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State Pension Summary


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gibbon
Posted (edited)

Found a page on gov.uk where you can check your state pension forecast. I'm forecasted to get £179.60 a week which it says is the most you can get? However looking at the page with my NI record I got one or two years in the past where my contributions aren't full. Is it worth paying these even though the forecast says i'm going to get the full amount anyway? I don't really know much about how the state pension works tbh.

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Frank Hovis

@gibbon it depends how far in the past they are as to whether you can pay them up.

My second and third years at college are only partial but are too far back to qualify.  I had a bit of signing on each summer.

I was however sent a letter by them within a year of a later two year postgrad to say that I was short for those two years and did I want to make them up?  It was about £200 a year or maybe less so I did pay them up and they now show as full.

I have 36 full years and two partial years (amazing really as I worked out that I've only been in employment for about 27).

My concern is that given my SPA of 67 is still fourteen years away that they may up the requirement for a full pension from the current 35 years to a higher figure in that time.  Consequently I am still signing on even though my JSA has expired as it means that my NI stamp is being paid to make what will be 37 years.

It's up to you. 

Personally I did because the monetary amount was relatively low and I was already thinking about retiring early.

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Malthus
1 hour ago, gibbon said:

Found a page on gov.uk where you can check your state pension forecast. I'm forecasted to get £179.60 a week which it says is the most you can get? However looking at the page with my NI record I got one or two years in the past where my contributions aren't full. Is it worth paying these even though the forecast says i'm going to get the full amount anyway? I don't really know much about how the state pension works tbh.

35 years contributions needed , if you have that shouldn’t  be an issue, even without, it’s rarely worth paying up missing years

Don’t forget opting out of SERPs can lead to a reduced pension even with 35 plus years of contributions (this will bite me 😢😢)

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Frank Hovis
4 minutes ago, Malthus said:

Don’t forget opting out of SERPs can lead to a reduced pension even with 35 plus years of contributions (this will bite me 😢😢)

That's also a concern and why I want >35 in case what are showing as full years now turn out to be partial years.

I don't know what I've done re that when signing up for workplace pensions.  It's always made sense to have the workplace pension but I may well have opted out in so doing.

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stokiescum
5 minutes ago, Malthus said:

35 years contributions needed , if you have that shouldn’t  be an issue, even without, it’s rarely worth paying up missing years

Don’t forget opting out of SERPs can lead to a reduced pension even with 35 plus years of contributions (this will bite me 😢😢)

Where do you find out by how much or can’t you

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One percent
15 minutes ago, Malthus said:

35 years contributions needed , if you have that shouldn’t  be an issue, even without, it’s rarely worth paying up missing years

Don’t forget opting out of SERPs can lead to a reduced pension even with 35 plus years of contributions (this will bite me 😢😢)

Yep, worked all my life and paid ni for all of if. Contracting out (not my decision) means I won’t get the full pension. Bastards. Daylight robbery. 

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stokiescum
11 minutes ago, One percent said:

Yep, worked all my life and paid ni for all of if. Contracting out (not my decision) means I won’t get the full pension. Bastards. Daylight robbery. 

Take what you can off it for has long has you can in the meantime 

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Malthus
4 minutes ago, stokiescum said:

It used to say need 2 years for the maximum I need to find my passwords

I’m assuming it’s 

blow&anal69

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Green Devil
57 minutes ago, One percent said:

Yep, worked all my life and paid ni for all of if. Contracting out (not my decision) means I won’t get the full pension. Bastards. Daylight robbery. 

I think in the past financial advisors advised you to opt out for some reason to do with private pensions i think. ###ts. 

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One percent
4 minutes ago, Green Devil said:

I think in the past financial advisors advised you to opt out for some reason to do with private pensions i think. ###ts. 

Was in the works pension. Automatically contracted out. Meanwhile those who have never contributed continue to be provided for 

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SpectrumFX
4 minutes ago, Green Devil said:

I think in the past financial advisors advised you to opt out for some reason to do with private pensions i think. ###ts. 

I think you paid lower NI rates by opting out, and so did your employer.

I was opted out for years, but as far as I'm aware I'm still going to get the full pension because I've plenty of time to make up any "missed" contributions. As far as I recall it was a relativity small demographic of people who were close to retirement and had been in defined benefit pension schemes who were going to miss out. But they'd typically made out like bandits in the defined benefit scheme, so I don't think anybody was heading for penury.

