NI Contributions

RG2015

MouldyOldDough said:

Dazed_and_C0nfused said:

MouldyOldDough said:

Interestingly - it also says

Which I didn't think was possible when my contributions were paid by DWP benefits ?

Anyone confirm this ?

And if it is - and I put off my state pension by 12 months - how much more will I receive ?

You didn't think what was possible?f

Reaching the standard new State Pension or something else?

By deferring for 52 weeks, you’ll get an extra £10.70 a week (just under 5.8% of £185.15).

https://www.gov.uk/deferring-state-pension/what-you-get

That's got to be worth it

If you acquire enough years of NI contributions, you will get £185.15 per week.

If you defer for one year, you will get £195.85 per week from one year after you reach state pension age.

However, you will lose over £9,600 by not claiming your state pension in that first year.

In order to benefit, you will need to live for more than 17 years after starting to claim your pension.

MouldyOldDough

p00hsticks said:

MouldyOldDough said:

Dazed_and_C0nfused said:

MouldyOldDough said:

jem16 said:

MouldyOldDough said:

Interestingly - it also says

Which I didn't think was possible when my contributions were paid by DWP benefits ?

Anyone confirm this ?

And if it is - and I put off my state pension by 12 months - how much more will I receive ?

Yes it’s perfectly possible. It doesn’t matter how you get a qualifying year whether it’s by NI Credits or actual paid contributions. So long as you get 8 more qualifying years from 2020/21 to reaching SPA then you will receive a full new state pension. 

How much more would I receive at todays rates? 

It's shown in your forecast, £144.34 increases to £185.15 so an extra £40.81/week.

The first 7 years each add £5.29/week and the 8th the final £3.78/week.

Sorry I meant extra on top of the normal pension - from extra years contributions 

You don't get any extra if you go over the number of years needed.

That's what I was asking 
It says that if I put off claiming - I can increase my pension further still
Jem16 said "Yes it’s perfectly possible. It doesn’t matter how you get a qualifying year whether it’s by NI Credits or actual paid contributions. So long as you get 8 more qualifying years from 2020/21 to reaching SPA then you will receive a full new state pension," 

Dazed_and_C0nfused

MouldyOldDough said:

p00hsticks said:

MouldyOldDough said:

Dazed_and_C0nfused said:

MouldyOldDough said:

jem16 said:

MouldyOldDough said:

Interestingly - it also says

Which I didn't think was possible when my contributions were paid by DWP benefits ?

Anyone confirm this ?

And if it is - and I put off my state pension by 12 months - how much more will I receive ?

Yes it’s perfectly possible. It doesn’t matter how you get a qualifying year whether it’s by NI Credits or actual paid contributions. So long as you get 8 more qualifying years from 2020/21 to reaching SPA then you will receive a full new state pension. 

How much more would I receive at todays rates? 

It's shown in your forecast, £144.34 increases to £185.15 so an extra £40.81/week.

The first 7 years each add £5.29/week and the 8th the final £3.78/week.

Sorry I meant extra on top of the normal pension - from extra years contributions 

You don't get any extra if you go over the number of years needed.

That's what I was asking 
It says that if I put off claiming - I can increase my pension further still 

That's deferring, as explained in the previous posts

MouldyOldDough

RG2015 said:

MouldyOldDough said:

Dazed_and_C0nfused said:

MouldyOldDough said:

Interestingly - it also says

Which I didn't think was possible when my contributions were paid by DWP benefits ?

Anyone confirm this ?

And if it is - and I put off my state pension by 12 months - how much more will I receive ?

You didn't think what was possible?f

Reaching the standard new State Pension or something else?

By deferring for 52 weeks, you’ll get an extra £10.70 a week (just under 5.8% of £185.15).

https://www.gov.uk/deferring-state-pension/what-you-get

That's got to be worth it

If you acquire enough years of NI contributions, you will get £185.15 per week.

If you defer for one year, you will get £195.85 per week from one year after you reach state pension age.

However, you will lose over £9,600 by not claiming your state pension in that first year.

In order to benefit, you will need to live for more than 17 years after starting to claim your pension.

Good point 
Thanks gives me something to think about 

RG2015

MouldyOldDough said:

p00hsticks said:

MouldyOldDough said:

Dazed_and_C0nfused said:

MouldyOldDough said:

jem16 said:

MouldyOldDough said:

Interestingly - it also says

Which I didn't think was possible when my contributions were paid by DWP benefits ?

Anyone confirm this ?

And if it is - and I put off my state pension by 12 months - how much more will I receive ?

Yes it’s perfectly possible. It doesn’t matter how you get a qualifying year whether it’s by NI Credits or actual paid contributions. So long as you get 8 more qualifying years from 2020/21 to reaching SPA then you will receive a full new state pension. 

How much more would I receive at todays rates? 

It's shown in your forecast, £144.34 increases to £185.15 so an extra £40.81/week.

The first 7 years each add £5.29/week and the 8th the final £3.78/week.

Sorry I meant extra on top of the normal pension - from extra years contributions 

You don't get any extra if you go over the number of years needed.

That's what I was asking 
It says that if I put off claiming - I can increase my pension further still 

These are two different things.

