State Pension

Devonjem

I logged on to the new site and saw that my forecast based on latest NI record is £156.70, and would be £158.47 if I continued contributing until 2032. When I click the How to increase it button the message is that I cannot increase it. There are no other buttons for me to click. I am 50. So does this mean that even though I have 30 years on my record, contributing for another 5 years will only increase my pension by £1.77? thanks

p00hsticks

Devonjem wrote: »

I logged on to the new site and saw that my forecast based on latest NI record is £156.70, and would be £158.47 if I continued contributing until 2032. When I click the How to increase it button the message is that I cannot increase it. There are no other buttons for me to click. I am 50. So does this mean that even though I have 30 years on my record, contributing for another 5 years will only increase my pension by £1.77? thanks

Yes. The extra £1.77 must be what they reckon you will add this year (2015-16) - more expert posters than I may be able to explain why. As the starting amount you'll take into the new State Pension (nSP) calculations on 6th April 2016 is already over the nSP maximum of £155.65 you have no opportunity to increase your amount further.

bigfreddiel

Check out post 342 onwards in this thread

https://forums.moneysavingexpert.com/discussion/5367287


Cheers fj

Devonjem

Thanks for the replies.