Check your State Pension error

jamesd

What that means is that as of April you'd paid in enough to get to 165.27 and need another "full year" to get to 168.60. A full year means one that counted towards the basic state pension and now the single tier state pension. Work, benefits or class 3 NI buying will do the job.

I'm quite surprised by the low COPE and state pension years and amount combination. Do you have any other workplace pensions? Or maybe did mostly part time and low paid work?

DairyQueen

jazzy wrote: »

Not sure why this amount is lower than the pension forecast because I have 41 years of confirmed full years on NIC? There will also be an extra year on NIC before I reach state pension age, April 2019-April 2020.

Probably because you were contracted out. Only those who begin their working lives subsequent to the 2016 implementation of the nSP will require 35 years. The rest of us are in transition and may need more or less than 35 years.

The good news for you is that you will qualify for the maximum regardless, plus you should have an additional pot (or DB benefits) in addition (for the years that you were contracted-out).

Peter_Kendrick

Contacted DWP and HMRC yesterday to find out why my online state pension forecast was incorrect. As I have discovered through research on this site they had not taken my contracted out status into account. They both blamed each other and said they were unaware of my contracted out status when the forecast was published...BUT THEY WERE!!!

Anyway, I can now pay the following shortfalls in NI contributions to get an extra £13.50 per week:
2016-2017 £780
2017-2018 £741
2018-2019 £761.80
Total £2282.80
What further annoys me is that had I known this a few months ago I could have saved money before the contribution price went up.

The pension forecast website in my case has been a complete and utter con and I understand that thousands of other people have been given erroneous forecasts. It should be taken down until such time that they can give people an accurate forecast of their state pension.

grnglide

All that HMRC can do (in the online forecast) or DWP can do (via the Future Pension centre) is provide a forecast using the data that is held by HMRC. If that data is wrong or incomplete then the forecast will be inaccurate. If the data is inconsistent the the forecast could be "interesting".


Hundreds of millions of records accumulate over 45 years or more - what can possibly go wrong!

SeeMe

Peter_Kendrick wrote: »

Anyway, I can now pay the following shortfalls in NI contributions to get an extra £13.50 per week:
2016-2017 £780
2017-2018 £741
2018-2019 £761.80
Total £2282.80
.

I paid for the year 2016/2017 and almost sure i paid £733 or very close to it?

molerat

SeeMe wrote: »

I paid for the year 2016/2017 and almost sure i paid £733 or very close to it?

£733.20 - that would have been before April 19, less than 2 years after the end of the year in question, after which the price went up to the current year price.

SeeMe

molerat wrote: »

£733.20 - that would have been before April 19, less than 2 years after the end of the year in question, after which the price went up to the current year price.

Oh i see i did pay before April 19.

jamesd

Peter_Kendrick wrote: »

What further annoys me is that had I known this a few months ago I could have saved money before the contribution price went up.

Try complaining that you lost the opportunity because of the misleading information and ask them as redress to either permit the lower price or pay the cost difference.

daddydodo

Crikey I thought I was understanding all this but now I am very confused.
My recent SP forecast of last week is
£168.60 @ 2032
£156.31 @ 5-Apr-19
States that I need 3 more years NI contributions to get to £168.30

I have never been in SERPS and my COPE estimate is £61.64/week. Does my COPE element subtract from my State Pension forecast? I have read and re-read my forecast and I can interpret it as either -
1. My SP is paid regardless of my COPE
2. My SP is paid at a lower level due to being contracted out

Could someone offer an opinion pls.......

molerat

COPE can be forgotten about for all real life purposes. It was only ever used in the 2016 starting amount calculation of which was the higher amount, the old n/30ths + S2P or the new n/35ths-COPE. This thread is mainly about those where the COPE figure has been ignored in that calculation. What you see is what you will get, your 2 figures show what you can get and what you have already got.