Years of Full National Insurance Contributions - 36

yantomawr

According to Gov.uk they have confirmed that I have 36 years of full NI contributions but have also confirmed that I am forecast to receive "only" £163 per week when I am 66 (in a year's time)  I was under the impression that 35 + years should qualify me for the full £203 per week.  I know such calculations can get complicated and hope that someone might be able to suggest why I appear to have fallen short.

Dazed_and_C0nfused

yantomawr said:

According to Gov.uk they have confirmed that I have 36 years of full NI contributions but have also confirmed that I am forecast to receive "only" £163 per week when I am 66 (in a year's time)  I was under the impression that 35 + years should qualify me for the full £203 per week.  I know such calculations can get complicated and hope that someone might be able to suggest why I appear to have fallen short.

Wherever you've picked that impression from was wrong.

You are under transitional rules so a particular number of years isn't relevant to you.

35 years is for those starting to pay NI from 2016.

If you post your forecast in full and NI record someone will explain if you can improve on your £163.

Chances are you a winner under the new system, paying reduced NI for many years but with the opportunity to add to your (expected) State Pension.

Easyjet77

yantomawr said:

According to Gov.uk they have confirmed that I have 36 years of full NI contributions but have also confirmed that I am forecast to receive "only" £163 per week when I am 66 (in a year's time)  I was under the impression that 35 + years should qualify me for the full £203 per week.  I know such calculations can get complicated and hope that someone might be able to suggest why I appear to have fallen short.

Your impression re 35 years is wrong, that is why you are short. Regards .


Apologies, beaten to it.

Sarahspangles

yantomawr said:

According to Gov.uk they have confirmed that I have 36 years of full NI contributions but have also confirmed that I am forecast to receive "only" £163 per week when I am 66 (in a year's time)  I was under the impression that 35 + years should qualify me for the full £203 per week.  I know such calculations can get complicated and hope that someone might be able to suggest why I appear to have fallen short.

If you click on the bit on the gov.uk page about 'contracted out' you will see how much your works pension is deemed to cover, due to you having contributed less NI towards the State Pension, because you were paying into a different pension

But if the gov.uk estimate says you can buy additional years State Pension then you get a second chance to increase it.

molerat

You have "fallen short" because you would have been in a contracted out pension scheme paying a lower rate of NI.  You are receiving no less than you would have received under the old pre 2016 scheme.  Post up the details from your forecast and 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, in a click link in "You've been in a contracted-out pension scheme"
Years which show not full and prices

Pat38493

Worth mentioning that £163 is already more than the old pre 2016 basic stated pension amount, so you are already getting more than that.

Post the details of your forecast and what it says below the green box about how you can improve and how many years you have to do that and you will get some hints here about how to improve it.

xylophone

Have a look at this , produced by the govt in preparation for NSP.


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



See page 6 of this booklet produced to coincide with inception of NSP.

https://www.dpf.org.uk/explorer/files/TOPPING-UP-YOUR-STATE-PENSION-GUIDE.pdf

You are in the transitional arrangement because you had NI contributions pre 6/4/16 (inception of new state pension).

At 6/4/16, your starting (foundation) amount for NSP was the higher of

(a) Your entitlement under the old rules

NI years/30 (max) x full basic state pension (£119.30) + (Additional State Pension - (if applicable) Deduction for Contracting Out).

(b) Your entitlement under the new rules

{NI years/35 (max) x Full NSP (£155.65)} - (if applicable)  Contracted Out Pension Equivalent.

If your starting amount was not equal to a new state pension, there was the possibility of improving your forecast through NI contributions or credits.

What exactly does your forecast show? See molerat's post above.