State Pension Forecast

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eastcorkram
eastcorkram Posts: 717 Forumite
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in Pensions, annuities & retirement planning
Another question about this!

My forecast says

Estimate based on your national insurance record to April 2018 £166.23
Forecast if you contribute enough to April 2016 £166.23

Now that second date is not a typo by me. That is what is says on the screen. (the 2016 bit)
I turn 66 in Dec 2025, so I assume they mean 2026??
But I'm wondering why the two amounts are the same.
I have 27 years of contributions made. And 17 years missing. These were worked abroad .

It also says I can improve it to £170.63, I think this would be done by buying one of the missing years. But I'm more interested in why the two figures are the same.
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  • molerat
    molerat Posts: 31,855 Forumite
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    edited 19 January 2019 at 9:52PM
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    Something is not right with that forecast, I believe being overseas for some time can throw a spanner in the machine when getting a forecast and the computer just comes up with drivel. Your useable NI stop date is April 2025 not 2026. Have you any post 2016 years ? To have in excess of the maximum amount and be able to improve on it all years must be pre 2016. How many 2006 - 2016 years are available to be purchased ? With £166.23 current adding 1 pre 2016 year should only be able to make it up to £170.43.
  • eastcorkram
    eastcorkram Posts: 717 Forumite
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    edited 19 January 2019 at 10:04PM
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    molerat wrote: »
    Something is not right with that forecast, I believe being overseas for some time can throw a spanner in the machine when getting a forecast and the computer just comes up with drivel. Your useable NI stop date is April 2025 not 2026. Have you any post 2016 years ? To have in excess of the maximum amount and be able to improve on it all years must be pre 2016. How many 2006 - 2016 years are available to be purchased ? With £166.23 current adding 1 pre 2016 year should only be able to make it up to £170.43.

    Yes, that is the figure I can make it up to, £170.43. So I presume there is only one year I can make up, and that would be the most recent one I missed, which would be 2010/11.

    On the same page it says I have 27 years paid, 7 more to pay, and 16 missing. The 16 , as I said, were worked full time abroad. I was abroad from the end of 1990 up to 2011, but during that time, was back in UK for about 3 years, 2007 to 2010 ish
    I'm wondering what is the purpose of that that first figure they quote. The one based on my contributions up to 2018. That is saying £166.23. Which I presume is the same I should get , if I carry on paying NI up to 2025/6 .
  • molerat
    molerat Posts: 31,855 Forumite
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    edited 19 January 2019 at 10:24PM
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    How many 2006 - 2016 years does it show as not full ?
    How many post 2016 years are full ?
    I think the second statement is an error, you cannot add to that pension amount with post 2016 years and the forecast in that circumstance does not usually mention a second figure but does have the third if pre 2016 years can be used.
  • eastcorkram
    eastcorkram Posts: 717 Forumite
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    I'll have a look again tomorrow.
  • eastcorkram
    eastcorkram Posts: 717 Forumite
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    Re the 2016 question, I've been working full time in UK again since January 2011.
  • eastcorkram
    eastcorkram Posts: 717 Forumite
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    molerat wrote: »
    How many 2006 - 2016 years does it show as not full ?
    How many post 2016 years are full ?
    I think the second statement is an error, you cannot add to that pension amount with post 2016 years and the forecast in that circumstance does not usually mention a second figure but does have the third if pre 2016 years can be used.

    Just had another look. The incomplete years are 91/92 all the way up to 06/07.
    It says I can make up only that last one, by paying £689 by April 2023. That also doesn't really make sense, as it also says that you can normally only make up years, going back six years. And 2006/7 is obviously more than 6 years ago.

    If, as you say, the forecast and estimate figures are incorrect, as I described them in the OP, what if anything, should I do about that?
  • Dorian1958
    Dorian1958 Posts: 238 Forumite
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    Collect all your information together, phone the NI helpline (closed today, but open tomorrow 8am - 8pm). Tel: 0300 200 3500). Allow time to have a long conversation.
  • molerat
    molerat Posts: 31,855 Forumite
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    edited 20 January 2019 at 12:29PM
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    eastcorkram wrote: »
    Just had another look. The incomplete years are 91/92 all the way up to 06/07.
    It says I can make up only that last one, by paying £689 by April 2023. That also doesn't really make sense, as it also says that you can normally only make up years, going back six years. And 2006/7 is obviously more than 6 years ago.

    If, as you say, the forecast and estimate figures are incorrect, as I described them in the OP, what if anything, should I do about that?
    Your further posts have clarified things. There is a dispensation for the transition period that you can make up all years back to 2006-07 - they are treated as if they are all 2016-17 timeline wise - so that at the 2016 changeover everyone can get the minimum 10 required for a pension. If 2006-07 is the only year open then it looks like the statement is correct, just the second number not making sense, and is the only way you can add anything to the pension. It could just be a quirk of the programming for someone who hit the maximum before the changeover but can increase it with pre 2016 contributions, it is after all factually correct just in the past. As above, you could always contact the FPC to check.
  • Brian65
    Brian65 Posts: 255 Forumite
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    I'm a single man born April 1954 and just got a state pension forecast at Oct 2019 (earliest state pension age) of £208.85 per week
    I don't understand it because thought the state pension was less than that.
    Can anyone help?
  • molerat
    molerat Posts: 31,855 Forumite
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    edited 23 January 2019 at 7:28PM
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    Brian65 wrote: »
    I'm a single man born April 1954 and just got a state pension forecast at Oct 2019 (earliest state pension age) of £208.85 per week
    I don't understand it because thought the state pension was less than that.
    Can anyone help?
    The NEW state pension, for those whose NI career starts after April 2016, is limited to £164.35. For those who had a record prior to that a hybrid scheme is in force and a calculation was carried out in April 2016 based on both the old and new systems, you received the higher of those 2 calculations. Be aware though that only the new pension maximum amount increases with the triple lock and the remainder, the protected amount, increases with CPI.
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