State pension - understanding transitional arrangements

Early_Retire_Free

I have been trying to get my head around my state pension forecast.

I am currently 58 and retirement age is 67.

According to my state pension forcast I currently have:

- A forecast of £163.63 per week.
- A maximum of £185.15

Behind those figures is:

- a COPE amount of £39.92
- 34 years of full contributions
- 1 year of partial contributions

The forecast is based on "Forecast if you contribute another 5 years before 5 April 2031"

I have filled all the past years that I am able to fill and I understand that there are some transitional arrangements for those who contracted out but I am not clear how the additional five years is derived, given that I already paid 34 years?

I can't be the only one who is in this positon!  Is there an easy way to understand this?

MX5huggy

Don’t over think it. It is what it is.

35 years is only relevant for anyone who’s NI record starts in 2016 (so basically no one). 

They’ve worked it out, are you likely to get the required 5 in the next 9 years? 

p00hsticks

See this response from @xylophone to someone in a similar position
Additional NI contributions if you have full history but were contracted out — MoneySavingExpert Forum

Early_Retire_Free

MX5huggy said:

Don’t over think it. It is what it is.

35 years is only relevant for anyone who’s NI record starts in 2016 (so basically no one). 

They’ve worked it out, are you likely to get the required 5 in the next 9 years? 

No because I'm already retired - I would have to pay

xylophone

I would have to pay

https://www.gov.uk/pay-voluntary-class-3-national-insurance/direct-debit

molerat

With a current amount of £163.63 you are £21.52 short of the max.  Another 4 years giving you £5.29 each takes you to £184.79.  The 5th year would only add another 36p so would not be cost effective to buy.