State Pension Summary

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kangoora
kangoora Posts: 1,193 Forumite
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in Pensions, annuities & retirement planning
I'm a little confused about this and just trying to confirm what my state pension summary is telling me.

I've been on my state pension summary and it says my forecast is £159.55/week, fair enough, which is the new basic state pension. Incidentally, I have a COPE of £58.13.

My NI record says I have 38 years of full contributions plus 1 year missing (I worked abroad in 2001-02) and 12 years of further contributions (up to 2029).

My confusion comes from the fact that my first 11 years was in the Armed Forces and for a number of years after that I was definitely contracted out (off the top of my head around 7 years). I thought, with those early years of Armed Forces and contracted out pensions, I would not get the full new State Pension.

Is it saying I need to contribute for a further 12 years to access the full State Pension? Or, is it saying that I currently will get £159.55 without any further NI contributions? I'm hoping the second applies :)

Your forecast
  • is not a guarantee and is based on the current law
  • is based on your National Insurance record up to 5 April 2017
  • does not include any increase due to inflation

£159.55 is the most you can get

You cannot improve your forecast any more.

Hope this is clear

Comments

  • molerat
    molerat Posts: 31,868 Forumite
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    edited 10 January 2018 at 12:36AM
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    The top line should state "You can get your SP on dd mm yyyy. Your forecast is £xxx.xx". It should state "You need to continue to contribute to reach your forecast" and also give you an "Estimate based on your NI record up to April 2017" and a "Forecast if you contribute until April xxxx".
  • capital0ne
    capital0ne Posts: 872 Forumite
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    You will get £195.55 the info is really confusing but just ignore the COPE amount
  • xylophone
    xylophone Posts: 44,427 Forumite
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    It would not be impossible to have achieved a full state pension in this scenario.

    As at 6.4. 16 two calculations were done and your starting amount was the higher of the two.

    £119.30 + (SERPS/S2P - deduction for contracting out).

    £155.65 - COPE.

    You have been contracted out for less than half of your working life so far so that it is not impossible that your SERPS/S2P was around £95 - if so, you would have achieved a full NSP even after the COD.
  • kangoora
    kangoora Posts: 1,193 Forumite
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    Thanks everyone, I *thought* that it was the case that I'd already qualified for the full SP although nice to have confirmation.

    @molerat - yes, it says my forecast is for my birthday in 2029 and it doesn't say anything about further contributions. It does say "Estimate based on your NI record up to April 2017" - cheers

    @capitalone - cheers also

    @xylophone - thanks for the explanation, I was on an above average salary from 2002 until last year.
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