State Pension forecast - quick question

molerat

jem16 said:

molerat said:

£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 lovers under the new system. 

Lovers or losers?

I hate doing this on my mobile 📱 

Dazed_and_C0nfused

molerat said:

jem16 said:

molerat said:

£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 lovers under the new system. 

Lovers or losers?

I hate doing this on my mobile 📱 

The weird thing is the op will likely be more than happy whilst genuine winners under the new system often seem to feel hard done by 🤷‍♂️

Secret2ndAccount

Does it say "£238.16 is the most you can get.  You cannot improve your forecast any more."
If it says that, then you could retire early and it  wouldn't be reduced.

If you don't have a sufficiently full record, there will be two green boxes; one says the most you can get to, and one says where you have gotten to so far. Each year of NI increases the built-up amount about £6.50 until the current number and the maximum number converge. From then on you just have the one green box.

They never take money away - you will always get what's in one of the green boxes

grimsalve

QrizB said:

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.

Thankyou. That's all I was worried about.

grimsalve

Secret2ndAccount said:

Does it say "£238.16 is the most you can get.  You cannot improve your forecast any more."
If it says that, then you could retire early and it  wouldn't be reduced.

If you don't have a sufficiently full record, there will be two green boxes; one says the most you can get to, and one says where you have gotten to so far. Each year of NI increases the built-up amount about £6.50 until the current number and the maximum number converge. From then on you just have the one green box.

They never take money away - you will always get what's in one of the green boxes

Yes, I just have one green box with "You cannot improve your forecast any more." in the text underneath.

If I choose to retire early then I wanted to know that this decision wouldn't affect my future State Pension payments.

The part that concerned me...

"If you’re working you may still need to pay National Insurance contributions until 2034 as they fund other state benefits and the NHS."

Ayr_Rage

The part that concerned me...

"If you’re working you may still need to pay National Insurance contributions until 2034 as they fund other state benefits and the NHS."

If you work, you pay NI up to your SPA, even if you've reached the required years for a full State Pension, no getting away from that.

grimsalve

Ayr_Rage said:

The part that concerned me...

"If you’re working you may still need to pay National Insurance contributions until 2034 as they fund other state benefits and the NHS."

If you work, you pay NI up to your SPA, even if you've reached the required years for a full State Pension, no getting away from that.

Ah, okay - so it's saying I'll still be paying NI even though it won't increase my State Pension? Makes sense now, thankyou.

eastcorkram

molerat said:

£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. 

Always slightly puzzled by this. There are some people spending, sometimes thousands of pounds, to buy years, and get themselves up to £230. 

Then there's me for example, already getting, or due to get, more than £230, without having to spend anything on buying back years, yet, apparently, I'm the loser. 

Granted, the former may well have a good DB, maybe public sector pension, but they'd have that anyway even if they didn't buy years. 

Anyway, I'm happy being a loser. Just find it an odd term. 

Silvertabby

eastcorkram said:

molerat said:

£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. 

Always slightly puzzled by this. There are some people spending, sometimes thousands of pounds, to buy years, and get themselves up to £230. 

Then there's me for example, already getting, or due to get, more than £230, without having to spend anything on buying back years, yet, apparently, I'm the loser. 

Granted, the former may well have a good DB, maybe public sector pension, but they'd have that anyway even if they didn't buy years. 

Anyway, I'm happy being a loser. Just find it an odd term. 

You still have another 9 or 10 years until SPA.  Had the pension scheme not changed in 2016, and had you paid non-contracted out NI for these 20 years, then your eventual State pension could easily have been over £300 per week at the current rate.  Instead, your State pension will be forever capped at £238.16 per week bar cost of living increases.

tr7phil

eastcorkram said:

molerat said:

£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. 

Always slightly puzzled by this. There are some people spending, sometimes thousands of pounds, to buy years, and get themselves up to £230. 

Then there's me for example, already getting, or due to get, more than £230, without having to spend anything on buying back years, yet, apparently, I'm the loser. 

Granted, the former may well have a good DB, maybe public sector pension, but they'd have that anyway even if they didn't buy years. 

Anyway, I'm happy being a loser. Just find it an odd term. 

Alternatively if you'd been contracted out of S2P/SERPS you'd have built up a personal pension with those contributions and then the NI that you've paid anyway since 2016 would have brought your state pension up to the new maximum rather than giving you no additional benefit.