Query state pension

ahfat41

I have been getting my state pension at £163.73 a week for 2022. I read the full state pension is £185.15 with full qualifying years. I was talking to two of friends and we all worked for the nhs and have full qualifying years. They get the full rate whereas I get less. Is it something I should query as I have full qualifying years? Thanks

Flugelhorn

It is complicated. - contracted in / contracted out - when were the years etc etc - I quit NHS at 60 but will get pension at 66 and it will look similar to your pension (164) having got about 40 NI years one way or another 

molerat

Have you checked your NI record ?

When did you stop working ?

When did you start receiving your SP ?

Silvertabby

When HMRC say 'full qualifying years' they actually mean 'full financial years', and not 'fully paid years'.  As you were in a contracted out (of SERPS/SP2) pension scheme, both you and the NHS paid reduced NI.

Ignore the much flaunted "35 years NI for the full single tier pension".  That only applies to those who started work after 2016, with the rest of us falling under transitional arrangements with our own individual calculations.

Did you retire before State pension age?  If so, you may be able to top up your State pension with some voluntary contributions.  In my own case, I retired at 60 (SPA 66) with 44 years of (full financial years) NI of but was able to accrue the full £185.15 by paying 4 years of voluntary Class 3 NI contributions.

Albermarle

You should contact these people and they will be able to tell you the exact position and whether you can buy some top up pension.
Contact the Future Pension Centre - GOV.UK (www.gov.uk)
If you can buy some top up, then you should do that as it as an absolute bargain. 

p00hsticks

Albermarle said:

You should contact these people and they will be able to tell you the exact position and whether you can buy some top up pension.
Contact the Future Pension Centre - GOV.UK (www.gov.uk)
If you can buy some top up, then you should do that as it as an absolute bargain. 

Will they be able to help even though the OP has already reached SPA ?

Albermarle

p00hsticks said:

Albermarle said:

You should contact these people and they will be able to tell you the exact position and whether you can buy some top up pension.
Contact the Future Pension Centre - GOV.UK (www.gov.uk)
If you can buy some top up, then you should do that as it as an absolute bargain. 

Will they be able to help even though the OP has already reached SPA ?

Good point, I am not 100% sure.

Silvertabby

Albermarle said:

p00hsticks said:

Albermarle said:

You should contact these people and they will be able to tell you the exact position and whether you can buy some top up pension.
Contact the Future Pension Centre - GOV.UK (www.gov.uk)
If you can buy some top up, then you should do that as it as an absolute bargain. 

Will they be able to help even though the OP has already reached SPA ?

Good point, I am not 100% sure.

You can buy voluntary Class 3s (whole year lump sums only - not by monthly direct debits) after SPA, but only within a certain timescale.  

xylophone

I was talking to two of friends and we all worked for the nhs and have full qualifying years. 

For all those whose contribution history began pre new state pension, and who reached SPA post 6/4/16, individual calculations were done on 6/4/16 to establish individual starting amounts.

https://forums.moneysavingexpert.com/discussion/comment/79232714#Comment_79232714

Flugelhorn

 so Class 3 is £15.85 a week - is that after tax or tax deductible?

Dazed_and_C0nfused

Flugelhorn said:

 so Class 3 is £15.85 a week - is that after tax or tax deductible?

It's not tax deductable (or after tax).