Retiring early will I get still get full state pension

Nettsmythe

I am retiring from Nhs in August at 55 with unreduced pension as I am in the 1995 scheme and have special class status.I will have paid 35 and half years NI. I won't be getting my state pension until I am 66, will I still be entitled to full amount? I am not very up on these things.

nearlyrich

You need to ask for a Pension Forecast to be certain as they will look at your own NI record.

Nettsmythe

Thank you I will do that.

atush

You will get the full basic with 35+ years. but if you were contracted out most/all of the time apart from ou 3 years 16-18 then you wont get full new 'flat rate'.

Before you get yourself all het up about it, you wont get less than if you retired today.

You should receive (and if you dont) ask for a 'foundation amount' before the change comes in. You will get either your figure from todays rules, or your figure form the new rules- whichever is higher.

So until you do,

I would not project you getting anything better then todays full basic SP uprated for inflation due to your contracted out status. For planning purposes.

jamesd

Once the flat rate comes in ask for your state pension statement. Say in early 2017. That will tell you how far short you are from the flat rate level. Each year of NI purchased or from work after the flat rate comes in increases your state pension by 1/35th of the flat rate. At the moment self-employed contributions are the cheapest way to get extra years.

There is no value to buying more years before the flat rate comes in because you already have the highest possible entitlement that you can buy under the old rules calculation and that is the one that will be higher in your situation.

xylophone

Already 55?

https://www.gov.uk/government/news/millions-more-offered-free-pension-statement

Dunnit

As a person who has been in DB employment for most of my life my envisaged pension starting point next year is £114.75. I would imagine that yours will be circa that amount rather than the £148 paid if you had not had the benefit of a DB pension.

greenglide

Dunnit wrote: »

As a person who has been in DB employment for most of my life my envisaged pension starting point next year is £114.75. I would imagine that yours will be circa that amount rather than the £148 paid if you had not had the benefit of a DB pension.

But the OP does have the option to pay voluntary contributions (or class 2 self employed contributions which currently are cheaper) from the start of the new State Pension scheme to increase the nSP by about £4.80 or so per week for each year up to the maximum nSP if there is time.

atush

So the OP, if they want to higher flat rate pension, should consider working in some fashion on a SE status. and paying some Nics on that basis after April 2016