Part time work and state pension?

molerat

Nico60 said:

Oddballs said:

Nico60 - Sorry for jumping in on your chat 
I've just checked my wife's forecast and I think her situation may be similar 
She worked as an NHS nurse until she took her NHS pension at 56 in 2016
Her NI record shows 40 years of full contributions but her estimated state pension is only £161.17 
She's not made any extra contributions since retiring 
I thought you only needed 35 years for a full pension.

No probs, my pension on gov site states I’ve paid 47 full years and have to pay 3 more to qualify for my full state pension, at the moment I’m looking at £171.?? and if I pay 3 more years £185.?? I’m not sure the government know what they are doing to be honest, but I hope my wife will get her full whack too when it comes time for her to ‘officially’ retire.

P.s. I hope it all goes well for your wife’s pension too.

Why do you say that.  It is not too difficult to understand the reasoning behind the pension figures and as long as you contribute for the number of additional years stated you will get the pension shown.  The problem is people believing the mythical 35 years for all promoted by the press, that won't be totally true until 2051.

Scot_39

Nico60 said:

I have been going through my wife’s pension forecast, and it shows on the government state pension page she has full years of contributions but then when I go into the ‘how much she has paid for the year’ some of the years show just a few pounds paid ie £9.48 £3.60 does this still qualify her for full state pension as she was only just over the threshold for paying national insurance.

The NI history should be looked at in combination with the state pension forecast.

As well as part time work above the LeL - but paying 0 NI - and various beneifts etc - notably younger child care for women if applicable - qualifies many.

See e.g. https://www.nidirect.gov.uk/articles/getting-credits-towards-your-state-pension

The actual pension forecast will say if accumulated enough to get the full new pension - i.e. if their is a shortfall between her predicted and the maximum amount.

And on NI history - a year that isn't full - but still capable of being topped up - should have a cost estimate to do so in that years section.

The number of years is about to change - at the end of the tax year - as will some years costs.

But not all years are guaranteed to actually increase the actual pension she will receive (many have fallen foul of the complexities).

See govt pages or the MSE guide to

https://www.moneysavingexpert.com/savings/voluntary-national-insurance-contributions/

I didn't look too closely - as I am only 10s of p from my max state. So a fag packet calc said would take c37 years to repay my min available - and that's not even the full year top up amount - at current rates.  And don't see myself living to over 104 to benefit.

However others can buy c5.29pw /£275 per year - for around c£800 right now - possibly even less if have partial years.

So always check the specific rules - before paying - with DWP - or is it the future pension service these days ?.

Scot_39

molerat said:

Nico60 said:

Oddballs said:

Nico60 - Sorry for jumping in on your chat 
I've just checked my wife's forecast and I think her situation may be similar 
She worked as an NHS nurse until she took her NHS pension at 56 in 2016
Her NI record shows 40 years of full contributions but her estimated state pension is only £161.17 
She's not made any extra contributions since retiring 
I thought you only needed 35 years for a full pension.

No probs, my pension on gov site states I’ve paid 47 full years and have to pay 3 more to qualify for my full state pension, at the moment I’m looking at £171.?? and if I pay 3 more years £185.?? I’m not sure the government know what they are doing to be honest, but I hope my wife will get her full whack too when it comes time for her to ‘officially’ retire.

P.s. I hope it all goes well for your wife’s pension too.

Why do you say that.  It is not too difficult to understand the reasoning behind the pension figures and as long as you contribute for the number of additional years stated you will get the pension shown.  The problem is people believing the mythical 35 years for all promoted by the press, that won't be totally true until 2051.

I think thats a polite way of saying

No - you and your wife will get what it says on the prediction - unless

you can claim back missing credits - see MSE link - and so qualify more years

or

buy more years by making the additional voluntary contribution payments suggested on your / her NI history record.

or

work for more years above the LeL

You might be working - and so fill those 3 years.  Your wife may not be to fill any of hers.

You however maybe missing out on the opportunity to boost pensions by c£275pa plus indexing - for payments that are now as low as c£800 - so well over 30% return if retiring next year - and for rest of life.