Unlikely to get close to qualifying for pension, best options?

Lungboy

Do you mean the full numbers from my LGPS pension? If so, if everything stays as-is and I get a 1% pay rise each year, my LGPS will be £17146.70 assuming I'm reading it correctly. My COPE estimate from the government website is £4.21 a week. I have 7 qualifying years of SP currently, 8 in a few weeks.

molerat

Just the SP. So at April 16 you have 7 full years and a COPE of £4.21, what is the current SP amount and how many not full years have you got between 2006-07 and 2015-16 ? The SP forecast gives you all the information you need, you just need to know how to interpret it correctly - something many of the front line call centre staff do not understand.

Lungboy

SP forecast is £155.65 a week, with 6 not full years.

p00hsticks

Lungboy wrote: »

Has there been any rumblings about upping the number of years needed to qualify for full state pension? I finally sorted access to the .gov website to check my state pension details. I currently have 7 years, and will have another for 16/17, so 8 years at age 37. I'd hate to miss out if they up it to 40 and I could buy 2 more years for a total of £891.

I'm not sure if it's been mentioned, but are you aware that - under the present legislation - once you get up to 10 qualifying years you will qualify for a partial state pension of some sort, broadly in proportion to the number of years you have.

molerat

Lungboy wrote: »

SP forecast is £155.65 a week, with 6 not full years.

That is your projected amount not your current amount. Are all those not full years between 2006 and 2016 ?

p00hsticks

Lungboy wrote: »

SP forecast is £155.65 a week, with 6 not full years.

I think you'll find that is based on the assumption that you continue working until State Pension Age.

Is a figure given for your current entitlement (your 'starting amount') with 7 years ?
Under the old rules, I think it would be about 7/30 x £119.30 which is about £27.84

It may be that they're not giving you a current figure because under the new rules you need a minimum of ten years to qualify for any state pension.

Lungboy

molerat wrote: »

That is your projected amount not your current amount. Are all those not full years between 2006 and 2016 ?

I can't find a current figure anywhere. As poohsticks suggests, could that be due to me only having 7 full years and so not actually qualifying yet?

In total i have 14 not full years, and between 2006 and 2016 6 are not full and 4 are full.

molerat

Could be the reason as I suppose they don't want to give you a figure of what you have not got but there must be a baseline figure at April 16. You may need to contact the FPC to find that out. Your decision making on whether to buy pre 2016 years depends on that figure and which calculation is used to get it. Although I suspect that with such a small COPE the difference is minimal.

Lungboy

molerat wrote: »

Could be the reason as I suppose they don't want to give you a figure of what you have not got but there must be a baseline figure at April 16. You may need to contact the FPC to find that out. Your decision making on whether to buy pre 2016 years depends on that figure and which calculation is used to get it. Although I suspect that with such a small COPE the difference is minimal.

Who is the FPC and how do I contact them?

e: nm, found it! Thanks.

Lungboy

molerat wrote: »

You may need to contact the FPC to find that out. Your decision making on whether to buy pre 2016 years depends on that figure and which calculation is used to get it. Although I suspect that with such a small COPE the difference is minimal.

I just called them, the figure is £0 until 10 years, then it would be £44.something.