State pension

molerat

When was this forecast produced ?  Did you have a period not working after 2016 ?

PATRICIAMARY_2

I had a forecast in 2018 in anticipation of retirement in May 2019 when I would have been 65 and 4 months (I'm a WASPI). When the letter giving actual details was received my pension was c145 pounds instead of c166 pounds. I do not recall the full details but was aware that deferral would give an uplift so I therefore got a part time job, collected my local government pension and eventually collected my state pension in late 2020.  

molerat

Very unusual for the actual final amount to be less than the forecast. One possible reason which has been seen is incorrect recording of contracted out years that only comes to light during the final calculations.  Another reason is maybe your mis-reading of the forecast which has cropped up here a few times.

xylophone

I had a forecast in 2018 in anticipation of retirement in May 2019 when I would have been 65 and 4 months (I'm a WASPI). 

What exactly did the forecast say?

Did it give the forecast of a full NSP but tell you that you needed to continue to contribute to reach your forecast?

Or did it tell you that you could not improve your forecast any more?

What was shown as the COPE?

PATRICIAMARY_2

I don't remember all the details but it did say I satisfied the contributions and  the amount I would get was c166 (whatever the full amount was at the time).  I don't know what COPE is and don't recall anything  else other than I didn't need to do anything more to improve on the full amount I was told I would be entitled to!

xylophone

I don't know what COPE is and don't recall anything  else other than I didn't need to do anything more to improve on the full amount I was told I would be entitled to!

See my previous on page 1.

See  "Rebate Derived  Amount" here.

 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/210299/single-tier-valuation-contracting-out.pdf

Something does not seem quite right if you were told that you were entitled to full NSP and could not improve your forecast any more.

You might wish to query your situation with DWP.

immy1

Hi

I'm hoping that someone can make sense of this letter I have received about my initial state pension amounts.  I have just qualified to receive the state pension from March 2021.

The front of the letter says I will get £174.77  a week payable from 24/03/2021.    It goes on to say that the first payment will be for £699.08 for the period 24/03/2021 to 20/04/2021.  The second payment will be paid on 18/05/2021 and again will be for £699.08.

On the back of the letter it states 'we owe you the total sum of £703.47 for the period 24/03/2021 to 20/04/2021.   This the amount I have received into my account today and yet on the front page It says I will get only £699.08 for the first one?

Then it says each payment after the first one will be for the same amount.  So will that be £703.47 or £699.08?   And what happened to the £174.77 I should be getting?

If only they would put the reason for the different payment amounts in their letters and a fuller explanation.  It would probably end up saving them lots of customer queries.

xylophone

The default for state pension payments is four weekly.
4 x 174.77 = £699.08.

Your first payment includes a few odd days and therefore is higher than the amount you will receive going forwards?

Linton

From the numbers it looks like it is because the State Pension went up by about £4/week from the 12th April.  So the £174.77/week was payable from 24/03/21 but the period to 20/04/21 includes 1 week at the higher rate.

immy1

Ah right. Thanks to you both for your replies.  This has saved me a very long wait on the phone trying to get to the bottom of it.