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Malthus

Just checked mine

Max is £179.60 per week but my  COPE is £8.62 per week 

The pension pot I paid into when contracted out of serps is worth £12k , feck all chance of getting £8.62 per week pension from it so contracting out of Serps was very bad value 

Gotta be a miss selling scandal coming up for Serps ?? 

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Onsamui
8 minutes ago, Malthus said:

Just checked mine

Max is £179.60 per week but my  COPE is £8.62 per week 

The pension pot I paid into when contracted out of serps is worth £12k , feck all chance of getting £8.62 per week pension from it so contracting out of Serps was very bad value 

Gotta be a miss selling scandal coming up for Serps ?? 

Same for me and I have written to DWP to see my shortfall and how much to top up but my position is similar to yours.  Conned by a family friend.

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Malthus
17 minutes ago, Onsamui said:

Same for me and I have written to DWP to see my shortfall and how much to top up but my position is similar to yours.  Conned by a family friend.

I think it is what it is and extra NI contributions don’t make a difference over 35 years

Obviously more are better as the could always increase the years needed 

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Green Devil
1 hour ago, Malthus said:

Just checked mine

Max is £179.60 per week but my  COPE is £8.62 per week 

The pension pot I paid into when contracted out of serps is worth £12k , feck all chance of getting £8.62 per week pension from it so contracting out of Serps was very bad value 

Gotta be a miss selling scandal coming up for Serps ?? 

How do you find if your opted out? I remember an IFA recommending it me a few year ago. Im in the same sit, pension that was paid isnt worth a fraction of what the state would pay.

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humdrum
5 hours ago, stokiescum said:

If you have the max don’t bother

Quite.

Unless we are talking megabucks the DHS usually can't be bothered to chase up overpayments. It isn't worth the potential refund or the "Government hitmen tear bread and dripping sandwiches from pensioner's mouth" headlines in every newspaper in the country.

 

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Democorruptcy

I last checked mine in 2004 and it seemed to trigger a letter from HMRC asking about what I was doing for a living because I'd stopped paying NIC's. I won't be checking again. Osbanker upped the qualifying years from 30 to 35 and I expect the new head crook to up it to 40 soon.

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Malthus
2 hours ago, Green Devil said:

How do you find if your opted out? I remember an IFA recommending it me a few year ago. Im in the same sit, pension that was paid isnt worth a fraction of what the state would pay.

I remember opting out when signing up to a work pension scheme , but I do read the T&C’s and ask questions 

I’m sure a lot of people didn’t know what they were signing 

If you use the pension estimate tool I posted up thread it tells your the COPE amount , if it’s more than zero you definitely opted out of SERPS 

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MrXxxx
19 hours ago, gibbon said:

Found a page on gov.uk where you can check your state pension forecast. I'm forecasted to get £179.60 a week which it says is the most you can get? However looking at the page with my NI record I got one or two years in the past where my contributions aren't full. Is it worth paying these even though the forecast says i'm going to get the full amount anyway? I don't really know much about how the state pension works tbh.

When reading it make sure that the figure of £179.60 is based on you current number or years PAID and not on the current number of years paid PLUS the potential years of work remaining to make contributions i.e. if you had already paid 33 of the 35 required years, had another potential 10 years to make contributions but planned to retire in two years time [thus giving you your 35 qualifying years] then it wouldn't be worth paying the extra contributions....hope that makes sense?...lots of people keep on contributing beyond the 35 years and get no more benefit for it!

 

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hapax legomenon

Thread prompted me to log in and check my state pension. Had forgotten my password so asked for a reset. Charming.

image.thumb.png.4d95ae98c916996d4ac0d65b35b8666b.png

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gibbon
1 hour ago, MrXxxx said:

When reading it make sure that the figure of £179.60 is based on you current number or years PAID and not on the current number of years paid PLUS the potential years of work remaining to make contributions i.e. if you had already paid 33 of the 35 required years, had another potential 10 years to make contributions but planned to retire in two years time [thus giving you your 35 qualifying years] then it wouldn't be worth paying the extra contributions....hope that makes sense?...lots of people keep on contributing beyond the 35 years and get no more benefit for it!

 

I believe it's based on my current paid years and if I pay in every year from now until I retire

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MrXxxx
9 hours ago, gibbon said:

I believe it's based on my current paid years and if I pay in every year from now until I retire

Exactly, so the 'sweet spot' is making sure you only have 35 years, if you have currently paid up 30 years have another 10 potential years then whether you pay for another 5/6/7/8/9/or 10 will make no difference to your final pension sum....assuming of course that the government will still be paying state pension when you retire, rather than 'spunking' your pension funds on PPE and covid reviews! :-)

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