State Pension forecast - quick question

eastcorkram

Silvertabby said:

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.

Not sure what you're basing that first bit from. I reach SPA in roughly 8 weeks time. 

molerat

eastcorkram said:

Silvertabby said:

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.

Not sure what you're basing that first bit from. I reach SPA in roughly 8 weeks time. 

Likely confusing posters, OP has another 8 years to go.

Silvertabby

molerat said:

eastcorkram said:

Silvertabby said:

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.

Not sure what you're basing that first bit from. I reach SPA in roughly 8 weeks time. 

Likely confusing posters, OP has another 8 years to go.

Yes, that was it.  The perils of tacking on to someone else's post ! 

grimsalve

molerat said:

eastcorkram said:

Silvertabby said:

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.

Not sure what you're basing that first bit from. I reach SPA in roughly 8 weeks time. 

Likely confusing posters, OP has another 8 years to go.

That's me! My State Pension doesn't start until 2034.

Fortunately I was contracted out for a few years back in the day so I guess I saw the benefit from that at the time.

molerat

grimsalve said:

That's me! My State Pension doesn't start until 2034.

Fortunately I was contracted out for a few years back in the day so I guess I saw the benefit from that at the time.

Does your forecast have the fact you were contracted out mentioned on it ? "You've been in a contracted-out pension scheme" should be in the text below the green box

eastcorkram

Silvertabby said:

molerat said:

eastcorkram said:

Silvertabby said:

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.

Not sure what you're basing that first bit from. I reach SPA in roughly 8 weeks time. 

Likely confusing posters, OP has another 8 years to go.

Yes, that was it.  The perils of tacking on to someone else's post ! 

Yes. Sorry about that @Silvertabby @grimsalve , but I just saw that loser term again! Was just curious as to what it is I've lost. 

molerat

eastcorkram said:

Yes. Sorry about that @Silvertabby @grimsalve , but I just saw that loser term again! Was just curious as to what it is I've lost. 

Possibly a couple of pounds per week pension for each of the years 2016-17 until retirement.  The max additional pension that can be accrued is £222.10 making the max old style pension £398.55 against the new of £231.25.

https://adviser.royallondon.com/technical-central/pensions/state-benefits-pension-manuals/state-second-pension-explained/

grimsalve

molerat said:

grimsalve said:

That's me! My State Pension doesn't start until 2034.

Fortunately I was contracted out for a few years back in the day so I guess I saw the benefit from that at the time.

Does your forecast have the fact you were contracted out mentioned on it ? "You've been in a contracted-out pension scheme" should be in the text below the green box

Yes, it does...

You’ve been in a contracted-out pension scheme

...but it doesn't say anything else so I'm assuming this doesn't affect the forecast in the green box.

molerat

grimsalve said:

molerat said:

grimsalve said:

That's me! My State Pension doesn't start until 2034.

Fortunately I was contracted out for a few years back in the day so I guess I saw the benefit from that at the time.

Does your forecast have the fact you were contracted out mentioned on it ? "You've been in a contracted-out pension scheme" should be in the text below the green box

Yes, it does...

You’ve been in a contracted-out pension scheme

...but it doesn't say anything else so I'm assuming this doesn't affect the forecast in the green box.

No effect but if you know you have been contracted out then it is important that statement is there as that means your forecast has taken your contracted out service into account. If you really want to know what effect your contracted out service had on your new pension calculation then click here https://www.tax.service.gov.uk/check-your-state-pension/account/cope whilst logged into your tax account and that will give you the COPE figure that was used in deciding if your old rules or new rules amount was used as the starting amount in 2016 - as yours is higher than the new figure then old rules was used, £161.55 against the new max of £155.65, so the COPE was actually irrelevant.

grimsalve

molerat said:

No effect but if you know you have been contracted out then it is important that statement is there as that means your forecast has taken your contracted out service into account. If you really want to know what effect your contracted out service had on your new pension calculation then click 
here https://www.tax.service.gov.uk/check-your-state-pension/account/cope whilst logged into your tax account and that will give you the COPE figure that was used in deciding if your old rules or new rules amount was used as the starting amount in 2016 - as yours is higher than the new figure then old rules was used.

Your COPE estimate is £25.02 a week

This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government.

In most cases the private pension scheme you were contracted out to:

• will include an amount equal to the COPE amount
• may not individually identify the COPE amount

The total amount of pension paid by your workplace or personal pension schemes will depend on the scheme and on any investment choices.