State Pension - over 44 contributions needed

Malchester

I was contracted out for 11 years when working for a local authority. I am one of the lucky ones whereby my full pension from the local authority scheme is payable when I reach 60, not 65 or 66. My state pension forecast gives me the full new state pension at the new rate because, by the time I reach 66 I will have accumulated 35 years of full contributions outside my contracted out years

badmemory

Roger-Jolly wrote: »

I have recently been working with my financial advisor to seek the best I can have from my pension situation.
I was due to retire recently, but opted to work on. If not to enhance my pension, then to receive an income for a bit longer.
I discovered recently that I will not receive the full New state pension as despite having 46 full contribution years, I have three part contribution years and these have penalized me.
Unfortunately they are farther back that the existing rule that you can only top up for the last ten years contributions, so the option is taken out of my hands despite the 46 years.
No-one will sway me in thinking that the government just rip us all off. My N.I. contribution for 2016/2017 of £2,533.40 was the better part of £900 more than the previous year.
So much for having a new system.

And your DB pension (which enabled you to contract out & therefore pay lower NI contributions than others did) is how much???????

I expect that your complaint about your last years NI contributions is because you are now having to contribute at the full rate like the rest of us!

I don't think it is possible for 3 part years out of 46 to penalise you. On the old system 30 years & on the new 35 years would give you a full pension. What is "penalising" you is having contracted out. This could well be why Xylophone is asking what your forecast actually says.

bigadaj

Malchester wrote: »

I was contracted out for 11 years when working for a local authority. I am one of the lucky ones whereby my full pension from the local authority scheme is payable when I reach 60, not 65 or 66. My state pension forecast gives me the full new state pension at the new rate because, by the time I reach 66 I will have accumulated 35 years of full contributions outside my contracted out years

Careful, muscle750 will try to reduce your life expectancy if you make bold statements like that!

Dazed_and_confused

GunJack

April 2016, FY 16-17, surely??

Thanks for pointing this out.

Think I must have got over excited thinking about the £160/week I'll be due in a decade or three!