Paid 35 years, do I still need to pay more?

Martin666_2

Hi
According to HMRC, I've paid my 35 qualifying years and I'm fully paid up and forecast to get a full state pension.
If I quit working now, and not pay any more for the 10 years till retirement age, will I still get the full amount?
Thanks

He

If that's what HMRC are saying, I guess so.
However, are you basing a decision to retire early or not solely on that?
It's part of the picture but not the whole landscape .......

Dazed_and_C0nfused

Are you sure you have read your forecast correctly?

35 years won't be relevant to someone your age.

Most will give a headline figure of £175.20 but then the amount actually accrued to date (usually to 5 April 2020 at the moment) is shown below your "forecast".

Is this second figure also £175.20 (or more)?

RobM99

Doesn't that £175.20 depend on being contracted in?

Dazed_and_C0nfused

Not necessarily now.

We have had a few years since contracting out ended so more and more people who were contracted out will be in the fortunate position of having paid lower NIC for some years and being able to start building up to the standard New State Pension amount.

coyrls

RobM99 said:

Doesn't that £175.20 depend on being contracted in?

If you were contracted in, it's possible that your pension could be over £175.20 and any NI contributions since the new scheme came into effect will not increase your state pension (as is the case for me).

Clive_Woody

Martin666_2 said:

Hi
According to HMRC, I've paid my 35 qualifying years and I'm fully paid up and forecast to get a full state pension.
If I quit working now, and not pay any more for the 10 years till retirement age, will I still get the full amount?
Thanks

Do you have other pension provisions as the state pension alone is really not a lot to live on?

xylophone

What exactly does the forecast say?

Blackbeard_of_Perranporth

xylophone said:

What exactly does the forecast say?

It says we could under current rules pay you that, but you still need to pay NI and tax.

molerat

xylophone said:

What exactly does the forecast say?

^^^^^ This ^^^^^

If £175.20 is the one and only figure quoted on the forecast, there are often 2 or 3, then that is what you will get with no further contributions needed. You will of course have to pay NI if you continue working but receive no benefit from doing so (for state pension purposes before anyone goes into the "NI pays for more than ........")

ElephantBoy57

RobM99 said:

Doesn't that £175.20 depend on being contracted in?

I was contracted out "£175.20 a week" is what I will get after another 2 years contributions. I will be 61 then.

My COPE estimate is £25.86 a week.