State Pension forecast accuracy

Earth_Rocker

Dazed_and_C0nfused said:

Earth_Rocker said:

I don't want any nasty surprises, so I'm a little nervous of not getting full SP when the time comes.
My forecast says I will receive the full amount, but is that only if I work until 67?

I started work in 1985 and have full years contributions since then. 39 years.
I have a COPE amount of £43.79.
I plan to retire in July 2029 aged 60.

Will I be able to, or will I have to pay class 2 contributions in my early retirement? 

Thanks in advance.

Difficult for anyone to say given you haven't told us what you current entitlement is.

But I suspect that given you are under transitional rules and have that many pre and post 2016 years you will comfortably achieve the standard new State Pension by 2029, if not already.

Voluntary NI is highly unlikely to be necessary.

But why not read your forecast (in full, not just the headline figure) and then you will know the facts.

I did say that my forecast says I will receive the full amount. 
It is more a case of, is that dependent on paying until 67?

Earth_Rocker

eskbanker said:

Earth_Rocker said:

I don't want any nasty surprises, so I'm a little nervous of not getting full SP when the time comes.
My forecast says I will receive the full amount, but is that only if I work until 67?

I started work in 1985 and have full years contributions since then. 39 years.
I have a COPE amount of £43.79.
I plan to retire in July 2029 aged 60.

Will I be able to, or will I have to pay class 2 contributions in my early retirement? 

Thanks in advance.

You need to look at the section of the forecast highlighting how much you've earned up to April 2024 (or 2023), and also whether there's any reference to not being able to improve your forecast anymore.

Thanks for your response.
It states "£221.20 is the most you can get."
"You can not improve your forecast anymore. "

RL11

As the rules currently stand, you will get the full amount at 67 but things could change - you never know. You obviously won't get a state pension until 67 even if you "retire" at 60.

Blinky2010s

Hi All
looking for some advice to check my state pension, as it says I was contracted out but I don’t see a COPE amount

my statement shows the below. Am I right in interpreting the below that I need to make a further 12 years of contributions and I’ll receive the full state pension? Or does the calculation not take into account the opted out proportion and I could receive less?
Thanks 

You can get your State Pension on xx 2050

Your forecast is £221.20 a week, £961.83 a month, £11,541.90 a year

You need to continue to contribute National Insurance to reach your forecast

Estimate based on your National Insurance record up to 5 April 2024

£148.89 a week

Forecast if you contribute another 12 years before 5 April 2050

£221.20 a week

£221.20 is the most you can get

You cannot improve your forecast any further, unless you choose to put off claiming.

You’ve been in a contracted-out pension scheme

Like most people, you were contracted out of part of the state pension (this is a links but doesn’t say a COPE amount) 

itsthelittlethings

Blinky2010s said:

Forecast if you contribute another 12 years before 5 April 2050

£221.20 a week

Blinky2010s said:

Hi All
looking for some advice to check my state pension, as it says I was contracted out but I don’t see a COPE amount

my statement shows the below. Am I right in interpreting the below that I need to make a further 12 years of contributions and I’ll receive the full state pension? Or does the calculation not take into account the opted out proportion and I could receive less?
Thanks 

You can get your State Pension on xx 2050

Your forecast is £221.20 a week, £961.83 a month, £11,541.90 a year

You need to continue to contribute National Insurance to reach your forecast

Estimate based on your National Insurance record up to 5 April 2024

£148.89 a week

Forecast if you contribute another 12 years before 5 April 2050

£221.20 a week

£221.20 is the most you can get

You cannot improve your forecast any further, unless you choose to put off claiming.

You’ve been in a contracted-out pension scheme

Like most people, you were contracted out of part of the state pension (this is a links but doesn’t say a COPE amount) 

Yes that’s my interpretation. Planning a career break? 🙂

Dazed_and_C0nfused

Am I right in interpreting the below that I need to make a further 12 years of contributions and I’ll receive the full state pension? 

Yes.  Another 11 years takes you to £218.41 and 12th year adds the final £2.79 to get you to £221.20.

Blinky2010s

Thank you both! 

I think I was contracted out when I was studying & working at weekends, and it was a tiny pension. I wasn’t sure how long I was contracted out for and if it was going to then change the contribution years.

Thanks for reassuring me the years in the pension statement should be correct 

RL11

The contracted out bit always confused me enormously, as it was very unclear if I was going to get something deducted from my state pension. I was first contracted out around 1987 and remained so until they stopped it - around 2016, I think. But I'm pretty sure that I'm now entitled to a full state pension, just by virtue of a small number of recent years of not being contracted out. And I have 35 years of full contributions too. Plus I have a reasonable private pension built up from the contracted out years.

Dazed_and_C0nfused

RL11 said:

The contracted out bit always confused me enormously, as it was very unclear if I was going to get something deducted from my state pension. I was first contracted out around 1987 and remained so until they stopped it - around 2016, I think. But I'm pretty sure that I'm now entitled to a full state pension, just by virtue of a small number of recent years of not being contracted out. And I have 35 years of full contributions too. Plus I have a reasonable private pension built up from the contracted out years.

As someone under transitional rules that is of no relevance to you.