Newbie Asking Pension Question - sorry if already asked

KD2112

Hi, I have taken early retirement at 56 but have 40 full years NI  contributions. Could you tell me please, does the 40 years guarantee my full pension ( as also shown on my .GOV prediction ) even if I fail to pay  approx. 11 years contribution from now until retirement age ?  Hope that makes sense, kind thanks. Keith

Marcon

KD2112 said:

Hi, I have taken early retirement at 56 but have 40 full years NI  contributions. Could you tell me please, does the 40 years guarantee my full pension ( as also shown on my .GOV prediction ) even if I fail to pay  approx. 11 years contribution from now until retirement age ?  Hope that makes sense, kind thanks. Keith

It should say on the prediction whether or not you need to make further contributions/whether doing so would increase the state pension you are projected to receive. If you're not sure, please could you post a screenshot of the relevant part of your state pension projection (minus any personal identifiers, of course).

KD2112

Hi, thank you for answering so quick. Attached is screenshot

molerat

The NI record is of limited use. It is the pension forecast numbers that are needed

MX5huggy

No get a SP forecast from here 

https://www.gov.uk/check-state-pension

do really see how a 56 year old can have 40 full years. Especially when the last 3 are not. 

Preacher64

You’ve reached your maximum available and any further NI contributions you make will not increase your entitlement.
You’re weekly forecast pension amount will increase each year at the same rate as pensions In payment.

KD2112

Kind thanks, appreciate that.

horsewithnoname

My forecast has a bit in the middle of the page you show above, which says, just below "does not include any increase due to inflation"

You need to continue to contribute National Insurance to reach your forecast

Estimate based on your National Insurance record up to 5 April 2022

£176.48 a week

Forecast if you contribute another 2 years before 5 April 2029

£185.15 a week

£185.15 is the most you can get

so it looks like you're ok

molerat

In fact you had already exceeded the maximum at the introduction of new pension in April 2016 and nothing you have done since has increased your pension apart from the inflationary increases.

The new pension full amount, currently £185.15, will increase each year with the triple lock and the remainder, the protected amount, will increase with CPI so in low inflation times the whole amount may not increase at the same rate.