38 years of State Pension Contributions & Redundancy

davethebb

I am 54 years of age and about to be made redundant and will probably look at early retirement. My state pension forecast indicates I have 38years of contributions, 13 left to April 2033 and a estimated state pension of £179.60wk, £780.64/month or £9371.27/yr. Is there anything I can do to improve my state pension e.g. by adding to it (although it does appear that there are no missing years)?

AlanP_2

No, £179.60 is the maximum New State Pension so you have reached the ceiling.

jem16

davethebb said:

I am 54 years of age and about to be made redundant and will probably look at early retirement. My state pension forecast indicates I have 38years of contributions, 13 left to April 2033 and a estimated state pension of £179.60wk, £780.64/month or £9371.27/yr. Is there anything I can do to improve my state pension e.g. by adding to it (although it does appear that there are no missing years)?

Is your estimate based on you making further contributions or does it say you cannot improve your situation?

Most importantly what does it say you have based on April 2020 (may possibly be 2021)?

molerat

davethebb said:

I am 54 years of age and about to be made redundant and will probably look at early retirement. My state pension forecast indicates I have 38years of contributions, 13 left to April 2033 and a estimated state pension of £179.60wk, £780.64/month or £9371.27/yr. Is there anything I can do to improve my state pension e.g. by adding to it (although it does appear that there are no missing years)?

You really need to read beyond the headline figure, there is often more than one amount quoted.

tacpot12

Deferring your state pension is the only way left to increase it. You currently get 1% more for each 9 weeks you defer. 

davethebb

Hi Everyone, The forecast says it is based on my NI record up to 5 April 2020 (the current year has not been updated) and it states that this is the most I can get. Does this help clarify my position?

jem16

davethebb said:

Hi Everyone, The forecast says it is based on my NI record up to 5 April 2020 (the current year has not been updated) and it states that this is the most I can get. Does this help clarify my position?

Then yes there is nothing more you can do unless you choose to defer past State Pension Age.

xylophone

But it will revalue each year (currently under the Triple Lock).

https://www.ifs.org.uk/publications/15132

Username03725

Is there any negative impact on this, retiring mid-50s with a full payment record and then not making any further NICs until state pension age?

molerat

Username03725 said:

Is there any negative impact on this, retiring mid-50s with a full payment record and then not making any further NICs until state pension age?

Nope, apart from no longer having that warm and fuzzy feeling inside from feeding the government coffers