State pension estimates for 2016 +

greenglide

noh wrote: »

Are you within the specified age range for using the online service?

"To use the online service you must be at least four months away
from reaching your State Pension age, and not born between 6
April 1960 and 5 April 1969."

I checked mine online last night https://secure.thepensionservice.gov.uk/statepensionforecast/
The forecast given is using the current rules but the new state pension is the greater of that or the new single tier pension.

My forecast is £153 pw

The online service is still broken for me:(

Despite being enrolled with the service from the day it first became available it still goes through the enrollment process (asks for NINO and post code as the known facts), spends around 60 seconds thinking about it and then tells me to contact the help desk.

I may have to give up and contact them.

SeekTruth

diablo676 wrote: »

@ xylophone

Simple eh? So how do I calculate this bit -

"Less Contracted-out Deductions (COD) of £nnn you earned from an employer's or personal pension scheme from 6 April 1978 to 5 April 1997 (Let's call this £B)"

That's part of my problem.

The COD is the same value as GMP. GMP starts off as the same value as SERPS, see http://www.mgmadvantage.co.uk/state-pensions-part-5-calculating-the-additional-state-pension/ for an overview of the calculation. If the GMP has been deferred then it may have been increased by a fixed percentage rate each year rather than in line with average earnings. In this case (more likely with a private pension scheme rather than a public one) the COD will have changed in line with GMP and no longer be equal to SERPS.

JB9302

greenglide wrote: »

The online service is still broken for me:(

Despite being enrolled with the service from the day it first became available it still goes through the enrollment process (asks for NINO and post code as the known facts), spends around 60 seconds thinking about it and then tells me to contact the help desk.

I may have to give up and contact them.

Same for me so I wrote to them about 3 weeks ago , no reply yet .

JohnB47

kidmugsy wrote: »

Where would we all be without chums to reliably misinform us about pensions?

They calculate your entitlement under the new rules and the old; they give you the bigger of the two. Surely even your dim chum can follow that?

'Dim chum' I think I had that in a restaurant once. I didn't like it much - it was a bit thick.

SeekTruth

diablo676 wrote: »

I asked for a quote about three years ago and they gave me an amount under the old system but said it would be reduced for the contracted out years - i.e. all of them in my case. But gave no clue as to how they work that deduction out.

...

In the old days (up to about 2006), State Pension forecasts explicitly showed the gross Additional Pension, the Contracted Out Deduction (COD) and the net Additional Pension. From about 2007 the forecasts were 'improved' and no longer gave this useful information. What they now give is the net Additional Pension; in other words the COD has already been deducted.

Vortigern

https://secure.thepensionservice.gov.uk/statepensionforecast/

diablo676 wrote: »

You obviously haven't tried it - it just goes to a page for printing off form BR19.

It works for me, but uses the current rules and no reference to the new system, or foundation amount.

My forecast is £114.53 pw for pension payable from May 2016

My 39 years of contibutions were mostly contracted out and I don't expect the new pension to be any more than basic.

Amusingly it says:

We estimate that your additional State Pension and Graduated Retirement Benefit, based on your National Insurance contributions record to date, is £1.43 a week.

However, the amount of your additional State Pension could be lower than that shown in this statement, especially if you were contracted out

Really?? Lower than £1.43 - I don't know how I'll cope

xylophone

My forecast is £114.53 pw for pension payable from May 2016

This looks to me like basic state pension plus your GRB.

This indicates that your GMP (COD) is equal to or greater than your pre 97 ASP.

What you will need to check is whether your occupational pension scheme will cover increases on your pre 88 GMP and anything over 3% on your post 88 GMP?

vvvvvvvvvvvvvvvv

noh wrote: »

Are you within the specified age range for using the online service?

"To use the online service you must be at least four months away
from reaching your State Pension age, and not born between 6
April 1960 and 5 April 1969."

Looks like its going to be sometime in 2016 when the online statement for this group of people is going to be up up and running.

https://www.whatdotheyknow.com/request/state_pension_e_service#incoming-541805

greenglide

So does that mean it works for people born after 6/4/69?

Obviously this is because of the SPa change being brought forward but most people born after 1969 would be in the new rules and the forecast wouldn't tell them much of value.

JohnB47

Vortigern wrote: »

https://secure.thepensionservice.gov.uk/statepensionforecast/



It works for me, but uses the current rules and no reference to the new system, or foundation amount.

My forecast is £114.53 pw for pension payable from May 2016

My 39 years of contibutions were mostly contracted out and I don't expect the new pension to be any more than basic.

Amusingly it says:


Really?? Lower than £1.43 - I don't know how I'll cope

I wonder if two systems are working in parallel here - the old one, where you register and then enter details on-line to get an immediate forecast based on the pre april 2016 scheme. Then there's the recently launched system that requires you to complete and submit a paper form for a forecast based on the post april 2016 scheme.