State pension forecast questions

Jogeyy

Hi all, 
My online state pension forecast says "Your forecast is £185.15 a week"  "£185.15 is the most you can get"
My online national insurance record says "You have:

• 34 years of full contributions
• 2 years to contribute before 5 April 2024"
  
  I thought you have to have 35 years to get a maximum state pension so how can I be forecast to get the maximum with only 34 years of contributions?

Secondly, my online state pension forecast also says "Contracted Out Pension Equivalent (COPE)

Your COPE estimate is £22.14 a week" 

Does this mean that  that instead of getting the full amount forecast above i.e. 185.15 per week I will get 
185.15 - 22.14 i.e. £163.01?  Or will I still get the full £185.15 despite having been in this contracted out scheme?

Thanks

TadleyBaggie

The 35 years is for people starting their working life after April 2016, anyone in employment before are on a "hybrid" of the new and old systems which means you might need less or more than 35 years. It all depends on circumstances.

Ignore the COPE figure, the forecast should say, it does not affect your forecasted state pension.

QrizB

Jogeyy said:

I thought you have to have 35 years to get a maximum state pension so how can I be forecast to get the maximum with only 34 years of contributions?

This is only true if you were born after 2000 (or so) and started paying NI from 2016. For everyone else, it isn't.

Does this mean that  that instead of getting the full amount forecast above i.e. 185.15 per week I will get 

185.15 - 22.14 i.e. £163.01?  Or will I still get the full £185.15 despite having been in this contracted out scheme?

You will get the full £185.15.

It should say somewhere near the number that your COPE will not affect your state pension.

p00hsticks

Jogeyy said:

I thought you have to have 35 years to get a maximum state pension so how can I be forecast to get the maximum with only 34 years of contributions?

It's because you started your working life prior to the introduction of the new State Pension in April 2016, and so fall under transitional rules, where your forecast depends on your individual circumstances and you may need more or less than 35 years (e.g you need 34, i need 44). the 35 year rule  is only for those younglsters who will fall entirely under the new rules.

Jogeyy said:

Secondly, my online state pension forecast also says "Contracted Out Pension Equivalent (COPE)

Your COPE estimate is £22.14 a week" 

Does this mean that  that instead of getting the full amount forecast above i.e. 185.15 per week I will get 
185.15 - 22.14 i.e. £163.01?  Or will I still get the full £185.15 despite having been in this contracted out scheme?

You'll still get the £185.15.

the COPE figure was used once as as part of the transitional calculation at the time the new State Pension was introduced. After that it can be ignored, other than it being an indication that you should have some form of private pension out there somewhere. 

Dazed_and_C0nfused

I thought you have to have 35 years to get a maximum state pension so how can I be forecast to get the maximum with only 34 years of contributions?

You have either misunderstood whatever you have read to think that or is was simply wrong.

You are under transitional rules so having 35 years is irrelevant.

And if you read the COPE section it clearly states this won't be deducted.  Or words to that effect.

xylophone

See

https://forums.moneysavingexpert.com/discussion/comment/79647223/#Comment_79647223

Audaxer

Jogeyy said:

Hi all, 
My online state pension forecast says "Your forecast is £185.15 a week"  "£185.15 is the most you can get"
My online national insurance record says "You have:

• 34 years of full contributions
• 2 years to contribute before 5 April 2024"
  
  I thought you have to have 35 years to get a maximum state pension so how can I be forecast to get the maximum with only 34 years of contributions?

As others have said, 35 years only applies to those who started contributing from 2016. Many of us nearing retirement age can find out that we require well over 40 years of contributions to get the full amount. It looks like you may only need to contribute for another 2 years to get the full £185.15, but to be sure, can you let us know what amount is showing on the line that says, "Estimate based on your National Insurance record up to 5 April 2022"?

p00hsticks

Audaxer said:

Jogeyy said:

Hi all, 
My online state pension forecast says "Your forecast is £185.15 a week"  "£185.15 is the most you can get"
My online national insurance record says "You have:

• 34 years of full contributions
• 2 years to contribute before 5 April 2024"
  
  I thought you have to have 35 years to get a maximum state pension so how can I be forecast to get the maximum with only 34 years of contributions?

 It looks like you may only need to contribute for another 2 years to get the full £185.15, but to be sure, can you let us know what amount is showing on the line that says, "Estimate based on your National Insurance record up to 5 April 2022"?

The reported presence of the statement ""£185.15 is the most you can get"" suggests to me that the OP is already at the maximum, and further contributions for the two future years would not increase the amount (although if the OP is still working, they'll need to continue to pay NI until they reach State Pension Age)

squirrelpie

Is there a sticky for these questions? They come up practically every day!

ader42

p00hsticks said:

Jogeyy said:

Hi all, 
My online state pension forecast says "Your forecast is £185.15 a week"  "£185.15 is the most you can get"
My online national insurance record says "You have:

• 34 years of full contributions
• 2 years to contribute before 5 April 2024"
  

The reported presence of the statement ""£185.15 is the most you can get"" suggests to me that the OP is already at the maximum, and further contributions for the two future years would not increase the amount (although if the OP is still working, they'll need to continue to pay NI until they reach State Pension Age)

 "Your forecast is £185.15 a week"  "£185.15 is the most you can get" actually means you will get £185.15 IF you contribute for the two future years - it’s a forecast of what you will get IF you continue to contribute.

They really should word this better imho.

tempus_fugit

ader42 said:

p00hsticks said:

Jogeyy said:

Hi all, 
My online state pension forecast says "Your forecast is £185.15 a week"  "£185.15 is the most you can get"
My online national insurance record says "You have:

• 34 years of full contributions
• 2 years to contribute before 5 April 2024"
  

The reported presence of the statement ""£185.15 is the most you can get"" suggests to me that the OP is already at the maximum, and further contributions for the two future years would not increase the amount (although if the OP is still working, they'll need to continue to pay NI until they reach State Pension Age)

 "Your forecast is £185.15 a week"  "£185.15 is the most you can get" actually means you will get £185.15 IF you contribute for the two future years - it’s a forecast of what you will get IF you continue to contribute.

They really should word this better imho.

In which case is there not a second figure that shows the amount accrued so far? Mine certainly does.