Is my State Pension forecast higher than it should be?

randomsuccess

I am due to start receiving my state pension in July this year when I will be 66. My SP summary on the governement website says my forecast is £246.02 a week, £1,069.75 a month, £12,836.97 a year. I understand that the full SP rate for year 25/26 will be £230.25 per week. So why would my forecast be predicting more? I was also contracted out of SERPs for a while so I could understand it being less than the maximum but why more?.

LHW99

If you were also contracted in for some years, you could have accumulated a "protected payment" from S2P back when that was available.

molerat

Your 2016 starting amount was the higher of the new or old schemes.  If not contracted out you could have earned a large amount of S2P making the old figure the higher.  At April 2016 you had a basic old pension of £119.30 + S2P of £48.11 so £167.41 against a new pension of £155.65.  Nothing you have done since 2016 has added to that amount outside of the annual inflationary increases.  Once the pension comes into payment the basic £230.25 will increase with the triple lock and the additional £15.77, the protected payment, will increase with CPI.

Albermarle

I was contracted out of Serps for many years, but for the few years I was contracted in , I get about £8 a week extra on my SP .