Help understanding state pension forecast

xylophone

Have a look at this under I reach State Pension age after 6 April 2016

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

bearing in mind that it was published in 2013 and the "illustrative amounts' were lower than the actual Basic State Pension in 2016-17 (£119.30) and the actual new state pension in 2016-17 (£155.65)

This gives more detail. For Rebate Derived Amount read Contracted Out Pension Equivalent.


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

You can improve your state pension entitlement because when your starting amount was calculated, it was under the amount of a full new state pension and you had several years to go before state pension age.

If you make the contributions as set out in your forecast, you will be entitled to a full new state pension at state pension age at whatever rate it has then reached after index linked increases.

As for the COPE, remember that it is simply the estimate of the amount of additional state pension you would have received in addition to a basic state pension had you not contracted out.

What you actually receive from your private/occupational pension may be more/less/ the same as this.

https://www.gov.uk/government/publications/state-pension-fact-sheets/contracting-out-and-why-we-may-have-included-a-contracted-out-pension-equivalent-cope-amount-when-you-used-the-online-service

vulcanrtb

My state pension forecast always seems higher than the figures I see on here, my most recent forecast from April 2018 is £170.86 . No idea what that's about.

Dazed_and_confused

It's about your entitlement to State Pension.

Which can be more or less than £164.35, particularly for those under the transitional period.

It will go up again in a month's time to £175+

xylophone

My state pension forecast always seems higher than the figures I see on here, my most recent forecast from April 2018 is £170.86 . No idea what that's about.

See first link in my post above.

vulcanrtb

xylophone wrote: »

See first link in my post above.

Thanks, I'm sure the information is in that 14 page pdf somewhere, but I'll just accept I get what I get and spend the time gained doing something else :beer:

xylophone

No idea what that's about.

And you won't have either unless you take some steps to find out?

The first link ( "easy reader" style) was specifically produced by the Government for members of the public to help clarify the situation for those reaching SPA after the introduction of the new system


I reach State Pension age after 6 April 2016
I have contributions in the current scheme. How will my single-tier pension be calculated?

You could be in three positions: your foundation amount could be equal to, more than or less than the full single-tier pension.

"The man on the Clapham omnibus" is then invited to "read on for more details......"

Those who do so could well then have "some idea of what that's about".....

vulcanrtb

Condescending and pompous.

xylophone

Condescending and pompous.

But oh, so right?

vulcanrtb

You'll not score any points off me. I've noticed there is a tendency by some of the high post count users on this forum to try to belittle newcomers. Amply demonstrated just here.

xylophone

by some of the high post count users on this forum to try to belittle newcomers. Amply demonstrated just here.

I don't think I have ever tried to belittle other posters, newcomers not excepted.

May I suggest that you look at your post 16 and ask yourself how it comes over ?