A pension expert has explained why some people may find their state pension forecast has changed and why it may seem money has been "knocked off" their state pension.
They said: "I recently received my state pension statement as I will qualify for the full state pension when I am 66 in November.
Being contracted out meant that while someone was building entitlement towards their basic state pension, their additional state pension entitlement was building up within their private pension instead.
During this time, if one was contracted out, the additional state pension could have been called something different including: Graduated retirement benefitSERPS (State Earnings Related Pension Scheme)State Second Pension (S2P).
The headline figure on the state pension forecast remains accurate - if they were contracted out, this money has already been deducted...
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