National insurance

billbolla

ps I don't reach my retirement age 66 until December 2020
hence I'm trying to make sure I max out my national insurance credits

p00hsticks

billbolla wrote: »

thanks my forecast says £152 pw
I need to contribute another 2 years to reach max pension £162 pw

When the pension rules changed in 2016 your pension amount as at 5/4/16 was calculated under both the old and new rules, and whichever amount was the higher was taken as your starting amount at that date.

Under the old rules your amount would have been

( (NI years up to a maximum of 30) / 30 x £119.30) + any SERPS/S2P additonal pension earned.

Under the new rules your amount would be

( (NI years up to a maximum of 35) / 35 x £148.50) - any COPE amount for being contracted out

(I may be slightly wrong with the actual pension amounts- I can;t remember exactly what they were in 2016)

So as you had more than 35 NI years at this point, adding another one would not have affected these calculations.

Once your starting amount as at 5/4/16 was calculated, then any NI years after this point simply add 1/35th of the current pension amount to your forecast until the maximum (currently £155.65) is reached.


So you need to get credits for years 2016-17 and later to increase your starting amount

billbolla

thanks

I wish someone had have told me prior to my application for adult child care credits
HMRC don't seem to know too

I'll see if I can get credits 2016/18 2019/20 which should then give me 50yrs NI continuations ( a record ?) and hopefully an increase in my forecasted state pension