Parents with no pension, I’m a higher earner

Goodproblems

Sorry I know I sound contradictory as before I said I have 30 years before pension age and no current plans to stop working. In reality I am hoping not to need to work that full 30 years and to be in a position to retire early. I’m not sure why the additional 20 years of contributions took me by surprise, if anything it’s lower than it should be!

Dazed_and_C0nfused

Goodproblems said:

@xylophone I’ve now checked my personal entitlement, it was surprisingly easy! I’d need an extra 20 years to get the full entitlement 😳 Feels a bit long from where I’m looking. I have a partial year which I can pay £290 to turn into a full year, I guess it makes sense to do that. By my calculations I’d recoup the cost within a year of being on state pension.

If you expect to accrue sufficient years by working anyway then that £290 would be wasted.
Is it a pre or post 2016 year?

Dazed_and_C0nfused

Goodproblems said:

Sorry I know I sound contradictory as before I said I have 30 years before pension age and no current plans to stop working. In reality I am hoping not to need to work that full 30 years and to be in a position to retire early. I’m not sure why the additional 20 years of contributions took me by surprise, if anything it’s lower than it should be!

You are under transitional rules, not the new State Pension rules so the number of years is irrelevant.

What counts is that you have accrued £x at April 2016.  And then can add £5/week for each extra year until you hit £175.20.  

The £5/week likely won't apply to the 20th and final year year though.  Say 19 years takes you to £173.40 then the 20th year will only add an extra £1.80.  To take you to £175.20.

Goodproblems

Dazed_and_C0nfused said:

Is it a pre or post 2016 year?

It’s pre 2016

Dazed_and_C0nfused

Goodproblems said:

Dazed_and_C0nfused said:

Is it a pre or post 2016 year?

It’s pre 2016

In that case either post up the full details or contact the future pension centre before paying anything as pre 2016 years are not guaranteed to add to your forecast.  Assuming you still think your future working pattern makes it a viable option.

Goodproblems

Well trying to get through to the Future Pension Centre has been completely hopeless so here are the details. Top number is the forecast, which I understand is pretty meaningless at this point. 

xylophone

The £5/week likely won't apply to the 20th and final year year though.  Say 19 years takes you to £173.40 then the 20th year will only add an extra £1.80.  To take you to £175.20.

Yes it will because the OP is currently only aged around 36.

If she contributes for the next twenty years, she will only be in her mid fifties when she achieves the right to a full state pension (at the then current rate) at her SPA.

The contributions she makes after achieving the right to a full SPA will not  increase  her state pension.

Thrugelmir

Goodproblems said:

Well trying to get through to the Future Pension Centre has been completely hopeless so here are the details. Top number is the forecast, which I understand is pretty meaningless at this point. 

Why is it meaningless?  Unsure what more you expect to be told this far in advance. 

Goodproblems

Meaningless in the sense that the £175.20 amount is what the maximum state pension could be, which is not unique to my circumstances? Maybe it’s not meaningless and I am missing something here!

Dazed_and_C0nfused

Now you have read the whole forecast though it tells you what you are likely to get, at today's prices, when you reach State Pension age.

Assuming you expect to add the additional 20 years.