Pension forecast worries

Lorian

news stories today saying "9 year issue with pension forecast tool fixed"

Most appear paywalled so not linked.

eastcorkram

https://forums.moneysavingexpert.com/discussion/comment/81879050#Comment_81879050

I can't see a state pension forecast, as mine is already in payment! Just curious though, how it has changed after yesterday's update. Has anyone had a look today?

WH69

I have checked since the update and it is the same as it was pre update. Also the message re the forecast update has been removed. I was contracted out for some years, I have an COPE figure of £23.72 and reach SPA after 2029 so was slightly worried mine would be one of those miscalculated hence checked it yesterday and again today to be sure!

intalex

Mine also seems to have remained the same, which is as expected because no quirks in my history…

otb666

I checked this morning and still shows full amount but further down it say may be reduced and to

Check your payslips from before 6 April 2016. If you have any payslips with the category letters D, E, L, N or O, then you were contracted out.

The information given is based on details from your National Insurance record at the time you use the service. While we will make every effort to keep your record up to date, we do not guarantee that it will be or that it is error and omission free.

Your COPE estimate is 

£14.48 a week

I worked from 1982 to 2022. 34/6 pre and post 2016

Luckily I have my wage slips so I will be checking the payslips before 2016 to see how many years I was contracted out. I know I was contracted out from 2001. I will come back after I have done this but dont know how many years 14.48 equals.

If you reached State Pension age on or after 6 April 2016

If you were contracted out before 6 April 2016, you might not get the full rate new State Pension of £230.25 a week.

An amount is taken off your new State Pension if you were contracted out. This is because either:

• you paid National Insurance contributions at a lower rate
• some of the National Insurance contributions you paid were used to contribute to a workplace or private pension

How much is taken off depends on how long you were contracted out and your earnings at the time. While you were contracted out, you were paying into your workplace or personal pension instead.

Lorian

I was mildly worried about mine but I still qualify for full amount and there is no note that it may be reduced.

RoysV

https://forums.moneysavingexpert.com/discussion/comment/81884222#Comment_81884222

Have you not just gone too far into the GG site and are now just looking at general information as to how it's worked out and not anything specific to you?

otb666

Yes I agree this is general information on their site not specific to me But clearly stated enough for me to be concerned, the way I see it according to @molerat I have not got the 30/9 but the 34/6 pre and post 2016. So may be 2 years short. I had to apply for Home responsibility from 1992 which they applied to my records. Having checked my wage slips I was contracted out since 30/9/05 and possibly before as O on my tax line on wage slip since 30/6/01. I had the same pension from 1994 with several company takeovers. I think I will check with future pensions when I am 64 to check if I need to make up 2 years.

Personally even though it states I will get full pension on same page it said if contracted out it may be reduced which I was.

£230.25 pw as of April 2025

Pre 2016 34 post 2016 6 years

COPE 14.48 pw

Dazed_and_C0nfused

https://forums.moneysavingexpert.com/discussion/comment/81884945#Comment_81884945

Your forecast is your forecast, it won't be reduced.

The COPE aspect is factored into the forecast figure you are getting.

otb666

I really hope you are right unfortunately I have lost a lot of faith in pension administrators and the government recently after dealing with them following a bereavement but thank you for the reassurance you offer as you know I am a worrier.