COPE ( contracted out pension equivalent)

LookingForwardToRetiremet

Hi, is there anyone with the brain capacity to understand the rules around this please? Definitely not me . 

I'm due to pick up my state pension 2029 
I have 44 years no gaps NI 

I have a nhs pension now and I'm still working .

My pension forecast says 'I can' get £185 a week in 2029 

My question is if i stop working and stop paying any ni contributions will I have paid enough to get the £185 or will I only get that if I continue paying ni until I reach state pension age ?

Most discussion icon see on buying voluntary ni indicates if you have 35 years you are in line for a full pension and don't need to buy extra . However I have a friend who has 37 years and she's having to buy the extra which I just cannot understand. 

Any genuis out there who can shed any light much appreciated,  thank you . 

Pat38493

Please post the details from your pension forecast beyond just the big green box - there should be some further details below that which tells you your current entitlement if different and how many further years you would have to work or contribute to get the full amount.

molerat

What does your pension forecast show you have at April 2022 ? That is the important figure to decide what you need to do for the future.

How many amounts are shown on the forecast ?

35 years is of no relevance to those with any NI history pre 2016, it only applies (simplistically) to those born from 2000.

LookingForwardToRetiremet

Estimate based on ni up to 5th April 183.49

Forecast if you contribute another year before 5/4/2029 £185.15

185.15 is the most you can get 

If you're working you may still need to pay ni until 2029 as they fund other state benefits 

You've been in a  contracted out scheme 

Linton

If the April 2022 figure was £183.49 you should have reached the full state pension this year.  So no need to pay any extra.

LookingForwardToRetiremet

Thank you . Did you mean no need to buy extra if I'm working next year as I'll then have accured enough years ...

Thank you so much . 

xylophone

If you are working next tax year you will have accrued a full state pension.  So need to buy any extra.

If his forecast up to 5/4/22 was £183.49 and the current year 22/23 is a qualifying year (as seems likely), then he will already have reached maximum NSP?

Linton

LookingForwardToRetiremet said:

Thank you . Did you mean no need to buy extra if I'm working next year as I'll then have accured enough years ...

Thank you so much . 

I updated my original comment as I hadnt noticed that your figure would be for April 2022.    SInce you will have been working for the 2022/23 tax year you should be OK with no need to pay any more.

p00hsticks

LookingForwardToRetiremet said:

Thank you . Did you mean no need to buy extra if I'm working next year as I'll then have accured enough years ...

Thank you so much . 

If you are still working then you'll have to continue to pay any NI due - as I think the forecast tells you, National Insurance goes to more than the State Pension, and you don't stop paying when employed and under State Pension Age just because you have already reached the maximum. 

But if you do give up working then there's no need to make any voluntary contributions as by the end of this years you will already have got the maximum amount possible, 

LookingForwardToRetiremet

Can I pick the brains of all you knowledgeable people again please. 

Husband is 70 this year . Got his state pension in 2018 . Took his nhs pension 5 years earlier.
Hasn't worked since 
His ni record shows 49years no gaps . 
He gets £157 every week ..

Question is why doesn't he get the full pension 

Thank you all 

Dazed_and_C0nfused

LookingForwardToRetiremet said:

Can I pick the brains of all you knowledgeable people again please. 

Husband is 70 this year . Got his state pension in 2018 . Took his nhs pension 5 years earlier.
Hasn't worked since 
His ni record shows 49years no gaps . 
He gets £157 every week ..

Question is why doesn't he get the full pension 

Thank you all 

He does get the full pension he is entitled to.

Depending on when he reached State Pension age ("2018" covers two tax years) he may have been able to pay voluntary NI for 2016:17 and 2017:18 to add £10.58 to his entitlement.

So he's a winner under the new system having paid less NI for many years and then getting the opportunity to add to the State Pension he would have been entitled to.  

What is slightly unfortunate is that because he reached SPA soon after the rules changed he didn't have long enough to build up to the full new State Pension.

The above assumes he hasn't already paid anything (or received NI credits) to make 2016:17 and 2017:18 qualifying years.