Future Pension Service - help with calculation

drtidey

Hi All,
I've been trying to get through to the FPS, but haven't managed this yet.
I've done the following calculation based on information on here. I wonder if someone could run their eyes over it and tell me if I am on the right track.
This is for my wife, who retired from a public sector job in 2010 and reaches retirement age in 18 months.

Info from HMRC website:

You can get your State Pension on 11 September 2024

Estimate based on your National Insurance record up to 5 April 2022 - £160.49 a week

Forecast if you contribute until 5 April 2024 - £172.14 a week

The most you can increase your forecast to is £203.85 a week

COPE amount: £61.33 a week

Contributions

You have:

34 years of full contributions

2 years to contribute before 5 April 2024

14 years when you did not contribute enough

Gaps

2022 to 2023 Your record for this year is not available yet

2021 to 2022 Year is not full

2020 to 2021 Year is not full

2019 to 2020 Year is not full

2018 to 2019 Year is not full

2017 to 2018 Year is not full

2016 to 2017 Year is not full

2015 to 2016 Year is not full

2014 to 2015 Year is not full

2013 to 2014 Year is not full

2012 to 2013 Year is not full

2011 to 2012 Year is not full

2010 to 2011 Year is not full

 

Rough Calculation

 

For each additional year: (172.14 - 160.49) / 2 = 5.825

Number of additional years to max: (203.85 - 160.49)/ 5.825 = 7.4438

So purchase:

2021/22 @ £800.80

2020/21 @ £795.60

2019/20 @ £824.20

2018/19 @ £824.20

2017/18 @ £824.20

2016/17 @ £824.20 - must be paid this year

2015/16 @ £824.20 - must be paid this year

Thanks in advance!

molerat

Years 2015-16 and earlier will not add to your pension, all must be 2016-17 and later. Otherwise correct. You need 8 to reach the max, 7 will take you to £201.26 with the 8th adding the final £2.59.  All years 2020-21 and earlier will increase to £907.40 from August.

drtidey

@molerat. Many thanks for your response. Very helpful.