They will quote you the figure extant at the time of enquiry. If it's gone up by the time you claim you get the amount that's current then.

If you are referring to your pension forecast then the figure shows what you would get if you retired today. In reality you will get whatever the state pension is on the day given the triple lock stuff. I retired four years ago and I am on the old scheme where I get the state pension of £122.30 (which is triple locked) plus my SP2 which goes up with CPI giving me £202/week in total. I don't know how the current scheme works as the basic is higher and I don't know how the SP2 works.

Incidentally, don't forget that you still get the annual Xmas bonus of £10 (which was worth nearly two weeks pension when it was introduced) 3 x FL1 2 manual + 1 auto
5 x FL2 4 manual + 1 auto
Now Discovery Sport P250 MHEV SE

What's this about grandchildren and school runs? 3 x FL1 2 manual + 1 auto
5 x FL2 4 manual + 1 auto
Now Discovery Sport P250 MHEV SE

If you look after your grandchild ,you can claim ni credits.to build up to the max 35 years I believe .what happens if you have contracted out then back in and have 35 years plus your contracted out time.

more good info guys, thanks

Iain

A late contribution:

As I moved in and out of the Country a few years ago I had early pension forecasts and as I neared early retirement did all my sums (that means sending the wife to work still).

Just after retiring early you think great as a New SP scheme has been announced giving a payout of circa £150 pw instead of the current basic circa SP of £112 pw.

All smoke and mirrors and I can assure I took this to the top. I get paid under the old scheme (while making my claim in the 2nd week that the new scheme went live). I am paid under the old rules as I acquired more pension under that, the new scheme has many looser's if at any time you contracted out into a private scheme.

I had 44 NI qualifying years and was contracted out for about half of that time (saving a few pence per week in NI contributions in reality)

My final pre retirement assessment (I got the State Pension 18 month later went something like this ):
Old rules 30 year min NI needed, New rules 35 needed. So well in front on both
Old rules £141,30p
New rules £109.70p

So basically robbed of £40 pw (new SP came in at circa £150 w) for doing the right thing and paying into a small private pension for half of my working career. Lady Altman at the time made the mistake of copying me into internal correspondence about my views and my early appeal and the Government at the time were well aware that they had stitched up the workers and savers prior to implmentation.

So sign on and find someone to care for and claim your last few years of NI contributions, another way would be sign on and then go self employed cutting grass earning a few £s a year and get your NI paid up as a low self employed earner. Take all you can as this lot have taken off Joe Public as much as they can.

I put in a freedom of information request a couple of years ago asking about how much money was being saved by the new SP. It was refused, I appealed but to no avail under "it will be published in due course". Bet you can't find it if you try.

Too his credit Hammond tried to adjust some of the NI mess by wanting to adjust some NI rates in his budget but did a U turn under pressure.

My second wife has paid in far more NI than me and worked forever and a day (no kids etc) and under pressure from me finally got a statement a few months ago and she will get less SP than me from either the old or new scheme and also have to wait longer.

All a dogs breakfast. Robbing  FL2 MY10 TD4 GS traded in at 2 years
FL2 MY13 TD4 GS Current

mcsimmo wrote:

What jubdad says.

I got a forecast a year or two ago, and once you get it in writing, it doesn't change. (at least that's what they told me).

dorsetfreelander wrote:

I am beginning to think that Freel2.com is becoming like Mumsnet where you can get advice on anything. Great stuff. Now does anyone know who will win the next Grand National?

Yorky Bob wrote:

A late contribution:

As I moved in and out of the Country a few years ago I had early pension forecasts and as I neared early retirement did all my sums (that means sending the wife to work still).

Just after retiring early you think great as a New SP scheme has been announced giving a payout of circa £150 pw instead of the current basic circa SP of £112 pw.

All smoke and mirrors and I can assure I took this to the top. I get paid under the old scheme (while making my claim in the 2nd week that the new scheme went live). I am paid under the old rules as I acquired more pension under that, the new scheme has many looser's if at any time you contracted out into a private scheme.

I had 44 NI qualifying years and was contracted out for about half of that time (saving a few pence per week in NI contributions in reality)


My final pre retirement assessment (I got the State Pension 18 month later went something like this ):
Old rules 30 year min NI needed, New rules 35 needed. So well in front on both
Old rules £141,30p
New rules £109.70p

So basically robbed of £40 pw (new SP came in at circa £150 w) for doing the right thing and paying into a small private pension for half of my working career. Lady Altman at the time made the mistake of copying me into internal correspondence about my views and my early appeal and the Government at the time were well aware that they had stitched up the workers and savers prior to implmentation.

So sign on and find someone to care for and claim your last few years of NI contributions, another way would be sign on and then go self employed cutting grass earning a few £s a year and get your NI paid up as a low self employed earner. Take all you can as this lot have taken off Joe Public as much as they can.

I put in a freedom of information request a couple of years ago asking about how much money was being saved by the new SP. It was refused, I appealed but to no avail under "it will be published in due course". Bet you can't find it if you try.

Too his credit Hammond tried to adjust some of the NI mess by wanting to adjust some NI rates in his budget but did a U turn under pressure.

My second wife has paid in far more NI than me and worked forever and a day (no kids etc) and under pressure from me finally got a statement a few months ago and she will get less SP than me from either the old or new scheme and also have to wait longer.

All a dogs breakfast. Robbing

Iain its shambolic, read this to see some of what it means for people retiring around now.

http://www.telegraph.co.uk/pensions-retire...d-out-her/

Get in more NI if you can. FL2 MY10 TD4 GS traded in at 2 years
FL2 MY13 TD4 GS Current

Hi Yorky Bob, I've only just over 2 years left to make NI contributions before I receive my SP.

looking at the info on DWP website etc, this would give me about an extra £10 per week.

I went up to my local Job centre this afternoon to enquire about signing on, but they said that I would need to make a claim for Jobseekers Allowance?

when I said I didn't want to claim any benefits the girl said this was the only way to gain the NI contributions, other than buy them.

like you I have been contracted out which means I will not receive the full new SP.

seems a very complicated situation and making me now think that I should have not retired early

Iain

Don't ever regret retiring early Ian. Why worry about £8 or £6 a week after tax ? Think of the glorious 24 months you have got to do whatever you want without the restrictions or responsibilities of work.  2009 GS Auto Zermatt Silver - Sold June 21 after 10 years of ownership

2016 Subaru Outback SE 2.0 diesel SE Premium Lineartronic Sold 2024 after 8 years and 80k miles . Best Car I ever owned !

2023 Toyota Hilux invincible X 2.8 Auto .

Well said Martyn B.I finished work on 24th.June and don't officially retire until August 2018.As far as I can work out,I think that I'll be losing around a fiver a week in State Pension,by finishing early.If I'd carried on in my job,I know for a fact that physically,and mentally,I would be struggling to keep going.I know that it's early days yet,but it's lovely not having to get up at silly o'clock in all weathers.I intend to enjoy my new-found freetime.

Martyn has hit the nail on the head as time is very precious but I think the go self employed on earning next to no money is a way to balance out just a little the recent shaft of being contacted out under the new SP rules.

http://www.litrg.org.uk/tax-guides/self-em...f-employed

Yes time is very, very precious and you cannot buy no matter how rich you are. FL2 MY10 TD4 GS traded in at 2 years
FL2 MY13 TD4 GS Current

thanks guys, it seems in this country the more planning/saving you do for retirement the more you are penalised by the government.

not really fair and providing no incentive, and probably one of the reasons we have so many white van men nowadays who can work the system and reap the benefits.

Iain