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State Pension forecast - quick question

grimsalve
Posts: 616 Forumite


I'm 58 and I've paid National Insurance for the last 40 years. I was just looking at my State Pension forecast at https://www.tax.service.gov.uk/check-your-state-pension/account
One thing I'm not clear on. Is the forecast based on the assumption that I will continue to work and pay National Insurance from now until my 67th birthday?
If I decided to retire early then would this mean my state pension would reduce?
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One thing I'm not clear on. Is the forecast based on the assumption that I will continue to work and pay National Insurance from now until my 67th birthday?It should give you your current qualification and your future. i.e. two figures. That is unless you have already qualified for the maximum. In which case, it will say that and give you one figure.If I decided to retire early then would this mean my state pension would reduce?It depends on whether you have qualified for the maximum or not.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
dunstonh said:One thing I'm not clear on. Is the forecast based on the assumption that I will continue to work and pay National Insurance from now until my 67th birthday?It should give you your current qualification and your future. i.e. two figures. That is unless you have already qualified for the maximum. In which case, it will say that and give you one figure.If I decided to retire early then would this mean my state pension would reduce?It depends on whether you have qualified for the maximum or not.It only gives me one figure (£238.16)0
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grimsalve said:dunstonh said:One thing I'm not clear on. Is the forecast based on the assumption that I will continue to work and pay National Insurance from now until my 67th birthday?It should give you your current qualification and your future. i.e. two figures. That is unless you have already qualified for the maximum. In which case, it will say that and give you one figure.If I decided to retire early then would this mean my state pension would reduce?It depends on whether you have qualified for the maximum or not.It only gives me one figure (£238.16)
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Cobbler_tone said:grimsalve said:dunstonh said:One thing I'm not clear on. Is the forecast based on the assumption that I will continue to work and pay National Insurance from now until my 67th birthday?It should give you your current qualification and your future. i.e. two figures. That is unless you have already qualified for the maximum. In which case, it will say that and give you one figure.If I decided to retire early then would this mean my state pension would reduce?It depends on whether you have qualified for the maximum or not.It only gives me one figure (£238.16)
Yes, it says that. But I wasn't sure if it meant that it could go down if I don't pay into it between now and 2034.0 -
It won't go down unless there's some sort of massive SP overhaul which is highly unlikely as it would be very unpopular.
I'd take a screen shot of what it says now and add that to your pension documents. Take another in a year and see if it says anything radically different (highly unlikely beyond the amount going up a bit in line with normal increases.)I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Check your state pension on: Check your State Pension forecast - GOV.UK
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grimsalve said:Cobbler_tone said:grimsalve said:dunstonh said:One thing I'm not clear on. Is the forecast based on the assumption that I will continue to work and pay National Insurance from now until my 67th birthday?It should give you your current qualification and your future. i.e. two figures. That is unless you have already qualified for the maximum. In which case, it will say that and give you one figure.If I decided to retire early then would this mean my state pension would reduce?It depends on whether you have qualified for the maximum or not.It only gives me one figure (£238.16)
Yes, it says that. But I wasn't sure if it meant that it could go down if I don't pay into it between now and 2034.
The additional bit is known as a protected payment and only increases by the CPI element of the triple lock. The other two elements are ignored for that element.0 -
Cobbler_tone said:grimsalve said:dunstonh said:One thing I'm not clear on. Is the forecast based on the assumption that I will continue to work and pay National Insurance from now until my 67th birthday?It should give you your current qualification and your future. i.e. two figures. That is unless you have already qualified for the maximum. In which case, it will say that and give you one figure.If I decided to retire early then would this mean my state pension would reduce?It depends on whether you have qualified for the maximum or not.It only gives me one figure (£238.16)grimsalve said:dunstonh said:One thing I'm not clear on. Is the forecast based on the assumption that I will continue to work and pay National Insurance from now until my 67th birthday?It should give you your current qualification and your future. i.e. two figures. That is unless you have already qualified for the maximum. In which case, it will say that and give you one figure.If I decided to retire early then would this mean my state pension would reduce?It depends on whether you have qualified for the maximum or not.It only gives me one figure (£238.16)0
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grimsalve said:dunstonh said:One thing I'm not clear on. Is the forecast based on the assumption that I will continue to work and pay National Insurance from now until my 67th birthday?It should give you your current qualification and your future. i.e. two figures. That is unless you have already qualified for the maximum. In which case, it will say that and give you one figure.If I decided to retire early then would this mean my state pension would reduce?It depends on whether you have qualified for the maximum or not.It only gives me one figure (£238.16)That is more than the full New State Pension of £230.25 and means that you had some SERPS / S2P / etc. prior to 2016.Your NI payments since 2016 haven't increased your state pension entitlement, and if you were to stop working tomorrow your state pension wouldn't be affected.N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill member.
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£238.16 means you have been at above the full new pension amount since its inception in April 2016 and nothing has added to that amount since then apart from the annual uplift. One of the losers under the new system.2
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