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Original poster

Can my pension forecast be right? Am I reading it wrong?

154 replies

Maggiemargherita · 30/01/2025 22:43

Does this mean I will get a full state pension with 3 more years of contributions? If so I don’t understand why. I’m 44.

Can my pension forecast be right? Am I reading it wrong?
OP posts:
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Redrosesposies · 02/02/2025 12:59

Chewbecca · 02/02/2025 11:31

Interesting, I thought it usually added about £300 py. Is it because you are only 20p per week short of a full new state pension so that's the most you can improve by?

(It's a hot topic for me as I haven't got a full record and am no longer working!).

Yes I can only improve it by 20p so definitely not worth it.
DH is about £2.40 short so it would take about 6.5 years for him to break even. He's says he's not bothering.
Curiously though, last year his forecast said he was about £4.50 short and would have broken even in less than 4 years. He hasn't made any NI contributions since 2018 so I have no idea why it has improved.

Garlicworth · 02/02/2025 13:23

sashh · 31/01/2025 04:45

He was probably 'contracted out' in the 1980s. If I remember correctly if you paid into a private or workplace pension you could pay less NI.

That was because the pension came in two 'pots' the basic pension and 'SERPS' which became the second pension, this was paid in addition to the basic pension.

So before 2016 you could use some of your NI contributions in to your private pension instead of SERPS.

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I was contracted out and had to pay a bit extra to bring my NI contributions up to scratch. I now get a full State pension and £420 a year from Standard Life 😆

I had no clue who ran the SERPS scheme, it was automatic at my workplace. They found me, despite multiple changes of address.

CuriousRunner · 02/02/2025 19:59

I had reason to login and check my state pension status 2 weeks ago. I'm 51. I had a Saturday job from before I was 16 (obvs only 16+ counted) and had a few precarious years in my early twenties of education along side MH problems.

I was (misplaced I'm sure 🤣) proud that I only have one partial year. My screenshot says "£222.37 is the most you can get". I'm fully ticked off, paid up etc. 😉

Ok, so working and paying tax/NI are a feck long time still but that gave me a little smile for a change.

sashh · 03/02/2025 07:21

SERPS was a government scheme. Standard life would be your contracted out pension.

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