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Author Topic: State pension forecasts  (Read 1908 times)

sevenlayermuddle

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State pension forecasts
« on: August 08, 2019, 01:16:09 PM »

For anybody approaching State Pension Age.... just a heads up that if you ever contracted out of SERPS or the additional state pension, you really can't depend upon the current online forecasts, or even the written forecasts.   There have been widespread press reports that a lot of forecasts are wildly optimistic.   I think is true, as I am pretty sure it applies to other half (waiting to have that confirmed).  Use your favourite search engine to find the press reports if you like.

However the press reports also seem inaccurate, as those I have seen refer only to forecasts that are too high.    In my own case, I like to keep an eye on the calculations and suspected my own forecast was the opposite, ie it was pessimistic (by nearly £1000 per year).  DWP have investigated, and confirmed I was right.  I now have a much more generous forecast, much closer to my own estimations. :graduate:

Bottom line... when you start to draw your pension, any such errors will be corrected.  They won't honour erroneous forecasts so if in doubt, try to confirm the figures with your own calculator, rather than believing the forecasts. I know that's far from easy, and a steep learning curve for some(/most) people, but worth the effort imho.  :)
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niemand

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Re: State pension forecasts
« Reply #1 on: August 08, 2019, 02:27:35 PM »

Thanks.

I do not anticipate receiving any kind of state pension by the time I retire however good to know how it works on the off-chance it is somehow still there.
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fat jez

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Re: State pension forecasts
« Reply #2 on: August 08, 2019, 02:39:32 PM »

Thanks.

I do not anticipate receiving any kind of state pension by the time I retire however good to know how it works on the off-chance it is somehow still there.

I’m expecting to be in the same boat as you.  I have at least another 22 years before retiring and I’m not expecting I’ll be doing it at 65 either, so I don’t hold out hope for any sort of state pension.
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sevenlayermuddle

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Re: State pension forecasts
« Reply #3 on: August 08, 2019, 03:03:51 PM »


My own stated occupation changed to “retired” in my early 50s, so the state pension was a long way off and seemed, tbh, almost irrelevant.   Fast forward, it is now just a few years off and much more relevant, as a supplement to the various other forms of income I’ve been depending upon.

Sympathies indeed to the younger generation, who’ll have to work longer to earn the state pension, and live longer to receive it.  And in many cases, get a lower amount (inflation adjusted equivalent) from the new flat rate than have got under the old system, pre 2016.    :(

But if it’s any consolation, even allowing for the pension disadvantages, on balance, I dearly wish I was 25 years younger.  :D


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Black Sheep

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Re: State pension forecasts
« Reply #4 on: May 14, 2021, 07:48:49 PM »

Also ... I believe the private pension age of withdrawal, is changing from 55 to 57 ... circa 2027 ??
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broadstairs

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Re: State pension forecasts
« Reply #5 on: May 14, 2021, 08:02:30 PM »

Actually it's not so hard to anticipate what pension will you get, if you have the right formula.

Why resurrect a nearly 3 year old thread, do you have an ulterior motive?

Stuart
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kitz

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Re: State pension forecasts
« Reply #6 on: May 15, 2021, 12:45:38 AM »

It's gone.   We had been watching and waiting but now decided to place a pre-emptive ban in this case. The post added little value, so no big loss.   
We've gotten a few over the past few days that are usually dealt with before anyone else notices.. or as soon as they do step over the mark.      It's the usual trick is to make a post, then come back a few days later to edit the post by inserting spam links, hoping that noone (but search engine bots) pick up the new posts.   

I'm also getting quite a lot of spammy emails offering $ to insert links into content.  That also goes straight in the bin although sometimes I do get a chuckle at the type of content links which arent really what I'd call relevant to the site :D   It's quite obvious they haven't researched properly.  All it takes is for someone to say mention dog food or cameras in a post and they link to that thread saying something like "we notice your informative discussion on dog food at [url], would you be willing to  blah blah blah. " 

It's probably cheaper for them to pay someone in the likes of India to add links,  this one would likely have been the target for a pensions company, one I deleted earlier was in a discussion about electric tooth brushes and they linked to some cosmetic dentist I think.   Theres also been a couple for Netgear and TPlink equip.    Damn spammers are everywhere and I have little tolerance...  but even worse are the scammers  atm doing the telephone phising scams.     I have the text somewhere of one from last week whose time I wasted.    It was highly amusing when I questioned something and the reply came back that he was the BT expert and I knew nothing about broadband.     I'll dig it out if anyone is interested :D :D   
« Last Edit: May 15, 2021, 12:55:15 AM by kitz »
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Weaver

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Re: State pension forecasts
« Reply #7 on: May 15, 2021, 08:34:50 AM »

Someone I know was scammed out of £700 by an evildoer pretending to be their bank. Very sophisticated, the criminal claimed to be the bank’s fraud dept and had certain personal details somehow.
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kitz

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Re: State pension forecasts
« Reply #8 on: May 15, 2021, 08:40:31 PM »

Thats sad.   Had a near miss with my mother about a month ago.   Some of them seem to be quite convincing to the elderly and unaware.    They can also be quite suggestive and firm if you question some of their reasons.

What is really ironic is that when I questioned one of them about what was supposed to be a problem with my internet service, is that I got told he was the expert and I know nothing about broadband.    Yet he made some stupid slip up remark about "IPv5".   
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broadstairs

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Re: State pension forecasts
« Reply #9 on: May 15, 2021, 10:41:07 PM »

I played along with one once pretending to be a complete dummy, he finally twigged when I said I have 25 Windows in the house  ;) otherwise known as 'outside awareness panels'.

Stuart
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kitz

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Re: State pension forecasts
« Reply #10 on: May 16, 2021, 10:40:23 AM »

 :D
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