The first is getting extra years of NI contribution, over and beyond the number required to qualify for the full state pension. This gains you nothing.

The second is buying extra pension by not claiming your pension immediately upon reaching state pension age. This results in you losing the pension during your chosen deferral period.

RG2015

MouldyOldDough said:

RG2015 said:

MouldyOldDough said:

Dazed_and_C0nfused said:

MouldyOldDough said:

Interestingly - it also says

Which I didn't think was possible when my contributions were paid by DWP benefits ?

Anyone confirm this ?

And if it is - and I put off my state pension by 12 months - how much more will I receive ?

You didn't think what was possible?f

Reaching the standard new State Pension or something else?

By deferring for 52 weeks, you’ll get an extra £10.70 a week (just under 5.8% of £185.15).

https://www.gov.uk/deferring-state-pension/what-you-get

That's got to be worth it

If you acquire enough years of NI contributions, you will get £185.15 per week.

If you defer for one year, you will get £195.85 per week from one year after you reach state pension age.

However, you will lose over £9,600 by not claiming your state pension in that first year.

In order to benefit, you will need to live for more than 17 years after starting to claim your pension.

Good point 
Thanks gives me something to think about 

Are you married?

I discussed this with my wife and said I should claim my state pension as soon as I could. Then if I lived less than 17 years at least she would be better off. 

MouldyOldDough

RG2015 said:

MouldyOldDough said:

RG2015 said:

MouldyOldDough said:

Dazed_and_C0nfused said:

MouldyOldDough said:

Interestingly - it also says

Which I didn't think was possible when my contributions were paid by DWP benefits ?

Anyone confirm this ?

And if it is - and I put off my state pension by 12 months - how much more will I receive ?

You didn't think what was possible?f

Reaching the standard new State Pension or something else?

By deferring for 52 weeks, you’ll get an extra £10.70 a week (just under 5.8% of £185.15).

https://www.gov.uk/deferring-state-pension/what-you-get

That's got to be worth it

If you acquire enough years of NI contributions, you will get £185.15 per week.

If you defer for one year, you will get £195.85 per week from one year after you reach state pension age.

However, you will lose over £9,600 by not claiming your state pension in that first year.

In order to benefit, you will need to live for more than 17 years after starting to claim your pension.

Good point 
Thanks gives me something to think about 

Are you married?

I discussed this with my wife and said I should claim my state pension as soon as I could. Then if I lived less than 17 years at least she would be better off. 

Yes I am

jem16

MouldyOldDough said:

p00hsticks said:

MouldyOldDough said:

Dazed_and_C0nfused said:

MouldyOldDough said:

jem16 said:

MouldyOldDough said:

Interestingly - it also says

Which I didn't think was possible when my contributions were paid by DWP benefits ?

Anyone confirm this ?

And if it is - and I put off my state pension by 12 months - how much more will I receive ?

Yes it’s perfectly possible. It doesn’t matter how you get a qualifying year whether it’s by NI Credits or actual paid contributions. So long as you get 8 more qualifying years from 2020/21 to reaching SPA then you will receive a full new state pension. 

How much more would I receive at todays rates? 

It's shown in your forecast, £144.34 increases to £185.15 so an extra £40.81/week.

The first 7 years each add £5.29/week and the 8th the final £3.78/week.

Sorry I meant extra on top of the normal pension - from extra years contributions 

You don't get any extra if you go over the number of years needed.

That's what I was asking 
It says that if I put off claiming - I can increase my pension further still
Jem16 said "Yes it’s perfectly possible. It doesn’t matter how you get a qualifying year whether it’s by NI Credits or actual paid contributions. So long as you get 8 more qualifying years from 2020/21 to reaching SPA then you will receive a full new state pension," 

My reply to you was based on my thinking you wouldn’t be able to get the full new state pension due to you getting credits. It appears that you were meaning putting off claiming your pension after reaching SPA. 

SusieT

If you have the 10 months (a part year) paid by the NI only claim, you should be able to pay a small sum to top up the year so that it is full and will count as a qualifying year, you can check this when the 2021/2022 tax year is updated as it will show the exact amount on the NI record. You then need another 7 years (e.g. ESA, or working, or voluntary payments) to make up the full pension amount.  
Then if you defer/put off claiming for between 9 weeks and a year you can get extra pension. You need to think of them as being seperate things, but if you defer it will mean that you lose a lot of money in the years that you defer that will take a long time to regain. 

MouldyOldDough

SusieT said:

If you have the 10 months (a part year) paid by the NI only claim, you should be able to pay a small sum to top up the year so that it is full and will count as a qualifying year, you can check this when the 2021/2022 tax year is updated as it will show the exact amount on the NI record. You then need another 7 years (e.g. ESA or working, or voluntary payments) to make up the full pension amount.  
Then if you defer/put off claiming for between 9 weeks and a year you can get extra pension. You need to think of them as being seperate things, but if you defer it will mean that you lose a lot of money in the years that you defer that will take a long time to regain. 

Right - so I can definitely do this?
That gives me something to think about
Thanks
I guess that it depends on my health and potential lifespan