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

p00hsticks

Maltese_Falcon said:

AIUI you only need 35 years to get the full amount? 
My question to you is: Is it possible to have 35+ full years and still not get the full pension?

The subject has been discussed numerous times on this board.

'35 years for a full state pension' only applies to those born this century, who have only started their working lives since the introduction of the new State Pension. The rest of us are under transitional rules and may need more or less years to get to the new maximum of £185.15, or indeed may get over it or never be able to reach it depending on our individual records. 
Other threads give details of the calculations used. 

In your particular case, filling the 2015-16 year cannot increase your pension further, due to the number of years you had already accumulated prior to 2016, so don't waste your money/. 

Maltese_Falcon

Dazed_and_C0nfused said:

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 😃

I certainly don't consider myself a loser. I just like to know things are 'right'. The Gov website clearly says 35 full years gets you the full pension, so that's what I expected with 49 years (well, 50 years once I 'buy' the other year).

molerat

Maltese_Falcon said:

Dazed_and_C0nfused said:

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 😃

I certainly don't consider myself a loser. I just like to know things are 'right'. The Gov website clearly says 35 full years gets you the full pension, so that's what I expected with 49 years (well, 50 years once I 'buy' the other year).

Only under the heading

You did not make National Insurance contributions or get National Insurance credits before 6 April 2016

https://www.gov.uk/new-state-pension/how-its-calculated

And as has already been posted that "other" year will not add to your pension.

Maltese_Falcon

p00hsticks said:

In your particular case, filling the 2015-16 year cannot increase your pension further, due to the number of years you had already accumulated prior to 2016, so don't waste your money/. 

Thank you (and others) for the helpful replies. I was contracted out of SERPS on a DB scheme so that would be it.

The gov website tells me "You can make up the shortfall. Pay a voluntary contribution of £380.40 by 5 April 2023." Are you saying that would just be a charitable donation to HM Treasury and I wouldn't benefit at all? If it wouldn't bump up my state pension then I won't bother.

molerat

Maltese_Falcon said:

p00hsticks said:

In your particular case, filling the 2015-16 year cannot increase your pension further, due to the number of years you had already accumulated prior to 2016, so don't waste your money/. 

Thank you (and others) for the helpful replies. I was contracted out of SERPS on a DB scheme so that would be it.

The gov website tells me "You can make up the shortfall. Pay a voluntary contribution of £380.40 by 5 April 2023." Are you saying that would just be a charitable donation to HM Treasury and I wouldn't benefit at all? If it wouldn't bump up my state pension then I won't bother.

Correct ................

xylophone

I certainly don't consider myself a loser. I just like to know things are 'right'. The Gov website clearly says 35 full years gets you the full pension, so that's what I expected with 49 years (well, 50 years once I 'buy' the other year).

You have misunderstood.

Have a look at this, produced by the government in the period pre introduction of NSP. 

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf 

• If you contribute entirely to the new single-tier scheme, it will replace today’s complicated state pension with a single amount based on 35 qualifying years of National Insurance contributions. If you have fewer than 35 years when you reach State Pension age you will get a pro-rata amount. However, you will need to have a minimum number of qualifying years when you reach State Pension age (this will be set between 7 and 10 years), otherwise you will not get a single-tier pension.

• If you have made National Insurance contributions or received credits under the current system they will be converted into a single-tier foundation amount. Providing you meet the minimum qualifying year requirement, you will get no less than the amount calculated using the present scheme rules. There is more detail about this later. 

• If you have previously been contracted out of the additional State Pension, a deduction will be applied when we calculate your foundation amount. This reflects the fact that, whilst you were contracted out, you paid lower National Insurance contributions and your employer received a National Insurance rebate to fund your workplace pension. 

• • The deduction is broadly equivalent in value to the workplace pension the rebate funded. This is consistent with the rules of the existing pension system. 

Presumably you were in a contracted out pension scheme. What was  your COPE (Contracted Out Pension Equivalent (Rebate Derived Amount)?

See this post which shows the calculation done 6/4/16 to establish your starting amount (foundation amount) for NSP.

https://forums.moneysavingexpert.com/discussion/comment/79949497/#Comment_79949497