New State Pension Guide

p00hsticks

ceecee1 wrote: »

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 ?

Yes - by around £4.45 (1/35th of the maximum) until you either reach the maximum (currently £155.65) or the year of your SPA

Edit: Sorry, just re-read this - for clarity, it's £4.45 for each NI year

ceecee1

Thanks for that Pooh

1957sisgb

Yes, Xylophone, it says £155.65 a week and then says that £155.65 is the most you can get, you cannot improve your pension anymore.

GunJack

1957sisgb wrote: »

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

look on the forecast page for another link - how has contracting-out affected your pension

this takes you to another page which explains cope and what your estimate of it is

1957sisgb

Thanks GunJack. There is no link on my forecast page- only the one to my NI contributions record and one on putting off claiming your pension.

GunJack

1957sisgb wrote: »

Thanks GunJack. There is no link on my forecast page- only the one to my NI contributions record and one on putting off claiming your pension.

don't take this the wrong way, but are you old? Or have never been contracted-out?

1957sisgb

Haha! I don't take it the wrong way, I'm grateful for the help. I'm 59, and have been contracted out in a number of different companies. Could it be that I've paid enough in the qualifying years?

GunJack

1957sisgb wrote: »

Haha! I don't take it the wrong way, I'm grateful for the help. I'm 59, and have been contracted out in a number of different companies. Could it be that I've paid enough in the qualifying years?

doubt it....not sure whats going on there then....

GunJack

xylophone wrote: »

Indeed - see post 11 here

https://forums.moneysavingexpert.com/discussion/5619176

What is your

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

1957sisgb - look at the post quoted above - doesnt your forecast page have the same info on it?

1957sisgb

This is what mine says;

Your State Pension
You can get your State Pension on 28 September 2023. Your forecast is
£155.65 a week
£676.80 a month, £8,121.59 a year
Your forecast
*is not a guarantee and is based on the current law
*is based on your National Insurance record up to 5 April 2016
*does not include any increase for inflation.

£155.65 is the most you can get.

You cannot improve your forecast any more.

If you're working you may still need to pay National Insurance contributions until 28 Sep 2023 as they fund other state benefits and the NHS.

(LINK)View your National Insurance record

Putting off claiming
When you are 66, you can put off claiming your State Pension. Doing this may mean you get extra State Pension when you do come to claim it. The extra amount, along with your State Pension, forms part of your taxable income.

(LINK) More on putting off claiming

Nothing else.