Sate Pension forecast 2035

CharlieChuChu

First post, I just checked the Gov site and all looks ok for my state pension, forecast is £229.01 a week @ 12th September 2035.
But the key line is "If you're not working you may still need to pay National Insurance contributions until September 2035 as they fund other state benefits and the NHS"
So if I cease work tomorrow, take early retirement, live off my savings etc and therefore cease NI contribtions what will become of my state pension, will the above figure reduce significantly?  

MallyGirl

are you sure that is what it says.

The important bit of the forecast is what you need to do to reach the 229.01. Does it say - based on NI record up to April 2023 or does it say 'assuming you continue to contribute to ...'

If you work and are under state pension age and earn enough you will pay NI even if you have already got enough years for full pension.

CharlieChuChu

MallyGirl said:

are you sure that is what it says.

The important bit of the forecast is what you need to do to reach the 229.01. Does it say - based on NI record up to April 2023 or does it say 'assuming you continue to contribute to ...'

If you work and are under state pension age and earn enough you will pay NI even if you have already got enough years for full pension.

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 2023
• does not include any increase due to inflation

£229.01 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 until 12 September 2035 as they fund other state benefits and the NHS.

Dazed_and_C0nfused

MallyGirl said:

are you sure that is what it says.

The important bit of the forecast is what you need to do to reach the 229.01. Does it say - based on NI record up to April 2023 or does it say 'assuming you continue to contribute to ...'

If you work and are under state pension age and earn enough you will pay NI even if you have already got enough years for full pension.

Looks like the op had already exceeded the standard new State Pension in 2016 so will have that plus a protected payment above £203.85.  

Otherwise they would be capped at £203.85.

CharlieChuChu

In English please guys,  my questions remains :- if I cease work tomorrow, take early retirement, live off my savings etc and therefore cease NI contribtions what will become of my state pension, will the above figure reduce significantly?  

geordiejon

you will get the ammount stated even if you don't work another day in your life, and it will increase every year.
n.i. pays for more than just the pension thats why they state you should keep on paying but you don't have to.

CharlieChuChu

geordiejon said:

you will get the ammount stated even if you don't work another day in your life, and it will increase every year.
n.i. pays for more than just the pension thats why they state you should keep on paying but you don't have to.

Crystal clear answer, thank you 

MallyGirl

CharlieChuChu said:

First post, I just checked the Gov site and all looks ok for my state pension, forecast is £229.01 a week @ 12th September 2035.
But the key line is "If you're not working you may still need to pay National Insurance contributions until September 2035 as they fund other state benefits and the NHS"
So if I cease work tomorrow, take early retirement, live off my savings etc and therefore cease NI contribtions what will become of my state pension, will the above figure reduce significantly?  

the bit in bold and crossed out is what I was querying. The later post shows that it was a mistaken quote.

CharlieChuChu

MallyGirl said:

CharlieChuChu said:

First post, I just checked the Gov site and all looks ok for my state pension, forecast is £229.01 a week @ 12th September 2035.
But the key line is "If you're not working you may still need to pay National Insurance contributions until September 2035 as they fund other state benefits and the NHS"
So if I cease work tomorrow, take early retirement, live off my savings etc and therefore cease NI contribtions what will become of my state pension, will the above figure reduce significantly?  

the bit in bold and crossed out is what I was querying. The later post shows that it was a mistaken quote.

Thanks Mally, It's good to know now that if i don't work another day the state pension amount won't reduce. Have a great weekend. 

molerat

CharlieChuChu said:

MallyGirl said:

CharlieChuChu said:

First post, I just checked the Gov site and all looks ok for my state pension, forecast is £229.01 a week @ 12th September 2035.
But the key line is "If you're not working you may still need to pay National Insurance contributions until September 2035 as they fund other state benefits and the NHS"
So if I cease work tomorrow, take early retirement, live off my savings etc and therefore cease NI contribtions what will become of my state pension, will the above figure reduce significantly?  

the bit in bold and crossed out is what I was querying. The later post shows that it was a mistaken quote.

Thanks Mally, It's good to know now that if i don't work another day the state pension amount won't reduce. Have a great weekend. 

And if you had stopped working in 2016 you would have still got it

xylophone

And if you had stopped working in 2016 you would have still got it

Indeed. See

https://forums.moneysavingexpert.com/discussion/comment/80110845/#Comment_80110845