How many years are required to get full state pension?

xylophone

Okay this is too tough for you.

Have you read the explanation and links in my post above?

Once more into the breach.

On 6/4/16, a new state pension scheme was introduced.

For all those beginning their " contribution lives"  at or after that date, 35 years NI would be required for a full new state pension.

Everybody else ( the rest of the population aged over 16 and under State Pension Age) came under "transitional rules".

These rules required that  individual calculations under old and new  systems were done to establish  the "foundation amount" for new state pension.

Under both systems, if a person had  ever been "contracted out" of SERPS/S2P, a deduction was made to reflect that fact.

Under the old system, 30 years NI were required to achieve a full Basic State Pension.

Under the new system, 35 years NI would be required to achieve a full New State Pension.

In your particular case, under the old system, you had achieved your thirty years (so qualified for a full Basic State Pension).

There was then the question of how much SERPS/S2P you had accrued. This was calculated and a deduction made for the time that you had been a member of a pension scheme that was "contracted out" of SERPS/S2P.

Under the new system, you had achieved 35 years NI by 6/4/16 so qualified for a full NSP.

However, once again a deduction had to be made for the time that you were contracted out.  This was the Contracted Out Pension Equivalent.

Your "foundation amount" was the higher of the two.

At 6/4/16, you already had at least 35 years NI and therefore only post 6/4/2016 contributions could increase your entitlement.

You have been advised that the maximum you can achieve is £183.40.

You can do this by making voluntary contributions as described above.

Silvertabby

Sadly, OP has decided that they are 'hard done by' and has gone off on one because none of the replies have backed this up.

There's another thread on here in which another poster reckons that not getting the full single tier pension, despite having over 40 years of NI contributions, is a 'scam' and 'they are not going to accept it'.

To both of you, if it's any consolation I needed 48 years (44 from working, 4 from paying voluntary Class 3 NI contributions) in order to qualify for the full £185.15.  But I'm not querying this or complaining about it - on the contrary, I'm celebrating the fact that I am a winner under the new scheme.  Had the old pension scheme still been in place when I reached SPA my State pension would have been less than £150 per week, and I wouldn't have been able to top it up to the full whack.

Audaxer

Silvertabby said:

Sadly, OP has decided that they are 'hard done by' and has gone off on one because none of the replies have backed this up.

There's another thread on here in which another poster reckons that not getting the full single tier pension, despite having over 40 years of NI contributions, is a 'scam' and 'they are not going to accept it'.

To both of you, if it's any consolation I needed 48 years (44 from working, 4 from paying voluntary Class 3 NI contributions) in order to qualify for the full £185.15.  But I'm not querying this or complaining about it - on the contrary, I'm celebrating the fact that I am a winner under the new scheme.  Had the old pension scheme still been in place when I reached SPA my State pension would have been less than £150 per week, and I wouldn't have been able to top it up to the full whack.

Yes, by the time I have finished paying my voluntary NI years, I will have 49 years contributions paid, but I have no complaints as it is very good deal.

I think the other poster on the thread he started claiming it was a scam, has probably now accepted that it is not a scam, as he has thanked quite a few of the responses.

molerat

The big problem seems to be that many just read the headlines in 2016 and thought excellent, I have more than 35 years so I don't need to do anything more and went back to sleep.  Along comes 4 months before SPA and they get a nasty shock.  I personally started taking a real interest in my SP when I stopped working in 2009, with then 10 years to go, getting a new forecast every year.  A couple of roller coasters along the way, 2011 and 2016, but now quite content that I am getting more than that first forecast just a little later.

[Deleted User]

molerat Said

Those missing pre 2016 years made no difference to your pension forecast.  You do not need to (and must not !) pay those pre 2016 years as they will make no difference to your pension amount.  The 2 post 2016 years, 20-21 and 21-22, on the other hand will add the £10.58 to your pension bringing you just £1.75 short of the max.  Do the sums, a one off £1213.90 will pay you £10.58 per week for the rest of your life - equivalent to a 45% annuity.  After 115 weeks you are in profit even ignoring the inflationary increases.

Yes I fully Agree with him. If I pay £1213.90 will pay you £10.58 per week .

The problem with this is that during those years. I was unemployed and receiving benefit. Does this mean i still have to pay even though I should not? My complaint all along is that I should not have any missing payments.

