State Pension

Brospeed

Hi everyone

Apologies in advance if this is already a thread, but I could not find one.

I have seen some articles in the past concerning National Insurance contributions and their affect on the state pension. As I understand it a male needs to have contributed for 44 years to obtain a full state pension.

I am 60 years old, and was compulsorarily retired from my current employment on my 60th birthday last January. I receive a final salary pension based on 20/60ths of my final salary. That scheme was contracted in. I spoke to my local tax office about anything I needed to do, and specifically asked about NI contributions towards my State Pension between 60 and 65. They told me I had to do nothing - they said they paid the NI contributions for the period between 60 and 65.

I joined my last employers in late 1985. Before that I was in another final salary scheme with my then employer. Retirement age for that position was 65 so the pension became payable at that age. That age has since reduced to 63. That scheme was contracted out. I did try to transfer the pension to my new employer, but for a number of reasons this was not practical, and so is kept it as preserved pension benefit. Although I was with that employer for about 10 years, I had additional credit in the scheme giving me the equivalent of 20 years contributions.

Prior to that (about 12 years), I was in various schemes for short periods, and as far as I am aware they where all contracted in. Any benefits where transferred to the employer where I hold a preserved pension benefit, hence the enhanced level of credit.

I have several questions:-

1. Is the information I was given by the tax office correct?

2. I believe there is a telephone number I can call to get a forecast on my pension. Can anyone supply this please?

3. Assuming I do not have 44 years contributions, which appears to be the case, does anyone know if it is possible to pay additional contributions now, to ensure a full state pension at 65? If so can you offer some advice on who I should contact please?

Thanks in advance

Ira

kenshaz

1)yes
2)
0845 3000168 or 01912135000 switch board ask for forecasting team
3) can pay to supplement short comings ,need to look at your forecast and decide

Stompa

Brospeed wrote:

2. I believe there is a telephone number I can call to get a forecast on my pension. Can anyone supply this please?

It can also be done online:

http://www.thepensionservice.gov.uk/resourcecentre/e-services/home.asp

CIS

To make to the 44 years , you can only back-pay for 6 tax years prior to the current one - between 60 and 65 you receive auto credits, so theres no point paying for any of these years as its wasted money.

The only tax year you'll be able to back pay for is the 03/04 tax year (auto credits cover you for this year alrady , 05/06 and 05/04 + future 2yrs) and the prior years you where in full employment ( I assume you earned enough in those yrs of employment).

Dependent on earnings on the last full tax year you. worked 03/04, its possible you may need to top up that year , but it depends on the earnings.

Brospeed

Many thanx for the prompt replies. Hopefully the information you have supplied will solve my issues.

Once again, thanx.

Ira