which should have been applied to SERPS and Graduated Pensions and hence what the current amount should be?

Perhaps I've read of too many Government computing mistakes to take any figures on trust.

Thank you.

atush

I don't know the exact answer to your Q, but someone will. But in any case, any forecast won't take into effect you will also get 10.2%/yr extra for deferring your SP (incremented monthly for any incomplete years). I assume you are going for the increase over any lump sum?

So you need to add this on to whatever figure you come up with.

Triumph13

I think the key point here is that state pension increases happen in APRIL even though they use the September inflation number. You therefore only have one year's inflation between May 2011 and March 2013

atush

And depending on your orig deferral date, you might be getting 10.4% increase per annum (prorated for months).

which might make yours in excess of 162?

Bumblies

Triumph13 wrote: »

I think the key point here is that state pension increases happen in APRIL even though they use the September inflation number. You therefore only have one year's inflation between May 2011 and March 2013

Thanks Triumph13, that one had slipped past me.

kidmugsy

Go on,spoil us; tell us your sex.

Triumph13

kidmugsy wrote: »

Go on,spoil us; tell us your sex.

Methinks Kidmogsy has got confused with some other 'special interest' forum he hangs out on...