Is a full state pension due?

RueyE

Hi,

Aged 61, working part-time (talked out of retiring several times), currently in receipt of my private pension. 
Looking ahead to see when I can stop working part-time. Therefore I'm turning my attention to the state pension.
On the HMRC site it states that I will receive a full state pension of £221.20, and below the headline figure it states that I can no longer improve my forecast.
In the NI section it shows I have 43 full contributing years.
Which all seems good.

However a little further down it correctly states that I have been contracted out for a period of time (from my previous employment - I think this happened in the early 90s). Therefore I might not receive the full state pension.
However in the last 10 years with my current employer I haven't been contracted out, and therefore I'm assuming I have been replacing a contracted-out year with a non contracted-out year during this period as well as reaching the 35 yrs required for the full state pension.

Can I trust the state pension forecast (after all it is only a forecast), and that I won't get a surprise in a few years time with a reduced state pension?

Thanks In Advance

molerat

If there is the one and only figure on your forecast with no caveats other than "you cannot improve your forecast" then that is what you have already achieved. Contracting out does not affect the forecast, it only affected the 2016 starting amount and has already been factored into the amount you see. 

I'm assuming I have been replacing a contracted-out year with a non contracted-out year during this period as well as reaching the 35 yrs required for the full state pension

That is not how it works.  You were contracted out of the additional / second state pension.  At April 2016 you were given the higher of what you had already accrued under the old or new systems and added to that with post 2016 contributions. 35 years is of no relevance to you, that only applies to those born this century with no pre 2016 NI history.

However a little further down it correctly states that I have been contracted out for a period of time (from my previous employment - I think this happened in the early 90s). Therefore I might not receive the full state pension.

Where does it state that ?

p00hsticks

Yes, anyRueyE said:

 I'm assuming I have been replacing a contracted-out year with a non contracted-out year during this period as well as reaching the 35 yrs required for the full state pension.

That assumption is incorrect for two reasons.
Firstly  there are no 'contracted out' and 'non-contracted out' years, they are all just NI years  and secondly, as you obviously started your working life prior to the introduction of the new State Pension the 35 years rule does not apply to you - you are under transitional rules and you might need more or less. 

The fact that you were contracted out and the presence of a COPE could mean you needed more than 35 years to reach the full state pension (I needed 44) but as you already have more and your forecast tells you you are on track for the full amount and can't improve it then you are going to get the full amount. 

the COPE amount is not deducted from the headline amount - it was used once in the calcuation of your 'starting amount' at the time the new State Pensino was introduced and can now be ignored.       

xylophone

new State Pensino

How jolly that sounds!

RueyE

Hi all,

Thanks one and all.
Apologies for what I was imagining would be the case for 'contracted-out' years (a case of over thinking the situation and my misinterpretation of what I read). I have re-read the HMRC site details again.
I'm more than happy with these responses.

Thanks

af1963

Can you trust it ? Yes, as far as you can trust any government statement.  Under current rules, you'd get the full pension.  It's possible that could change again - governments have a lot of freedom to do what they choose with state pension rules. None of us can forecast that though, and it seems unlikely.