Check your state pension

point5clue

A discussion with a friend has put a little doubt in my mind about the numbers I see on the 'Check your state pension' website.

It says "£174.62 is the most you can get
You cannot improve your forecast any more."

Fine - good news, but now I'm wondering if that figure assumes I carry on paying NI into the future ?

On the NI record page it says

Summary:
30 years of full contributions
18 years to contribute before 5 April 2036
3 years when you did not contribute enough

enthusiasticsaver

That figure assumes you carry on contributing until state pension age but I think you need 35 full years to get the new state pension. That may be reduced if you were contracted out at any time though. You need to keep checking. Is there a COPE figure quoted?

Dazed_and_confused

It sounds like the op had already earned more than the standard "new State Pension" amount of £164.35 so future years contributions (if earning enough to be paid) won't increase this.

Most likely they weren't contracted out (or not for long).

NI still needs to be paid but is of no benefit from a State Pension perspective (under the current rules).

The pension earned so far will of course increase for the annual inflation uplift.

xylophone

It says "£174.62 is the most you can get
You cannot improve your forecast any more."

https://www.prospect.org.uk/help-at-work/pensions-retirement/state-pensions/how-much-state-pension


Your starting amount exceeded the full new state pension so that although you will need to pay NI if under SPA and earning above a certain amount, it will not increase your state pension.

drumtochty

The original poster has been economic with his information.


The webpage he visited advises the pension earned to date, he has not advised that but we think that is the figure he is talking about.


To the original poster is that the pension earned to date.


As others have said you still need to pay any Nationl Insurance contributions that are due each year as NI does not just pay for pensions.

Whitterbod

just checked mine
forecast for April 2018 is £144.92 and April 2033 is £164.35 . with a cope estimate of £62.37 no gaps as i was opted out in the past glad i got a worlk place pension

Scrounger

drumtochty wrote: »

As others have said you still need to pay any National Insurance contributions that are due each year as NI does not just pay for pensions.

However, you won't need to pay any further National Insurance contributions if you decide to retire. :beer:
Scrounger

point5clue

The original poster has been economic with his information.

Sorry, wasn't trying to be awkward - its just the same value as I posted - don't have anything to compare it to - it doesn't give a starting amount.

I have 30 years stamp so far, the three partial/missed years were 25 years ago or so. Presumably last two don't count to starting amount, so it would have been 28 years in 2016 - is that enough to already have enough?

Plan to stop work in a lot less than 18 years, so wanted to be sure my assumptions were correct. Need to look at Mrs .5clue next...

You can get your State Pension on DD MMMM 2036. Your forecast is

£174.62 a week

£759.29 a month, £9,111.42 a year

Audaxer

point5clue wrote: »

It says "£174.62 is the most you can get
You cannot improve your forecast any more."

Although it says £174.62 is the maximum you can get, does it not give an estimate based on your NI record to date? I'd be surprised if you still qualified for the full £174.62 if for example you were to retire now and make no further voluntary contributions.

My SP shows the most I can get is £164, but I will only get that if I continue with voluntary contributions for the next 6 years, because my estimate based on my record to April 2017 was £131.

molerat

Audaxer wrote: »

Although it says £174.62 is the maximum you can get, does it not give an estimate based on your NI record to date? I'd be surprised if you still qualified for the full £174.62 if for example you were to retire now and make no further voluntary contributions.

My SP shows the most I can get is £164, but I will only get that if I continue with voluntary contributions for the next 6 years, because my estimate based on my record to April 2017 was £131.

The clue is in the statement

You cannot improve your forecast any more

In this scenario they only give one figure and that is the current amount accrued.

Audaxer

molerat wrote: »

The clue is in the statement In this scenario they only give one figure and that is the current amount accrued.

My wife's SP says the same "You cannot improve your forecast further", but it also says that forecast is if she contributes for another 6 years.