New State Pension Guide

1957sisgb

I'm very confused! Ive obtained an online statement which says my forecast is £155.65 per week in 2023. It says its based on my NI contributions up to April 2016, and then says" £155.65 is the most you can get. You cannot improve your forecast anymore"

Then, if I click on the link to view your NI contributions it says I have 42 full years of contributions and 1 year when I did not contribute enough and that I can voluntarily pay £733 to make up the shortfall.

However, if my forecast says that I can't improve my forecast, what would be the point of making additional voluntary contributions?

I'm still waiting for the written statement!
Any advice, anyone?

lean&mean

p00hsticks wrote: »

I suggest you double check - I've just looked at mine, and it looks exactly the same as that at the top, but if I then scroll down it says;

You need to continue to contribute National Insurance to reach your forecast

Estimate based on your National Insurance record up to 5 April 2016
£123.82 aeek

Forecast if you contribute another 8 years before 5 April 2025
£155.65 a week

Thanks everyone for piling in with help/advice. I'm still convinced that the online calculator is wrong in my case. It shows full NI contributions for 42 years (wrong, I was contracted out for about 10-15 of those) and does not say that my full pension is subject to continuing to pay NI. My written estimate is different. Just wanted to warn others that their online estimate may not be accurate. The HMRC website does say it's BETA! So Beta Beware.

Pension5

Pension4

xylophone

I'm very confused! Ive obtained an online statement which says my forecast is £155.65 per week in 2023. It says its based on my NI contributions up to April 2016, and then says" £155.65 is the most you can get. You cannot improve your forecast anymore"

See https://www.gov.uk/new-state-pension/how-its-calculated


You have never been contracted out?

Then the calculation is the higher of full old BSP (£119.30) because you have at least 30 years NI plus any additional pension

or 35/35 x £155.65.

1957sisgb

Oh! I have been contracted out in the past. It obviously hasn't taken account of that?

Perhaps the written statement will include that? I'll chase that up today.

GunJack

lean&mean wrote: »

I'm still convinced that the online calculator is wrong in my case. It shows full NI contributions for 42 years (wrong, I was contracted out for about 10-15 of those)

not wrong, you paid full year's contributions at the contracted-out rate.

Don't forget, you have your work/private pension to come as well as SP. Plus, the number of years NI you have paid up to apr 16 is pretty irrelevant now - you have your starting amount in £, if you can't increase it, you can't increase it. As it states on the webpage, you do need to still pay NI as it gives entitlement to other DWP/NHS/etc, NI isn't just about state pension.....

xylophone

Oh! I have been contracted out in the past. It obviously hasn't taken account of that?

What is shown as

Estimate based on your National Insurance record up to 5 April 2016

Is a COPE shown?

How old are you?

1957sisgb

I'm 59. There is no reference to a COPE. Been through all the years and they just say you have contributions from paid employment of £xx

xylophone

Is the

Estimate based on your National Insurance record up to 5 April 2016

shown as £155.65?

xylophone

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

rather old now but may help.

ceecee1

Hi - be grateful for some advice

I have just taken my civil service pension and partially retired just short of being 60. I am continuing to work until 66 and will earn about £10k a year so will still be paying NI.

As I have a reduced state pension (was £127 pw last time I got a forecast) because I was contracted out until April 16 - will the next 6 years of NI increase the payable amount of my SRP ?

Thanks