Got enough NI contributions for full pension......or have I?

hildasmuriel

I thought I had it all figured out. I'm almost ready to push the button and retire at 57 and thought I had a full state pension coming at 67.
But now I'm panicking - I've seen so many posts on here recently from people who seem to have worked a lot longer (and harder!) than me and they are told they have to pay extra years. I have tried to understand it all but I'm still confused.

I read these to mean "you've paid enough already. If you do work you must carry on paying because...it's only fair. But if you don't pay another penny you will still get  this amount in ten years time"

Is this right, please?



 

molerat

Yes you are there.  If you were not there would be at least one more set of figures below that.

Jonty6262

You can get your suitcases ready

Dazed_and_C0nfused

And if I were you I'd check it again in a couple of weeks and feel suitably pleased when £185.15 has become £203.85 😃

xylophone

But if you don't pay another penny you will still get  this amount in ten years time"

At least that amount in ten years' time.....

https://www.bbc.co.uk/news/business-53082530

hildasmuriel

Excellent - thanks all for confirming.

Now off to articulate all the million other questions I have 

MACKEM99

hildasmuriel said:

I thought I had it all figured out. I'm almost ready to push the button and retire at 57 and thought I had a full state pension coming at 67.
But now I'm panicking - I've seen so many posts on here recently from people who seem to have worked a lot longer (and harder!) than me and they are told they have to pay extra years. I have tried to understand it all but I'm still confused.

I read these to mean "you've paid enough already. If you do work you must carry on paying because...it's only fair. But if you don't pay another penny you will still get  this amount in ten years time"

Is this right, please?



 

You are going to be like me ...causing inflation?  Tongue firmly in cheek!

Maltese_Falcon

I turned 66 last February and I am now in receipt of the New State Pension. I am puzzled because although I have 49 years of full contributions I am not receiving the full amount. AIUI you only need 35 years to get the full amount? I have tried to contact the pensions department to query this but can't get through. I'm content to pay a voluntary contribution (see below) if necessary but would still like to know why 49 full years isn't enough.

My question to you is: Is it possible to have 35+ full years and still not get the full pension? I'm wondering if there are some obscure circumstances that would correctly result in this, or if it's just a plain admin error.

Thanks!

molerat

Maltese_Falcon said:

I turned 66 last February and I am now in receipt of the New State Pension. I am puzzled because although I have 49 years of full contributions I am not receiving the full amount. AIUI you only need 35 years to get the full amount? I have tried to contact the pensions department to query this but can't get through. I'm content to pay a voluntary contribution (see below) if necessary but would still like to know why 49 full years isn't enough.

My question to you is: Is it possible to have 35+ full years and still not get the full pension? I'm wondering if there are some obscure circumstances that would correctly result in this, or if it's just a plain admin error.

Thanks!

A common misconception, 35 years only applies to someone born from around 2000.  Years 2015-16  and earlier can not add to your pension as you already have in excess of the 35 maximum useable.  Your scenario is quite normal for those with a contracted out pension.  Hundreds asking the same question on here, just do a bit of searching.

Dazed_and_C0nfused

Think of yourself as a winner under the new system.

You paid lower NI for many years but have had the opportunity to add to your expected State Pension with post 2016 year.  What's not to like 😃

Linton

Maltese_Falcon said:

I turned 66 last February and I am now in receipt of the New State Pension. I am puzzled because although I have 49 years of full contributions I am not receiving the full amount. AIUI you only need 35 years to get the full amount? I have tried to contact the pensions department to query this but can't get through. I'm content to pay a voluntary contribution (see below) if necessary but would still like to know why 49 full years isn't enough.

My question to you is: Is it possible to have 35+ full years and still not get the full pension? I'm wondering if there are some obscure circumstances that would correctly result in this, or if it's just a plain admin error.

Thanks!

Because you were contracted out of SERPs presumably as a member of a DB scheme and so paid reduced NI.   SRPS was effectively merged into the standard pension when the new SP arrangements started in 2016.  Many other threads on this forum cover the topic.

35 years only applies to people who only paid NI after 2016.  People who paid pre 2016 NI come under transitional arrangements.  The number of years NI requiredfor a full new SP depends on people's circumstances, we have seen numbers from 29 years to 50, so you are one of the highest.