On line Forecast HMRC

otb666

i have done on line forcast and have 33 years i am 50 estimate 143.85pw now when i retire 155.65pw another 3years needed- i have a COP of 13.77pw i thought i would need a further 4 years to make up my COP-Just rung them and they said no the 143.85pw included the COP being deducted already therefore do i need to do a further 3 or 7 years, i have worked always and for same company since 1994 i thought i was contracted out quite early on and have two kids 24 and 18yrs old, I do not really understand this at all

otb666

husband has 133.36pw now with 6 years needed for 155.65pw-or is it 16 years as he has a COP of 42.35pw?

molerat

Ignore the COPE. The figure shown as your estimate is the 2016 starting amount, the higher of the old or new system. You need (£155.65 - the starting amount / 4.45) years to get the full pension. The new system amount will have the COPE deducted from it, the old system already took this into account. So 3 more years for you and 5 for OH (the 6th year will only give 4p pension for a whole year's contributions). Does your forecast show contributions up to April 2015 or 2016, if still 2015 there may be more to add to your amount.

otb666

both forecasts were up to 5/4/16
hmrc replied
The amounts shown are based on your own National Insurance contributions to date and take into account anytime you were contracted out. The deduction has already been applied to your estimate.

The online service shows two figures; one is the amount of State Pension you have up to the last posted tax year on your National Insurance record.

The other is an estimate of how much State Pension you could get, if you paid or were credited with National Insurance contributions until the 5 April before you reach State Pension age.

otb666

thing is i was expecting more than 3 years to make up due to being mostly contacted out
Or would have the starting amount been a lot higher than 155 or has the fact i have had kids reduced the years needed -i just trying to understand where i stand and really appreciate your wisdom

AnotherJoe

Forget the COPE. Its a mythical number

You will likely have a seperate pension from when you were contracted out. That may or may not pay you a sum that may be somewhere or nowhere near, the COPE amount. But you wont be getting a payment into your bank account from HMG entitled "COPE £xx.yy"

otb666

So the COPE wont be deducted from 155.65?

molerat

otb666 wrote: »

So the COPE wont be deducted from 155.65?

The COPE is deducted from your new starting amount calculation so 155.65/35*33-13.77= £132.98. Your old system amount is higher, 119.30/30*30 + additional pension, so that is what is used as your 2016 starting amount. Your COPE is quite small, mine is around £74, so you were not contracted out for as long as you think.

otb666

so i must of had additional pension at some point prior to being contacted out-
i do wonder whether having kids protected me from being contacted out?

Thank you for helping me

otb666

i have just checked wageslips back to 2005 -contacted out over the last 11 years -just seems HMRC hve not taken into account unless i hve reduced yers due to kids but i have always worked

forumposting12

New state pension forecasts are now available online with online tool ...

New state pension forecasts are now available online with online tool ...