less than 10 years contributions

skye114

I understand that with the new pension scheme, if you have less than 10 years contributions you will get nothing - is this correct? I have five years at the highest rate and now am willing to contribute on a self employed basis for the next five years. Will this be adequate to get a pro-rated pension or should I pay back contributions or is there some other alternative I haven't thought of? Any help much appreciated.

mania112

You have only paid National Insurance for 5 years? How old are you?

By the time you retire (if its after 2017) you need to have 35 years of contributions to get the full state pension.

10 is suggested to be a bare minimum (not sure if that's confirmed) for the minimum pension (whatever that will be).

Do you have any other pension provision in place?

atush

Also, as the details having yet to be published, you may have protection having contributed before any minimum (ie 10 yr) entitlement?

For the best answer, get a pension forcast. Depending on your age/date of residence there can be extra years added (ie 3 from post 16).

going forwards, do not rely on the state pension alone, as it is not large enough to live on completely.

skye114

I'm 58, only came here 6 years ago and do, fortunately have other pension arrangements so I'm not relying on the state pension - I just think it's rather unfair to have contributed and not be able to get some minor pro rated amount on retirement in around 2019. I did get a forecast and under the old current rules I would be entitled to something but its the new ones that are disadvantageous, if I understand them correctly.

McKneff

You dont just pay NI to enable you to get a state pension, the Ni covers many other things

Are you male, female, do you have a spouse whose contributions you can claim from.

Jack_Griffin

I think any the principle they're operating on is that benefit already available isn't lost. So your old statement should hold true.

http://www.bbc.co.uk/news/business-20989050 this is what was reported in January.

Anyone who has not paid NI for at least 10 years will not qualify for the enhanced state pension at all.

At 58 you have 8 more years you can contribute, your retirement age is 66 .

srcandas

skye114 wrote: »

I'm 58, only came here 6 years ago and do, fortunately have other pension arrangements ..........

Skye are you like my spanish wife with contributions acrued in one or more other countries?

If so you will need to apply for the whole lot here (assuming here is your last working location and residency).

And it then seems to get very complex. But I have spoken to people in similar situations and some have done rather well out of it.

And as Jack says you should not be worse off.

But good luck with it :beer: