State pension forecast query

shiredevon

Okay guys, 
Looks like I'm getting what's due, thanks for clearing things up, 
At least I don't have to try and contact them Hehe. 
Thanks again

Mick70

xylophone said:

Mick70
BSP at 6/4/2016 was £119.30

NSP was £155.65.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf

At 6/4/16 two calculations were done (for you and for your wife)

NI years/30 x £119.30 + ( Additional State Pension - a deduction for contracting out)
(NI years/35 x £155.65) - Contracted Out Pension Equivalent.
The COPE is  called the "rebate derived amount" in the link.
The "starting amount"  for each of you was the HIGHER of the two calculations.
If the "starting amount" was less than the amount of a full new state pension, there was the possibility of improving it up to a full NSP by NI contributions or credits, depending on the exact situation of each of you.

So basically by paying our NI over the years we still get Full SP ?  Thanks, I was bit unsure 

Dazed_and_C0nfused

Mick70 said:

xylophone said:

Mick70
BSP at 6/4/2016 was £119.30

NSP was £155.65.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/447195/new-state-pension--effect-of-being-contracted-out.pdf

At 6/4/16 two calculations were done (for you and for your wife)

NI years/30 x £119.30 + ( Additional State Pension - a deduction for contracting out)
(NI years/35 x £155.65) - Contracted Out Pension Equivalent.
The COPE is  called the "rebate derived amount" in the link.
The "starting amount"  for each of you was the HIGHER of the two calculations.
If the "starting amount" was less than the amount of a full new state pension, there was the possibility of improving it up to a full NSP by NI contributions or credits, depending on the exact situation of each of you.

So basically by paying our NI over the years we still get Full SP ?  Thanks, I was bit unsure 

You were probably going to get full standard State Pension anyway under the old rules but you have now have the opportunity to get the full "new" State Pension despite paying less National Insurance for a number of years.

If you are a glass half full kinda person then it's win win situation 

xylophone

So basically by paying our NI over the years we still get Full SP ?  Thanks, I was bit unsure 

You and your wife had a "starting amount" at 6/4/16.

I seem to remember from other posts that you were both under 50 and still employed and intending to continue in employment at that point.

If your "starting amounts" were under a full NSP at that date, you could improve your forecasts up to a full NSP by continuing to contribute (or by receiving credits) in subsequent years (or in certain circumstances by filling previous years).

https://www.royallondon.com/siteassets/site-docs/media-centre/good-with-your-money-guides/gwymg-8-new-state-pension-april-2019-edition-interactive.pdf is very readable.