Future State Pension Calculator

Ronniecash

Is it worthwhile deferring my state pension which I am due to receive in June this year

pigollo

There's a few questions I must ask here...

Firstly, it doesn't appear like anyone knows how to work out their entitlement at any specific point in time without including any possible additional qualifying years in the future (that's including me).  
Next, the government website provides a forecast but I still don't know if that includes an expectation of continuous work to retirement or not. A typical pension fund would project a value in to the future but this is different because they are counting years of full NI contributions, that's not a monetary amount. So I'm concerned the forecast is based on me continuing to work. I was told I'd lose 3 years of my pre 2016 years and need more post 2016 years.  That's where my confusion is...  do I buy the extra Class 3 Voluntary contributions?
Surely there should be an easy demonstration calculation. I've searched and can't find it.
 
It's such a tough and clouded subject. If we don't get it right before we retire it's too late !!

Dazed_and_C0nfused

pigollo said:

There's a few questions I must ask here...

Firstly, it doesn't appear like anyone knows how to work out their entitlement at any specific point in time without including any possible additional qualifying years in the future (that's including me).  
Next, the government website provides a forecast but I still don't know if that includes an expectation of continuous work to retirement or not. A typical pension fund would project a value in to the future but this is different because they are counting years of full NI contributions, that's not a monetary amount. So I'm concerned the forecast is based on me continuing to work. I was told I'd lose 3 years of my pre 2016 years and need more post 2016 years.  That's where my confusion is...  do I buy the extra Class 3 Voluntary contributions?
Surely there should be an easy demonstration calculation. I've searched and can't find it.
 
It's such a tough and clouded subject. If we don't get it right before we retire it's too late !!

Until you post details of your forecast you're not going to get much further on here.

I'm not sure you have taken it what it actually says because it should be clear.

But almost certainly you have reached the maximum you personally can get.  Which is based on transitional rules, not the standard new State Pension rules.

molerat

The forecast clearly tells you what the maximum you can achieve is and what you need to do, if anything, to reach that figure.  If there is only one number with a statement of that is the maximum you can reach then that is it, you are already there.  Post up all the numbers and someone will clarify it for you. 

Who told you that you would lose 3 pre 2016 years and need more post ? Likely someone who didn't understand how it works because that is not how it works.

eastcorkram

I also think it could be worded better. Why does it say I need to contribute more if I'd already reached the forecasted amount back in 2016?

molerat

Where on earth does that one come from ?  Makes no sense at all. Unless maybe you are one of those rare cases I mentioned earlier.

eastcorkram

molerat said:

Where on earth does that one come from ?  Makes no sense at all. Unless maybe you are one of those rare cases I mentioned earlier.

It comes from the website where you check your state pension forecast.
I get that I need to carry on paying national insurance if I'm earning. I've no problems with that. But it says I need to carry on paying in order to reach the forecast. Even though the forecast is the same figure as the 2016 one.

molerat

Never seen it laid out like that on any web page or device and it makes no sense whatsoever especially mentioning 2016.  What are all the figures on the forecast ?

eastcorkram

molerat said:

Never seen it laid out like that on any web page or device and it makes no sense whatsoever especially mentioning 2016.  What are all the figures on the forecast ?

Those two as seen on that screenshot. I could increase it by buying one year, which took it to something like £181. 
Contributions bit.
29 full 
5 more to contribute
16 when not enough paid.

Note, those 16 were worked outside UK .

molerat

Yep, one of those rare cases.  You had less than 30 years but were already above the new maximum pre 2016 so another one will add to that at the old rate of £4.48 rather than the new £5.  Post 2016 years have not and will not add to the pension amount.