Uncovered pension errors HMRC

sevenhills

I was reading online about the erorrs to SERP pension calculations by HMRC, from last year.
I opted out of SERPs with a private pension, yet my pension forecast seems to ignore this, no reduced pension, I believe. Could the pension forecast be wrong? Its £165 or there abouts.



Tens of thousands of people are getting the wrong amount of state pension and face shock cuts or hikes to their weekly payments, it has emerged.
A massive and ongoing clean-up of old pension data has uncovered errors in work records stretching back decades, according to a report in the Financial Times.
People affected are being notified individually.
Those who have received too much state pension will not be forced to repay the money, but they will face reductions to future payments unless they successfully appeal the decision, the Government has confirmed.


https://www.thisismoney.co.uk/money/pensions/article-5844857/Is-state-pension-correct-Government-admits-data-bungle.html

xylophone

What exactly does your forecast say?

Marcon

What are the exact (or as exact as you can remember) years for which you used a private pension to contract out of SERPS?

sevenhills

Marcon wrote: »

What are the exact (or as exact as you can remember) years for which you used a private pension to contract out of SERPS?

I believe that I had a private pension for less than 2 years, with the Pru, I recently cashed it in.
I am 56

sevenhills

xylophone wrote: »

What exactly does your forecast say?

Unable to give me a password re-set at the moment. £164.35 rings a bell.

The State Pension age is under review and may change in the future.

greatkingrat

sevenhills wrote: »

I believe that I had a private pension for less than 2 years, with the Pru, I recently cashed it in.
I am 56

In which case, if you were only contracted-out for a relatively short time, it is not surprising if you are on course for a full state pension, or close to it.

Albermarle

I was contracted out of SERPS for 20 years but will still get the' full pension' . However it is capped and although I am still working it will not increase.
Like the OP I was a bit confused by this and after some digging it seems that if I had not been contracted out , I would have received even more . i.e. full pension and then extra ( I think would have been over £200pm in total ) . The rules are complicated and in addition we are in a transition phase from one system to another which makes it more complicated.

sevenhills

greatkingrat wrote: »

In which case, if you were only contracted-out for a relatively short time, it is not surprising if you are on course for a full state pension, or close to it.

The private pension was only paid into for a short time, but since I received £40k+ in total from the scheme, I assume the contracted out element carried on until the Government changed the rules.

Dox

sevenhills wrote: »

The private pension was only paid into for a short time, but since I received £40k+ in total from the scheme, I assume the contracted out element carried on until the Government changed the rules.

Bit hard to give sensible answers if you can only tell us that you 'assume' something happened. Perhaps check the paperwork if you still have it and see?

sevenhills

Dox wrote: »

Bit hard to give sensible answers if you can only tell us that you 'assume' something happened. Perhaps check the paperwork if you still have it and see?

My pension was worth - £12k from my payments and
£28k from former protected rights payments, I assume the latter is from my SERP payments.
Back in 1997 it was £240.03 from me and £336.58 from protected rights, DSS

xylophone

Does your pension forecast show a COPE?