State pension forecast

xylophone

The Barclays Scheme was contracted out. Ossie should have a GMP.


https://forums.moneysavingexpert.com/discussion/4736856

ossie48

I've just spoken with them and indeed my record should show a COPE amount but doesn't (both pension schemes were contracted out). They say it will take several months to sort out so I will re visit the thread once my record has been updated. Thank you very much for identifying and highlighting this issue.

minty777

molerat wrote: »

Correct ....... but ......that cheap option is ending wef April 2018

Now 2019

https://www.moneysavingexpert.com/news/protect/2017/11/abolition-of-class-2-national-insurance-payments-delayed-until-2019?_ga=2.182448303.947699080.1509557250-427780611.1508531129

Nual

My state pension statement up to 5/4/16 is 146.39/ week with a COPE of 71. I have also taken early retirement and 5/4/16 was my last day in work. I understand that I can buy 3 years worth of NI before 5/4/21, and then I get state pension in Feb 2022.

What I dont understand is which sort I can buy and is it best to eg buy 3 years worth before 5/2/19 or wait until 4/4/21?

Thanks

Silvertabby

My state pension statement up to 5/4/16 is 146.39/ week with a COPE of 71. I have also taken early retirement and 5/4/16 was my last day in work. I understand that I can buy 3 years worth of NI before 5/4/21, and then I get state pension in Feb 2022.

What I dont understand is which sort I can buy and is it best to eg buy 3 years worth before 5/2/19 or wait until 4/4/21?

Thanks Posted by Nual

Nual - you are I are in a very similar situation, retirement, age and pension wise.

We can buy post 2016 voluntary Class 3 NI, which is currently about £750 per year. This buys an extra £4.50 per week State pension for the rest of our lives. Assuming that you will be, like me, a basic rate taxpayer in retirement, it will take us 4 years to break even.

I haven't tried to make any payments yet - with over 4 years to go before State pension age I intend to leave if for a year or two and then decide how many years (out of the maximum 4) I want to buy.

billn

Silvertabby wrote: »

Nual - you are I are in a very similar situation, retirement, age and pension wise.

We can buy post 2016 voluntary Class 3 NI, which is currently about £750 per year. This buys an extra £4.50 per week State pension for the rest of our lives. Assuming that you will be, like me, a basic rate taxpayer in retirement, it will take us 4 years to break even.

I haven't tried to make any payments yet - with over 4 years to go before State pension age I intend to leave if for a year or two and then decide how many years (out of the maximum 4) I want to buy.

I am also in a similar position, I am going to wait until the last possible time to buy back the years, I may end up paying more if the rate goes up but they could move the goal posts again.:(

MichelleB2301

Hi
I’m new to the forum & can’t work out how to start a new post but wondered if you could help. I’m looking to find out if I have contracted out of SERPS.
Thanks
Michelle

bigadaj

MichelleB2301 wrote: »

Hi
I’m new to the forum & can’t work out how to start a new post but wondered if you could help. I’m looking to find out if I have contracted out of SERPS.
Thanks
Michelle

Apply for a pension forecast and any amount noted as cope represents the nominal value of any contracted out pension. The actual value will depend on th scheme or investments that are in that pot.

xylophone

https://www.gov.uk/check-state-pension

dog_nanny

Well that's good news. I wonder if you can backdate class 2 contributions? My forecast says I need another 4 years. I could legitimately claim to have been self-employed since 2015, so if i could pay from 2015/16 to 2018/19 inclusive, that would do it.