State Pension Query

jaffy60

I've got my state pension forecast but I'm a little confused.

I've read that to get the full new state pension I will likely need at least 35 Qualifying years NI. However on my forecast it states that I have 40 years of full contributions but the forecast is not showing that I am eligible for the full state pension amount and will only be eligible for the full state pension if I contribute another 3 years before April 2026.
Further on it say's I have:-

40 years of full contributions
6 years to contribute before 5 April 2026
4 years when I did not contribute enough 

If I have 40 years of full contributions which exceeds the 35 qualifying years why is this?

If it is accurate that I had 4 years when I did not contribute enough how is it that if I contribute another 3 years then I will get the full amount, shouldn't this be the 4 years to make up?

If I am calculating this correctly and going on the voluntary figures for each tax year that they have provided, if I add up 3 years of the voluntary figures they have provided I would need to pay £2420 to gain an extra £12.88 a week

Any clarification will be greatly appreciated.
Thank you

Audaxer

The 35 years is only applicable to people starting paying NI from 2016. I have 46 full years paid and still need to make two more years voluntary payments to get to the maximum amount.

What figure shows on your statement for 'Estimate of your NI record up to 5/4/22'?

p00hsticks

jaffy60 said:

If I am calculating this correctly and going on the voluntary figures for each tax year that they have provided, if I add up 3 years of the voluntary figures they have provided I would need to pay £2420 to gain an extra £12.88 a week

In todays terms, buying two years would get you an extra £10.58 (2 x £5.29) and the third year will give you the final £2.30 that takes you up to the maximum £185.15

xylophone

https://forums.moneysavingexpert.com/discussion/comment/79870844#Comment_79870844

jaffy60

Audaxer the estimated figure is £172.27 a week

Audaxer

jaffy60 said:

Audaxer the estimated figure is £172.27 a week

Thanks. So an extra 2 post-2016 years NI payments will take it up to £182.85. As p00hsticks says, that will leave you just £2.30pw short of the maximum. It's up to you whether you think its worth paying the 3rd year.

jaffy60

Thank you everyone this makes sense to me now, really appreciate your help.