State pension forecast shortfall

Emerion · 13 February 2022 at 3:44PM

Hello,

my state pension forecast states that I need 35 full years of contributions for a full pension. It goes on to say that I have 31 full years and need another 8 years to get the full amount. My OH’s forecast says that he has 33 years and needs another 4. We have both been contracted out for some of our years. So are these seemingly incorrect calculations a reflection of that? Is it saying (without actually saying it), that I need 4 years to get to 35, and then another 4 to make up for the lesser amount that I paid in NI when I was contracted out? I’m guessing because I haven’t found any explanation of this anywhere on the government website.

Audaxer · 13 February 2022 at 3:59PM

The 35 years only applies to those young enough to have started contributing from 2016. You and your OH are not doing so badly as I have 46 years of full contributions but still need to contribute voluntary NIs for a further 3 years to get to the maximum new State Pension.

Dazed_and_C0nfused · 13 February 2022 at 4:19PM

Emerion said:

Hello,

my state pension forecast states that I need 35 full years of contributions for a full pension. It goes on to say that I have 31 full years and need another 8 years to get the full amount. My OH’s forecast says that he has 33 years and needs another 4. We have both been contracted out for some of our years. So are these seemingly incorrect calculations a reflection of that? Is it saying (without actually saying it), that I need 4 years to get to 35, and then another 4 to make up for the lesser amount that I paid in NI when I was contracted out? I’m guessing because I haven’t found any explanation of this anywhere on the government website.

Try the how its calculated section here

https://www.gov.uk/new-state-pension/how-its-calculated

As Audaxer says you fall under transitional rules.