35 years for full pension?

jamesd

Langtang said:

 “Your forecast is: £175.37 a week. You have: 42 years of full contributions & 9 years to contribute before 5 April 2029. You do not have any gaps in your record. Your COPE estimate is £22.12 a week”

I contracted out of serps into a private Guardian Choices pension in 89\90 for a decade. There is nothing within those years to say I had contracted out. Is this normal? If I were to retire tomorrow, would I be confident in getting the above figure, or should I double check it with DWP? (appreciate that I wouldn’t get it tomorrow, but 2029)

That's normal. Contracted  out years report "Full year" to indicate that the year counts towards the basic state pension instead of "Year is not full" meaning that it doesn't. Neither says anything about contracted out (of the earnings-related part).

You can trust the forecast in this situation.

xylophone

Your forecast is actually  17p higher than a full new state pension.

Although you will need to continue to make NI contributions (up to SPA) if you continue to work and earn the appropriate amount, the pension will  now only increase under the triple lock rules (or replacement).

ElephantBoy57

Langtang said:

 “Your forecast is: £175.37 a week. You have: 42 years of full contributions & 9 years to contribute before 5 April 2029. You do not have any gaps in your record. Your COPE estimate is £22.12 a week”  I contracted out of serps into a private Guardian Choices pension in 89\90 for a decade. There is nothing within those years to say I had contracted out. Is this normal? If I were to retire tomorrow, would I be confident in getting the above figure, or should I double check it with DWP? (appreciate that I wouldn’t get it tomorrow, but 2029)

My pension figure is very similar. I assume that you are too young to retire and claim your state pension, which is why it is saying that you have 9 years left.

I also contracted out, but qualify for the full pension.

Langtang

ElephantBoy57 said:

Langtang said:

 “Your forecast is: £175.37 a week. You have: 42 years of full contributions & 9 years to contribute before 5 April 2029. You do not have any gaps in your record. Your COPE estimate is £22.12 a week”

My pension figure is very similar. I assume that you are too young to retire and claim your state pension, which is why it is saying that you have 9 years left.

I also contracted out, but qualify for the full pension.

Yes, I am 57 but looking at retiring early at 60 possibly. I realise that SPA is 67 for me but with private pensions for us both (that don’t amount to a hill of beans in reality), we thought it prudent to think about it. 

Langtang

xylophone said:

Your forecast is actually  17p higher than a full new state pension.   pension will  now only increase under the triple lock rules (or replacement).

That is partly why I was questioning it. My wife’s one is 17p less than mine (i.e. full) and it seemed strange as I assumed £175.20 was the top. Will have to research triple lock, thanks for the heads up. 

Mick70

can I ask about my wife please

on the govt website it says -
£175.20 per week (£9141 pa) from 2034. 

You need to continue to contribute National Insurance to reach your forecast

Estimate based on your National Insurance record up to 5 April 2019

£170.65 a week

Forecast if you contribute another year before 5 April 2034

£175.20 a week

£175.20 is the most you can get

You cannot improve your forecast any further, unless you choose to put off claiming.

If you’re working you may still need to pay National Insurance contributions until 29 July 2034 as they fund other state benefits and the NHS.

View your National Insurance record

Your forecast may be different if there are any changes to your National Insurance information. There is more about this in the terms and conditions.

You’ve been in a contracted-out pension scheme

Like most people, you were contracted out of part of the State Pension.

You were contracted out

In the past you’ve been ‘contracted out’ of the additional State Pension.

When you were contracted out:

• you and your employers paid lower rate National Insurance contributions, or
• some of your National Insurance contributions were paid into another pension scheme, such as a personal or stakeholder pension

The amount of additional State Pension you would have been paid if you had not been contracted out is known as the Contracted Out Pension Equivalent (COPE).

Contracted Out Pension Equivalent (COPE)

Your COPE estimate is£8.50 a week.

This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government.

In most cases the private pension scheme you were contracted out to:

• will include an amount equal to the COPE amount
• may not individually identify the COPE amount

The total amount of pension paid by your workplace or personal pension schemes will depend on the scheme and on any investment choices.

If I look at her NI Record -

You have:

• 36 years of full contributions
• 15 years to contribute before 5 April 2034

You do not have any gaps in your record.

so does it mean she will still get the state pension forecast of £175.20 per week ?  or should I have concerns regarding the contracted out element ?    confused

many thanks for any help,

Mick

AlanP_2

Ignore the COPE bit as that was only used as part of the 2016 changeover calculations.

If she contributes 1 more year befor 2034 she will get the £175.20 estimate which will increase each year by the Triple Lock.

Silvertabby

Further to AlanP's comment, the COPE of £8.50 per week indicates that your wife has a little occupational or private pension tucked away somewhere.

This will be paid in addition to her State pension and, subject to the scheme rules, is likely to be payable before her State pension age. 

Dazed_and_C0nfused

But it is highly unlikely to actually be £8.50/week.

More likely to pay more than that although not necessarily much more.