QrizB

PaulDesmond said:

The problem with this is that during those years. I was unemployed and receiving benefit. Does this mean i still have to pay even though I should not? My complaint all along is that I should not have any missing payments.

I can't offer an explanation for 2020-21 (you're missing about a quarter of the year; was there a period when you weren't receiving benefit?) but you're missing the whole of 2021-22. It can take HMRC quite a while to update their records for the latest year. Could this be the problem?

MACKEM99

[Deleted User] said:

molerat Said

Those missing pre 2016 years made no difference to your pension forecast.  You do not need to (and must not !) pay those pre 2016 years as they will make no difference to your pension amount.  The 2 post 2016 years, 20-21 and 21-22, on the other hand will add the £10.58 to your pension bringing you just £1.75 short of the max.  Do the sums, a one off £1213.90 will pay you £10.58 per week for the rest of your life - equivalent to a 45% annuity.  After 115 weeks you are in profit even ignoring the inflationary increases.

Yes I fully Agree with him. If I pay £1213.90 will pay you £10.58 per week .

The problem with this is that during those years. I was unemployed and receiving benefit. Does this mean i still have to pay even though I should not? My complaint all along is that I should not have any missing payments.

Don't forget the 10.58 may be taxable.

Dazed_and_C0nfused

MACKEM99 said:

[Deleted User] said:

molerat Said

Those missing pre 2016 years made no difference to your pension forecast.  You do not need to (and must not !) pay those pre 2016 years as they will make no difference to your pension amount.  The 2 post 2016 years, 20-21 and 21-22, on the other hand will add the £10.58 to your pension bringing you just £1.75 short of the max.  Do the sums, a one off £1213.90 will pay you £10.58 per week for the rest of your life - equivalent to a 45% annuity.  After 115 weeks you are in profit even ignoring the inflationary increases.

Yes I fully Agree with him. If I pay £1213.90 will pay you £10.58 per week .

The problem with this is that during those years. I was unemployed and receiving benefit. Does this mean i still have to pay even though I should not? My complaint all along is that I should not have any missing payments.

Don't forget the 10.58 may be taxable.

It 100% is taxable.  Whether tax will be payable on it is another matter 🙂

Silvertabby

Dazed_and_C0nfused said:

MACKEM99 said:

[Deleted User] said:

molerat Said

Those missing pre 2016 years made no difference to your pension forecast.  You do not need to (and must not !) pay those pre 2016 years as they will make no difference to your pension amount.  The 2 post 2016 years, 20-21 and 21-22, on the other hand will add the £10.58 to your pension bringing you just £1.75 short of the max.  Do the sums, a one off £1213.90 will pay you £10.58 per week for the rest of your life - equivalent to a 45% annuity.  After 115 weeks you are in profit even ignoring the inflationary increases.

Yes I fully Agree with him. If I pay £1213.90 will pay you £10.58 per week .

The problem with this is that during those years. I was unemployed and receiving benefit. Does this mean i still have to pay even though I should not? My complaint all along is that I should not have any missing payments.

Don't forget the 10.58 may be taxable.

It 100% is taxable.  Whether tax will be payable on it is another matter 🙂

Even if it is taxable, you get your investment back after less than 4 years.  Bargain!

MACKEM99

Dazed_and_C0nfused said:

MACKEM99 said:

[Deleted User] said:

molerat Said

Those missing pre 2016 years made no difference to your pension forecast.  You do not need to (and must not !) pay those pre 2016 years as they will make no difference to your pension amount.  The 2 post 2016 years, 20-21 and 21-22, on the other hand will add the £10.58 to your pension bringing you just £1.75 short of the max.  Do the sums, a one off £1213.90 will pay you £10.58 per week for the rest of your life - equivalent to a 45% annuity.  After 115 weeks you are in profit even ignoring the inflationary increases.

Yes I fully Agree with him. If I pay £1213.90 will pay you £10.58 per week .

The problem with this is that during those years. I was unemployed and receiving benefit. Does this mean i still have to pay even though I should not? My complaint all along is that I should not have any missing payments.

Don't forget the 10.58 may be taxable.

It 100% is taxable.  Whether tax will be payable on it is another matter 🙂

That's why I used the word maybe.