State pension question again - sorry

madeinireland_2

Hi,

I've just got a state pension forecast for my wife. It shows that she currently has just over £143 with 4 more years remaining including 17/18 which will be covered by her current earnings.

She has a gap in 2013/14 with a shortfall of £80 which we would need to pay by 2023.

Now I'm really confused on this as I believe I have seen different answers so would appreciate some guidance from someone who is 100% certain if that is possible.

Is it worth paying for this gap year assuming she wants to stop work as soon as she has a full state pension (i.e. Should she work for 3 more years from the end of this year to build up the full pension or work for 2 and pay for the shortfall to get the full pension?

Don't really want to pay the £80 to find it makes no difference which I seen suggested in another thread.

Thanks...

p00hsticks

How many complete years does it show that she has ? If she has over 35 then buying pre-2016 years will not achieve anything. If she has less then it will depend on the detail

xylophone

https://www.royallondon.com/Global/documents/GoodWithYourMoney/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf

Madeinireland

I believe it said she had 34 years completed - what detail does it now depend on?

molerat

Is there any COPE amount shown and if so how much ? I suspect there is as that amount is less than 34/35ths of the new pension in which case buying pre 2016 years is unlikely to add benefit but the amount of COPE will clarify.

madeinireland_2

I believe the COPE amount was about £70 or so off the top of my head.

molerat

In that case buying that pre 2016 year will not add anything as her current amount is based on the old 30 year maximum basis.

zagfles

p00hsticks wrote: »

How many complete years does it show that she has ? If she has over 35 then buying pre-2016 years will not achieve anything. If she has less then it will depend on the detail

It's 30 max on the "old rules" basic state pension calculation.

molerat

zagfles wrote: »

It's 30 max on the "old rules" basic state pension calculation.

Only if the old rules starting amount calculation is used. You can still use 35 pre 2016 years for the new rules calculation.

zagfles

molerat wrote: »

Only if the old rules starting amount calculation is used. You can still use 35 pre 2016 years for the new rules calculation.

Which, as you stated above, is the case here!

madeinireland_2

So I take it from this its not worth paying for the gap year in 2013/14 just yet at least. I used the chart from xylophone (thanks) and it seems to suggest waiting. I'm confused as to wether her calculation is based on new or old rules. How can I tell?

Thanks...