Deferred IFA

greenglide

Is this a printed one or using the online service?

Does it say whether this is based on old rules or new rules? To give you £155 accrued now when you have been contracted out it would have be based on the old rules. If it is on the new rules the "COPE" (aka COD / "Rebate Derived Amount") would reduce the current accrued amount to less than £155 but contributions from now to 2022 could offset all of this but only if the COPE was relatively small.

xylophone

What is your Foundation (starting) amount as at 6 4 16?

https://forums.moneysavingexpert.com/discussion/5244566

post 95 from last year

I finally received my State Pension estimate in the post today. It tells me my State Pension would be £133.56 a week but that the full pension is £151.25 a week - so I must be missing some National Insurance Contributions (NICs)?

Is the person to whom you spoke on the phone assuming that you will be making contributions for the next five years?

orwen

xylophone wrote: »

Is the person to whom you spoke on the phone assuming that you will be making contributions for the next five years?

Negative.

He said there would be no point at all in making any further contributions. My forecast was made online dated 05.04.2016

xylophone

Have a look at this http://citywire.co.uk/new-model-adviser/news/steve-webb-how-to-boost-new-state-pension-payments/a827032

You need to ask the DWP what your starting amount is.

xylophone

See too http://www.thisismoney.co.uk/money/pensions/article-3535618/STEVE-WEBB-Buying-ups-paying-missing-NI-boost-state-pension.html

orwen

xylophone wrote: »

See too http://www.thisismoney.co.uk/money/pensions/article-3535618/STEVE-WEBB-Buying-ups-paying-missing-NI-boost-state-pension.html

... "I will need 35 years to qualify for a full state pension of £155.65 (as it stands now) when I retire in 2020."

With respect to what the article quotes (figure) I just ran my details through the gov.uk online forecaster again and received the figure of "£155.65 a week". I also ascertained that I have 38 years of full contributions yet there are 6 years when I "did not contribute enough".

But according to the article I already exceed the 35 years required for full State Pension.

I find this all terribly confusing but many thanks for the continuing help.

Not sure what my next move is - already phoned state pension gov.uk today. Who else could I phone please - you suggest the DWP?

Thanks again.

xylophone

See https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf

What is your "old state pension" calculation?

What is your "new state pension" calculation?

The higher of the two becomes your "foundation/starting amount".

xylophone

And see https://forums.moneysavingexpert.com/discussion/5445094

post 20 and 21.

orwen

xylophone wrote: »

See https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf

What is your "old state pension" calculation?

State Pension Scheme [which was] current up to 14/11/2014:

Basic State Pension that had been earned so far: £5881.20
Additional State Pension of: £814.32
The then current State Pension benefits totalled £6695.52 per annum.

And I had been paying 'back years' for about a decade, say 1992-2002.

What is your "new state pension" calculation?

£155.65 pw, which is going to work out at something like £7471.20 per annum.

The higher of the two becomes your "foundation/starting amount".

Okay thanks.

How am I doing please?

xylophone

Have a look at post 22 https://forums.moneysavingexpert.com/discussion/5445094

On your forecast tab is there

Amount based on your latest National Insurance record (5 April 2015)

And

Amount you may get to if you continue to contribute