NI Pension Contributions Please Help

CAZPOW

I have been burying my head in the sand regarding pensions  (I just have a mental block at the word of pensions) I have just checked and it says I can get my State Pension on 4th Nov 2033 (only 10 years or so to go I am 55) my forecast states I will get £192.38 a week and that I can not improve my forecast.  On the email from MoneySaving Expert the full amount is £185.15 a week.  Any help would be really helpful.

Dazed_and_C0nfused

You are under transitional rules so the £185.15 is only relevant if you hadn't reached the equivalent amount in 2016 when you're starting amount was calculated.

Your entitlement will increase with the inflation proofing (hopefully) provided by the triple lock but that's all.

xylophone

my forecast states I will get £192.38 a week and that I can not improve my forecast. 

This indicates that your starting amount was already a little higher than a full new state pension  at  6/4/16 when the new system started.

See page 7/8

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

This was produced before the inception of NSP and therefore gave an illustrative amount for NSP.

NSP at 6/4/16 was £155.65.

It has increased (under the "triple/double) lock to £185.15  - your  small "protected payment" has increased by CPI to  (currently) £7.23.

As far as we know, this will continue up to and beyond your drawing your SP in 2033.

All that 

I can not improve my forecast. 

means is that although you will continue to pay NI (if working and earning the relevant amount}, it will not increase your SP beyond the index linking as indicated above.

squirrelpie

xylophone said:

All that 

I can not improve my forecast. 

means is that although you will continue to pay NI (if working and earning the relevant amount}, it will not increase your SP beyond the index linking as indicated above.

... and that's because NI pays for various other things as well as pensions, plus the payments you make pay for my pension now and similarly other people will pay for your pension in the future. (Crazy system or what?