State Pension forecast (individual request)

molerat

Dasa wrote: »

What has happened that forecasts are wrong? I read this and then checked mine. It says I have 40 years and the maximum pension.A few weeks ago it said I had 39 and 1 year short. I was thinking about making a voluntary contribution to get it up to the max. So now I don't know if its' correct or not and if I should make one.

They may have only just updated the 2018/19 tax year which could account for that one year, the "up to" year is shown on the forecast. Many of the errors seem to be down to contracted out periods not being accounted for. Do you have any reason for thinking it may not be correct ?

Linton

Dasa wrote: »

What has happened that forecasts are wrong? I read this and then checked mine. It says I have 40 years and the maximum pension.A few weeks ago it said I had 39 and 1 year short. I was thinking about making a voluntary contribution to get it up to the max. So now I don't know if its' correct or not and if I should make one.

Did the first forecast say you already had the maximum pension or that you would get it by the end of the 2018/19 tax year? Is it possible that the 2018/19 data has not yet been included?


The best way for checking on pension entitlements is to phone the Future Pensions Centre, https://www.gov.uk/future-pension-centre. I have always found them very helpful.

Dasa

molerat wrote: »

They may have only just updated the 2018/19 tax year which would account for that one year, the "up to" year is shown on the forecast. Many of the errors seem to be down to contracted out periods not being accounted for. Do you have any reason for thinking it may not be correct ?

18/19 isn't updated yet.but is not relevant in my case. anyway. I can't see a cope amount it just says I was contracted out for 5 years I'm not due to get my state pension for 5 years but Iv'e only got a year or so to get the voluntary payment in. I am hoping it was wrong before and its been corrected but I'm concerned when it comes to retirement it might get changed again.

Dasa

Linton wrote: »

Did the first forecast say you already had the maximum pension or that you would get it by the end of the 2018/19 tax year? Is it possible that the 2018/19 data has not yet been included?


The best way for checking on pension entitlements is to phone the Future Pensions Centre, https://www.gov.uk/future-pension-centre. I have always found them very helpful.

I can't remember exactly what it said but I know it said I needed one more year to get the full amount. The only way I can do this now is to make a voluntary contribution as I am no longer working, that is if the latest one is not correct. I guess I will have to ring them up again.

molerat

Dasa wrote: »

........ it just says I was contracted out for 5 years .........

Never seen that on a forecast, where does it show the number of years contracted out ? And if it tells you that you were contracted out it should also show a COPE amount in the click link.

DancingBadger

Linton wrote: »

If the figure are right it suggests that you husband was in well paid contracted-in employment for a lot of his working life accruing a large amount of SERPS/S2P/ASP.

That's the bit that's worrying. From 1978 to 2005 he was employed by a series of ITV companies and is sure he was contracted-out.

Dasa

molerat wrote: »

Never seen that on a forecast, where does it show the number of years contracted out ? And if it tells you that you were contracted out it should also show a COPE amount in the click link.

Sorry this is what it says on my Nat ins page


40
years of full contributions
5
years to contribute before 5 April 2023
5
years when you did not contribute enough (this is what I meant)

molerat

Dasa wrote: »

5 years when you did not contribute enough (this is what I meant)

Which has nothing to do with contracting out. Purely years where you did not make enough contributions for a basic pension year.

Dasa

molerat wrote: »

Which has nothing to do with contracting out. Purely years where you did not make enough contributions for a basic pension year.

I see, thanks. I clicked on the link and the cope amount is £4.03. I don't remember having to click on a link before I thought it was shown on the page already? Thanks for your help I find this all so confusing and worrying .When the tax people can't get it right what chance do I stand!!

xylophone

That's the bit that's worrying. From 1978 to 2005 he was employed by a series of ITV companies and is sure he was contracted-out.

Was he a member of their DB Pension Scheme?

If so, he was almost certainly contracted out.

See post 23 here.

https://forums.moneysavingexpert.com/discussion/6009662/warning-double-check-state-pension-forecasts-after-govt-admits-significant-errors-mse-news&page=2

It might be as well for your husband to check his situation?