Future State Pension Calculator

pigollo

I'm really struggling to anticipate what my future SP will be if I stop working now which is before my normal SP retirement age. I know I can add Voluntary contributions but I simply can't understand the GOV website describing what I might get. Does anyone know if there is a simple online calculator for this purpose?

I'll add.... I've got 38 full years prior to 6 April 2016 and 4 full years including the current year (20-21) but I have a part year which I could top-up cheaply if necessary.
Interestingly, my SP forecast on GOV UK indicates I could get £184.19 per week which is more than the £175.20 but I guess that assumes I'll keep working. I've also got private pensions but don't wish to draw those yet.

Any thoughts or advice would be hugely appreciated. Thank You.....

Dazed_and_C0nfused

Pretty sure it will £184.19, assuming that that is what you have actually accrued to date.

It will go up but only for any annual inflation increases.

Post the full forecast if you want as there isn't an online calculator that I'm aware of.  You are under transitional rules so the forecast is as good as you'll get for accuracy.

molerat

The forecast clearly states what you are forecast to get at retirement age provided you meet the caveats included, what you currently have and the maximum you can get.  If you currently have in excess of £175.20 then that, apart from inflationary increases, is it.

Annemos

GOV UK also told me that I had less than the maximum I could get for the State Pension. This was because I was contracted out to a company pension scheme in earlier years. And it also told me what I could get if I made more contributions. (I am not working.) 

So, I have been making the Vountary Class 3 contributions to do a top-up. Currently this is a payment required of 198.90 pounds per quarter. And you can make them up to and including the tax year before the tax year in which you reach retirement age. 

I check the forecast every year and the amount I am due to get increases, as I make these Voluntary contributions. 

By making the voluntary contributions, my understanding is that you have made up those payments within about 4 years of getting the state pension. So you just hope to live for at least four years after retirement. 

(I also figured, if I didn't I would be past caring anyway!) 

So it is a very efficient way, of using the 800 pounds a year. 

(Apologies if you already know this.) 



 

molerat

All very good but, from the limited information provided by the op, is of no relevance here and could lead to them erroneously wasting money.

Annemos

Why..... if he says UK Gov says that he could get 184.19, but at the moment it says he has 175.20. 

What would mean he couldn't 

Annemos

Oh, you mean if he hasn't actually looked at that comparison on HMRC's site? 

Linton

Annemos said:

Why..... if he says UK Gov says that he could get 184.19, but at the moment it says he has 175.20. 

What would mean he couldn't 

The OP did not say that the forecast website says £175.20.  I think he/she was confused because they understood that £175.20 was the standard amount.  Molerat's explanation is correct.

Annemos

Ahhh OK.... 
https://paullewismoney.blogspot.com/2016/10/target-155-boost-your-new-state-pension.html
Here is an artice if OP wants to read it. 

It gives some info on how to investigate things and who to contact for advice. 

molerat

If the forecast mentions a figure which is above the current maximum then that is what they already had at April 2016.  You cannot add to a figure that is above the maximum except possibly in a rare case of being above the new maximum with less than 30 pre 2016 years and some gaps between 2006 - 07 and 2015 - 16 and will be reflected in the forecast.

And IMO that article is quite poor and not up to the usual PL standard.  No wonder people come on here thinking COPE is deducted from their pension amount.

xylophone

The OP has been advised that his forecast shows an amount of £184.19 - this is higher than a full new state pension (£175.20).

 Although he may still  be having to make NI contributions (earning the relevant amount and under State Pension Age), these will not add to his state pension.

£175.20 of his pension will revalue (currently) under the triple lock and the balance  (his "protected payment") by CPI  as at last September.

https://www.gov.uk/new-state-pension/how-its-calculated