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State Pension Forecast

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Comments

  • FatherAbraham
    FatherAbraham Posts: 1,024 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    jamesd wrote: »
    At the moment you'd need to pay particular attention to any minimum qualifying periods given the possibility that we might lose our automatic right to work in many of the EU and European Economic Area (EEA) counties.

    The point of my (rather opaque) reference to the EEA's common social-security agreement is that any member state requiring a minimum qualifying period for its state pension must do so with reference to a citizen's combined period of qualifying contributions in all member states.

    Thus a German with twelve years of contributions in the Federal Republic who works in the UK for two (tax) years will be eligible for a 2/35 UK state pension, depite the UK having a ten-year minimum qualifying period. An Australian who works two years in UK pays National Insurance and loses everything.

    In the future we can look forward to similar treatment when we work in other European countries.

    Warmest regards,
    FA
    Thus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...
    THE WAY TO WEALTH, Benjamin Franklin, 1758 AD
  • Hello again. Interesting comments above about working in another EEA country and possibly getting further state pension benefits. As it happens the company I work for has its current European HQ in the UK and that could well change as a result of Brexit, so who knows!

    In the meantime, I have called the helpline and they were, er, very helpful. The upshot is that I have maxed my state pension even though I have 14 years to go, so that's great news for me. If I stopped working today, I would still get the £155 pw state pension from age 67 plus whatever year-on-year uplift, so my forecast is not subject to any future NI contributions being made (although I will continue to pay NI all the while I'm working). They explained it exactly as xylophone did in his previous post i.e. They did two calculations and it turns out that what I built up under the old regime plus last year's NI contribution was enough for me to reach the maximum under the new system. I did ask if he could tell how many years I was contracted out for but he couldn't tell me that from the records he was looking at.

    I just need to work out how to bridge that 14 years now!
  • xylophone
    xylophone Posts: 45,740 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The upshot is that I have maxed my state pension

    And now you're waving goodbye to your colleagues and setting off to lie on the beach under a Caribbean sun, where you can dream of what your future riches will buy.....:)
  • Chickereeeee
    Chickereeeee Posts: 1,292 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Some interesting and helpful comments - thank you all. I will give them a call later in the week to see if I can get some clarification. The wording in my forecast is identical to the one posted above by IanSt and the statement doesn't provide two forecasts based on 'NI to date' and 'NI in future'. That would suggest that I have reached the maximum I can, as some of you have suggested, but I'll see what they say.

    The forecast also should alow you to see which and how many NI years are contributing to your pension.

    Click on View Your National Security Record in your forecast.
    Then see if you have enough.

    C
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