pension forecast

DonnaDevon

I understand that there are 2 different schemes for N.I contributions but I'm still slightly confused and hoping someone can help please.
 I currently have 38 full years, it says I require another 8 years. However my pension forecast currently put me short of a full pension by £2.74 a week. I'm planning on topping up my NI by 1 year, making a vol contribution. Is it likely that this will be enough to gain me a full pension or am I going to have to make another 7 years worths of contributions? 
I'm currently 59 yrs old so am presuming they hope for me to work until retirement age (which I'm hoping to avoid) which is why they want more contribution years??

NoMore

Are you sure it says you need another 8 years or does it actually say you have 8 years left to contribute, which is just the amount of years you could be eligible to pay NI before your State Pension age ?

DonnaDevon

thanks NoMore, this is what it actually says

• 8 years to contribute before 5 April 2030

DonnaDevon

I'm hoping if I pay vol contributions for one more year it would be enough to bring me up to the full amount.

DonnaDevon

Estimate based on your National Insurance record up to 5 April 2022

£201.11 a week

Forecast if you contribute another year before 5 April 2030

£203.85 a week

£203.85 is the most you can get

dunstonh

I'm currently 59 yrs old so am presuming they hope for me to work until retirement age (which I'm hoping to avoid) which is why they want more contribution years??

They are saying you are one year short.   Are you still working (and earning sufficient to qualify)?

Dazed_and_C0nfused

DonnaDevon said:

thanks NoMore, this is what it actually says

• 8 years to contribute before 5 April 2030

You've misinterpreted that.

If you earn enough you will have to pay NI for another 8 years.

But you only need to add one more your to reach your personal maximum State Pension of £203.85/week.

DonnaDevon

Hi DunstonH I'm currently a full time student so no I'm not working but I have money set aside to make up last year's shortfall.
thanks Dazed_and_C0nfused. I've been reading and re-reading and couldn't see the wood for the trees!

Dave_5150

dunstonh said:

They are saying you are one year short.   Are you still working (and earning sufficient to qualify)?

Are they saying that?

I read it as needing to contribute another year from 5 April 2022. And it is now 12 April 2023 which is more than a year.

Angela96

My state pension forecast shows I have 44 years full contributions, 3 years to contribute before 5 April 2023, 3 years did not contribute enough.  Based on my NI record up to 5th April I am £21 short of getting a full pension.  Have tried contacting Future Pension Service every day but get so far and then get cut off, not even put on hold.

molerat

Angela96 said:

My state pension forecast shows I have 44 years full contributions, 3 years to contribute before 5 April 2023, 3 years did not contribute enough.  Based on my NI record up to 5th April I am £21 short of getting a full pension.  Have tried contacting Future Pension Service every day but get so far and then get cut off, not even put on hold.

I assume the bolded bit is a typo ?

If you post up the details from your forecast someone will point you in the right direction.

Current £££.pp amount accrued up to April 2022 (and if that amount was from a forecast pre or post April 11th 2023)
Number of pre 2016 NI years full
Number of post 2016 NI years full
Tax year you reach state retirement
Any COPE amount shown
Years which show not full and prices