On line Forecast HMRC

xylophone

It was possible to earn some Additional State Pension or S2P (from 2002) even if contracted out.

https://en.wikipedia.org/wiki/State_Second_Pension

S2P gives all employees earning up to £32,592 a year (in 2011/12) a larger pension than SERPS, regardless of whether they are "contracted out" or not - with most help going to those in the '"lowest"' earnings (up to £14,400 a year in 2011/12) - known as the "LET" or '"Low Earnings Threshold"'.

otb666

forumpostin- i know they are available on line thats why i am confused as to why me contacting out has not effected my pension more-what i will do is just assume they are correct and i must of been contacted in and acrued additional pension at some point or was protected from contracting out by kids-And if they have posted incorrect figures i will make up years neede if i have stopped working as you have 6 years to do this

xylophone

See https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/512799/your-state-pension-statement-explained-dwp042.pdf

otb666

xylophone Thank you

eric100

I have a very similar question and I'm still not sure of the answer having read the above and getting two different answers from the state pension people! Hope someone can clarify?

I have 40 years full NI contributions with no gaps, however, I was contracted out for at least two different periods and have a COPE value of £70.17. My current state pension forecast at 5/4/2017 is the full £155.65. Both of these figures have come from the online forecast web site (still in beta).

So will the state pay me the full £155.65 at my state pension age or will the £155.65 be reduced by £70.17?

Thanks

molerat

5/4/17 ?

You should have 2 figures, the amount currently accrued, which is the higher of the new or old calculations, and the amount you will receive at SP age. The COPE is already accounted for in these figures.

Nationwide8

Honestly think the wording is confusing on the pensions estimate page..

If they said your pension estimate is eg £125 and to get it to the maximum you need to pay ( NO contributions ) eg 8 yrs...

Instead the first thing you read is your pension IS £155

Only further down the page it goes on to say a different amount and about buying years ...which conflicts with the £155 figure at the top of the page

eric100

Thanks

Yes I do have two figures, one based on my NI record upto 5/4/16 which is £152.66 and then one (£155.65) if I contribute for another year but obviously not payable until I reach SPA.

I'm very relieved to hear that the COPE amount is already accounted for in the £155.65 figure and won't be deducted!! Even the example on the pension site in relation to COPE is confusing on the matter.

otb666

thanks eric100-i am glad it was not just me who got confused

JohnB47

Just thought I'd dive in here.

I got an on-line forecast on 8th May, 2016 about my state pension, due to start in December 2016. It said £142.94 per week. It said I couldn't improve my estimate any more. This first page didn't mention COPE and I didn't click on the link where it said "how contracting out has affected your pension income".

After reading this thread I thought I'd get another estimate and see what it says about COPE. So I've just done that and it now says I'll get £144.58 a week! Curious. I then clicked on the link about contracting out and it said "Your COPE estimate is £94.67 a week."

I realise that the estimates are not guaranteed but barring an accounting mistake, can folks confirm that this figure of £94.67 has already been taken into account when calculating my £144.58 figure, i.e. I will definitely get £144.58 a week when my pension starts and not £144.58 minus £94.67?

Secondly, any idea why my estimate has increased slightly since 8th May? I am working part time but I've reached the max contributing years (I think I'm at 47 at the mo).

Ta.