state pension forecast

freefee

please excuse me, this is only the second question i have asked on here, so please be gentle with me.
after watching an earlier edition of the martin lewis money show, questions about shortfalls in pensions were missing, and how to buy years, i phoned them up and they sent me my dwp state pension amount forecast due in 2031, the amount at the top of the letter was £203.85 which was the correct amount in february 2024, further into the the letter it mentioned my cope amount, the opt out amount,the estimate was £26.93, so i phoned them up, and i was told i had paid 41 years ni contributions and to ignore the cope amount as i had a enough years for full state pension already, i was told the letter was standard and couldn't be personalised to an individual, does anyone know if the information i was given was correct and i shouldnt worry or is it someting i should pursue, agent told me just to phone next year for new forecast, sorry for rambling on, i am not great with financial stuff, any help gratefully received, i turn 60 in august.
thanks in advance

molerat

If the letter stated you had already reached the full amount then there is no more you need to do.  The COPE amount is of no relevance to your forecast, it is already factored in and was only used in the calculation of your 2016 starting amount.

Can you not get access to your on line tax account and forecast - all you need is a photocard driving licence or passport ?

Marcon

freefee said:

please excuse me, this is only the second question i have asked on here, so please be gentle with me.
after watching an earlier edition of the martin lewis money show, questions about shortfalls in pensions were missing, and how to buy years, i phoned them up and they sent me my dwp state pension amount forecast due in 2031, the amount at the top of the letter was £203.85 which was the correct amount in february 2024, further into the the letter it mentioned my cope amount, the opt out amount,the estimate was £26.93, so i phoned them up, and i was told i had paid 41 years ni contributions and to ignore the cope amount as i had a enough years for full state pension already, i was told the letter was standard and couldn't be personalised to an individual, does anyone know if the information i was given was correct and i shouldnt worry or is it someting i should pursue, agent told me just to phone next year for new forecast, sorry for rambling on, i am not great with financial stuff, any help gratefully received, i turn 60 in august.
thanks in advance

See https://forums.moneysavingexpert.com/discussion/6445947/good-and-short-explanation-of-cope/p1

Instead of phoning for a forecast, you can always do it online: https://www.gov.uk/check-state-pension
so possibly doing that now would further set your mind at rest?

MynameisMichaelCane

I also have a question relating to the pension forecast. I have a shortfall of NI contributions and I am thinking of buying some extra years. When I look online my forecast is based on contributions up to April 2023. Does anyone know when it is likely to be updated to show contributions up to 2024? 

molerat

Usually by October.

Sarahspangles

MynameisMichaelCane said:

I also have a question relating to the pension forecast. I have a shortfall of NI contributions and I am thinking of buying some extra years. When I look online my forecast is based on contributions up to April 2023. Does anyone know when it is likely to be updated to show contributions up to 2024? 

Mine was updated in early May, while OH is still waiting. The cost for extra years will be the same through this tax year, so for most people there is no rush.

However if you are about to reach state pension age, this tax year or next, it would be worth posting again with a bit more detail.

freefee

for molerat due to disabilities and the limitations this causes me, i have no photo id driving licence as the medication i take stops me from diving, dvla contacted me through my gp a long time ago, for many of the same reasons i have no passport as my disabilities mean i have to remain fairly close to home, not been abroad in over 20 years, have been on disability benefits since 2003 when my condition really deteriorated, esa support group contribution based and pip enhanced for both daily living and mobility, just wanted to know, no point really as i do not expect to make it to 67, but i said that about 50 and 60 too, so who knows, not sure i want to in all honesty, life is really miserable and now people like me are being scapegoated for all the problems in the country, god knows what is waiting for me after the election, but it will not be pretty, much like able bodied people who are having it tough as well, beginning to lose hope, sorry for bringing the mood down guys

MynameisMichaelCane

Sarahspangles said:

MynameisMichaelCane said:

I also have a question relating to the pension forecast. I have a shortfall of NI contributions and I am thinking of buying some extra years. When I look online my forecast is based on contributions up to April 2023. Does anyone know when it is likely to be updated to show contributions up to 2024? 

