State Pension forecast

NoMore

marlot wrote: »

You can escape NI by earning less (there's a threshold) or by getting older (no payments when you're over your state pension age).

Also no NI paid on any Pension income, so if your lucky to have enough pension to cover your needs from 55 onwards, you can quit your job and never pay NI again.

fifeken

Audaxer wrote: »

If it is forecast you are at the maximum £164 per week,

Off topic, but this caught my eye. I thought the forecast of £164 (and some pennies) was the minimum you could get with full contributions. I'm sure my forecast is higher and I think others on here have said the same. Does that sound right?

Linton

fifeken wrote: »

Off topic, but this caught my eye. I thought the forecast of £164 (and some pennies) was the minimum you could get with full contributions. I'm sure my forecast is higher and I think others on here have said the same. Does that sound right?

Your SP can be greater than the standard full rate if you accumulated sufficient SERPS/S2P prior to April 2016. At the change-over no-one lost anything they had already earned.

greenglide

At the change-over no-one lost anything they had already earned.

people who had less than 10 years contributions did lose out. If there are no years they can purchase then they get nothing instead.


A boundary case but some could be impacted simply because they reached SPa after 5th April 2016.

GunJack

greenglide wrote: »

people who had less than 10 years contributions did lose out. If there are no years they can purchase then they get nothing instead.


A boundary case but some could be impacted simply because they were born after 5th April 2016.

I don't understand this.....

1. if they had <10 yrs surely their starting amount would be worked under the old system?

2. How would someone born after Apr 16 lose out?

Not being awkward, just don't get how you got to those statements..

Silvertabby

“ people who had less than 10 years contributions did lose out. If there are no years they can purchase then they get nothing instead.


A boundary case but some could be impacted simply because they were born after 5th April 2016.
Originally posted by greenglide

GunJack wrote: »

I don't understand this.....

1. if they had <10 yrs surely their starting amount would be worked under the old system?

2. How would someone born after Apr 16 lose out?

Not being awkward, just don't get how you got to those statements..

I think greenglide means that someone born after April 2016 would have to accrue at least 10 years of NI contributions - or get nothing. But surely they could top up their years with post 2016 voluntary contributions?

p00hsticks

Silvertabby wrote: »

I think greenglide means that someone born after April 2016 would have to accrue at least 10 years of NI contributions - or get nothing. But surely they could top up their years with post 2016 voluntary contributions?

I suspect that greenglide meant to refer to someone reaching State Retirement Age after April 2016, rather that being born on that date.


Soneone with 9 years NI contributions reaching State Retirement Age on 5th April 2016 would receive around £35 State Pension (excluding SERPS) under the old rules, whilst someone reaching the same age a day later would - I think - receive nothing, and have no opportunity to top up with post 2016 contributions.

xylophone

https://www.theguardian.com/money/2016/mar/07/state-pension-shakeup-simpler-fairer-nasty-surprise

GunJack

p00hsticks wrote: »

I suspect that greenglide meant to refer to someone reaching State Retirement Age after April 2016, rather that being born on that date.


Soneone with 9 years NI contributions reaching State Retirement Age on 5th April 2016 would receive around £35 State Pension (excluding SERPS) under the old rules, whilst someone reaching the same age a day later would - I think - receive nothing, and have no opportunity to top up with post 2016 contributions.

But if they only had 9 yrs pre-2016 they could top-up with pre-2016 years, surely??

molerat

GunJack wrote: »

But if they only had 9 yrs pre-2016 they could top-up with pre-2016 years, surely??

Yes because you can currently fill any of the 10 years 2006/07 - 2015/16