Understanding my state pension forecast and COPE

Rollingonandon

Thanks, will try them now.

WackieO

Thanks for everyone's comments - it makes much more sense now.  Now I'm interested to see how the Reassure pension is doing. 

RG2015

WackieO said:

Thanks for everyone's comments - it makes much more sense now.  Now I'm interested to see how the Reassure pension is doing. 

Does your forecast mention anywhere having to continue making National Insurance contributions, like the image below?

WackieO

It says : 

Your forecast is

• not a guarantee and is based on the current law 
• is based on your National Insurance record up to 5 April 2021 
• does not include any increase due to inflation

£185.15 is the most you can get

You cannot improve your forecast any more.

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

RG2015

WackieO said:

It says : 

Your forecast is

• not a guarantee and is based on the current law 
• is based on your National Insurance record up to 5 April 2021 
• does not include any increase due to inflation

£185.15 is the most you can get

You cannot improve your forecast any more.

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

Thanks for this. I just wanted to make sure that you were not being misled by anyone here.

The bold bit above confirms this.

As you will see in the image in my post above, there are two figures, £185.15 and £120.21 based on the record up to 5 April 2021. You will notice that it also says £185.15 is the most you can  get.

 

Audaxer

molerat said:

Audaxer said:

WackieO said:

I had a look at my state pension forecast yesterday and it says I will be due £185.15 a week on my birthday in 2032 and that I have 38 years full contribution and that I cannot improvement my forecast.  It also mentions I have 11 years left to contribute.  

 

You are in a very good position, and don't need to do anything if you have reached the maximum State Pension forecast with only 38 years of full contributions after being contracted out. I and many others with well over 40 years contributions are still paying voluntary contributions to get to the maximum. 

OP has not really put enough meat on the bones of that top line figure to show if that is actually the case.

Fair point - I was just looking at the "cannot improve my forecast" statement, but the OP did need to give further details. I see that the OP has now clarified further by advising that the statement also says his forecast "is based on your National Insurance record up to 5 April 2021" which I think means he has already reached the maximum, which he would get in 2032 even if he stopped work now and didn't make any more NI payments. 

WackieO

What does OP mean?  Btw I'm a she 

Dazed_and_C0nfused

Original poster

WackieO

Thanks