Mine was updated in early May, while OH is still waiting. The cost for extra years will be the same through this tax year, so for most people there is no rush.

However if you are about to reach state pension age, this tax year or next, it would be worth posting again with a bit more detail.

I am still waiting for my pension forecast to be updated. I am due to receive my pension in June 2025. In the year up to April 2024 I was receiving pension credits. I did not, however, receive them for the full year. I have been unable to find if a qualifying year means the whole year or if there will be a shortfall. If there is a shortfall I assume that there will only be a small amount to pay to make up the year 2023/24 and it would make sense to pay that. I might also be able to pay for one or two other years that I am missing. I expect to continue receiving NI credits until I receive my pension next year. It is hard to make a decision when I do not know the costs involved. Has anyone else been in this position?

FIREmenow

MynameisMichaelCane said:

Sarahspangles said:

MynameisMichaelCane said:

I also have a question relating to the pension forecast. I have a shortfall of NI contributions and I am thinking of buying some extra years. When I look online my forecast is based on contributions up to April 2023. Does anyone know when it is likely to be updated to show contributions up to 2024? 

Mine was updated in early May, while OH is still waiting. The cost for extra years will be the same through this tax year, so for most people there is no rush.

However if you are about to reach state pension age, this tax year or next, it would be worth posting again with a bit more detail.

I am still waiting for my pension forecast to be updated. I am due to receive my pension in June 2025. In the year up to April 2024 I was receiving pension credits. I did not, however, receive them for the full year. I have been unable to find if a qualifying year means the whole year or if there will be a shortfall. If there is a shortfall I assume that there will only be a small amount to pay to make up the year 2023/24 and it would make sense to pay that. I might also be able to pay for one or two other years that I am missing. I expect to continue receiving NI credits until I receive my pension next year. It is hard to make a decision when I do not know the costs involved. Has anyone else been in this position?

It might be better to start your own thread so that more people see it. 

If you can add up how many weeks you were credited last year, and give other details that people might ask for, they might be able to calculate how much buying that year would cost you if it isn't full.

molerat

FIREmenow said:

MynameisMichaelCane said:

Sarahspangles said:

MynameisMichaelCane said:

I also have a question relating to the pension forecast. I have a shortfall of NI contributions and I am thinking of buying some extra years. When I look online my forecast is based on contributions up to April 2023. Does anyone know when it is likely to be updated to show contributions up to 2024? 

Mine was updated in early May, while OH is still waiting. The cost for extra years will be the same through this tax year, so for most people there is no rush.

However if you are about to reach state pension age, this tax year or next, it would be worth posting again with a bit more detail.

I am still waiting for my pension forecast to be updated. I am due to receive my pension in June 2025. In the year up to April 2024 I was receiving pension credits. I did not, however, receive them for the full year. I have been unable to find if a qualifying year means the whole year or if there will be a shortfall. If there is a shortfall I assume that there will only be a small amount to pay to make up the year 2023/24 and it would make sense to pay that. I might also be able to pay for one or two other years that I am missing. I expect to continue receiving NI credits until I receive my pension next year. It is hard to make a decision when I do not know the costs involved. Has anyone else been in this position?

It might be better to start your own thread so that more people see it. 

If you can add up how many weeks you were credited last year, and give other details that people might ask for, they might be able to calculate how much buying that year would cost you if it isn't full.

A 23-24 week will cost £17.45.  Working out the number of weeks receiving benefit should be fairly straightforward so (52 - benefit weeks) x £17.45 = payment required. Close enough for now.

As I said in an earlier post it will likely be late October before the NI record is made up for those not receiving credits through work.

MynameisMichaelCane

"A 23-24 week will cost £17.45.  Working out the number of weeks receiving benefit should be fairly straightforward so (52 - benefit weeks) x £17.45 = payment required. Close enough for now."
Thanks that's very helpful. It won't be too much then to fill the 23/24 year. 
I don't suppose anyone knows if it is possible to buy back years after you start receiving your pension? I can't afford to pay very much just now, and I will be receiving my pension next year, but I am expecting my circumstances to change and I might be able to pay back more years after I have started receiving my pension.